South Carolina

Middle Street, Trei Break Ground on $55M Multifamily Community in Metro Charleston

by Alex Tostado March 5, 2020

MOUNT PLEASANT, S.C. — A joint venture between Middle Street Partners LLC and Trei Real Estate has broken ground on Atlantic Beach House, a 224-unit multifamily community in Mt. Pleasant. Communal amenities will include a clubhouse, saltwater pool, fitness center, coffee lounge, dog park, golf cart charging stations, storage units, outdoor kitchens and covered bike parking. Unit interiors will feature 42-inch cabinetry, kitchen islands, tile backsplashes, stainless steel appliances, walk-in closets and private balconies. The property is situated on eight acres near Sullivan’s Island and Charleston Harbor. Mt. Pleasant is located nine miles north of downtown Charleston. Dallas-based Humphreys & Partners Architects designed the community, and Jacksonville-based Live Oak Contracting is the general contractor. Patterson Real Estate Group arranged construction financing on behalf of the joint venture through Northwestern Life Insurance Co. A timeline for completion was not disclosed.

March 5, 2020

Development Industrial South Carolina Southeast

Partnership Breaks Ground on 158,886 SF Spec Industrial Building in Upstate South Carolina

by Alex Tostado February 28, 2020

PIEDMONT, S.C. — A partnership between Atlanta-based TPA Group, Greenville-based Appian Investments and Irvine, Calif.-based Passco Cos. has broken ground on Grove Reserve, a 158,886-square-foot, speculative industrial building in Piedmont. The building will feature 30-foot clear heights, 60-foot speed bays, a 135-foot truck court, 34 dock doors, more than 150 parking spaces, ESFR sprinklers and LED lighting. The asset is situated within Augusta Grove Business Park, a 1,100-acre industrial park located nine miles south of downtown Greenville. The developers expect to deliver Grove Reserve this fall. Wakefield Beasley & Associates is the architect, BlueWATER Civil Design is the civil engineer and Harper Corp. is the general contractor. Grice Hunt, Clay Williams and Ford Borders of NAI Earle Furman are handling the leasing efforts.

February 28, 2020

Acquisitions Alabama Florida Retail South Carolina Southeast Virginia

SRS Negotiates Sale of 467,358 SF Retail Portfolio in Southeast

by Alex Tostado February 28, 2020

RICHMOND, VA. — SRS’ Investment Property Group (IPG) has negotiated the sale of a four-property, 467,358-square-foot retail portfolio spanning four Southeastern states. Richmond-based Hackney Real Estate Partners acquired the portfolio, which comprises New Smyrna Beach Shopping Center in New Smyrna Beach, Fla.; Marintown Plaza in North Augusta, S.C.; Kings Fairground in Danville, Va.; and a single-tenant building net-leased to The Home Depot in Dothan, Ala. The sales price was not disclosed. The largest shopping center in the portfolio is Marintown Plaza, a 141,903-square-foot property that was fully leased at the time of sale to tenants including Belk, Planet Fitness, Office Depot, Advance America Cash, Jersey Mike’s Subs, OneMain Financial, Jackson Hewitt Tax Service, Sonic, Ruby Tuesday and Taco Bell. Kings Fairground spans 120,153 square feet and includes anchor tenants Ollie’s Bargain Outlet and Tractor Supply Co. New Smyrna Beach Shopping Center is a 101,037-square-foot asset that was 98 percent leased at the time of sale to tenants such as AMC Theatres, Planet Fitness and Dollar General. Kyle Stonis and Pierce Mayson of IPG represented the sellers in the transaction.

February 28, 2020

Acquisitions Industrial South Carolina Southeast

Colliers Arranges Sale of 5.5 MSF Industrial Portfolio Across South Carolina

by Alex Tostado February 27, 2020

COLUMBIA, S.C. — Colliers International has arranged the sale of a 37-property, 5.5 million-square-foot industrial portfolio spanning 16 counties in South Carolina. The portfolio was 83 percent leased to 57 tenants at the time of sale. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers International’s Columbia office represented the buyer, Cleveland-based Weston Inc., in the transaction. The seller was Reger Holdings LLC. The sales price and specific property details were not disclosed. According to CoStar Group, the transaction volume accounts for the largest single acquisition of properties within South Carolina in the past 10 years. Weston hired Colliers International | South Carolina and Columbia-based LCK Construction Services to handle brokerage, marketing, accounting, property management and project management for the portfolio, which includes a team of 40 professionals across Colliers’ Columbia, Charleston, Greenville and Spartanburg offices.

