South Carolina

Ferncroft Capital Purchases Medical Office Building in Charleston for $5.3M

by John Nelson October 19, 2015

CHARLESTON, S.C. — Charlotte-based Ferncroft Capital has acquired a 14,000-square-foot, Class A medical office building located at 163 Rutledge Ave. in Charleston, for $5.3 million. The Medical University of South Carolina anchors the fully leased property. Bank of North Carolina provided the acquisition loan on behalf of Ferncroft Capital. Ferncroft has tapped CBRE to manage the medical office building. Colliers International’s Charleston office represented the undisclosed seller in the transaction.

October 19, 2015

Industrial South Carolina Southeast

Binswanger Arranges $3.1M Sale of Industrial Building in South Carolina

by John Nelson October 14, 2015

GRAY COURT, S.C. — Binswanger has brokered the $3.1 million sale of a 91,264-square-foot, single-story industrial building located at 100 ISO Parkway in Gray Court. The facility is situated on a 20-acre lot roughly two miles south of I-385. The property features a six-foot concrete floor, insulated metal walls and roof, ceiling heights ranging from roughly 26 feet in the warehouse to more than 50 feet in the production area, metal halide lighting, sprinkler system, 4,900 square feet of office space, seven dock-high doors and one drive-in door. In addition, the property includes an on-site rail spur provided by Rail America via a short line connection to CSX. Mogul Novwovens, a Turkish producer of medical and personal wet wipes, purchased the facility for manufacturing and to expand its product line. Mogul plans to hire 38 employees and begin operating out of the facility in the second quarter of 2016. The company purchased the asset from Polymer Group Inc. Shaun Kirchin and Doug Faris of Binswanger represented Polymer Group in the transaction.

October 14, 2015

Multifamily South Carolina Southeast Student Housing

University of South Carolina to Build Housing Towers on South Campus

by John Nelson October 13, 2015

COLUMBIA, S.C. — The University of South Carolina is seeking a private developer to build and operate a residential village on the south side of its campus that includes new student housing towers, according to Wes Hickman, a spokesman for the school. The developer would have the ability to lease the property for up to 40 years, and the school would share in the profits from renting rooms to students. To build the towers, four residence halls with 1,200 beds — Bates House, Bates West, Cliff Apartments and Carolina Gardens — would need to be demolished. Plans call for replacing these halls with three- to six-story towers that could have as many as 4,000 beds. USC hopes to have 1,500 beds on line by July 2018. According to Hickman, the school would likely put little to no money upfront toward the project. The 18-acre village would also include dining facilities, recreation space and parking.

October 13, 2015

Georgia Industrial South Carolina Southeast

Covington Group Sells 900,000 SF of Industrial Space in Spartanburg, Atlanta

by John Nelson October 12, 2015

SPARTANBURG, S.C. AND ATLANTA — Dallas-based Covington Group Inc. and its affiliates have sold more than 900,000 square feet of industrial property in Spartanburg and Atlanta. The real estate development and investment firm sold the 240,000-square-foot Logistics Pointe: Spartanburg to Austin, Texas-based AIC Ventures. Grice Hunt of NAI Earle Furman represented Covington in the sale. Covington also sold the 657,000-square-foot Logistics Pointe: Atlanta to an affiliate of San Francisco-based Glen Una Management. The former SUPERVALU grocery distribution center was 95 percent leased at the time of sale. Brian Budnick of CBRE Capital Markets Atlanta represented Covington in the transaction. The sales prices for both transactions were undisclosed.

October 12, 2015

Retail South Carolina Southeast

Avison Young Brokers $5.8M Sale of Shopping Center in Upstate South Carolina

by John Nelson September 30, 2015

GREER, S.C. — Avison Young has brokered the $5.8 million sale of Pelham Place, a 57,158-square-foot shopping center located at 3093 S. Highway 14 in Greer. Built in 2007, the shopping center was 94 percent leased at the time of sale, but the 38,003-square-foot anchor space is currently vacant. Realop Investments LLC purchased the grocery-anchored asset from Torchlight Investors. Michael Fay led Avison Young’s team in representing the seller in the transaction. David Duckworth, AJ Belt III and John Odom of Avison Young assisted in the transaction.

