South Carolina

Cushman & Wakefield Brokers $105.6M Sale of Industrial Portfolio in Upstate South Carolina

by John Nelson August 2, 2021

DUNCAN, S.C. — Cushman & Wakefield has brokered the $105.6 million sale of the Apple Valley Industrial Portfolio, a four-building portfolio of industrial facilities in the Upstate South Carolina market of Duncan. An affiliate of Lexington Realty Trust purchased the facilities from Panattoni and PCCP. Stewart Calhoun and Casey Masters of Cushman & Wakefield, along with Marcus Cornelius of CBRE and Ryan Koop of Broadstreet Partners, represented the sellers in the transaction. Situated near Inland Port Greer and BMW’s campus, the Class A portfolio is located off of Apple Valley Road and totals more than 1 million square feet.

August 2, 2021

Loans Multifamily South Carolina Southeast

JLL Secures Construction Financing for Preserve at Ridgeville Apartments Near Charleston

by Julia Sanders July 29, 2021

RIDGEVILLE, S.C. — JLL Capital Markets has secured an undisclosed amount of equity and construction financing for the development of Preserve at Ridgeville Apartments, a 240-unit, garden-style multifamily community near Charleston. Located at 1050 Old Gilliard Road in Ridgeville, the Preserve at Ridgeville will be situated 35.2 miles north of Charleston and 28.1 miles from Charleston International Airport. Once completed, the three-story property will feature a pool, health club with virtual classes, a bark park with pet washing area and a putting green. John Gavigan of JLL represented the development team of Piedmont Private Equity and Ecstatic Properties in arranging equity with American South Real Estate Fund, Material Capital Partners and Altriarch Capital, as well as a loan through Churchill Stateside Group LLC. Piedmont Private Equity is an Atlanta-based, privately held real estate operating and investment company.

July 29, 2021

Acquisitions Hospitality South Carolina Southeast

Lodging Partners Arranges Sale of Quality Inn & Suites Hotel in Myrtle Beach

by Julia Sanders July 28, 2021

MYRTLE BEACH, S.C. — Lodging Partners LLC has arranged the sale of Quality Inn & Suites Myrtle Beach, a 65-room hotel. Lodging Partners represented the undisclosed seller in the transaction. The sales price was not disclosed. The eight-story hotel sold to a regional owner and operator of select-service hotels. The property is located directly across the street from the Atlantic Ocean and 6.7 miles from Family Kingdom Amusement Park and Splashes Water Park and 7.5 miles from the Myrtle Beach Boardwalk. Quality Inn & Suites Myrtle Beach is the 20th hotel deal that Lodging Partners has been involved with in the Myrtle Beach market. Other recent sales completed in 2021 by Lodging Partners include the sale of three mid-market extended-stay hotels: the Affordable Corporate Suites located in Concord, Statesville and Kannapolis, N.C. Lodging Partners is a specialized hotel brokerage and advisory firm focused on the sale of select-service hospitality investment properties on behalf of institutional and private investors throughout the United States.

July 28, 2021

Acquisitions Office South Carolina Southeast

Montford Group, Opterra Capital Purchase Office Building in Downtown Charleston

by Julia Sanders July 23, 2021

CHARLESTON, S.C. — The Montford Group and Opterra Capital have purchased 170 Meeting Street, a 30,000-square-foot office building located in downtown Charleston. The seller and sales price were not disclosed. The five-story property has floor-to-ceiling windows and is fully leased to tenants including Regions Bank and Regus. Currently, Montford Group and Opterra Capital plan to keep the office as is, having a goal to maintain the business banking district in downtown Charleston. Marc Knight and his team at First Reliance Bank secured an undisclosed amount of acquisition financing on behalf of the buyers. Joe Keenan and Trad Dyches of Palmetto Commercial brokered the sale.

July 23, 2021

Acquisitions Affordable Housing Multifamily South Carolina Southeast

Standard Communities Buys 108-Unit Affordable Housing Property in North Charleston

by Julia Sanders July 19, 2021

NORTH CHARLESTON, S.C. — Standard Communities has acquired Osprey Place Apartments in North Charleston. Built in 2004, the 108-unit affordable housing property located at 2390 Baker Hospital Blvd. North comprises five garden-style apartment buildings situated on 19 acres. Community amenities include a laundry room, playground and off-street parking. The total capitalization of the transaction exceeded $22 million, including over $82,000 per unit in renovation costs. Standard Communities purchased the property on a long-term ground lease in a public-private partnership with nonprofit organization Housing on Merit and South Carolina State Finance and Development Authority (SC Housing). Regions Bank provided Low Income Housing Tax Credits (LIHTC) for the transaction in partnership with SC Housing. Gene Levental of SVN Affordable | Levental Realty represented the undisclosed seller in the transaction. The deal brings Standard Communities’ affordable housing portfolio in the Charleston area to more than 500 units. Based in New York and Los Angeles, Standard Communities has a national portfolio exceeding 15,500 apartment units, including approximately 11,500 affordable and workforce housing units. The firm has completed more than $3 billion of affordable housing acquisitions and rehabilitations nationwide.

