South Carolina

Berkadia Arranges $14.3M Construction Loan for VA Clinic in Sumter, South Carolina

by Julia Sanders June 21, 2021

SUMTER, S.C. — Berkadia has arranged a $14.3 million construction loan for the development of a Veterans Affairs clinic located at 245 Bultman Drive in Sumter, just east of Columbia. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia secured the financing on behalf of the developer, Central Florida-based Blue Cord DevGroup LLC. Berkadia secured a non-recourse, construction-to-perm loan with a 20-year term following construction of the property. The debt facility was sourced through an unnamed global investment manager. Located at 245 Bultman Drive near U.S. Highway 76 and Broad Street, the Sumter VA clinic will encompass over 26,000 square feet throughout the single-story structure. The development is slated to be completed in June 2022.

June 21, 2021

Acquisitions Retail South Carolina Southeast

SRS Arranges $7.6M Sale of Hobby Lobby-Anchored Shopping Center in North Charleston

by Julia Sanders June 17, 2021

NORTH CHARLESTON, S.C. — SRS Real Estate Partners has arranged the $7.6 million sale of a two-tenant, 65,000-square-foot retail property located at 7800 Rivers Ave. in North Charleston. The fully occupied property includes a 55,000-square-foot Hobby Lobby store and a 10,000-square-foot Boot Barn store. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the seller, an active developer in the Southeast. SRS also handled the financing on behalf of the buyer, a New Jersey-based private investor who was in a 1031 exchange. Built in 1987 and renovated in 2016, the property is situated on six acres and is an anchor to a larger shopping center that includes Gander Outdoors, Party City and Ollie’s Bargain Market. The retail property is also across the street from Northwoods Mall, a super-regional mall that features more than 130 stores. The property is 8.2 miles from Charleston International Airport and 15 miles from downtown Historic Charleston.

June 17, 2021

Acquisitions Development Mixed-Use Multifamily South Carolina Southeast

Henderson Park, South Street Acquire 20,000-Acre Waterfront Resort Near Hilton Head

by Julia Sanders June 14, 2021

PALMETTO BLUFF, S.C. — Henderson Park Capital Partners and South Street Partners have formed a joint venture to acquire Palmetto Bluff, a 20,000-acre resort in Bluffton that is surrounded by 32 miles of riverfront. The price was not disclosed. Palmetto Bluff features nature trails; two village centers complete with river access, boat storage and a canoe club; dining options; the Montage Palmetto Bluff resort; and a Jack Nicklaus Signature Golf Course. The land includes available residential neighborhoods ranging from multimillion-dollar compounds to single-family lots. The joint venture will oversee all aspects of development and management of the single-family residential and resort community. Working alongside Palmetto Bluff’s current leadership team and the Montage Hotels & Resorts leadership team, Henderson Park and South Street will bring extensive experience in sales, marketing, club and resort operations. The joint venture says it will release more information later on about future development plans.

June 14, 2021

Loans Office South Carolina Southeast

3650 REIT Provides $68.5M Refinancing Loan for Patewood Corporate Center in Greenville

by Julia Sanders June 2, 2021

GREENVILLE, S.C. — 3650 REIT has provided a $68.5 million loan to refinance Patewood Corporate Center, a six-building, 447,000-square-foot office park located at 10-80 Patewood Drive in Greenville. Joe Hercenberg of Walker & Dunlop arranged the seven-year, fixed-rate loan through JFR Global Investments. The financing brings 3650 REIT to approximately $301.7 million in capital deployed in 2021 year-to-date. Built in 1985 and renovated in 2015, Patewood Corporate Center offers space at a discount to buildings located in Greenville’s urban core. The center is the closest suburban office park to downtown Greenville and is close Interstates 385 and 85, as well as Greenville-Spartanburg International Airport. The tenants are mostly engineering companies, including Raytheon Technologies and Day & Zimmermann. 3650 REIT is a Miami-based commercial real estate lender originating and servicing portfolio loans for relationship borrowers. The company has recently provided a $68 million loan to fund the acquisition of PetSmart Headquarters, which is a three-building, approximately 365,000-square-foot office complex located in Phoenix.

June 2, 2021

Acquisitions Multifamily South Carolina Southeast

Capstone Brokers $49M Sale of Vantage at Powdersville Apartments in Greenville

by Julia Sanders June 2, 2021

GREENVILLE, S.C. — Capstone Apartment Partners has brokered the $49 million sale of Vantage at Powdersville, a 288-unit, garden-style apartment community in Greenville. The property is situated on 22 acres in west Greenville at the intersection of Anderson Road and State Road 153, about 19 miles from Greenville-Spartanburg International Airport and 7.2 miles from downtown Greenville. Caleb Troop, Austin Green and Alex McDermott of Capstone represented the seller, Vantage Communities, in conjunction with Marcus & Millichap’s Institutional Property Advisors. The buyer is California-based RK Properties, which plans to complete light upgrades to the community amenities and interior units. Built in 2019, Vantage at Powdersville features one-, two- and three-bedroom apartment homes with wood-style flooring, fully equipped kitchens, ceiling fans, walk-in closets, full-size washers and dryers and a patio or balcony. Community amenities include a resort-style swimming pool, fitness center, picnic/grilling area, business center, dog parks and washing stations and garages. The community was approximately 97 percent occupied at the time of closing. Vantage at Powdersville is RK’s third transaction in the Carolinas in the past seven months. The company purchased Haven Pointe at Carolina Forest in Myrtle Beach this year, as well as Novel Research Park in Charlotte late last year. …

