South Carolina

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Acquisitions Multifamily Single-Family Rental South Carolina Southeast

Haven Realty Capital Acquires Harrison Landing Townes Community in Simpsonville, South Carolina for $30.6M

by Julia Sanders February 17, 2021

SIMPSONVILLE, S.C. — Haven Realty Capital has acquired Harrison Landing Townes, a 166-unit townhome community in Simpsonville, for $30.6 million. Haven partnered with CenterSquare Investment Management to acquire the property. The homebuilder of the single-family rental community was not disclosed. Harrison Landing Townes is located on an 18-acre site at 106 McGuires Place, 21 miles southeast of downtown Greenville. Each of the two-story, 1,564-square-foot townhomes will feature three-bedrooms, two-and-a-half baths, an attached garage, vinyl plank floors, stainless steel appliances, granite countertops, tile backsplash and nine-foot ceilings on the first floor. Community amenities include a dog park, playground and a walking trail. The remaining homes will be acquired in phases from the homebuilder over the next 15 months. The project is expected to be fully stabilized by June 2022. Haven is acquiring the homes as the phases are being completed. The first phase is almost 100 percent occupied. CenterSquare Investment Management is a global investment manager based outside Philadelphia. Haven Realty Capital is a Los Angeles-based real estate investment and management firm.

February 17, 2021

Company News Office South Carolina Southeast

United Community Bank to Relocate Corporate Headquarters to Greenville

by John Nelson February 4, 2021

GREENVILLE, S.C. — United Community Bank, a retail and commercial bank, plans to relocate its corporate headquarters from Blairsville, Ga., to Greenville and expand operations in the Upstate area. The $24.8 million investment will create 227 new jobs in the Palmetto State. By establishing Greenville as its corporate headquarters, United Community Bank will be the largest bank headquartered in South Carolina. The bank has 160 branches in Florida, Georgia, North Carolina, South Carolina and Tennessee and nearly 290 employees. United Community Bank was founded in 1950 in Blairsville. In 2012, the bank began building its presence in Greenville County and now has three office locations in downtown Greenville apart from its branch network. United Community Bank’s new downtown office will be located at 200 E. Camperdown Way and will house a retail branch. The new office will be located near Falls Park and the Reedy River, as well as the upcoming Camperdown mixed-use development downtown. United’s new headquarters is expected to be completed by 2024.

February 4, 2021

Industrial Leasing Activity South Carolina Southeast

CNC Cabinetry Signs 109,000 SF Industrial Lease in Spartanburg, South Carolina

by John Nelson February 2, 2021

SPARTANBURG, S.C. — CNC Cabinetry, a manufacturer and distributor of kitchen and bathroom cabinetry and countertops in the Northeast, has leased 109,000 square feet of newly built speculative industrial space in Spartanburg. The landlord, Atlanta-based Rooker, has developed 559,000 square feet of Class A industrial space within Spartan Ridge Logistics Center since 2018. Following the CNC Cabinetry lease, only 176,800 square feet remains available for lease within the development. The speculative industrial space is located at 2000 Nazareth Church Road near Exit 66 of Interstate 85. Dillon Swayngim of Colliers International represented CNC Cabinetry in the lease transaction. Travis Hicks and Chase Clancy of Colliers’ Austin office referred the tenant. Trey Pennington and Jeff Benedict of CBRE represented the landlord. CNC Cabinetry will bring approximately 30 jobs to the Upstate South Carolina area, with warehouse and distribution operations beginning at the new facility this spring. More jobs may need to be filled as manufacturing and assembly are added at this location in the future.

February 2, 2021

Acquisitions Multifamily South Carolina Southeast Student Housing Tennessee Top Stories

Arcapita Acquires Two Student Housing Communities in Southeast for $120M

by Taylor Williams February 1, 2021

CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million. Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville. The properties were acquired in separate transactions, with the sellers in each deal opting to remain anonymous. Clemson Lofts features one-, two-, three- and four-bedroom units. The property’s amenity package was recently expanded and upgraded and now includes a pool, fitness center, dog park, group and private study rooms, outdoor yoga space, indoor gaming lounge and a resident clubroom with TVs. Quarry Trail also offers one-, two-, three- and four-bedroom floor plans that feature full-size washers and dryers and private patios in select units. Communal amenities include a new dog park, fitness center, pool and study areas, as well as a resident clubhouse and shuttle service to campus. Arcapita says it is bullish on the student housing sector and intends to aggressively pursue deal opportunities in 2021. In particular, Arcapita …

