Thursday, January 30, 2025
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AcquisitionsMultifamilySouth CarolinaSoutheast

Marcus & Millichap Negotiates $7.6M Sale of Two Apartment Communities in North Charleston

by John Nelson

NORTH CHARLESTON, S.C. — Marcus & Millichap has negotiated the $7.6 million sale of two apartment communities in North Charleston. The properties include The Edge on Noisette Creek at 1005 Buist Ave. (32 units) and South Circle at 1079 Bexley St. (14 units). Both properties were built in the 1970s. Ryan Lipomi, William Graves and Nate McDaniel of Marcus & Millichap’s Charleston office marketed the properties on behalf of the seller and procured the buyer, both of which requested anonymity. Bobby Werhane of Institutional Property Advisors’ Charlotte office arranged an undisclosed amount of acquisition financing for the buyer.

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DevelopmentIndustrialLoansNorth CarolinaSouth CarolinaSoutheast

CBRE Arranges Two Loans Totaling $66M for Refinancing of Metro Charlotte Industrial Properties

by John Nelson

CHARLOTTE, N.C. — CBRE has arranged two loans total $66 million for the refinancing of two separate industrial portfolios in the Charlotte metropolitan area. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta represented the borrower, CIP Real Estate, in both deals. The loans include a $35 million loan through HIMCO for the refinancing of International Corporate Center, a six-building industrial project located in Concord, N.C., as well as the construction of two industrial buildings at the site totaling 147,467 square feet. The other deal was a $31 million loan secured through an unnamed national bank for the acquisition of a seven-building, 334,989-square-foot industrial portfolio that was 99 percent leased at the time of funding. The assets in the portfolio include 77 Overlook, a three-building, 216,977-square-foot development in Charlotte; Lakefield Corporate Center, a three-building, 74,920-square-foot development in Mooresville, N.C.; and Southcross Corporate Center, a 43,092-square-foot warehouse in Rock Hill, S.C.

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DevelopmentLeasing ActivityRestaurantRetailSouth CarolinaSoutheast

Anchor Retailers Including Old Navy, Ulta Beauty Open at Beaufort Station in Coastal South Carolina

by John Nelson

BEAUFORT, S.C. — Old Navy, Ulta Beauty, Ross Dress for Less and PetSmart have recently opened their doors at Beaufort Station, a new power shopping center underway in Beaufort, a city in coastal South Carolina. The Morgan Cos., through its affiliate firm Beaufort Station Partners, developed the property and will continue to oversee its management. Reynolds Robinson of Principal Partners is responsible for leasing at the center. Other recent openings include Mattress Firm, Hobby Lobby, T.J. Maxx, HomeGoods, Rack Room Shoes and Five Below. America’s Best Eyeglasses, Chicken Salad Chick, Panda Express, Surcheros Fresh Mex and Fifth Third Bank plan to open at Beaufort Station in the coming weeks. Additionally, Parkers Kitchen is also under construction and a new ALDI grocery store will start construction this fall.  

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AcquisitionsMultifamilySouth CarolinaSoutheast

American Landmark Purchases 304-Unit Ingleside Apartments in North Charleston

by John Nelson

NORTH CHARLESTON, S.C. — American Landmark Apartments has purchased Ingleside Apartments, a 304-unit community located at 9345 Blue House Road in North Charleston. The Tampa-based investor plans to rebrand the property, its seventh in the Charleston metropolitan area, as Sage at Ingleside. The seller and sales price were not disclosed. Built in 2008, Sage at Ingleside offers amenities including a 24-hour fitness center, swimming pool, barbecue/picnic area, multipurpose clubhouse and an onsite dog park.

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DevelopmentSouth CarolinaSoutheastStudent Housing

Holder Properties, USC Foundations to Begin Leasing 940-Bed Student Housing Community in Columbia

by John Nelson

COLUMBIA, S.C. — Construction is underway and leasing will begin next month on Gateway 737, a 940-bed student housing development located on the University of South Carolina campus in Columbia. The project is being developed by a public-private partnership between Holder Properties and the University of South Carolina Foundations and is expected for completion in August 2025. Gateway 737 is the second community developed by the partnership. The community will include 12,500 square feet of retail space, a three-story meeting and event space and dedicated parking spaces. Shared amenities will include a rooftop lounge, two-story fitness center, resort-style swimming pool, tech lounge and a game room. The community will offer fully furnished units in studio, two-, three- and four-bedroom configurations.

