South Carolina

Berkadia Negotiates $33.3M Sale of Multifamily Community in North Charleston

by Alex Tostado November 25, 2020

NORTH CHARLESTON, S.C. — Berkadia has negotiated the $33.3 million sale of Palmetto Creek Townhomes, a 260-unit multifamily community in North Charleston. The property offers one-, two- and three-bedroom floor plans, 75 percent of which were recently renovated. According to Apartments.com, rents range from $1,000 per month to $1,175. Communal amenities include a pool, fitness center, playground and a grilling area. Palmetto Creek is situated at 3311 Mountainbrook Ave., 16 miles northwest of downtown Charleston. Mark Boyce and Blake Coffey of Berkadia represented the seller, Dallas-based Lurin Capital, in the transaction. Washington, D.C.-based Brick Lane acquired the asset.

November 25, 2020

Development Multifamily South Carolina Southeast Student Housing

Tiger Properties Breaks Ground on 380-Bed Student Housing Community Near Clemson University

by Alex Tostado November 24, 2020

CLEMSON, S.C. — Tiger Properties has broken ground on Cambridge Creek Clemson, a 380-bed student housing community located two miles from the Clemson University campus in South Carolina. The property will offer two- and three-bedroom units. Communal amenities will include a 5,000-square-foot clubhouse with a fitness center, study lounge, computer lab and game room. Outdoor amenities will include a pool, open-air pavilion, grilling stations and green space. The project is scheduled to deliver in August 2021.

November 24, 2020

Development Industrial South Carolina Southeast

Michelin to Invest $100M in Upstate South Carolina Over Next Seven Years

by Alex Tostado November 16, 2020

GREENVILLE, S.C. — Michelin North America will invest $100 million in equipment and manufacturing over the next seven years in Greenville. Michelin North America has been headquartered in Greenville since 1985. The France-based tire company employs 9,700 workers in South Carolina, with more than 4,300 of those jobs in Greenville County. As part of the investment agreement with the County, Michelin will continue to pay a set fee rather than taxes for an additional five years. Since opening its first manufacturing facilities in Greenville in 1975, Michelin has invested more than $1 billion in Greenville County, according to County officials.

November 16, 2020

Development Industrial South Carolina Southeast

Marlboro Development Team to Build 208,000 SF Spec Industrial Facility in Dillon, South Carolina

by John Nelson November 4, 2020

DILLON, S.C. — Marlboro Development Team Inc. (MDT) plans to build a 208,000-square-foot speculative industrial facility in Dillon. The Class A property will be situated on 24 acres within the Carolinas I-95 Megasite, an industrial park that fronts Interstate 95 and is located within one mile of the South Carolina Port Authority’s (SCPA) Inland Port Dillon. MDT plans to build the cross-dock facility using tilt-wall construction with 200-foot truck depths, 36-foot clear heights, 50- by 50-foot column spacing and 60- by 50-foot speed bays. The property is also expandable to 534,000 square feet. MDT is a subsidiary of Marlboro Electric Cooperative and controls 4,000 acres surrounding Inland Port Dillon. The new facility, set for completion in third-quarter 2021, is the fourth speculative development underway in the region.

November 4, 2020

Loans Mixed-Use Multifamily South Carolina Southeast

Dwight Capital Finances $27.4M HUD Loan for Drayton Mills Lofts in Upstate South Carolina

by John Nelson November 4, 2020

SPARTANBURG, S.C. — Dwight Capital has provided a $27.4 million HUD loan for Drayton Mills Lofts, a 289-unit multifamily community in Spartanburg. The HUD 223(a)(7) loan is a refinancing of the existing HUD 221(d)(4) loan that Grandbridge Real Estate Capital financed in 2014, the same year Westbridge Partners and TMS Development purchased the 118-year-old Drayton Mill. The former textile mill now features a 60-foot saltwater lap pool, two-story fitness center, walking trails and community rooms. Individual apartments come with large mill windows and 17-foot tall natural wood ceilings in one-, two- and three-bedroom floor plans. Rental rates range from $1,088 to $1,899. Also within the 203-acre Drayton Mills complex is 60,000 square feet of commercial and event space known as Drayton Mills Marketplace. Tenants include Bareknuckle Barbershop, Bella Late, Burn Boot Camp of Spartanburg, Dray Café, Edward Jones, Holiday Brewing, 1800 Drayton Catering & Events, Pi-Squared Pizza, Sparkle City Chiropractic, Palmetto Proactive Healthcare and The Lauren Ashley Collection Salon and Bar.

