BEAUFORT, S.C. — Denver-based Forum Capital Advisors LLC has provided a $10.4 million preferred equity investment for the development of a 264-unit multifamily community in Beaufort. Located on Grober Hill Road, the property will be situated within a larger, master-planned community. A construction timeline for the project was not disclosed.
INDIAN LAND, S.C. — JLL has brokered the sale of Promenade at Carolina Reserve, a 255,868-square-foot shopping center in Indian Land, a South Carolina suburb of Charlotte. Jim Hamilton, Brad Buchanan, Tom Kolarczyk and Andrew Kahn of JLL represented the seller, Bandera Ventures, in the transaction. The Dallas-based firm acquired the property early last year. Rikky Goswami with Insight Property Group represented the undisclosed buyer. The sales price was also not disclosed. Completed in 2018 by Chattanooga, Tenn.-based Hutton, Promenade at Carolina Reserve was fully leased at the time of sale to tenants including T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby and Petco. Located at US Highway 521 at Jim Wilson Road, Promenade at Carolina Reserve is situated 25.4 miles from Charlotte and is about 27 miles from Charlotte Douglas International Airport.
CHARLESTON, S.C. — Arizona-based Arriba Capital has provided a $20 million loan for the construction of Element by Westin, a hotel development currently underway in Charleston. Located at 4865 N. Arco Lane, the property will feature 125 rooms. Amenities will include complimentary breakfast, swimming pool, fitness center, bar, guest laundry room and sundries shop. Contender Development is the borrower and developer.
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Suburbs Are King for Carolinas Multifamily Market, Say InterFace Panelists
Suburban markets in the Carolinas are the big winners in the current multifamily landscape, both from a new development and rent growth perspective, according to the various panelists at the InterFace Carolinas Multifamily conference. Hosted by InterFace Conference Group and Southeast Real Estate Business, the annual event took place on May 25 at the Hilton Charlotte Uptown hotel. At the end of the leasing and operations panel, moderator Mike Susen, senior director of real estate at Greystar, asked the property managers on stage if they could manage any product type in any Carolinas market, which they would choose. The consensus was their dream assignments lie in the suburbs. “Let’s do mid-rise suburbs, something out toward Matthews or the Mint Hill area,” said Amanda Kitts, senior vice president of property management at Northwood Ravin, referring to the suburbs of Charlotte. “I’d want to do product that those markets haven’t seen yet.” “Suburban product is still really strong right now,” added Bob Moore, co-founder and CEO of FCA Management LLC. “Tertiary markets are going to surprise you. You’ll see opportunities to do some deals where there has been a lot lower supply.” Property managers are keen to handle suburban communities because those …
SPARTANBURG, S.C. — Charleston-based development firm Greystar has broken ground on Mid85, a 2 million-square-foot industrial park in the Upstate South Carolina city of Spartanburg. Greystar and general contractor Frampton Construction have begun to build Phase I, which will comprise two speculative warehouses totaling 1.2 million square feet. Building One will total 277,648 square feet, with a rear-load layout, 32-foot clear heights, 58 dock doors and 78 trailer parking spots. Building Two will measure 917,694 square feet and feature a cross-dock layout, 40-foot clear heights, 88 dock doors and 201 parking spaces. The design-build team includes architect McMillan Pazdan Smith, civil engineer SeamonWhiteside and structural engineer WGPM Inc. JLL is handling leasing for the park, which will be situated off I-85 near Inland Port Greer, Greenville-Spartanburg International Airport and BMW’s Spartanburg plant. Greystar expects to deliver Mid85 in October 2024.
GREENVILLE, S.C. — Real estate investment lender Lima One Capital has signed a 65,000-square-foot lease at RocaPoint’s Greenville County Square development in downtown Greenville. The move from 201 E. McBee Ave. represents a $51.4 million investment for the company, which will move its operations into a newly developed office building at the $1 billion mixed-use campus. The expansion, which will create a projected 300 jobs, is expected to be complete in 2025 and will more than double its current office footprint. The South Carolina Coordinating Council for Economic Development has approved job development credits related to the project and awarded a $500,000 grant to Greenville County to aid with the costs of site preparation and building construction. Other uses coming to Greenville County Square include Whole Foods Market and Perch Kitchen + Tap.
Cushman & Wakefield Brokers Sale of 318-Unit Lively Victor Park Apartments in Upstate South Carolina
GREER, S.C. — Cushman & Wakefield has brokered the sale of Lively Victor Park, a 318-unit apartment community located at 250 Victor Ave. in Greer, a city in South Carolina’s Upstate region that includes Greenville and Spartanburg. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed buyer in the transaction. The locally based developer, Orange Capital Advisors, sold the property for an undisclosed price. Jim Sewell, Dave Lansbury, Erika Maston and Andrew Burns of CBRE represented the seller. Built in 2022, the four-story property includes a resort-style saltwater pool with adjacent bocce ball area, sky lounge, dog park, multiple gathering areas and a two-story gym with an indoor climbing wall. Lively Victor Park’s apartments range from studio to three-bedroom units commanding rental rates from $1,225 to $1,785, according to Apartments.com. Floor plans range from 478 to 1,206 square feet in size.
GREENVILLE, S.C. — RocaPoint Partners has signed Perch Kitchen & Tap to open a restaurant and brewery at Greenville County Square, a $1 billion mixed-use development in Greenville. Perch Kitchen & Tap is the first committed food-and-beverage tenant and will join Whole Foods Market in the development’s first phase. Charleston-based Palmetto Brewing Co. is partnering with Perch to operate the restaurant’s brewery portion. Perch is based in Chicago and is part of the 4 Star Restaurant Group. The new restaurant and brewery will feature 7,200 square feet of indoor dining and kitchen space and a 2,100-square-foot outdoor patio. Additionally, the new 250,000-square-foot Greenville County administrative building is set to open soon at the development.
RIDGELAND, S.C. — Friedman Real Estate has arranged the sale of a 98,000-square-foot industrial property located at 4427 Grays Highway in Ridgeland, approximately 32 miles north of Savannah, Ga. Marc Hames of Friedman represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. The property comprises three buildings, including an 87,000-square-foot manufacturing facility, according to LoopNet Inc. The campus is situated on 27.1 acres within Cypress Ridge Industrial Park and offers access to I-95 via U.S. Highway 278.
WELLFORD, S.C. — Summit Real Estate Group has delivered Gateway 29, a 248,000-square-foot spec industrial building located at 370 Old Spartanburg Highway in Wellford. The Upstate South Carolina building is ready for occupancy and can accommodate users from 65,000 square feet up to the full 248,000 square feet. The property features 32-foot clear heights, 48 dock doors and two drive-ins, an ESFR sprinkler system 2,500 square feet of office space and 44 trailer and 145 vehicle parking spaces. Kacie Jackson, Brian Young and Elliott Fayssoux of Cushman & Wakefield are overseeing leasing at the facility, and Lori Suchanek, also with Cushman & Wakefield, is leading the property management assignment.