South Carolina

Northland Investment Acquires Two Charleston Multifamily Communities Comprising 592 Units

by Alex Tostado September 23, 2019

CHARLESTON, S.C. — Northland Investment Corp. has acquired two multifamily communities in Charleston: Wharf 7 and The Standard. The 312-unit Wharf 7 is located on Daniel Island, 13 miles north of downtown Charleston. The community offers studio- through three-bedroom floor plans. Communal amenities include a saltwater pool, poolside TV lounges and grilling stations, hammock garden, fitness center with a separate yoga/spinning studio, community bikes and an event lawn with a terraced, outdoor amphitheater. The 280-unit The Standard is located on James Island, five miles southwest of downtown Charleston. The Standard offers communal amenities such as a saltwater pool with a tanning ledge and cabanas, picnic courtyard with grilling station and outdoor kitchen, public courtyard and a Lowcountry-inspired clubhouse. The seller and sales prices were not disclosed.

September 23, 2019

Industrial Leasing Activity South Carolina Southeast

Expeditors International Signs 143,000 SF Industrial Lease in Metro Charleston

by Alex Tostado September 17, 2019

HANAHAN, S.C. — Expeditors International of Washington Inc. has signed a 143,000-square-foot industrial lease within North Pointe Commerce Park in Hanahan. Expeditors will occupy 58 percent of the 247,000-square-foot building located at 1017 Northpointe Industrial Blvd., which is situated 14 miles northwest of downtown Charleston. Of the 143,000 square feet, 22,000 will be office space that the landlord, West-Signal, will build out. The building features tilt-up concrete construction, 32-foot clear heights, ESFR sprinkler systems and LED lighting. Expeditors is expected to begin occupying the space in early October. Jeff Kernochan of Fischer International and Hagood Morrison of Bridge Commercial represented the tenant in the lease negotiations. Peter Fennelly, Simons Johnson and Tim Raber of Bridge Commercial represented West-Signal, which is a joint venture owned by an affiliate of North Signal Capital LLC and a fund managed by Westport Capital Partners LLC.

September 17, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $47.6M Sale of Multifamily Community in Myrtle Beach

by Alex Tostado September 6, 2019

MYRTLE BEACH, S.C. — Cushman & Wakefield has arranged the $47.6 million sale of The Vinings at Market Common, a 288-unit multifamily community in Myrtle Beach. The property is located at 2501 Hammock St., six miles southwest of downtown Myrtle Beach. The Vinings offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, 24-hour fitness center, car care center and multiple grilling stations. Alex Brown, Tai Cohen and Marc Robinson of Cushman & Wakefield represented the seller, Standard Capital Partners, in the transaction. Sillman Enterprises acquired the property.

September 6, 2019

Industrial Leasing Activity South Carolina Southeast

Avison Young Negotiates 101,823 SF Industrial Lease in Metro Charleston

by Alex Tostado August 27, 2019

HANAHAN, S.C. — Avison Young has negotiated a 101,823-square-foot industrial lease on behalf of W.W. Williams Co. at 5801 N. Rhett Ave. in Hanahan. W.W. Williams specializes in fleet management and logistics services. Situated about 11 miles from Port of Charleston, 5801 N. Rhett Ave. is a 300,000-square-foot building that features 18 dock doors. Alan Bolduc, Courtney Marous and Kathleen Isola of Avison Young represented the tenant in the lease transaction. Charleston-based Bridge Commercial represented the landlord, CenterPoint Properties Trust.

August 27, 2019

Leasing Activity Office South Carolina Southeast

Charleston Executive Offices Signs 21 Tenants to Occupy Space at Nexton Office Park in Charleston

by Alex Tostado August 26, 2019

CHARLESTON, S.C. — Charleston Executive Offices (CEO) has signed 21 tenants to occupy space at The Offices at Nexton. The office building is situated within Nexton, a 5,000-acre, master-planned community in Charleston that will offer more than 8 million square feet of commercial space. CEO is developing The Offices at Nexton, while North America Sekisui House LLC (NASH) and Newland are master co-developers of Nexton, which is located on Interstate 26, about 25 miles northwest of downtown Charleston. Some of the 21 tenants include Microsoft, Citizens One Home Loans, Curtiss-Wright Electro-Mechanical, Glenn Law Firm, Harvey & Vallini, IM Marketing Group, Global Software Inc., Predicate Logic Inc., Strategic Wealth Advisory Group and Velocity Data Systems.