September 30, 2015

Multifamily South Carolina Southeast

RADCO Acquires Apartment Community in South Carolina for $33.8M

by John Nelson September 29, 2015

TAYLORS, S.C. — The RADCO Cos. has purchased the 548-unit Granite at Taylors from RJ Finlay & Co. for $33.8 million. The property is located in Taylors, a suburb of Greenville. The community’s amenities include walking trails, grills, picnic tables, two swimming pools, a clubhouse, sport court, dog park, playground and on-site laundry facilities. RADCO funded the acquisition with private capital and debt from BBVA Compass Bank. CBRE brokered the transaction. RADCO plans to invest $6 million to upgrade the apartment community’s interiors, expand the amenity offerings and renovate the exterior. The Atlanta-based multifamily investor will also rebrand the community as Cobalt Springs and add “Ashford” to the name upon completion of the capital improvements. Including this acquisition, RADCO’s portfolio spans 45 apartment communities.

September 29, 2015

Seniors Housing South Carolina Southeast

ESI Arranges $153.9M Sale of 13 Agapé Senior Living Communities in South Carolina

by John Nelson September 25, 2015

CHICAGO — Evans Senior Investments (ESI), a Chicago-based investment banking firm, has arranged the sale of 13 Agapé Senior Living communities in South Carolina for $153.9 million. The portfolio includes 10 independent living and assisted living communities totaling 856 units, plus three skilled nursing facilities totaling 294 beds. The oldest building in the portfolio was constructed in 1990 and the smallest facility is 58 units. A private equity firm, the name of which was not released, purchased the portfolio at a cost of $156,424 per unit for the independent and assisted living communities, and $68,027 per bed for the skilled nursing facilities.

September 25, 2015

Multifamily South Carolina Southeast

Spencer/Hines Brokers $14.3M Sale of Apartment Community in Columbia

by John Nelson September 18, 2015

COLUMBIA, S.C. — Spencer/Hines Properties has brokered the $14.3 million sale of Bentley at Broad River Apartments, a 272-unit complex situated on 17.6 acres in Columbia. Scott Manhoff and Craig Jacobs of Spencer/Hines represented the seller, Intermark Bentley LLC, in the sale. The buyer was Salt Lake City-based RealSource Property Consulting LLC.

September 18, 2015

Providence Plaza Charlotte Socastee Commons Myrtle Beach

Mixed-Use North Carolina South Carolina Southeast

Divaris Brokers Purchase of Two Properties in the Carolinas Totaling $34.9M

by John Nelson September 11, 2015

CHARLOTTE, N.C. AND MYRTLE BEACH, S.C. — Divaris Real Estate Inc. (DRE) has brokered the acquisition of two properties in the Carolinas totaling $34.9 million. DRE represented Armada Hoffler Properties, a publicly traded REIT, in its $26.2 million purchase of Providence Plaza in Charlotte and its $8.7 million purchase of Socastee Commons in Myrtle Beach. The properties were acquired as part of a 1031 exchange in separate transactions. Providence Plaza is a 103,118-square-foot mixed-use development that was built in 2007 and was 97 percent occupied at the time of sale. Socastee Commons is a 57,273-square-foot, Bi-LO-anchored shopping center that was fully leased at the time of sale. Alex Divaris and Jason Oliver of DRE brokered the Providence Plaza transaction, and Divaris and Sandy Cohen of DRE brokered the Socastee Commons deal. DRE has been retained to lease and manage both properties.

September 11, 2015

Retail South Carolina Southeast

Wheeler REIT Acquires Shopping Center in South Carolina for $6.6M

by John Nelson September 11, 2015

ORANGEBURG, S.C. — Wheeler Real Estate Investment Trust (Wheeler REIT) has purchased Grove Park Shopping Center, a 106,557-square-foot shopping center in Orangeburg. The shopping center is located at the interchange of U.S. Route 178 and Route 21 within a two-mile radius of Claflin University and South Carolina State University. The grocery-anchored center was 90 percent leased at the time of sale to tenants such as Bi-LO, AT&T, Kool Smiles and Republic Finance. Virginia Beach, Va.-based Wheeler REIT purchased the property using a combination of cash and debt.

September 11, 2015

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