South Carolina

Capital Development Partners to Build $250M Industrial Park Near Port of Charleston

by Julia Sanders November 30, 2021

NORTH CHARLESTON, S.C. — Capital Development Partners, a Savannah, Ga.-based industrial real estate and infrastructure development firm, has purchased 135 acres in North Charleston near the Port of Charleston’s newly opened Hugh K. Leatherman Terminal. The sales price for the land was $65 million. The Savannah, Ga.-based firm plans to develop Shipyard Creek Logistics Center, an industrial park exceeding $250 million in value. Construction on the site infrastructure and the initial cross-dock terminal will start immediately, with delivery expected in 2022. Shipyard Creek Logistics Center will include container storage, warehousing and logistics support facilities. The project is expected to create 200 direct jobs and thousands of indirect jobs. The deep-water Leatherman Terminal offers highly efficient operations for import and export customers. The terminal can handle 700,000 twenty-foot equivalent units in Phase I with expansion capability to 2.4 million TEUs of capacity in Phase II, according to Capital Development Partners. The location of Shipyard Creek Logistics Center offers proximity to infrastructural access points designed to move containers to and from the Port of Charleston via the Leatherman Terminal, the South Carolina Ports Authority’s future dual rail-served intermodal cargo facility and Interstate 26.

November 30, 2021

Development Industrial Loans South Carolina Southeast

Patterson Secures JV Equity, Debt Financing for 535,000 SF Industrial Project in Orangeburg, South Carolina

by Julia Sanders November 22, 2021

ORANGEBURG, S.C. — Patterson Real Estate Advisory Group has secured joint venture equity via Pacolet Milliken to develop the first phase of Shamrock Commerce Center, an industrial park in Orangeburg that will ultimately span 2 million square feet across 200 acres. Patterson also secured separate debt financing via United Community Bank, which provided a senior construction loan. The equity and debt financing amounts were not disclosed. Appian Investments/NAI Earle Furman plans to break ground soon on Building A, which will be an approximately 535,000-square-foot industrial facility. Building A will sit on approximately 50 acres at the interchange of Interstate 26 and US Highway 301, about 76.4 miles from the Port of Charleston. Slated for completion by the fourth quarter of 2022, the property will be a cross-dock facility with 36-foot clear heights.

November 22, 2021

Acquisitions Development Industrial South Carolina Southeast

Magnus Acquires Site in Ridgeville, South Carolina for 157,500 SF Industrial Project

by Julia Sanders November 22, 2021

RIDGEVILLE, S.C. — Magnus Development has acquired a 10-acre site in Ridgeville for the development of Vantage Point I, a 157,500-square-foot Class A industrial building at Camp Hall Campus 1. The sales price and seller for the land deal were not disclosed. Construction for Vantage Point I is slated for completion by the third quarter of 2022. Robert Barrineau, Brendan Redeyoff and Tim Raber of CBRE will lease and market the project on behalf of Magnus. Vantage Point I will be a multi-tenant, rear-load facility that can accommodate tenants from 21,000 to 157,500 square feet. The building’s features will include 30-foot clear heights, an ESFR sprinkler system, 144-space parking lot, two drive-in doors and 16 dock doors that are expandable to 45. The project is located across from Volvo Cars U.S., 2.3 miles northeast of Interstate 26, 37.7 miles from Charleston and 38.5 miles from Port of Charleston.

November 22, 2021

Acquisitions Florida Multifamily North Carolina South Carolina Southeast

Carroll, PGIM Complete Sale of $1.1B Multifamily Portfolio Across Southeast

by Julia Sanders November 19, 2021

ATLANTA AND NEWARK, N.J. — Carroll, in partnership with Newark, N.J.-based PGIM Real Estate, has completed the sale of 12 multifamily communities for more than $1.1 billion in total. The 4,121-unit portfolio is located in Raleigh, Charleston and South Florida. The communities were sold in three separate joint venture transactions between institutional fund vehicles managed by PGIM Real Estate and Carroll. Jim Mehalso led the portfolio transaction internally for PGIM Real Estate, while Josh Champion led the transaction for Carroll. The buyer(s) were not disclosed. The portfolio includes six multifamily communities in Raleigh (Arium Southpoint, Arium Kildaire, Arium Weston, Arium Lake Lynn, Arium Lake Johnson and Arium Trailwood); three Charleston communities (Arium North Charleston, Arium St. Ives and Arium Mt. Pleasant); and three South Florida communities (Arium Boca Raton, Centro at Davie by Arium and Arium Boynton Beach). Purchased under Carroll’s workforce value-add strategy, the Carolinas properties provided workforce housing, while the South Florida portfolio extended Carroll’s suburban presence with assets in high-growth markets. Under its ownership, Carroll and PGIM Real Estate completed exterior and interior capital renovation projects on the properties totaling $22 million. At the time of sale, each of the communities were operating with strong occupancy. In …

November 19, 2021

Acquisitions Multifamily South Carolina Southeast

Monday Properties Disposes of Metro Charleston Multifamily Community for $79.5M

by Julia Sanders November 19, 2021

SUMMERVILLE, S.C. — Rosslyn, Va.-based Monday Properties has sold The Hudson, a 300-unit, Class A multifamily community in Summerville, for $79.5 million. PassiveInvesting.com, a real estate firm that mainly focuses on acquiring apartments and self-storage properties, was the buyer. Delivered in June 2021, The Hudson offers studio, one-, two- and three-bedroom apartments in 11 buildings. Community amenities include a clubhouse, business center, fitness studio and a saltwater pool with a sun shelf. The Hudson was nearly 60 percent leased at the time of sale. Located at 900 Owl Wood Lane, the property is situated 28.9 miles from Charleston, 19.7 miles from North Charleston and 21.4 miles from Charleston International Airport. Monday Properties designed The Hudson to focus on health and wellness, flexibility and outdoor amenities as more residents carve out space for telework. In the past six months, The Hudson is the firm’s second multifamily sale in the Charleston market. In June 2021, Monday Properties sold a 264-unit multifamily community in North Charleston called The Mason.