August 26, 2019

Development Healthcare South Carolina Southeast

Hammes Breaks Ground on 70,000 SF Medical Office Building Near Hilton Head Island

by Alex Tostado August 15, 2019

OKATIE, S.C. — Hammes Co. has broken ground on a 70,000-square-foot medical office building in Okatie. Scheduled to open in late 2020, the three-story building will expand services in the surrounding area and supplement Beaufort Memorial’s existing acute care regional hospital. The new facility will provide primary care, OB-GYN, orthopedics, urgent care, cardiology, gastroenterology, neurology, vascular and general surgery, a breast health center, outpatient rehabilitation, laboratory and imaging services and a full-service cancer center. Hammes will develop, own and manage the property. Okatie is located 15 miles west of Hilton Head Island.

August 15, 2019

Acquisitions Office South Carolina Southeast

Trinity Partners Negotiates $6.8M Sale of Office Building in Columbia

by Alex Tostado August 13, 2019

COLUMBIA, S.C. — Trinity Partners has negotiated the $6.8 million sale of 7 Technology Circle, a four-story, 86,733-square-foot office building in northeast Columbia. The property is located off Farrow Road near Interstate 77, about 10 miles northeast of downtown Columbia. Macon Lovelace and Paul Hartley of Trinity Partners represented the seller, Corocan Columbia LLC, in the transaction. Milton Thomas of Lee & Associates represented the buyer, 7 Technology Circle LLC.

August 13, 2019

Leasing Activity Office South Carolina Southeast

Colliers Negotiates 239,701 SF Office Lease in Greenville

by Alex Tostado August 12, 2019

GREENVILLE, S.C. — Colliers International has negotiated a 239,701-square-foot lease for Greenville County within Axis Office Park. The local government will also have the option to purchase the office park. Details of the option were not disclosed. Axis Office Park comprises two three-story buildings located at 350 and 325 Halton Road, five miles east of downtown Greenville. Tempus Realty Partners acquired the property in 2017 when the buildings were vacant. Brantley Anderson and Taylor Allen of Colliers represented the landlord in the transaction.

August 12, 2019

Industrial Market Reports South Carolina Southeast Southeast Market Reports

Columbia’s Turbocharged Manufacturing Renaissance is Alive and Well in 2019

by Alex Tostado August 12, 2019

There is a lot of buzz about the dominance of e-commerce and its effects on the industrial market. Columbia has its fair share of retailers with e-commerce distribution facilities as Amazon, The Home Depot and Target all have major distribution centers in the Midlands region of South Carolina. However, retail distribution is not the main driver of this industrial market. The heart and soul of the central South Carolina industrial market is manufacturing. Manufacturing properties make up approximately 35 percent of the 70 million square feet of industrial product in the Columbia metropolitan statistical area. While the balance of space is classified as warehouse/distribution, a large portion of that is used to service manufacturers, pushing the total amount of manufacturing-related space well above 50 percent. Since 2013, the pace of South Carolina’s manufacturing job growth has been four times faster than the national growth rate. This manufacturing renaissance has created demand for Class B multipurpose buildings that have manufacturing infrastructure, such as heavy electric services, cranes, HVAC and support facilities including locker rooms, restrooms, cafeteria and parking to handle larger employee requirements. In the 1970s and 1980s, industrial buildings constructed in central South Carolina were part manufacturing facility and part …

August 12, 2019

Acquisitions Multifamily South Carolina Southeast

Spectrum Sells Multifamily Community in Charleston for $51.1M

by Alex Tostado July 29, 2019

CHARLESTON, S.C. — The Spectrum Cos. has sold Paxton Point Hope, a 274-unit multifamily community in Charleston, for $51.1 million. Paxton Point offers studio through three-bedroom floor plans. Communal amenities include a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and an outdoor grilling area. The Spectrum Cos. delivered the property earlier this summer and it was 35 percent occupied at the time of sale. Capstone Apartment Partners represented the seller in the transaction and procured the buyer, VTT Management.

July 29, 2019

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