June 2, 2021

Acquisitions Retail South Carolina Southeast

Palomar Group Arranges $5.4M Sale of Myrtle Ridge Grocery-Anchored Shopping Center in Conway, South Carolina

by Julia Sanders June 1, 2021

CONWAY, S.C. — The Palomar Group has arranged the $5.4 million sale of Myrtle Ridge, a grocery-anchored shopping center located at 1901 Highway 544 in Conway, a town near Myrtle Beach. Palomar Group represented the undisclosed seller, a private shopping center owner, in the off-market transaction. Both the undisclosed buyer and seller are both private companies that primarily own grocery-anchored shopping centers throughout the Southeast. The 59,240-square-foot Myrtle Ridge is anchored by Food Lion, Dollar Tree and Walgreens. Food Lion recently executed an early renewal at this location, taking its term to just under 10 years. The shopping center was 96 percent leased at the time of sale.

June 1, 2021

Acquisitions Industrial South Carolina Southeast

McCraney Sells 201,600 SF 85 Logistics Park in Metro Greenville to Pall Corp.

by Julia Sanders May 28, 2021

DUNCAN, S.C. — McCraney Property Co. has sold 85 Logistics Park, a 201,600-square-foot, speculative industrial building located on 18.6 acres at 816 Berry Shoals Road in Duncan. This property is the first location in South Carolina for the new owner and buyer, Pall Corp., a global manufacturer of high-tech filtration, separation and purification products servicing the advanced manufacturing, food and life sciences industries. The sales price was not disclosed. The addition of Pall Corp. to the Greenville-Spartanburg industrial submarket will result in the addition of 425 new jobs, according to Joseph Curley of McCraney. Trey Pennington and Jeff Benedict of CBRE represented McCraney in the transaction. Frank Larsen of CBRE represented the buyer.

May 28, 2021

Loans Lument Multifamily South Carolina Southeast

Lument Provides $15.2M Fannie Mae Refinancing for Multifamily Property in Columbia

by Julia Sanders May 10, 2021

COLUMBIA, S.C. — Lument has provided a $15.2 million Fannie Mae loan for a 176-unit, garden-style multifamily community in Columbia. Steven Cox of Lument originated the financing on behalf the undisclosed borrower. The loan refinances existing debt at a low, fixed interest rate. The loan features a 10-year term with full-term interest only payments and a nine-and-a-half-year yield maintenance period. Chuck Cronin of Axiom Capital Corp. arranged the financing. The apartment community includes 176 units across 19 two-story buildings. Of the 176 units, 52 are one-bedroom, 104 are two-bedroom and 30 are three-bedroom units. Community amenities include a clubhouse, pool, picnic area, dog park, business center and a fitness center. The borrower owns approximately 1,121 units across the Southeast. The sponsor has owned the unnamed property since it was constructed in 2000 and has made investments in capital improvements.

May 10, 2021

Development Mixed-Use Office Retail South Carolina Southeast

Sharbell Breaks Ground on Downtown Nexton Mixed-Use Project Near Charleston

by Julia Sanders May 10, 2021

SUMMERVILLE, S.C. — New Jersey-based Sharbell Development Corp. has broken ground on Downtown Nexton, an urban-inspired mixed-use development in Summerville. Downtown Nexton will be situated on nearly 100 acres between Sigma Drive and Brighton Park Boulevard, about 24 miles away from Charleston. Upon completion, Downtown Nexton will provide retail, dining, hospitality, residential, service, office and commercial options. The first phase of the Downtown Nexton project is slated to be completed in 2022 and will include multifamily residences, a mixed-use building with loft apartments above ground-level retail and several outparcels. In addition, Phase I will feature various walking trails, pocket parks and two ponds with walking trails on the north and south sides of the development. Downtown Nexton will offer over 110,000 square feet of both for-sale and rental office space within several two-story office buildings. The buildings will feature parking, multiple entry points, green space and Nexton’s GigaFi internet services. CBRE’s Charleston office will market the office component for lease. The project will also include three apartment parcels, each with their own amenity packages. One of these parcels is intended to be an age-restricted (55-plus) upscale rental community. Additionally, some of the mixed-use buildings will include upper-floor lofts. Amenities for …

May 10, 2021

Development Office South Carolina Southeast

Frampton Construction Completes 110,000 SF Office Building in Charleston

by Julia Sanders May 7, 2021

CHARLESTON, S.C. — Frampton Construction Co. LLC, a full-service construction firm, has completed work on The Quin, a five-story office building located at 1940 Algonquin Road in Charleston. White Point is the developer for the project, and JLL is handling the leasing of the building. The Quin is a 110,000-square-foot, Class A property that sits on a four-acre site and features a four-story, 125,748-square-foot parking deck with approximately 300 spaces. Located at Meeting Street and Algonquin Road, The Quin is the first phase of a larger, 10-acre mixed-use development. One of the first tenants for the property is Interior Elements. Designed by McMillan Pazdan Smith Architecture, the building is constructed of structural steel with exterior finishes of glass, brick, stucco, metal panels and canopies. The parking deck was constructed of pre-cast concrete and features mesh paneling on the two visible sides. The building’s ground floor includes retail space, shower facilities and offices. The top four floors each comprise 22,000 square feet of office space. Additionally, a bike repair center sits at the base of the parking deck, and a public courtyard amenity area featuring a ping pong table, putting green and outdoor seating sits between the office building and parking …

May 7, 2021

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