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Build-to-RentConference CoverageFeaturesMultifamilyNorth CarolinaSingle-Family RentalSouth CarolinaSoutheastSoutheast Feature Archive

Build-to-Rent Sector Remains in a Sweet Spot, Say InterFace Panelists

by John Nelson

CHARLOTTE, N.C. — Build-to-rent (BTR), or purpose-built neighborhoods of single-family rental homes, has been an emerging subsector of the multifamily continuum the past several years. The housing type fills a niche for renters as it offers more living space and privacy than typical apartments, but is more affordable and amenitized than for-sale homes. The BTR sector began its ascent during the early years of the COVID-19 pandemic when a confluence of factors —the rise in work-from-home and hybrid work schedules, an increase in household formation of younger millennials, the desirability of more private space including garages and backyards — led to a sharp increase in demand for single-family rental (SFR) homes. Underpinning the increased demand for BTR living is the unaffordability of homeownership for a large swath of Americans. As of mid-year, home prices are now 47 percent higher than they were in early 2020, according to Harvard’s Joint Center for Housing Studies. Home insurance premiums have also risen aggressively in the recent past — up 21 percent between 2022 and 2023, according to the study. Meanwhile, mortgage payments are increasingly untenable as interest rates have also risen dramatically in recent years. For these reasons, institutional investors are actively participating …

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AcquisitionsFloridaSeniors HousingSouth CarolinaSoutheast

Sonida to Purchase $103M Seniors Housing Portfolio in Florida, South Carolina

by John Nelson

DALLAS — Dallas-based Sonida Senior Living has announced that it is under contract to acquire a portfolio of seniors housing communities situated within the Southeast for $103 million. The seller was not disclosed. Totaling 555 assisted living and memory care units across eight properties, the communities are located in Jacksonville, Orlando and Daytona Beach in Florida,  as well as the South Carolina markets of Hilton Head Island, Charleston and Florence. Occupancy across the properties averages roughly 83 percent. Average monthly revenue per occupied room (RevPOR) at the communities is $6,000. The acquisition, which is expected to close later this year, will bring Sonida’s total operating portfolio to 91 communities. “With this planned acquisition, Sonida will further broaden its high-quality and regionally focused real estate portfolio with newer vintage communities in mid-to-large metropolitan areas with favorable growth prospects,” says Brandon Ribar, president and CEO.

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DevelopmentLeasing ActivityRestaurantRetailSouth CarolinaSoutheast

SJC Ventures Completes Phase II of West Ashley Station Shopping Center in Charleston

by John Nelson

CHARLESTON, S.C. — Atlanta-based SJC Ventures, along with general contractor Hill Construction, has completed Phase II of West Ashley Station, a shopping center located at 1125 Savannah Highway in Charleston’s West Ashley neighborhood. Spanning 29,000 square feet, the second phase is fully leased to tenants including Hollywood Feed, Hand & Stone, Another Broken Egg, Pacific Dental, GoodVets, Jersey Mike’s Subs, Nothing Bundt Cakes, CAVA, Nikita Hair Salon, House of Sage (a women’s boutique retailer) and Serotonin Centers. Several tenants in the second phase are already open. SJC Ventures expects all tenants to be open by February 2025. John Orr and Lindsey Halter of Carolina Retail Experts marketed West Ashley Station for lease. Phase I of the property includes a 45,062-square-foot Whole Foods Market that opened in 2018.

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AcquisitionsMultifamilySeniors HousingSouth CarolinaSoutheastUncategorized

Berkadia Negotiates Sale of 159-Unit Active Adult Community in Greenville

by John Nelson

GREENVILLE, S.C. — Berkadia has arranged the sale of The Aspens Verdae, a newly built, 159-unit active adult community in Greenville. Texas-based active adult developer Aspens Senior Living sold the community to Charleston-based Blaze Capital Partners and Partners Group, acting on behalf of its clients. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders led the Berkadia team in the transaction. The sales price was not disclosed. Located in Greenville’s master-planned, 1,100-acre Verdae neighborhood, the Aspens Verdae provides direct access to retail, restaurants, healthcare and outdoor activities. The property was built in 2022 and features one- and two-bedroom apartments.

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DevelopmentIndustrialSouth CarolinaSoutheast

Glenstar Logistics Begins Vertical Construction on 550,520 SF Industrial Facility in Gaffney, South Carolina

by John Nelson

GAFFNEY, S.C. — Glenstar Logistics has begun vertical construction on a 550,520-square-foot warehouse in Gaffney. Dubbed CCC-85 Building 2, the development marks the first building within Glenstar’s Cherokee Commerce Center 85. Scheduled for completion in the fourth quarter of this year, the building is being developed on a speculative basis, with the capability to expand to 1.3 million square feet. The property will feature 40-foot clear heights, column spacing of 56 feet by 50 feet, 60-foot speed bays, 232 dock doors, four drive-in doors and up to 604 car parking spaces and 388 trailer spaces. Partners on the project include Creek Lane Capital, general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. CrossHarbor Capital Partners is providing $38.2 million in construction financing. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers are marketing CCC-85 Building 2 on behalf of ownership.

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