South Carolina

PCCP, Panattoni to Develop 182,520 SF Industrial Project in Greer, South Carolina

by Julia Sanders October 29, 2021

GREER, S.C. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Abner Creek Logistics Center, a 182,520-square-foot warehouse in Greer. The joint venture plans to start construction in the second quarter of 2022 with completion expected by the fourth quarter of 2022. Abner Creek Logistics Center will be located on a 16.5-acre site along the east side of Deyoung Road. The project will include amenities such as 32-foot clear heights, a rear-load configuration, 44 trailer parking spaces, 123 car parking spaces and 33 dock doors. The site is located adjacent to BMW’s manufacturing facility and provides access to Interstate 85. The property is also situated six miles from Inland Port Greer.

October 29, 2021

Acquisitions Multifamily South Carolina Southeast

Aline Capital Brokers $21.5M Sale of Apartment Complex in Charleston

by Julia Sanders October 18, 2021

CHARLESTON, S.C. — Aline Capital’s Multifamily Advisory Group has brokered the sale of Forest Cove Apartments, a 184-unit apartment community in Charleston. Greenville, S.C.-based Aline Capital represented the seller, Edac Enterprises, in the transaction. Eskay Management purchased the property for $21.5 million. Forest Cove offers one- and two-bedroom floorplans with a rental range of $950 to $1,075. The units range in size from 650 to 900 square feet with features including walk-in closets, hardwood floors, air conditioning, granite countertops and washer and dryer hookups. Community amenities include an onsite property manager, pool with a grill and an onsite laundry center. Located at 1092 Berkeley St., the apartment community is situated close to Interstates 26 and 526. The property is also located 13.1 miles from downtown Charleston, approximately 5.9 miles from Charleston International Airport and 5.4 miles from Tanger Outlets Charleston.

October 18, 2021

Development Industrial South Carolina Southeast

Seefried Breaks Ground on 185,250 SF Distribution Center in Duncan, South Carolina

by Julia Sanders October 14, 2021

DUNCAN, S.C. — Atlanta-based Seefried Industrial Properties has broken ground on Victor Hill Distribution Center, a 185,250-square-foot industrial project in Duncan. Located at 1117 Victor Hill Road on a 15-acre site, Victor Hill is situated about 3.6 miles from Greenville-Spartanburg International Airport, 17.8 miles from downtown Greenville and 2.3 miles from BMW’s plant in Spartanburg, S.C. The Class A distribution center is being built on a speculative basis and is slated for completion and for tenant occupancy by July 2022. The building will have 32-foot clear heights, a rear-load configuration with a 185-foot truck court, 30 dock doors, 135 parking spaces and 50 trailer spaces. Additionally, the building will offer 2,300 square feet of office space. Doug Smith and Joseph Tripp of Seefried Industrial Properties will internally lead leasing for the building. Pattillo Construction Corp. is the general contractor at Victor Hill, and MCA Architecture is the project architect.

October 14, 2021

Acquisitions Office South Carolina Southeast

CBRE Arranges $31.3M Sale of Office Campus in Charleston

by Julia Sanders October 5, 2021

CHARLESTON, S.C. — CBRE has arranged the sale of South Park Plaza, a three-building office park in Charleston. Boyd Watterson purchased the property from an entity doing business as JEMA II LLC for $31.3 million. Charles Carmody, Patrick Gildea, Matt Smith, Grayson Hawkins and Ryan Carmody of CBRE represented the seller in the transaction. Located at 1-3 South Park Circle, South Park Plaza is a 139,060-square-foot property situated close to Interstate 526 and Citadel Mall, a shopping center anchored by Belk, Dillard’s, Target, Bath & Body Works and Loft. Since 2018, South Park Plaza has been 90.6 percent leased to tenants including The Medical University of South Carolina Hospital Authority.

October 5, 2021

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges Sale of 252-Unit Oak Ridge at Pelham in Greenville

by Julia Sanders September 29, 2021

GREENVILLE, S.C. — Cushman & Wakefield has arranged the sale of Oak Ridge at Pelham, a 252-unit apartment community located in Greenville. Tai Cohen, Marc Robinson and John Phoenix of Cushman & Wakefield represented the seller, Graves Brothers Co., in the transaction. Timberland Partners acquired the property for an undisclosed price. Built in 1986, Oak Ridge at Pelham is a two-story multifamily community. Located at 150 Oak Ridge Place, the property’s units offer walk-in closets, vinyl flooring, washer/dryer hookups and fireplaces. The community offers one- and two-bedroom floor plans with an average unit size of 824 square feet. Community amenities include a basketball court, car care center, fitness center, grilling/picnic areas, laundry facilities, nature trail, pet park, business center, swimming pool and tennis court.

September 29, 2021

Loans Multifamily South Carolina Southeast

Electra Capital Funds $16.9M Acquisition Loan for Apartment Complex in Charleston

by Julia Sanders September 28, 2021

CHARLESTON, S.C. — Electra Capital has provided a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III, a 145-unit apartment complex in Charleston. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Penn., acquired the garden-style apartment community for $22.4 million. The seller was not disclosed. Located at 7604-7749 Warsaw Road, Avalon at North Charleston III is a newly renovated townhome community offering one- and two-bedroom apartments ranging from 688 square feet to 1,196 square feet. The community was formerly known as Willow Ridge. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting and rain showers. Avalon is located about 1.3 miles from the Charleston Air Force Base and 4.3 miles from Charleston International Airport.