November 19, 2021

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 196,540 SF Industrial Property in Charleston

by Julia Sanders November 18, 2021

CHARLESTON, S.C. — JLL Capital Markets has arranged the sale of 7770 Palmetto Commerce Parkway, a 196,540-square-foot industrial facility in Charleston. Pete Pittroff, Dave Andrews, Patrick Nally, Josh McArdle, Michael Scarnato and Zach Lloyd of JLL represented the seller, a joint venture between Charleston-based The Beach Co. and Greensboro, S.C.-based Samet Corp. New York-based Indus Realty Trust Inc. acquired the property for an undisclosed amount. 7770 Palmetto Commerce Parkway is a Class, A rear-load warehouse that is partially leased to Cummins Inc., an Indiana-based diesel and alternative fuel engines and generators retailer. The infill property is situated adjacent to Interstate 26, eight miles from Charleston International Airport and 16.2 miles from Port of Charleston.

November 18, 2021

Acquisitions Industrial South Carolina Southeast Top Stories

CRG Sells 1.4 MSF Distribution Center in South Carolina for $119.5M

by Kristin Harlow November 17, 2021

GREER, S.C. — Development and investment firm CRG has sold Building C at The Cubes at Inland 85 in Greer, located midway between Greenville and Spartanburg. Investment management firm PRP purchased the asset for $119.5 million. An affiliate of Techtronic Industries Co. Ltd. fully occupies the 1.4 million-square-foot distribution center. Techtronic is a global consumer products company headquartered in Hong Kong. Its brand portfolio includes Milwaukee, Ryobi, Hoover and others within the cordless power tools, accessories, floorcare and do-it-yourself segments. Completed in early November, Building C features a clear height of 36 feet, 246 dock doors, a 185-foot truck court and 555 trailer parking spaces. The building is situated five miles from the Greenville-Spartanburg International Airport and four miles from Inland Port Greer, with rail connection to the Port of Charleston. “The project benefits from great access to major transportation, which we know is more important than ever as e-commerce providers are striving to meet the growing consumer demands for quick delivery,” says Mike Demperio, partner and senior vice president of the Southeast region at CRG. “Additionally, Greenville-Spartanburg continues to be an attractive investment market because of its business-friendly, labor-rich environment and easy access to the Southeast and Eastern Seaboard.” …

November 17, 2021

Industrial Loans South Carolina Southeast

Ready Capital Closes on Acquisition Loan for 235,000 SF Industrial Property in Greenville

by Julia Sanders November 11, 2021

GREENVILLE, S.C. — Ready Capital has closed on a $6.6 million financing for the acquisition, renovation and stabilization of a 20-bay, 235,000-square-foot, Class B industrial property in the South/Donaldson submarket of Greenville. The loan is a non-recourse, interest-only, floating-rate loan with a 36-month term and two extension options. The financing includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. Upon acquisition, the property will receive cosmetic updates. The buyer and seller were not disclosed.

November 11, 2021

Acquisitions Multifamily South Carolina Southeast

Greystar Agrees to Sell Multifamily Portfolio for Approximately $3.6B

by Julia Sanders November 10, 2021

CHARLESTON, S.C. — Greystar Real Estate Partners LLC has agreed to sell a 30-property multifamily portfolio for approximately $3.6 billion. Eastdil Secured served as the exclusive financial advisor to Greystar. Canadian-based Ivanhoé Cambridge purchased the portfolio, which includes 10,000 units, according to several media outlets. The Greystar Equity Partners IX fund was formed as part of Greystar’s flagship U.S. rental housing value-add fund series in which the company focused on acquiring well-located, institutional-quality apartment communities in target markets throughout the country. Since its launch in 2015, the fund series raised $5 billion, and it includes a group of global institutional investors from North America, Continental Europe and Asia-Pacific. Greystar is a Charleston-based real estate firm that manages and operates approximately $220 billion of real estate in more than 210 markets across the world. The company manages over 748,000 multifamily units globally.

November 10, 2021

Acquisitions Multifamily South Carolina Southeast

Radco Sells Three Multifamily Properties in Charleston for $76M

by Julia Sanders November 9, 2021

CHARLESTON, S.C. — Atlanta-based The Radco Cos. has sold a three-property, 498-unit multifamily portfolio in Charleston to Atlanta-based Braden Fellman Group. Andrew Mays of Berkadia brokered the $76 million transaction. The three properties include Ashford Palmetto Square, Ashford Riverview and Radius West Ashley. Built in 1966, Ashford Palmetto Square is a 139-unit multifamily property with one- and two-bedroom floorplans. Community amenities include courtyards, a pool with sundeck, community garden, fire pits, bark park, laundry facilities, Amazon package lockers and a picnic area. Located at 1551 Sam Rittenberg Road, the property is situated in central Charleston with access to Highways 7, 61 and 17. Constructed in 1965, Ashford Riverview is a 161-unit multifamily property that offers one-, two- and three-bedroom units. Community amenities include landscaped courtyards, a pool with sundeck, bark park, fitness center, business center, grilling and picnic areas and laundry facilities. Located at 1478 Orange Grove Road, the property is situated in West Ashley, a residential area in Charleston. The property is near retailers and restaurants such as King Claw Juicy Seafood & Bar, Kings Sushi, Total Wine & More, El Molino Supermarket, Dollar Tree and Publix. Lastly, Radius West Ashley is a 198-unit multifamily property with one-, two-and …

November 9, 2021

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