South Carolina

Cushman & Wakefield Arranges $29M Sale of New Industrial Facility in Greer, South Carolina

by John Nelson April 4, 2023

GREER, S.C. — Cushman & Wakefield has arranged the $29 million sale of Velocity II, a newly built industrial facility in Greer spanning nearly 300,000 square feet. Built in 2022, the property is located at 915 Victor Hill Road, about one mile from I-85 and four miles from South Carolina Port Authority’s Inland Port Greer. Childress Klein and Cullum Interests co-developed the logistics facility on a speculative basis, but the property was fully leased at the time of sale. Velocity II features 32-foot clear heights, an ESFR sprinkler system, LED lighting, 66 high dock-high doors and two ramped drive-in doors, five separate office store fronts and 220 automobile parking spaces with the opportunity for further expansion. Rob Cochran, Bill Harrison, Nolan Ashton, Casey Masters, Stewart Calhoun, Brian Young, Elliott Fayssou, and Kacie Jackson of Cushman & Wakefield represented the developers in the transaction. Stream Realty Acquisition LLC is the buyer.

April 4, 2023

Development Leasing Activity Mixed-Use Retail South Carolina Southeast Top Stories

Whole Foods to Anchor $1B Mixed-Use Development in Downtown Greenville, South Carolina

by John Nelson March 21, 2023

GREENVILLE, S.C. — Whole Foods Market has signed on to anchor Greenville County Square, a $1 billion mixed-use redevelopment project in downtown Greenville. Atlanta-based RocaPoint Partners is the developer behind the 3.5 million-square-foot live-work-play destination, which will modernize and activate 40 acres along University Ridge. The Austin, Texas-based grocer will occupy a standalone building designed by MVA Architects. Whole Foods is the first tenant announced, and RocaPoint is currently pursuing other credit-worthy retailers and restaurants to join the development. “Whole Foods Market will add to the development’s lively charm and represents the quality of the tenants we’re targeting to drive economic growth while simultaneously answering public interest at Greenville County Square,” says Patrick Leonard, principal of RocaPoint. The developer says that Greenville County Square will serve as a connective hub to the city’s outdoor-oriented attractions, namely Falls Park and the new Cancer Survivor’s Park. Additionally, the project is expected to connect with the historic Swamp Rabbit Trail, a 22-mile walking and biking path that runs along the Reedy River and connects Greenville to Travelers Rest, S.C. “This redevelopment is positioned to be the ideal walkable environment for residents and visitors with a strategic blend of office, hotels, residential, restaurant, entertainment and …

March 21, 2023

Industrial Market Reports South Carolina Southeast Southeast Market Reports

Greenville-Spartanburg’s Industrial Market Is ‘Firing on all Cylinders’

by John Nelson March 20, 2023

Over the course of this year, Greenville-Spartanburg’s industrial market is expected to continue its overall upward trajectory with increasing rental rates, record-low vacancy rates and ongoing tenant demand. The fundamentals of Upstate South Carolina’s industrial market are among the strongest anywhere in the country right now due to a myriad of cylinders on which it is simultaneously firing. The market’s plethora of demand drivers include e-commerce users, manufacturing, the automotive industry and the draw of the Inland Port located in Greer. To understand the full picture, however, it’s important to also consider what the Greenville- Spartanburg market is not firing on. The market is not stifled by unions, high regulation or the lack of viable sites, available buildings and utility infrastructure some other markets have to contend with. An important factor affecting current absorption is multiple fourth-quarter tenant occupancy dates being pushed from fourth quarter of 2022 to first quarter of 2023. There was 17.9 million square feet of industrial space under construction at year-end 2022, with approximately 4 million square feet of that already preleased but not yet delivered. Those deliveries in early 2023 will naturally lead to positive absorption and help rebalance the market. A variety of industrial …

March 20, 2023

Development Industrial South Carolina Southeast

Edgewater, Singerman Acquire 603,214 SF Distribution Facility in Charleston

by John Nelson March 17, 2023

CHARLESTON, S.C. — A joint venture between Edgewater Ventures and Singerman Real Estate has acquired a 603,214-square-foot distribution facility in Charleston. Located at 1980 Clements Ferry Road, the building features tilt-up concrete construction with 40-foot clear heights, 66,700 square feet of offices, 300 parking spaces, double-sided loading configuration and onsite trailer storage. The seller, apparel manufacturer Gildan Activewear, will lease the facility from the new ownership, which also plans to subdivide roughly 21 acres at the site for the development of an additional 300,000-square-foot facility.

