COLUMBIA, S.C. — In a joint venture partnership, Arch Cos. and Drake Real Estate Partners have acquired a four-property portfolio of garden-style multifamily properties in Columbia totaling 672 units. Walker & Dunlop financed the acquisition. The sale and loan amount were not disclosed. The portfolio includes the 240-unit Austin Woods apartment located at 7648 Garners Ferry Road; the 200-unit Harbour Landing at 7625 Garners Ferry Road; the 120-unit Mallard Pointe located at 1101 Hallbrook Drive; and the 112-unit Ravenwood Hills located at 4215 Bethel Church Road. Arch Cos. plans to implement a capital improvements program to address deferred maintenance and deliver substantial interior upgrades. Arch’s in-house management team will operate the properties. Marcus & Millichap worked with both the buyers and sellers on the portfolio transaction.
COLUMBIA, S.C. — Ready Capital has closed the financing for the acquisition, renovation and stabilization of a 152-unit, Class C multifamily property in southeast Columbia. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The financing also includes a facility to provide future funding for capital expenditures.
SIMPSONVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $18.2 million sale of Market at Standing Springs, a 63,883-square-foot, Publix-anchored shopping center in Simpsonville. Zach Taylor of IPA’s Taylor-McMinn Retail Group represented the seller, Carolina Holdings, and the buyer, C.F. Smith Property Group. The buyer is a family office completing a 1031 exchange, according to Taylor. “The buyer was placing funds from a single-tenant Lowe’s Home Improvement that my partner, Don McMinn, sold for it in March,” says Taylor. Completed in 2021, Market at Standing Springs is located at the intersection of West Georgia and East Standing Springs roads near Interstate 385. The tenant roster includes Starbucks.
CHARLESTON, S.C. — Target has signed a 30,000-square-foot retail lease at Majestic Square, a mixed-use and office building located at 211 King St. in downtown Charleston’s historic district. The Beach Co., a locally based real estate developer and owner, is the landlord of Majestic Square. Majestic Square is located on the corner of King and Market streets in the heart of Charleston’s walkable neighborhood. Dotan Zuckerman of Zuckerman Co., along with Beach Commercial, represented the landlord, Majestic Square LLC, an affiliate of The Beach Co. Rich Barta of CORE Properties represented Target Corp. An opening date will be announced closer to the store’s opening.
GREENVILLE, S.C. — DC Blox, a provider of interconnected multi-tenant data centers, has broken ground on a multi-tenant regional data center in Greenville. With an initial capacity of 1 MW of critical load, the first phase of DC Blox’s new Greenville data center is set to be completed by the third quarter of 2021. The Atlanta-based firm is partnering with Brasfield & Gorrie, a privately held construction firm, on the project. When complete, the data center will offer access to DC Blox’s private and redundant ecosystem, interconnecting the company’s portfolio of data centers throughout the Southeast. The address for the center is 33 Global Drive. DC Blox’s Greenville data center will be located on an 8.5 acre campus in the Global Business Park off Interstate 85. Upon full buildout, the facility will feature six distinct data halls with 54,000 square feet of data center space with a full critical load capable of supporting 18 megawatts of power. The data center will also include approximately 7,000 square feet of secure storage, as well as shared and dedicated office space. The new data center will bring an expected investment of over $200 million combined between DC Blox and their tenant customers over …
CLEVELAND — Compass Self Storage has acquired several self-storage centers that in total added over 183,000 net rentable square feet to the firm’s portfolio. The newest storage units are located at 9085 SW State Road 200 in Ocala, Fla.; 3300 Jodeco Road and 3497 Jodeco Road in McDonough, Ga.; and 5A Estate Drive in Bluffton, S.C. These three acquisitions bring Compass’ total property count to 98. Compass Self Storage has plans to upgrade all three properties, including upgraded security by offering smart locks, high definition video, lighting and individual access control. Compass Self Storage will also offer onsite truck rental services. These Compass Self Storage locations, as well as all Compass Self Storage centers nationwide, now offer contactless rentals. Compass Self Storage is a member of Cleveland-based Amsdell Cos. The three Southeast acquisitions were made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The sellers and sales prices were not disclosed.
