South Carolina

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

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

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