South Carolina

Northland Purchases 511 Meeting Apartments in Charleston

by John Nelson September 8, 2022

CHARLESTON, S.C. — Northland, a private equity investment firm based in Newton, Mass., has purchased 511 Meeting, a 221-unit apartment community located in Charleston’s North Meeting Street neighborhood. The seller and sales price were not disclosed. Situated near King Street and the upcoming Lowcountry LowLine linear park, 511 Meeting comprises studio, one-, and two-bedroom apartments, 33 of which are rent-restricted. The podium-style, mid-rise building features a fitness center with a separate yoga studio, bike storage and repair area, media center, business center and a second-story pool deck with a fire pit and grill stations. Other amenities include a resident lounge with a billiards table, foosball table and bar space, as well as 2,960 square feet of retail space occupied by Blum, a local coffee and wine bar. 511 Meeting is Northland’s third investment in the Charleston area, joining The Standard on James Island and Wharf 7 on Daniel Island.

September 8, 2022

Development Leasing Activity Restaurant Retail South Carolina Southeast

Branch Properties Adds New Tenants at Publix-Anchored Shopping Center Underway in Metro Charleston

by John Nelson August 23, 2022

MONCKS CORNER, S.C. — Branch Properties has added new retailers and restaurants to the tenant lineup at Moncks Corner Marketplace, a Publix-anchored shopping center in the Charleston suburb of Moncks Corner. Branch Properties co-lists the 75,267-square-foot center with Hannah Kamba and Tim Rowley of Coldwell Banker Commercial Atlantic. Set to open at the corner of U.S. Highway 52 and Cypress Gardens Road later this summer, the shopping center’s 48,387-square-foot Publix store will feature a covered outdoor café on the second floor. Other tenants joining Moncks Corner Marketplace include locally owned pub Dog & Duck; pet retailer and groomer Woof Gang Bakery; family-owned taco kitchen Viva Tacos & Tequila; Japanese restaurant Kyoto Sushi & Hibachi; Chinese takeout restaurant Super Pan; locally owned beverage store EJ’s Wine & Spirits; nail salon Magic Nail; forestry insurance firm Swamp Fox Agency; Pacific Dental Services; and hair removal studio Brazilian Wax & Spa by Claudia. In addition to Moncks Corner Marketplace, Branch Properties is currently developing six other Publix-anchored centers around the Southeast.

August 23, 2022

Acquisitions Development Industrial South Carolina Southeast

PRP Purchases 1.9 MSF Distribution Center Underway in Upstate South Carolina

by John Nelson August 18, 2022

MOORE, S.C. — PRP has purchased a new distribution center under construction in Moore totaling nearly 1.9 million square feet. Situated in South Carolina’s Upstate region, the modern distribution center will be fully leased to Hart Consumer Products, a subsidiary of Techtronic Industries Co. Ltd. that produces power tools and lawn and garden equipment. PRP will finish developing the build-to-suit project with joint venture partner Flint Development. The total capitalization of the development is $185 million and will be fully completed by the fourth quarter of 2023, according to PRP. The property will feature a cross-dock loading configuration, 40-foot clear heights, 338 dock doors, a 185-foot truck court and 835 spaces of excess trailer parking on 178 acres.

August 18, 2022

Acquisitions Loans South Carolina Southeast Student Housing

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

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