NORTH CHARLESTON, S.C. — Jamestown, an Atlanta-based developer and owner of adaptive mixed-use developments around the world, has partnered with Southeast real estate developers William Cogswell and Jay Weaver to redevelop the 45-acre North Charleston Navy Yard. Decommissioned in 1996 but still home to dozens of companies, the waterfront campus will be reimagined into a 1.2 million-square-foot mixed-use neighborhood called Navy Yard Charleston. The project will add new office space, residences, shopping and dining to the nearby Park Circle neighborhood, as well as new green spaces, a concert hall and an outdoor events venue. The development team expects to break ground and begin renovations this year. No other construction timelines or associated costs were disclosed. While Navy Yard Charleston will go through extensive renovations, the team has made a commitment to preserve the area’s architectural detail and history, and bring new amenities to the community. The team also plans to establish a neighborhood employment program, which will reserve project-specific positions for local residents who live within the neighborhood and include a training program to help job seekers enhance their skills. Beginning its operation as a working dry dock in 1901, the Navy Yard maintained a naval presence on the North …
MYRTLE BEACH, S.C. – The Sembler Co., a St. Petersburg, Fla.-based commercial real estate developer, plans to develop The Mill, a 46-acre mixed-use project in Myrtle Beach’s Carolina Forest community. The new development is slated to include retail, office space and multifamily. Sembler is partnering with Hawthorne Residential Partners on the apartment residences. Sembler and Hawthorne expect to begin construction this summer. The Mill is situated at the intersection of River Oaks Drive and Carolina Forest Boulevard, adjacent to The Parks of Carolina Forest, a roughly 800-unit housing development by D.R. Horton Inc. The Mill will include Marketplace at The Mill, a 66,680-square-foot neighborhood shopping center that features a freestanding, 46,800-square-foot Publix, as well as a six-acre parcel ideal for a medical or traditional office, hotel, mini-storage or other commercial use. The shopping center is expected to be complete by summer 2022. The Mill will also include Hawthorne at The Mill, a 290-unit multifamily residential community. The property will offer one-, two- and three-bedroom units throughout two four-story buildings with elevator access and nine, two-story carriage-style buildings over private garages. The apartment community will also feature over 8,000 square feet of amenity space, including a luxury clubhouse with resident lounge, …
MOUNT PLEASANT, S.C.— SRS Real Estate Partners’ National Net Lease Group has brokered the $7.4 million sale of The Shops at Gregorie Landing, a shopping center located at 2966 Hwy 17 N in Mount Pleasant. Parker Walter, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a private investor from the Northeast who was in a 1031 exchange, in the transaction. Benjy Cooke of Oswald Cooke & Associates represented the seller, an unnamed South Carolina-based developer. The Shops at Gregorie Landing is located approximately 12 miles from Charleston and 11 miles from the South Carolina Aquarium. Completed in 2020, the 11,125-square-foot property is situated on 1.6 acres. The newly constructed three-tenant retail property is fully occupied by Panera Bread, TD Bank and Heartland Dental who have all signed long-term, triple net leases.
MYRTLE BEACH, S.C. — Lucas Unlimited has sold Haven Pointe at Carolina Forest in Myrtle Beach for $54.5 million. Located at 1001 Scotney Lane, the Class A apartment community comprises 13 three-story apartment buildings and 304 units. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Capstone Apartment Partners represented the seller in the transaction. The buyer is Long Beach, Calif.-based RK Properties. Newly built in 2020, Haven Pointe’s unit mix includes one-, two- and three-bedroom apartment homes with the largest floorplans in the Myrtle Beach market, according to Capstone. Each unit features wood-style flooring, modern espresso cabinetry, granite countertops, stainless steel appliances, walk-in closets and washer/dryer connections. Community amenities include a resort-style pool, dog park, fitness center, business center, playground, grilling area, car wash station, laundry facilities and detached garages.