South Carolina

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

Development Loans Multifamily South Carolina Southeast

Forum Capital Provides $10.4M Equity Investment for Multifamily Development in Beaufort, South Carolina

by John Nelson June 29, 2023

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.

June 29, 2023

Acquisitions Retail South Carolina Southeast

JLL Brokers Sale of 255,868 SF Shopping Center in Indian Land, South Carolina

by John Nelson June 27, 2023

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.

June 27, 2023

Development Hospitality Loans South Carolina Southeast

Arriba Capital Provides $20M Construction Financing for Element by Westin Hotel in Charleston, South Carolina

by Hayden Spiess June 23, 2023

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.

June 23, 2023

Affordable Housing Build-to-Rent Conference Coverage Features Multifamily North Carolina Single-Family Rental South Carolina Southeast Southeast Feature Archive

Suburbs Are King for Carolinas Multifamily Market, Say InterFace Panelists

by John Nelson June 21, 2023

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 …

June 21, 2023

Development Industrial South Carolina Southeast

Greystar Breaks Ground on 2 MSF Industrial Park in Spartanburg, South Carolina

by John Nelson June 20, 2023

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.

June 20, 2023

Development Leasing Activity Mixed-Use Office South Carolina Southeast

Lima One Capital to Lease 65,000 SF for Office Headquarters at Greenville County Square Development

by John Nelson June 16, 2023

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.

June 16, 2023

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Brokers Sale of 318-Unit Lively Victor Park Apartments in Upstate South Carolina

by John Nelson June 13, 2023

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.

June 13, 2023

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