South Carolina

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

Development Industrial South Carolina Southeast

Frampton Construction Breaks Ground on Three Industrial Facilities Near Charleston

by Julia Sanders November 8, 2021

RIDGEVILLE, S.C. — Frampton Construction Co. LLC has broken ground on three industrial facilities at Camp Hall, an industrial park in Ridgeville. The Camp Hill park spans approximately 6,800 acres with 2,600 acres dedicated as preserved land. The three facilities at Camp Hall will total 940,000 square feet and will be located on the park’s 77-acre Campus 4A site. Portman Industrial, an Atlanta-based logistics developer, recently purchased Campus 4A from EQT Exeter for an undisclosed price. John Gaskin of Portman Industrial is leading the project. The Campus 4A project is located adjacent to Volvo Cars’ manufacturing facility at the intersection of Fish Road and Volvo Cars Drive. The three facilities will be constructed of tilt-up concrete wall panels with structural steel frames. Buildings A and B will span approximately 220,000 square feet each with a rear-loading layout, 32-foot clear heights, 36 dock doors and two drive-in doors. Building C will span approximately 500,000 square feet and feature a cross-dock layout, 36-foot clear heights, 116 dock doors and four drive-in doors. Located at 114 Three Point Drive, Camp Hall has direct access to Interstate 26. The property is also situated 33.7 miles from the Port of Charleston, 27 miles from Charleston …

November 8, 2021

Acquisitions Affordable Housing Florida Georgia Multifamily North Carolina South Carolina Southeast

Morgan Properties Acquires Two Southeast Multifamily Portfolios for $780.5M

by John Nelson November 5, 2021

KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.

November 5, 2021

Development Industrial South Carolina Southeast

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

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