South Carolina

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

Acquisitions Multifamily South Carolina Southeast

IMG Acquires Whitley Apartments Near Greenville for $42.5M

by John Nelson June 15, 2022

CENTRAL, S.C. — Investors Management Group Inc. (IMG) has acquired The Whitley Apartments, a 250-unit multifamily community located in the Greenville suburb of Central. Built in 1997, The Whitley is located near Clemson University and several Upstate South Carolina employers, including BMW. IMG plans to invest more than $2 million in capital improvements at the property. Will Mathews of Colliers brokered the transaction. IMG raised $21 million from 160 investor clients in 22 states to fund the acquisition, and eight investors completed 1031 exchanges by acquiring Tenant in Common (TIC) positions in the property. IMG also secured a 10-year, non-recourse Fannie Mae loan through Arbor Realty Trust. The loan was underwritten with a 30-year amortization schedule and a 60 percent loan-to-value ratio. Over the past year, IMG has sponsored the acquisition of over 1,700 total units totaling $372 million in transactions nationally. Last year the firm acquired the nearby Tapestry at Hollingsworth Park in Greenville.

June 15, 2022

Development Industrial South Carolina Southeast

SunCap Breaks Ground on 284,400 SF Industrial Facility in Upstate South Carolina

by John Nelson June 15, 2022

DUNCAN, S.C. — SunCap Property Group has broken ground on Hillside 290, a 284,400-square-foot industrial facility within Hillside Industrial Park in Duncan. Situated along SC Highway 290 near I-85 and Inland Port Greer, the rear-load building will feature 62 dock doors, 315 car parking spaces and 59 trailer parking spaces. The property features spaces divisible to 70,000 square feet and can accommodate distribution, light manufacturing and automotive-related users. Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim of Colliers will handle leasing at Hillside 290. SunCap has selected Hogan Construction Group to build the project. Details about the construction timeline were not disclosed.

June 15, 2022

Acquisitions Hospitality South Carolina Southeast

Hunter Brokers Sale of Dual-Branded Hotel in Downtown Columbia, South Carolina

by John Nelson June 10, 2022

COLUMBIA, S.C. — Hunter Hotel Advisors has brokered the sale of a dual-branded hotel in downtown Columbia. An unnamed, institutional buyer purchased the asset from CN Hotels for an undisclosed price. Built in 2019 near the University of South Carolina and the South Carolina State House, the 223-room hotel is dually branded to Hilton Garden Inn and Home2 Suites and features an indoor pool, fitness center and an onsite restaurant. Mayank Patel of Hunter’s Atlanta office represented the seller in the transaction.

June 10, 2022

Loans Office South Carolina Southeast

Patterson Secures Refinancing for 88,000 SF Charleston Tech Center Office Property

by John Nelson June 10, 2022

CHARLESTON, S.C. — Patterson Real Estate Advisory Group has arranged the refinancing of Charleston Tech Center, an 88,000-square-foot office building in Charleston. MetLife Investment Management, the institutional asset management arm of MetLife Inc., provided the undisclosed amount of financing. The borrowers, Iron Bridge Capital and Hunt Cos., delivered the six-story building in 2021. The property was 84 percent leased at the time of financing to tenants including Charleston Digital Corridor, a city-backed technology incubator that occupies the full second floor (17,000 square feet); Conrex, a single-family rental platform owned by Brookfield (15,000 square feet); and Insight Global, a tech staffing firm (7,000 square feet). Charleston Tech Center is located in Charleston’s Upper Peninsula adjacent to the city’s historic district and near I-26 and US Highway 17. In addition to modern offices, Charleston Tech Center includes ground-level retail space, rooftop amenity space, conference spaces, bike racks and showers.

June 10, 2022

Acquisitions South Carolina Southeast Student Housing

QR Capital Sells 244-Bed Student Housing Community Near Clemson University

by John Nelson June 10, 2022

PENDLETON, S.C. — QR Capital, a multifamily and student housing owner-operator based in Atlanta, has sold The Villages at Town Creek, a 244-bed student housing community located near Clemson University in Pendleton. Built in 2010, the property offers 61 townhome-style units in three-, four- and five-bedroom configurations. Shared amenities include a resort-style swimming pool, study lounge, coffee bar, fire pit, hammock garden, sand volleyball court and a car wash station. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, David Lansbury and Erika Maston of CBRE arranged the sale on behalf of QR Capital. The buyer and sales price were not disclosed.

June 10, 2022

Development Industrial South Carolina Southeast

Hunt Midwest Breaks Ground on 258,801 SF Industrial Facility in Upstate South Carolina

by John Nelson June 8, 2022

ANDERSON, S.C. — Kansas City-based Hunt Midwest has broken ground on a 258,801-square-foot industrial facility within the new Evergreen Logistics Park, an industrial campus spanning 200 acres in Upstate South Carolina. Located at 1105 Scotts Bridge Road in Anderson, the new facility will feature 36-foot clear heights, an ESFR sprinkler system, motion-sensor LED lighting, 26 dock doors, 60-foot speed bays, four drive-in doors, more than 200 parking stalls, up to 77 tractor-trailer parking spots and a 185-foot truck court. Hunt Midwest expects to deliver the building by the end of the year. At full capacity, Evergreen Logistics Park will span 2 million square feet and offer immediate access to I-85 and a major FedEx terminal. Hunt Midwest has selected Seamon Whiteside for civil engineering, LS3P for building design, CBRE for leasing and Evans General Contractors as the general contractor.

June 8, 2022

Acquisitions Retail South Carolina Southeast

IPA Brokers $18.2M Sale of Port Royal Plaza Shopping Center in Hilton Head, South Carolina

by John Nelson June 7, 2022

HILTON HEAD, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.2 million sale of Port Royal Plaza, a 90,860-square-foot shopping center in Hilton Head. The property’s anchor tenants include Planet Fitness and AutoZone. The seller, an entity doing business as GFB Associates LLC, sold the center to Ronicks LLC, a private investor based in Tennessee. Zach Taylor of IPA brokered the transaction. “Port Royal Plaza is a landmark center on the north end of Hilton Head Island,” says Taylor. “The real estate is irreplaceable. We saw strong demand for this center and closed right at our guidance.”

June 7, 2022

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