July 19, 2021

Development Multifamily South Carolina Southeast Student Housing

CRG, Landmark Break Ground on 678-Bed Student Housing Tower Near USC in Columbia

by Julia Sanders July 15, 2021

COLUMBIA, S.C. — CRG and Landmark Properties have broken ground on The Standard at Columbia, a 17-story student housing tower in Columbia. The property will be located on the corner of Washington and Assembly streets close to the University of South Carolina (USC). Construction is slated to be complete in fall 2023. The Standard will include 247 fully furnished units totaling 678 beds. The student housing development will offer a mix of studio, one-, two-, three-, four- and five-bedroom apartments across nearly 443,000 square feet. Community amenities will include a rooftop pool, hot tub, grilling stations, jumbotron TV, fitness and wellness center, golf simulator, game-day lounge and group and private study lounge space. Preleasing will start in the fall of 2022. Citizens Bank provided construction financing for the project. Lamar Johnson Collaborative designed the project, while CRG’s parent company, Clayco, will serve as the general contractor. CRG is a privately held real estate development firm based in St. Louis.

July 15, 2021

Acquisitions Industrial South Carolina Southeast

JLL Facilitates Sale of 136,500 SF Industrial Property in Charleston

by Julia Sanders July 14, 2021

CHARLESTON, S.C. — JLL Capital Markets has facilitated the sale of 553 Trade Center Parkway, an industrial facility located within Charleston Trade Center. Pete Pittroff, Patrick Nally, Dave Andrews, Michael Scarnato and Josh McArdle of JLL worked on behalf of the developer and seller, The Keith Corp., to complete the sale to the buyer, LBA Logistics. The sales price was not disclosed. Built in 2019, the 136,500-square-foot property was 100 percent leased at the time of sale to Thorne Research Inc. and Advanced Packaging Solutions & Products Inc. The building is positioned adjacent to Interstate 26 with direct access to Charleston International Airport, the Port of Charleston and large local manufacturers including Mercedes-Benz, Boeing and Volvo. The Keith Corp. is a privately held commercial real estate firm based in Charlotte. LBA Logistics is an Irvine, Calif.-based industrial real estate and investment and management company, which operates a portfolio that totals over 68 million square feet across the country.

July 14, 2021

Development Indiana Midwest Multifamily Northeast Pennsylvania South Carolina Southeast Student Housing Top Stories

Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina

by Kristin Harlow July 14, 2021

PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …

July 14, 2021

Development Industrial South Carolina Southeast

Trinity Capital Advisors Begins Construction of 850,000 SF Industrial Park in Charleston

by Julia Sanders June 25, 2021

CHARLESTON, S.C. — Trinity Capital Advisors (TCA) has begun construction of Tradepark East at Palmetto Commerce Parkway, an 850,000-square-foot, Class A industrial development in Charleston. The project is slated to be completed in 2022. Tradepark East will include four buildings. Building One, the park’s largest building, will be cross-docked and will total 342,160 square feet with 36-foot clear heights. Buildings Two and Three will total 174,720 square feet each and Building Four will span 145,600 square feet. Frampton Construction is the general contractor for Tradepark East, DMA Architecture is the design firm and Reveer Group serves as the civil engineer. Trinity Capital Advisors is a commercial real estate development and investment firm based in Charlotte, N.C.

June 25, 2021

Acquisitions Loans Multifamily South Carolina Southeast Virginia

Alliant Credit Union Provides $55.4M in Loans for Two Multifamily Properties in Columbia, Richmond

by Julia Sanders June 21, 2021

COLUMBIA, S.C. AND RICHMOND, VA. — Chicago-based Alliant Credit Union has provided a total of $55.4 million in loans to finance two properties in Columbia and Richmond. The financing included a $32 million acquisition loan for a newly constructed, 285-unit apartment complex in Columbia. The undisclosed borrower was a private owner and operator of multifamily properties. The loan structure includes interest-only payments, minimal reserves and flexible exit options. Ira Zlotowitz and Michael Wyne of Eastern Union referred the transaction to Alliant Credit Union. Completed in 2019, the apartment property features a resort-style swimming pool, courtyard, clubhouse, fitness center and a media room. The average square feet of the apartment units is 1,033 square feet, and the average monthly rent price is $1,390. For the Richmond property, Alliant funded a $23.5 million refinance loan for a recently constructed multifamily property featuring 128 apartments and 8,000 square feet of retail space. The borrower was a private real estate investor, developer, operator and advisor with operations in the Southeast. The loan structure featured a seven-year term with an interest-only period, a step-down in interest rate, an earn-out provision and flexible exit options. Charles DuBose and Harmon Handorf of Phillips Realty Capital referred the …

June 21, 2021

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