South Carolina

Stellar Completes $2.7M Mall Renovation on Military Base in Beaufort, South Carolina

by John Nelson June 19, 2020

BEAUFORT, S.C. — The Stellar Group has completed the $2.7 million renovation of Marine Corps Exchange (MCX) on the Marine Corps Air Station in Beaufort. Stellar upgraded the 16,000-square-foot mall and food court, as well as the adjacent 6,500-square-foot fueling station. MCX carries items needed for a quick one-stop shopping experience for personnel, including men’s and women’s athletic wear, athletic shoes, beauty aids, personal care, military gifts and electronics. The United States Marine Corps Non-Appropriated Funds (NAF) and Appropriated Funds (APF) provided the capital for the design and construction of the renovation. U.S. Army Installation Management Command (IMCOM) managed the contract.

June 19, 2020

Development Industrial South Carolina Southeast

Sudler to Develop 172-Acre Fox Hill Business Park in Upstate South Carolina

by Alex Tostado June 18, 2020

FOUNTAIN INN, S.C. — The Sudler Cos. will develop Fox Hill Business Park, which will span 172 acres at full buildout, in Fountain Inn. Sudler will break ground on the first spec property, a 206,410-square-foot building, this quarter. The building will feature 32-foot clear heights and trailer parking. The Chatham Township, N.J.-based developer expects to deliver the property in spring 2021. Fox Hill will be situated at 189 Milacron Drive, 19 miles southeast of downtown Greenville. Grice Hunt, Ford Borders and Clay Williams of NAI Earle Furman LLC will handle leasing and marketing efforts on behalf of the owner.

June 18, 2020

Acquisitions Industrial North Carolina South Carolina Southeast

Albany Road Real Estate Sells Industrial Portfolio in Metro Charlotte for $75.5M

by Alex Tostado June 12, 2020

CHARLOTTE, N.C. — Albany Road Real Estate Partners has sold an industrial portfolio comprising four properties in metro Charlotte for $75.5 million. The first property, Overlook 77, totals three buildings at 5521 Lakeview Road in Charlotte. The portfolio includes two parks on the north side: International Corporate Center, a five-building property located at 4601 Corporate Drive in Concord, and the three-building Lakefield Corporate Center located at 307 Oates Road in Mooresville. The final property is the two-building SouthCross Corporate Center in Rock Hill, S.C. The property is situated at 3042 SouthCross Blvd., 21 miles southwest of downtown Charlotte. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, and Grayson Hawkins of CBRE represented the seller in the transaction. The buyer, CIP Real Estate, retained Anne Johnson and Bryan Crutcher of CBRE to handle leasing efforts for the portfolio.

June 12, 2020

Broadstone Vilara Laguna Niguel California

Acquisitions Arizona Multifamily Seniors Housing South Carolina Southeast Top Stories Western

Greystar Acquires Property Management Business of Alliance Residential, Including Future Business

by John Nelson June 2, 2020

CHARLESTON, S.C. AND PHOENIX — Multifamily development and management firm Greystar Real Estate Partners has acquired the property management business of competitor Alliance Residential Co., the fourth-largest apartment management firm in the United States. Financial terms of the transaction were not disclosed, but The Wall Street Journal reports that the all-cash deal totaled nearly $200 million. Phoenix-based Alliance Residential will shift its focus from property management to development, construction and acquisition across the multifamily spectrum, including workforce housing and seniors housing. As part of the deal, Greystar will provide management services to Alliance Residential’s owned portfolio going forward, including both new developments and acquisitions. Alliance Residential has been the No. 1 developer of multifamily units in the United States for the last two years, and Greystar is the largest apartment management firm in the country, according to the National Multifamily Housing Council. The combined property management business will operate under the Greystar brand, bringing the Charleston-based firm’s total unit count to 660,000. The combined portfolio comprises 2,400 properties in 42 states and 13 countries. Additionally, the acquisition will bring Greystar’s workforce to nearly 19,000 team members. The acquisition boosts Greystar’s property management business by approximately 25 percent and gives the …

June 2, 2020

Company News Healthcare North Carolina South Carolina Southeast

CVS Adds 70 COVID-19 Testing Sites in Carolinas

by Alex Tostado May 29, 2020

WOONSOCKET, R.I. — CVS/pharmacy has added 55 COVID-19 testing sites in North Carolina and 15 sites in South Carolina. The tests are accessible through appointments only. Patients will be required to stay in their cars and will be directed to the pharmacy drive-thru window, where they will be provided with a test kit and given instructions. A CVS team member will observe the self-swab process to ensure it is done properly. Tests will be sent to an independent, third-party lab for processing and the results will be available in approximately three days. In North Carolina, the 55 new sites are located in 29 cities, including seven sites in Charlotte, five in Raleigh, four in Cary, four in Durham, three in Fayetteville and three in Winston-Salem. In South Carolina, the locations are in Anderson, Charleston, Clemson, Columbia, Greenville, Mount Pleasant, Myrtle Beach, North Charleston, North Augusta, Spartanburg and West Columbia. With the 70 locations, Woonsocket-based CVS has now opened 986 testing sites in the country. Click here to see a full list of the locations.