February 1, 2021

Acquisitions Multifamily South Carolina Southeast Student Housing

University Partners Acquires 494-Bed Student Housing Community Near Clemson University

by Alex Tostado January 20, 2021

CLEMSON, S.C. — University Partners has acquired Grandmarc, a 494-bed student housing community located near Clemson University in South Carolina. The property was built in 2017 and offers two- and four-bedroom units with bed-to-bath parity, as well as 9,000 square feet of retail space. Communal amenities include a pool and hot tub, 24-hour fitness center, clubhouse, private study rooms and a sand volleyball court. University Partners will oversee management of the community. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the transaction. The seller and terms of the transaction were not disclosed.

January 20, 2021

Industrial Loans South Carolina Southeast

Ready Capital Closes $9.7M in Acquisition, Renovation Financing for Industrial Property in Greenville

by Alex Tostado January 15, 2021

GREENVILLE, S.C. — Ready Capital has closed $9.7 million in acquisition and renovation financing for a 320,000-square-foot industrial property in Greenville. The 36-month, non-recourse loan features a floating interest rate and interest-only payments. The Class B asset is situated along Interstate 385. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade and subsequently lease-up the property. Improvements include roof and HVAC repairs, improved lighting, sprinkler system upgrades and fresh paint.

January 15, 2021

Acquisitions Industrial South Carolina Southeast

Keith Corp., Singerman Real Estate Sell Industrial Facility in Metro Charleston for $55M

by Alex Tostado January 14, 2021

SUMMERVILLE, S.C. — The Keith Corp. and Singerman Real Estate have sold a 448,765-square-foot industrial facility in Summerville for $55 million. The manufacturing and distribution facility is located at 479 Trade Center Parkway within Charleston Trade Center, an industrial park situated along Interstate 26 about 27 miles northwest of the Port of Charleston. The rear-load building features 32-foot clear heights, ESFR sprinklers, LED lighting with motion sensors, surface parking and office space. The Keith Corp. is a Charlotte-based real estate developer, and Singerman is a privately based real estate investment firm based in Chicago. Automotive parts supplier IFA Rotorion — North America, a subsidiary of Germany-based IFA Group, fully leases the facility. The asset was originally delivered in 2018 and in July 2020, The Keith Corp. and Singerman Real Estate expanded the facility by 211,000 square feet. Pete Pittroff and Patrick Nally of JLL represented the sellers in the transaction. Solid Rock Group represented the buyer, an undisclosed family office.

January 14, 2021

Development Office South Carolina Southeast

Balfour Beatty Breaks Ground on $42M Office Building in Downtown Charleston

by Alex Tostado January 14, 2021

CHARLESTON, S.C. — Balfour Beatty US has broken ground on Morrison Yard, a $42 million office building in downtown Charleston. The Keith Corp. and Origin Development Partners are the co-developers of Morrison Yard. The companies are located in Charlotte and Charleston, respectively. Morrison Yard will stand 12 stories high and will offer 140,000 square feet of office space, 8,000 square feet of ground-floor retail space and a four-story parking deck with approximately 377 parking spaces. The general contractor expects to deliver the asset in summer 2022.

January 14, 2021

Industrial Leasing Activity South Carolina Southeast

The Home Depot Signs 68,040 SF Industrial Lease in Columbia

by Alex Tostado January 13, 2021

COLUMBIA, S.C. — The Home Depot has signed a 68,040-square-foot industrial lease within Midway Logistics VI in Columbia. Magnus Development is developing the 192,780-square-foot facility, which is situated within Lexington County Industrial Park, less than two miles from the Interstate 26/77 interchange and six miles southeast of the Columbia Metropolitan Airport. Midway Logistics VI features 32-foot clear heights, ESFR sprinklers, motion-sensor LED lighting and trailer parking. The Home Depot plans to utilize the space as a last-mile distribution center. A timeline for the Atlanta-based retailer’s move-in was not disclosed. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers represented the landlord in the lease negotiations.

January 13, 2021

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