South Carolina

Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina

by Alex Tostado April 27, 2020

LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.

April 27, 2020

Georgia South Carolina Southeast

Georgia, South Carolina Governors Reveal Plans to Reopen Select Stores and Restaurants in Phases Beginning This Week

by Alex Tostado April 21, 2020

ATLANTA AND COLUMBIA, S.C. — Georgia Gov. Brian Kemp and South Carolina Gov. Henry McMaster each held press conferences Monday afternoon to announce how their respective states will begin reopening certain aspects of their economies. Kemp said several retail categories in Georgia can begin reopening on Friday, April 24. The types of businesses include gyms, fitness centers, bowling alleys, body art studios, barbers, hair and nail salons, estheticians and massage therapists. Theaters and restaurants can reopen beginning on Monday, April 27. The governor’s mandate states that local ordinances cannot block the reopenings. Kemp issued a Stay-at-Home order for all Georgians that will expire April 30 and a public health emergency that will expire May 13. As of noon Monday, Kemp said there were 18,947 COVID-19 cases in Georgia with 733 deaths. McMaster said some retailers in South Carolina, such as those selling furniture, books, music, flowers, clothing and accessories, as well as department stores, sporting goods stores and flea markets, can begin reopening immediately at 20 percent capacity, or five people per 1,000 square feet. Additionally, South Carolina beaches can reopen today at noon. As of Monday afternoon, South Carolina had 4,377 confirmed cases of COVID-19 with 120 deaths.

April 21, 2020

Acquisitions Multifamily South Carolina Southeast

Capstone Apartment Partners Brokers $37.6M Sale of Multifamily Community in Irmo, South Carolina

by Alex Tostado April 20, 2020

IRMO, S.C. — Capstone Apartment Partners has arranged the $37.6 million sale of Ardmore Ballentine, a 315-unit multifamily community in Irmo. The property offers one-, two and three-bedroom floor plans that were 94 percent occupied at the time of sale. Communal amenities at the gated community include a pool, clubhouse, fitness center, picnic/grilling area, pet park, car care center and laundry facilities. Ardmore Ballentine was built in 2012 and is situated at 114 Ballentine Crossing Lane, 17 miles northwest of downtown Columbia. Austin Green, Caleb Troop and Alex McDermott of Capstone represented the seller, Greensboro, N.C.-based Ardmore Residential, in the transaction. Triangle Real Estate of Gastonia Inc. acquired the community.

April 20, 2020

Acquisitions Leasing Activity Retail South Carolina Southeast

Colliers Arranges $13.9M Sale-Leaseback of Walmart in Sumter, South Carolina

by Alex Tostado April 7, 2020

SUMTER, S.C. — Colliers International has arranged the $13.9 million sale of a triple-net leased, Walmart Neighborhood Market-occupied property in Sumter. Hutton Development developed and sold the 41,990-square-foot building, which is situated at 343 Pinewood Road, three miles south of downtown Sumter and 40 miles east of downtown Columbia. Walmart signed a new 13-year lease with the new owner, an undisclosed private investor based in Florida completing a 1031 exchange. Jereme Snyder of Colliers represented the seller in the transaction.

April 7, 2020

Acquisitions Retail South Carolina Southeast

TSCG Negotiates $17.1M Sale of Retail Center in North Charleston

by Alex Tostado April 1, 2020

NORTH CHARLESTON, S.C. — TSCG has negotiated the $17.1 million sale of The Shoppes at Centre Pointe, a 139,688-square-foot retail center in North Charleston. Ashley Home Furniture, Dollar Tree and Staples anchor the center, which was 98 percent leased at the time of sale. Other tenants include Dunkin’, Sally Beauty, GameStop and Cici’s Pizza. The property is situated at 4950 Centre Pointe Drive, 11 miles north of downtown Charleston. Anthony Blanco and Jeff Yurfest of TSCG represented the seller, an undisclosed investor based in Atlanta, in the transaction. The buyer was an undisclosed, Georgia-based entity affiliated with Olympic Property Management.