May 29, 2020

Acquisitions Loans Multifamily South Carolina Southeast

Hunt Real Estate Provides $21.5M Acquisition Loan for Apartment Complex in North Charleston

by Alex Tostado May 29, 2020

NORTH CHARLESTON, S.C. — Hunt Real Estate Capital has provided a $21.5 million Freddie Mac acquisition loan for Greenwood at Ashley River, a 280-unit, garden-style apartment complex in North Charleston. The community comprises 35 residential buildings and a clubhouse. The 262,896-square-foot property offers two- and three-bedroom floor plans. Communal amenities include a full-size soccer field, pool, playground, basketball court, business center and a dog park. The property is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The 10-year acquisition loan features five years of interest-only payments followed by a 30-year amortization schedule. John Beam and Keith Morris of Hunt Real Estate originated the loan on behalf of the borrower, Brick Lane, which acquired the complex from Atlanta-based The RADCO Cos.

May 29, 2020

Development Office South Carolina Southeast

M Peters to Develop Mass Timber Office Building Within Plush Mills Campus in Downtown Greenville

by Alex Tostado May 22, 2020

GREENVILLE, S.C. — M Peters Group will develop a five-story, 73,177-square-foot office building in downtown Greenville. The property will offer 18,823 square feet of ground-level retail space, as well as a rooftop terrace. The developer is using mass timber construction, which marks the first project in South Carolina to do so. M Peters Group expects to deliver the property in 2021. The building will be situated next to the former Plush Mills building, which was originally built in 1925. M Peters Group bought the then-vacant property in 2016 and renovated it before leasing to Venture X, a coworking operator. The architect is Perkins + Will. Shelby Dodson of CBRE is handling leasing efforts on behalf of the owner.

May 22, 2020

Acquisitions Multifamily South Carolina Southeast

Joint Venture Acquires 124-Unit Multifamily Community in Columbia, South Carolina

by Alex Tostado May 15, 2020

COLUMBIA, S.C. — A joint venture between Lexerd Capital Management and LMS Harbison has acquired The Lakes at Harbison, a 124-unit multifamily community in Columbia. The complex, which has been renamed The Lory of Harbison, was originally built in 1980 and sits on nine acres. The property offers one-, two- and three-bedroom floor plans ranging in size from 950 to 1,230 square feet. Communal amenities include a cyber café, pool, fitness center, basketball court, clubhouse, playground and a tennis court. The asset is situated at 100 Fairforest Road, 10 miles northwest of downtown Columbia. Further details of the transaction were not disclosed.

May 15, 2020

Development Office South Carolina Southeast

Frampton Construction Breaks Ground on 50,000 SF Office Redevelopment in Metro Charleston

by Alex Tostado May 14, 2020

MOUNT PLEASANT, S.C. — Frampton Construction has begun demolition and broken ground on The Shelmore, a planned 50,000-square-foot office redevelopment in Mount Pleasant. The site is the former home of a Bi-Lo grocery store. The redevelopment will include adding a lobby with a two-story “jewel box” entry and installing 30 new windows and 10 skylights. The redeveloped property will feature 18-foot ceilings and the potential for a variety of floor plans suitable for both small and large office users. The existing retail surrounding the building will also receive exterior upgrades to match the new façade. The property is located at 774 S. Shelmore Blvd., six miles north of downtown Charleston. The developers are Collett Capital, Lions Gate Capital LLC and WECCO Development. LS3P Associates is the architect. Completion is slated for this fall.

May 14, 2020

Development Industrial South Carolina Southeast

Tindall to Develop $27.9M Industrial Facility in Upstate South Carolina

by Alex Tostado May 1, 2020

SPARTANBURG, S.C. — Tindall Corp. has acquired 41 acres in Spartanburg to develop its $27.9 million utility division manufacturing facility. The locally based company, which provides concrete solutions for the industrial sector across the country, will use the new site to expand its operations and create 20 jobs. The new site is situated at 2877 Fairforest Clevedale Road, less than two miles from Tindall’s existing headquarters. Tindall expects the utility division to open in early 2021. The South Carolina Coordinating Council for Economic Development has awarded Spartanburg County a $100,000 Set-Aside grant for costs related to the project. John Montgomery, Garrett Scott and Brockton Hall of Colliers International represented the seller, a private family fund, in the land transaction. Bobby Lyons of Lyons Industrial Properties represented the buyer.

May 1, 2020

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