February 27, 2020

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $11.2M Sale of Retail Property in Camden, South Carolina

by Alex Tostado February 26, 2020

CAMDEN, S.C. — Marcus & Millichap has arranged the $11.2 million sale of River Oaks Shopping Center, a 146,790-square-foot retail property in Camden. The property was leased to eight tenants at the time of sale, including Hobby Lobby, Marshall’s, Big Lots and Five Below. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer, Center Acquisition Corp., and the seller, BMS Camden Associates LLC, in the transaction. The property was a former K-Mart box that was redeveloped in fourth-quarter 2019. The asset was 99 percent leased at the time of sale. Taylor said the buyer is a private, out-of-state investor was attracted to the project because of the national tenants, new long-term leases, new construction and attractive interest rates for acquisition financing. River Oaks Shopping Center is situated at 2235 W. Dekalb St., three miles west of downtown Camden and 32 miles northeast of downtown Columbia.

February 26, 2020

Acquisitions Retail South Carolina Southeast

Continental Realty Purchases Open-Air Shopping Center Near Charleston for $147M

by Alex Tostado February 18, 2020

MOUNT PLEASANT, S.C. — Continental Realty Corp. has purchased Mount Pleasant Towne Centre, a 510,000-square-foot, open-air shopping center in Mt. Pleasant, for $147 million. Anchor tenants at the property include Belk, Regal Cinemas, Bed Bath & Beyond, Barnes & Noble, Arhaus Furniture and Old Navy. Other tenants include Peloton, lululemon athletica, Bluemercury, Athleta, Ulta Beauty, Southern Tide, Francesca’s, Ann Taylor Loft, Bath & Body Works, Savi Cucina, Copper Penny, Palmetto Moon, Lizard Thicket, Reed’s Jewelers and Hustle Smoothie Bar. The center was 96 percent leased to nearly 70 tenants at the time of sale. The buyer funded the acquisition through its Continental Realty Fund V LP, a $210.8 million private fund focused on retail and multifamily properties in the Southeast. The asset is situated at 1218 Belk Drive, nine miles northeast of downtown Charleston. A joint venture between Miller Capital Advisory and California Public Employees’ Retirement System (CalPERS) sold the center. Stephen Livaditis, Eric Zimmermann, Michael Pagliari, and Conor Lalor of Eastdil Secured represented the seller in the transaction.

February 18, 2020

Loans Multifamily Seniors Housing South Carolina Southeast

Ziegler Arranges $35.7M Bond Financing for Seniors Housing Expansion in Greenville

by Alex Tostado February 17, 2020

GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. Upstate Senior Living Inc. is the owner and operator of the community, which opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent living apartments and a 13,000-square-foot amenities building, as well as renovations to existing dining facilities and common areas. Greystone has served as development consultant to The Woodlands at Furman since its inception.

February 17, 2020

Development Multifamily South Carolina Southeast

JMG Realty to Open New Multifamily Property in Bluffton, South Carolina

by Alex Tostado February 14, 2020

BLUFFTON, S.C. — JMG Realty Inc. will open Enclave at Bluffton Park, a 110-unit multifamily property in Bluffton, on Monday, March 2. The property will offer a mix of one-, two- and three-bedroom floor plans across one-story garden-style buildings and two-story townhomes. Communal amenities will include a pool with covered entertainment pavilion, a clubhouse with 24-hour fitness center and outdoor recreational areas with grills and TVs. There will also be a complimentary rental bike service for residents. The property is situated at 12 Wilkinson Way, eight miles west of Hilton Head Island. A grand opening event will be scheduled for the spring.

February 14, 2020

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $29.7M Sale of Multifamily Community in North Charleston

by Alex Tostado February 13, 2020

NORTH CHARLESTON, S.C. — Cushman & Wakefield has arranged the $29.7 million sale of Greenwood at Ashley River, a 280-unit multifamily community in North Charleston. The property offers two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, playground and a sundeck. The community is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The Atlanta-based seller, The RADCO Cos., invested $4.3 million in curb appeal and upgrading amenities. Jordan McCarley, Marc Robinson and Tai Cohen of Cushman & Wakefield represented the seller in the transaction. Brick Lane, a multifamily investment firm based in Washington, D.C., was the buyer.

February 13, 2020

Industrial Loans Self-Storage South Carolina Southeast

Ready Capital Closes $10.2M Refinance Loan for Self-Storage Portfolio in Myrtle Beach

by Alex Tostado February 12, 2020

MYRTLE BEACH, S.C. — Ready Capital has closed a $10.2 million refinance loan for a three-property, 1,796-unit self-storage portfolio in Myrtle Beach. The undisclosed borrower will use the funds to pay off existing debt and lease-up the three undisclosed properties. The non-recourse loan comes with a three-year term and offers a floating interest rate with two extension options and flexible prepayment options. Further details of the portfolio were not disclosed.

February 12, 2020

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