April 1, 2020

Development Industrial South Carolina Southeast

Magnus Development Delivers 200,000 SF Industrial Building in Lexington, South Carolina

by Alex Tostado March 30, 2020

LEXINGTON, S.C. — Magnus Development Partners LLC has delivered Midway IV, a speculative 200,000-square-foot industrial building within Lexington County Industrial Park (LCIP). There is currently one tenant in the building, occupying 50,000 square feet. LCIP spans 350 acres nine miles south of downtown Columbia. Magnus broke ground on Midway IV in March 2019. The asset features 32-foot clear heights, 16 dock doors, two 12-by-14-foot drive-in doors, a 210-foot shared truck court, LED motion-detected lighting and an ESFR sprinkler system. Magnus broke ground on Midway V, also within LCIP, in November.

March 30, 2020

Industrial Market Reports South Carolina Southeast Southeast Market Reports

Upstate’s Infrastructure, Workforce Set Table for Future Industrial Expansion

by Alex Tostado March 30, 2020

In 2019, the Greenville-Spartanburg industrial market added an unprecedented 33 buildings encompassing 10 million square feet of inventory, bringing the total market size to approximately 211 million square feet. Despite record-breaking new deliveries, absorption has kept pace at 9.6 million square feet the same year. This market is preparing for future growth with delivery of available buildings and land sites, as well as investment in infrastructure and the overall workforce. With the increased supply of Class A speculative space, the market has seen numerous company expansions and relocations away from its Class B product type. New, modern space provides the efficiencies and amenities companies desire (i.e. above 32-foot clear heights). In order to service customers’ consumption preferences, companies are making capital investments into automated processes that allow them to stay competitive in a rapidly changing supply chain. One of the earliest signs of momentum in 2020 was the announcement of South Greenville Enterprise Park and its first user investment, Vermeer. South Greenville Enterprise Park is the first industrial park to deliver to the Greenville market in 10 years. Primary investment has been focused on the S.C. Highway 101 and S.C. Highway 290 corridors due to demand drivers such as BMW …

March 30, 2020

Development Multifamily South Carolina Southeast

Summit Contracting Breaks Ground on Multifamily Community in Upstate South Carolina

by Alex Tostado March 26, 2020

MAULDIN, S.C. — Summit Contracting Group has broken ground on Novo Mauldin, a planned 330-unit multifamily community in Mauldin. The property is situated on Main Street, 10 miles south of Greenville. Planned amenities include a clubhouse, fitness center and a pool. The complex will comprise 11 three-story buildings and nine private, five-bay garage buildings. Construction is scheduled to be complete in November 2021. Atlanta-based Shelton McNally Real Estate Partners is developing Novo Mauldin, and Jacksonville-based Group 4 Design Inc. is the project’s architect.

March 26, 2020

Acquisitions Multifamily South Carolina Southeast Student Housing

MultiVersity Housing Acquires 616-Bed Student Housing Community Near Clemson University

by Alex Tostado March 25, 2020

CLEMSON, S.C. — Alexandria Va.-based MultiVersity Housing Partners has acquired The Ridge, a 616-bed student housing community located near Clemson University in South Carolina. The property was built in 2018 and offers two- and four-bedroom, apartment- and townhome-style units with bed-to-bath parity. Shared amenities include a pool with a lazy river, dog park, clubhouse, private shuttle to campus and a fitness center. MultiVersity Property Management (MVPM) will oversee management of the community. The seller and further details of the transaction were not disclosed.

March 25, 2020

Development Hospitality Loans South Carolina Southeast

Knighthead Funding Secures $30.5M Construction Loan for Boutique Hotel in Historic Charleston

by Alex Tostado March 24, 2020

CHARLESTON, S.C. — Knighthead Funding LLC has provided a $30.5 million construction loan for Roost Charleston, a planned boutique hotel that will also include 11,003 square feet of retail space. The non-recourse, floating-rate loan has a 27-month term. The property will comprise a newly constructed building as well as three redeveloped, historic buildings. Roost Charleston will offer a combination of standard hotel guest rooms and extended stay apartments. Amenities will include a restaurant, café, spa and an outdoor courtyard. The building site is located at the northeast corner of King and George streets in historic Charleston. Brian Sullivan and Jonathan Daniel of Knighthead Funding originated the loan on behalf of the borrower, King & George Street LLC, an affiliate of Method Co. A timeline for construction was not disclosed.

March 24, 2020

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