September 28, 2021

Florida Loans Michigan Multifamily South Carolina Southeast

KeyBank Secures $40.2M Refinancing for Three Apartment Properties in Southeast, Michigan

by Julia Sanders September 10, 2021

CLEVELAND — KeyBank Real Estate Capital has secured $40.2 million in Fannie Mae financing for three multifamily properties in Michigan, South Carolina and Florida. Dirk Falardeau and David Pyc of KeyBank structured the fixed-rate refinancing on behalf of the borrower, The Benchmark Group, a New York-based real estate developer, investor and manager. The properties include Autumn Woods in Sterling Heights, Mich.; Huntington Place in Columbia, S.C.; and Village at University Square in Tampa, Fla. Built in 1973, Autumn Woods is a 286-unit affordable housing community with 42 one- and two-story buildings on 30 acres of land. The community offers one-, two- and three-bedroom floorplans. Community amenities include playgrounds and a basketball court. Located at 44401 Bridal Lane, the property is situated about 22.4 miles south of Detroit and is near Lake Saint Clair, as well as golf courses such as Clinton River Park. Autumn Woods is also 3.4 miles from the University of Detroit Mercy and nine miles from Baker College of Clinton Township. Built in 1998, Huntington Place includes eight one- and three-story buildings on 17 acres of land. The 192-unit community includes two- and three-bedroom options. Located at 1003 True St., the property is situated five miles from …

September 10, 2021

Georgia Hospitality Loans South Carolina Southeast

PMZ Realty Arranges $70M Financing for Two Hotel Properties in Charleston, Augusta

by Julia Sanders September 1, 2021

CHARLESTON, S.C. AND AUGUSTA, GA. — PMZ Realty Capital LLC has arranged $70 million in joint venture equity and debt financing to recapitalize two hotels in Charleston and Augusta. The properties include the Holiday Inn Express Charleston Downtown – Medical Center in Charleston and The Partridge Inn Augusta Curio Collection by Hilton in Augusta. Rio Partners is the owner of the properties, and the firm plans to use the proceeds from the two separate transactions to pay off existing debt and upgrade the properties. The 150-room Holiday Inn Express is located close to Charleston Farmer’s Market, Folly Beach, The Citadel – Johnson Hagood Stadium, Boone Hall Plantation and Gardens and the South Carolina Aquarium. Located at 250 Spring St., the hotel is only 12 miles from Charleston International Airport. Hotel amenities include a pool, breakfast provided for guests, complimentary Wi-Fi and a fitness center. Located at 2110 Walton Way, the 153-room Partridge Inn Augusta is situated less than two miles from Daniel Field Private Airport, 10 miles from Augusta Regional Airport and about 4 miles from the Augusta National Golf Club. Hotel amenities include complimentary Wi-Fi, an onsite restaurant, outdoor pool, fitness center, room service, business center and meeting rooms.

September 1, 2021

Acquisitions Multifamily South Carolina Southeast

IMG Purchases 242-Unit Tapestry at Hollingsworth Park Apartments in Greenville

by Julia Sanders August 24, 2021

GREENVILLE, S.C. — Investors Management Group Inc. (IMG) has purchased the Tapestry at Hollingsworth Park, a 242-unit apartment property located at 201 Rocky Slope Road in Greenville. Raia Properties sold the community for an undisclosed price. Andrea Howard of NorthMarq represented both the buyer and seller in the transaction. NorthMarq also provided a Freddie Mac acquisition loan to IMG. Built in 2013, Tapestry at Hollingsworth Park includes 19 buildings with one-, two- and three-bedroom units averaging 1,105 square feet. The property is located within Verdae, a master planned urban community. Tapestry’s community amenities include a clubhouse with cyber cafe, coffee bar, library, outdoor kitchen and dining terrace, fitness studio, pool with cabana and a car care center. IMG plans to improve the apartment community through upgrades to unit interiors and community amenities. IMG is a California-based real estate investment and property management firm that has acquired more than $340 million in apartment properties since the start of the pandemic.

August 24, 2021

Acquisitions Multifamily South Carolina Southeast

Berkadia Negotiates $19.5M Sale of Multifamily Property in Charleston

by Julia Sanders August 5, 2021

CHARLESTON, S.C. — Berkadia has negotiated the $19.5 million sale of Oasis at West Ashley, a garden-style multifamily property in Charleston. Mark Boyce and Blake Coffey of Berkadia led the transaction on behalf of the seller, New York-based URS Capital Partners. The buyer was not disclosed. Built in 1979, Oasis at West Ashley features 116 units with newly renovated kitchens, walk-in closets and select units with patio or balcony options. The apartment community sold for a per-unit price of $167,672. Located at 1751 Dogwood Road, the property is 7.5 miles from the Charleston International Airport. The property was 96 percent occupied at the time of sale.

August 5, 2021

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