South Carolina

Patterson Secures Joint Venture Equity, Debt for Industrial Project in Laurens, South Carolina

by John Nelson August 7, 2023

LAURENS, S.C. — Patterson Real Estate Advisory Group has secured an undisclosed amount of joint venture equity for the development of Building A at Hunter Industrial Park in Laurens, a new industrial development situated roughly 35 miles southeast of Greenville and Spartanburg. The financial intermediary arranged the financing through The Guardian Life Insurance Co. of America on behalf of the borrower, Appian Investments/NAI Earle Furman. Patterson also arranged construction financing through First Carolina Bank on behalf of the borrower. Construction is scheduled to begin immediately.

August 7, 2023

Development Loans Multifamily Seniors Housing South Carolina Southeast Top Stories

Ziegler Arranges $212.9M in Bond Financing for Seniors Housing Project in Coastal South Carolina

by Taylor Williams August 3, 2023

KIAWAH ISLAND, S.C. — Ziegler, a Chicago-based investment bank, has arranged $212.9 million in bond financing for Seafields at Kiawah Island, a seniors housing project in coastal South Carolina. The borrower and developer is a local entity doing business as Kiawah Life Plan Village Inc. BRP Senior Housing Management will operate the property. Sitework is underway, and the development team expects to open the community in fall 2025. Seafields at Kiawah Island will be located on an eight-acre site about 25 miles south of Charleston. This site is adjacent to Freshfields Village, an open-air pedestrian village with a variety of stores, restaurants and entertainment options. The community will feature 90 independent living units and 16 assisted living units. In addition to full-service dining, amenities will include a bar, bistro, outdoor pool, fitness center, yoga studio, salon, wellness center, theater and various multipurpose rooms. The South Carolina Jobs-Economic Development Authority issued the bond financing. Specifically, the package consists of $87.1 million of long-term, fixed-rate bonds and $125.8 million of tax-exempt and taxable securities with mandatory paydown requirements. “Ziegler is very proud to help provide construction financing for Seafields at Kiawah Island in a very challenging capital markets environment,” says Rob Gall, Ziegler’s …

August 3, 2023

Development Industrial South Carolina Southeast

Hunt Midwest Delivers 258,801 SF Industrial Building in Anderson, South Carolina

by John Nelson July 28, 2023

ANDERSON, S.C. — Kansas City-based Hunt Midwest has completed the construction of a speculative industrial building located within Evergreen Logistics Park at I-85 in Anderson. Located at 1105 Scotts Bridge Road, Evergreen Logistics I totals 258,801 square feet and features 32-foot clear heights, 26 dock positions, 32 additional knock outs with capacity for expansion to 48, 60-foot-deep staging bays, LED lighting, an ESFR sprinkler system and speculative office space. The property also includes a 185-foot-deep truck court with 77 trailer parking stalls and 200 vehicle parking spaces. This marks Hunt Midwest’s second industrial project in the Greenville-Spartanburg industrial corridor, following the development of Fort Prince Logistics Center in Lyman, S.C.

July 28, 2023

Acquisitions Development Industrial South Carolina Southeast

Portman Acquires 40 Acres Near Charleston, Plans 536,000 SF Industrial Development

by John Nelson July 27, 2023

SUMMERVILLE, S.C. — Atlanta-based Portman has purchased 40 acres along US Highway 78 in Summerville, a suburb of Charleston. Situated near I-26 and the Port of Charleston, the site will be home to Summerville Logistics Center, a two-building industrial development totaling 536,000 square feet. Lee Allen and Kevin Coats of JLL represented Portman with the acquisition of the Summerville land. Ryan Welch and Clarke Attaway with Lee & Associates represented the seller and will lead the leasing efforts for the Summerville Logistics Center on behalf of Portman. Once complete in February 2025, the center will feature two single-load facilities with a 210-foot shared truck court. In addition to Summerville Logistics Center, Portman is finishing the next phase of its Campus 4 at Camp Hall project, which is situated nine miles north. The next phase comprises a 1.1 million-square-foot facility that will deliver in September. Portman is also co-developing Magnolia, a 189-acre mixed-use, waterfront destination in Charleston, with Highland Resources.