November 4, 2020

Company News NAI Seniors Housing South Carolina Southeast

NAI Earle Furman, Pulliam Investment Merge Operations, Focus on Seniors Housing

by John Nelson November 3, 2020

GREENVILLE AND SPARTANBURG, S.C. — Commercial real estate services firm NAI Earle Furman has merged operations with Pulliam Investment Co., a real estate owner and developer. Pulliam Investment is based in Spartanburg, S.C., and has been in business since 1970. Terms of the merger were not disclosed. Under the new partnership, John Easterling, CEO of Pulliam Investment, will focus on expanding NAI Earle Furman’s seniors housing division and growing the firm’s investment platform. Easterling is the past chairman of the Spartanburg County Transportation Committee and chairman of the City of Spartanburg Planning Commission. He has also served on the Project Design and Architectural Review Committee of the Spartanburg Development Council. Easterling is a graduate of Clemson University with an MBA from the University of South Carolina.

November 3, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Frampton Construction Delivers 101-Unit Seniors Housing Community in Greenville

by Alex Tostado October 30, 2020

GREENVILLE, S.C. — Frampton Construction Co. has completed work on The Blake at Hollingsworth Park, a 101-unit seniors housing community in Greenville. Cardinal Ventures is the developer of the community. The property features 68 assisted living and 33 memory care suites. The 86,000-square-foot assisted living and memory care facility is in the Hollingsworth Park area of Verdae, a master-planned community. Young, Wier + Boerner Architecture completed the design for the building, and Hoyt + Berenyi was civil engineer for the project. This is Frampton’s fifth Blake-branded assisted living project.

October 30, 2020

Industrial Leasing Activity South Carolina Southeast

Robinson Weeks Signs Power Equipment Manufacturer to 310,128 SF Industrial Lease in Metro Charleston

by Alex Tostado October 27, 2020

LADSON, S.C. — Robinson Weeks Partners has signed Daye North America to a 310,128-square-foot industrial lease within Ladson Industrial Park in Ladson. Daye North America, which specializes in outdoor power equipment, is a subsidiary of Ningbo Daye Garden Machinery Co. Daye North America will occupy roughly 75 percent of Building 1, which was recently delivered. At full buildout, Ladson Industrial Park will span 102 acres and total 1.2 million square feet. The park is situated less than two miles from Interstate 26 and 20 miles northwest of the Port of Charleston. Peter Finley and Simons Johnson of Bridge Corporate Solutions represented the tenant in the lease negotiations. Lee Allen and Kevin Coats of JLL represented the Atlanta-based landlord.

October 27, 2020

Development Retail South Carolina Southeast

DD’s Discounts to Open 22,000 SF Store in Columbia, South Carolina on Oct. 24

by Alex Tostado October 20, 2020

COLUMBIA, S.C. — DD’s Discounts will open a 22,000-square-foot store within Fashion Place Shopping Center in Columbia Friday, Oct. 24. The property will be located at 2720 Decker Blvd., 10 miles northeast of downtown Columbia and the University of South Carolina. This will be dd’s Discounts third location in South Carolina and 270th overall in 20 states. Jake Dugan of JBL Asset Management represented the undisclosed landlord in the lease negotiations.

October 20, 2020

Development Industrial South Carolina Southeast

Magnus Development Starts Construction on 192,780 SF Industrial Building in Columbia, South Carolina

by Alex Tostado October 16, 2020

COLUMBIA, S.C. — Magnus Development has started construction on Midway Logistics VI, a 192,780-square-foot industrial building in Columbia. The spec warehouse is situated within Lexington County Industrial Park, near downtown Columbia and five miles from Interstate 20. The building will feature 32-foot clear heights, trailer parking, ESFR sprinklers and motion-sensor LED lighting. Magnus plans to complete the building in second-quarter 2021. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers International will handle the leasing and marketing efforts for the property. In March of this year, Magnus delivered Midway Logistics IV, a 200,000-square-foot building. Colliers arranged a 150,000-square-foot lease to TreeHouse Foods in September. Additionally, Magnus is developing Midway Logistics V, a 180,000-square-foot facility within the same business park.

October 16, 2020

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