South Carolina

Newmark Secures $29M Acquisition Financing for Student Housing Property in Clemson

by John Nelson August 17, 2022

CLEMSON, S.C. — Newmark has secured $29 million in acquisition financing for Cambridge Creek, a 380-bed student housing community near Clemson University. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, Holden Witkoff and Marshall Dickson of Newmark arranged the loan through Synovus Bank on behalf of the borrower, Center Court Mass. Cambridge Creek’s floor plans include two- and three-bedrooms that span up to 1,431 square feet of living space. Amenities include a 5,000-square-foot clubhouse, resort-style pool, fitness studio, cabanas, a coffee bar and a study lounge.

August 17, 2022

Development Industrial South Carolina Southeast

GTIS, Collett to Develop Two Greenville Industrial Facilities Totaling $140M

by John Nelson August 8, 2022

GREENVILLE, S.C. — New York City-based GTIS Partners and Charlotte-based Collett Industrial have formed a joint venture to develop two industrial projects in Greenville for a total investment value of $140 million. Situated within an opportunity zone on the eastern edge of the South Carolina Technology & Aviation Center, the two developments will be adjacent to one another and span 1.2 million square feet upon completion. The co-developers have executed leases or letters of intents with tenants totaling approximately 520,000 square feet for long-term occupancy at one of the projects, which is known as Willimon Business Park. The other property was not disclosed.

August 8, 2022

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

RangeWater to Deliver 155-Unit Build-to-Rent Residential Community in Charleston

by John Nelson August 1, 2022

CHARLESTON, S.C. — RangeWater Real Estate has purchased 17 acres at the intersection of Bees Ferry Road and Bluewater Way in Charleston’s West Ashley submarket. The Atlanta-based company plans to develop 155 build-to-rent units at the site in a community named Bellerose at Bees Ferry, a Storia neighborhood. The property will comprise three-bedroom, two- bathroom townhomes that include one-car garages, 9-foot ceilings, gourmet kitchens with high-end appliances and stone countertops. The community will also feature an open-air club house, pool and firepits. RangeWater plans to break ground this month, and first move-ins are slated for October 2023.

August 1, 2022

Development Industrial South Carolina Southeast

SunCap Breaks Ground on 1 MSF Spec Industrial Facility in Greenville

by John Nelson July 26, 2022

GREENVILLE, S.C. — Charlotte-based SunCap Property Group has broken ground on a 1 million-square-foot spec industrial facility within Greenville Enterprise Park, a 140-acre industrial park on the south side of Greenville. SunCap purchased the land in partnership with the real estate arm of Goldman Sachs Asset Management. Located at 7755 Augusta Road near I-185, the speculative facility is expandable up to 1.5 million square feet, depending on end user requirements. The property will feature 40-foot clear heights and cross-dock orientation, as well as ample onsite employee and trailer parking. Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim of Colliers are the leasing agents for the property. The project is SunCap’s eighth in Upstate South Carolina and the largest speculative building in Greenville County, according to Colliers.

July 26, 2022

Development Hospitality Multifamily South Carolina Southeast

Capital Square Breaks Ground on Hybrid Apartment Hotel Property in Charleston

by John Nelson July 21, 2022

CHARLESTON, S.C. — Capital Square has broken ground on 529 King Street ROOST Apartment Hotel, a five-story luxury apartment hotel located in the Garden District of Charleston. The hybrid property will feature 50 extended stay apartments in studio, one-, two- and three-bedroom floor plans. The property will operate under the ROOST Apartment Hotel brand, a division of Method Residential. The final development will total approximately 32,000 net rentable square feet, including an “open-air living room courtyard” and a rooftop lounge that will be open to the public. Capital Square’s project partners include architect Morris Adjmi & LS3P, general contractor BL Harbert and Method Residential as the retail leasing agent and co-developer of the property. 529 King is situated within an opportunity zone, and Capital Square is funding the project in part with proceeds from its fourth qualified opportunity zone fund, CSRA Opportunity Zone Fund IV LLC. The Richmond-based developer and investor expects to open the property in summer 2023.

July 21, 2022

Development Industrial South Carolina Southeast

SHL Medical to Invest $90M for New Manufacturing Facility in North Charleston

by John Nelson July 19, 2022

NORTH CHARLESTON, S.C. — SHL Medical, a manufacturer of medical delivery solutions products, plans to invest $90 million for its new manufacturing facility in North Charleston. The developer, SunCap Property Group, leased the entirety of the 245,000-square-foot Palmetto Trade Center II to SHL Medical. The Charlotte-based developer plans to deliver the shell of the building this month, and SHL Medical plans to upfit the property over the next 18 months. Operations at the automated plant are expected to launch by 2024, at which point the facility is expected to support 165 new jobs. Bob Barrineau and Brendan Redeyoff of CBRE represented SunCap in the lease deal, and Sean McKee of PharmaBioSource represented SHL Medical.

July 19, 2022

Acquisitions Retail South Carolina Southeast

IPA Brokers $10.7M Sale of Cherrydale Market Shopping Center in Greenville

by John Nelson July 15, 2022

GREENVILLE, S.C. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $10.7 million sale of Cherrydale Market, a newly built, 70,635-square-foot shopping center in Greenville. The property houses three tenants: Burlington, Ulta Beauty and Five Below. Zach Taylor of IPA arranged the transaction on behalf of the seller, an entity doing business as Cherrydale 245 LLC. The buyer was Agree Realty, a net lease retail REIT based in Bloomfield Hills, Mich. “We procured the equity for the developer to get the property out of the ground and sourced an active REIT willing to commit to a pre-sale during construction,” says Taylor.

July 15, 2022

Acquisitions Office South Carolina Southeast

NAI Earle Furman Brokers Sale of 25-Story Landmark Office Tower in Downtown Greenville

by John Nelson July 11, 2022

GREENVILLE, S.C. — NAI Earle Furman has brokered the sale of the Landmark Building, a 25-story office tower located at 301 N. Main St. in downtown Greenville. Built in 1966, the property spans 331,000 square feet and is the tallest building in the city. A locally based investment group managed by CAPA Management purchased the tower from a Columbia, S.C.-based entity doing business as Tower on Main LLC. The sales price was not disclosed. Keith Jones, McNeil Epps, Jake Van Gieson and Gaston Albergotti of NAI Earle Furman represented the buyer in the transaction. The locally based brokerage and services firm has also been retained to manage and lease the building. First Reliance Bank provided an undisclosed amount of acquisition financing for the deal. The buyer plans to make immediate capital improvements to the tower.

July 11, 2022

Acquisitions Office South Carolina Southeast

Marcus & Millichap Arranges $16.9M Sale of North Charleston Office Building

by John Nelson July 5, 2022

NORTH CHARLESTON, S.C. — Marcus & Millichap has arranged the sale of North Rhett Executive Center, a 64,800-square-foot office building located at 5617 N. Rhett Ave. in North Charleston. An out-of-state buyer purchased the building for $16.9 million. Ani Paulson and Pearce Vogler of Marcus & Millichap represented the undisclosed seller in the transaction. Built in 2008 near the Joint Base Charleston and Charleston International Airport, North Rhett Executive Center is anchored by the Department of Defense.

July 5, 2022

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MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B

by Katie Sloan June 30, 2022

ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky. The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years. “This diversified portfolio provides immediate scale and operating …

June 30, 2022

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