July 27, 2023

Development Industrial Leasing Activity Office South Carolina Southeast

Redline Completes Renovations at Port 26 Creative Office Building in North Charleston, Signs First Tenant

by John Nelson July 26, 2023

NORTH CHARLESTON, S.C. — Redline Property Partners has completed renovations at Port 26, an 85,000-square-foot creative office/flex building located at 2155 Eagle Drive in North Charleston. The firm purchased the former industrial facility in December 2021. Building renovations included transforming the building’s exterior, common areas and restrooms; redesigning entrances and lobbies; and creating tenant lounges, outdoor patios and a dog park. Redline also fully upgraded most of the building’s systems. Situated along I-26, Port 26 will soon be home to its first tenant, RXO, a transportation and logistics provider. Nick Tanana and Brady Dashiell of Cushman & Wakefield provide leasing services for Port 26 on behalf of Redline.

July 26, 2023

Acquisitions Retail South Carolina Southeast

Matthews Brokers Sale of Four-Property Heroes Car Wash Portfolio in Metro Greenville

by John Nelson July 26, 2023

GREENVILLE AND TAYLORS, S.C. — Matthews Real Estate Investment Services has brokered the sale of a portfolio of Heroes Car Wash locations in Upstate South Carolina’s Greenville County. The properties are located at 1405 Woodruff Road and 3107 N. Pleasantburg Drive in Greenville and 6050 Wade Hampton Blvd. and 2900 Wade Hampton Blvd. in Taylors. The sale includes both the car wash facilities and the underlying real estate. Jagr Larson, Tyler Spain, Ethan Miller and Simon Assaf of Matthews represented the seller, a North Carolina-based investor that is looking to exit the Greenville market. The buyer, PassiveInvesting.com, acquired the portfolio with plans to continue its expansion in the express car wash business. The sales price was not disclosed, but Matthews disclosed it was 99 percent of the list price.

July 26, 2023

Acquisitions Retail South Carolina Southeast

Cushman & Wakefield Arranges $10.8M Sale of Shopping Center in Greenwood, South Carolina

by John Nelson July 20, 2023

GREENWOOD, S.C. — Cushman & Wakefield has arranged the $10.8 million sale of Westwood Plaza, an 83,354-square-foot shopping center located at 512 Bypass 72 NW in Greenwood. Planet Fitness, Dollar Tree, Bath & Body Works and pOpshelf anchor the center, which is shadow-anchored by Walmart. Five of the center’s 12 tenants have occupied Westwood Plaza for more than 20 years. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller in the transaction. Prudent Growth Partners acquired the property.

July 20, 2023

Acquisitions Hospitality South Carolina Southeast

Hunter Hotel Advisors Arranges Sale of 179-Room Holiday Inn Hotel in Charleston

by John Nelson July 12, 2023

CHARLESTON, S.C. — Hunter Hotel Advisors has arranged the sale of Holiday Inn-Charleston Riverview, a 179-room hotel situated along the Ashley River in Charleston. The seller, Charlotte-based Park Place Hospitality Group, recently completed a full renovation to the hotel prior to the sale. A partnership led by Rick Patton of Rio Partners purchased the hotel for an undisclosed price. Robert Taylor and Sophia Pittaluga of Hunter’s Miami office represented Park Place Hospitality in the transaction.

July 12, 2023

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $13.3M Sale of Retreat at Palm Pointe Apartments in North Charleston

by John Nelson July 10, 2023

NORTH CHARLESTON, S.C. — Cushman & Wakefield has arranged the $13.3 million sale of Retreat at Palm Pointe, a 112-unit apartment community located at 2561 Fassitt Road in North Charleston. Prospect Lane acquired the property from Cohen Investment Group. John Phoenix, Richard Gore, Tyler Fish and Pat O’Brien of Cushman & Wakefield represented the seller in the transaction. Donny Rosenberg of Greystone originated a Fannie Mae acquisition loan on behalf of the buyer.

July 10, 2023

Loans Multifamily South Carolina Southeast

Mesa West Capital Provides $71.5M Refinancing for Metro Charleston Apartment Community

by John Nelson July 6, 2023

MOUNT PLEASANT, S.C. — Mesa West Capital has provided a $71.5 million loan for the refinancing of The Cooper, a 344-unit apartment community located on a 30-acre site at 331 Harper Pointe Drive in Mount Pleasant, a suburb of Charleston. Richard Jordan of CBRE’s Atlanta office arranged the floating-rate loan on behalf of the borrower, Atlanta-based Audubon. Proceeds from the financing repaid an existing loan and feature a future funding component to complete ongoing in-unit and community-wide renovations, including the reconstruction of 16 units that were fire-damaged in October 2019. The Cooper was built in 1986 and acquired by Audubon in December 2020.

July 6, 2023

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