ACWORTH, GA. AND NORTH CHARLESTON, S.C. — Cushman & Wakefield has secured more than $32 million in short-term, floating-rate financing for the acquisition of and capital improvements to two multifamily communities in Georgia and South Carolina. The properties include Stanton Place Apartments, a 240-unit, garden-style community located roughly 30 miles outside of Atlanta in Acworth; and The Reserve at Ashley River, a 280-unit, garden-style community located in North Charleston, S.C. Cushman & Wakefield’s Mike Ryan, Telly Fathaly and Brian Linnihan secured the financing on behalf of The RADCO Cos. through a regional bank. RADCO plans to implement a combined $6.3 million in capital improvements to the communities.
PITTSBURGH — Pittsburgh-based HFF has arranged $62 million in financing for a portfolio of seven retail centers totaling 805,803 square feet in North Carolina, South Carolina, Georgia and Mississippi. The portfolio includes a Walmart Neighborhood Market located at 10635 Dorchester Road near Charleston in Summerville, S.C.; Poplar Springs Plaza, located at 2153 E. Main St. in Duncan, S.C.; Tire Kingdom & Starbucks Coffee, located at 1820 N. Highway 17 near Charleston in Mount Pleasant, S.C.; Albany Square, located at 2707 Dawson Road in Albany, Ga.; East-West Commons, located at 1757 East-West Connector in Austell, Ga.; Morganton Heights, located at 400 Henredon Road in Morganton, N.C.; and The Ridge at Turtle Creek, located in Hattiesburg, Miss. The portfolio’s tenants include Publix, Academy Sports + Outdoors, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Hobby Lobby and Bealls. Kevin Mackenzie, Greg Brown and Cory Fowler of HFF worked on behalf of the borrower-sponsor, Cole Credit Property Trust IV Inc., to place the seven-year, fixed-rate loan through Voya Investment Management. HFF will service the loan.
KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment …
It is impossible to have a discussion about retail commercial real estate without considering the implications of shifting demographics. This is true both nationally and in the Columbia market. The unique demographic characteristics of the local market serve as an explanation for the current situation in retail real estate. The trends in retail real estate in Columbia echo those on that national level, although with the local market’s heavy concentration of Millennials (one of the highest in the Southeast), the opportunity for disproportionately high growth is significant. Those trends involve the sector being the last to emerge from the recession with low levels of retail development on a broad scale, but increasing activity and viability in urban and infill environments, especially for restaurants. Much of the retail activity in the market uniquely caters to that 20 to 34 age demographic. At this stage in their lives, the overwhelming majority of the younger demographic is focused on living in an active lifestyle, preferably in urban environments. This is making the prospect of infill retail, particularly as a component of mixed-use development, more feasible. This is resulting in increasing retail and multifamily development in Columbia’s downtown. For urban retail, there are three …
COLUMBIA, S.C. — NAI Avant has brokered the $22.5 million sale of a portfolio of nine Doctors Care facilities throughout South Carolina and Tennessee. Doctors Care, a wholly owned subsidiary of Blue Cross Blue Shield of South Carolina, operates more than 50 urgent and family care facilities with nearly 200 providers focused on providing urgent care, family care, occupational medicine and employee wellness services. Dail Longaker of NAI Avant represented the sellers, Medical Investment Holdings LLC and Port Royal Medical Investments LLC, in the transaction.
CHARLESTON, S.C. — Mission Capital Advisors has arranged $13.3 million in non-recourse financing to recapitalize a portfolio of four mixed-use buildings along King Street in Charleston. Situated a block from the College of Charleston, the properties total 41,545 square feet and include 36 apartment units and six ground-floor retail shops. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital arranged the loan on behalf of the borrower, Friedman Capital. EquityMultiple, Mission Capital’s sister company, raised limited partnership equity totaling $500,000 from a group of individual investors on behalf of the borrower.
MYRTLE BEACH, S.C. — The Preiss Co. has sold University Village at the Coast, a 437-bed student housing community located near Coastal Carolina University in Myrtle Beach, for $9.7 million. The property offers one- and three-bedroom units with bed-to-bath parity and full-sized washers and dryers. Community amenities include an internet café, indoor sports court, multiple tanning beds, fitness center, game room, movie theater, multiple sand volleyball courts and a swimming pool. Travis Prince, Sean Baird and Steven Peden of Colliers International represented the seller in the transaction. The buyer, Sundance Real Estate Advisors, owns several multifamily properties and has plans to expand its student housing portfolio in the Southeast.
GREENVILLE, S.C. — Daniel Corp. has held the ribbon cutting ceremony and grand opening of Haywood Reserve, a $35 million multifamily development located in Greenville. Slated for full completion in October, the 292-unit community is currently 25 percent pre-leased. The project will feature one-, two- and three-bedroom floor plans, as well as custom closets, showers with full tile surrounds and frameless glass doors, stainless steel appliances and high-end lighting and plumbing fixtures. Community amenities will include a 5,000-square-foot clubhouse, resort-style saltwater pool with a sundeck, outdoor kitchen, fitness center, pet spa and a dog park. Daniel Corp. is developing Haywood Reserve in partnership with CNL Growth Properties. First Commercial Bank, an affiliate of Synovus Bank, is providing the construction financing. The project team includes Wakefield Beasley and Associates, Hall Engineering, McLeod Landscape Architects and C.F. Evans Construction.
NORTH CHARLESTON, S.C. — One Eleven Partners has brokered the $12.5 million sale of Reserve at Ashley River, a 280-unit apartment complex located in North Charleston. The buyer, The RADCO Cos., purchased the property from Huntington, N.Y.-based URS Capital Partners, which owns three other apartment communities in the Charleston market. Reserve at Ashley River is Atlanta-based RADCO’s first acquisition in the Charleston market. Chirs Yeagle and Kyle Chase of One Eleven brokered the transaction. Built in 1974, the property features a swimming pool, clubhouse with a coffee bar, children’s playground and laundry facilities in each building. One Eleven Partners previously brokered the sale of the property in 2013 for $7.3 million.
NORTH CHARLESTON, S.C. — Colliers International has brokered the $10.6 million sale of a 41,000-square-foot office building located at 4969 Centre Pointe Drive in North Charleston. The Class A office building is situated within the Centre Pointe mixed-use development. Mark Mattison of Colliers International’s Charleston office represented the buyer, Doublz Investments LLC, an entity wholly owned by Tony Romeo, who owns roughly 100,000 square feet of Class A office space in the metro Charleston area. Doublz Investments purchased the asset from Oaks at Centre Point LLC and has retained Colliers to manage and lease the property.