March 17, 2023

Acquisitions South Carolina Southeast Student Housing

RREAF Holdings Acquires 486-Bed Student Housing Community Near University of South Carolina

by John Nelson March 16, 2023

COLUMBIA, S.C. — RREAF Holdings has acquired Rivers Edge at Carolina Stadium, a 486-bed student housing community located near the University of South Carolina in Columbia. The seller and sales price were not disclosed. The property was built in 1996 within the university’s Greek Village. Capital improvements are planned for the community, which will be overseen by RREAF Construction Services. Renovations are set to include upgrades to 40 percent of the property’s 240 units and amenity updates, including the addition of a dog run; upgrades to the existing basketball, volleyball and pickleball courts; and new lighting along the community’s walking paths. Renovations will be completed between late 2026 and early 2027.

March 16, 2023

Development Industrial South Carolina Southeast Top Stories

Scout Motors Plans $2B Electric Vehicle Manufacturing Plant Near Columbia, South Carolina

by Taylor Williams March 6, 2023

BLYTHEWOOD, S.C. — Scout Motors Inc., the electric vehicle division of German automaker Volkswagen, has unveiled plans for an electric vehicle manufacturing plant on a 1,600-acre plot in Blythewood, South Carolina, a suburb of Columbia. The move represents a capital investment of approximately $2 billion and is expected to create about 4,000 jobs. Scout Motors intends to primarily use the plant for the production of trucks and sport utility vehicles (SUVs). At full capacity, the facility should be able to manufacture about 200,000 vehicles annually. Construction is scheduled to begin later this year, and Scout Motors expects the plant to be fully operational by the end of 2026. Of the total acreage of the site, which is bounded by I-77 and Blythewood Road, about 70 percent (1,100 acres) will be dedicated to the manufacturing facilities themselves. The location puts the facility within 20 miles of the state capital’s downtown area. Greg Lubar and Matt Jackson of JLL represented Scout Motors in its site selection efforts. The new trucks and SUVs will be built on a newly designed, all-electric platform. This approach will allow the company’s engineering teams to deliver vehicles with optimal ground clearance, approach angles and payload capacity, as …

March 6, 2023

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 792,081 SF Industrial Property in Metro Charlotte

by John Nelson March 3, 2023

ROCK HILL, S.C. — JLL Capital Markets has arranged the sale of Phase I of Rock Hill Commerce Center in Rock Hill, roughly 30 miles southwest of Charlotte. A MetLife Investment Management client acquired the 792,081-square-foot property, which comprises two industrial buildings, for an undisclosed price. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, Strategic Capital Partners, in the transaction. Completed earlier this year, Phase I of Rock Hill Commerce Center was fully leased at the time of sale to Power Technique North America and Logistics Plus. Buildings A and B comprise 294,092 square feet and 497,989 square feet, respectively.

March 3, 2023

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

Advenir Oakley Breaks Ground on $78M Build-to-Rent Residential Project in Greer, South Carolina

by John Nelson March 1, 2023

GREER, S.C. — Advenir Oakley Capital LLC has begun site work for LEO Jamestown, a $78 million build-to-rent (BTR) residential community in Greer, part of the Greenville-Spartanburg metropolitan area in Upstate South Carolina. The 296-unit project will span nearly 35 acres at the corner of South Main and Roscoe Drive, about one mile outside of downtown Greer. LEO Jamestown will feature a mix of one-, two- and three-bedroom cottages with nine-to-15-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart-home technology package, private backyards, on-call maintenance and optional enclosed garage parking. Neighborhood amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center, dog park and valet trash. One-bedroom homes will average 882 square feet and rent for approximately $1,800 per month; two-bedroom units will average 912 square feet and rent for $2,100; and three-bedrooms will come in 1,510-square-foot floor plans and rent for $2,600. Advenir Oakley expects to fully deliver the property by December 2024, with first deliveries currently scheduled for this October. The design-build team includes Birmingham-based Nequette Architecture & Design and general contractor Capstone Building Corp. Advenir Living will be the property manager.

March 1, 2023

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

Advenir Oakley Breaks Ground on $78M Build-to-Rent Residential Project in Greer, South Carolina

by John Nelson February 28, 2023

February 28, 2023

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

ACRE, ARK Underway on 150-Unit Single-Family Rental Community in Myrtle Beach

by John Nelson February 24, 2023

MYRTLE BEACH, S.C. — ACRE and partner ARK Residential have announced plans for The Springs at Arcadia, a 150-unit single-family-rental (SFR) community in Myrtle Beach. Located within the master-planned Arcadia community, the development will offer three- and four-bedroom detached homes ranging in size from 1,500 to 2,300 square feet. Residents will have access to Arcadia’s amenities, which include a clubhouse, pickleball courts and a pool. Construction, which is currently underway, is scheduled for completion in the first quarter of 2024. Preleasing began in January of this year, and Elmington Property Management will manage the community. John Alascio, Chuck Kohaut, T.J. Sullivan and John Spreitzer of Cushman & Wakefield arranged $37 million in financing through Arbor Realty Trust Inc. for the project.

February 24, 2023

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