South Carolina

RLJ Lodging Trust Sells Two Hotel Resorts in Myrtle Beach for $156M

by Taylor Williams July 1, 2019

MYRTLE BEACH, S.C. — RLJ Lodging Trust (NYSE: RLJ), a Maryland-based hospitality REIT, has sold Kingston Resorts, comprising the Hilton Myrtle Beach Resort and Embassy Suites by Hilton Myrtle Beach Oceanfront Resort, for $156 million. The properties span 385 rooms and 255 rooms, respectively. The sales price equates to $244,000 per room at a capitalization rate of 6.7 percent, inclusive of $44.5 million in capital expenditures. The buyer was privately held real estate firm EOS Investors LLC, which describes the 160-acre property as “the largest and most comprehensive oceanfront conference venue between Atlantic City, New Jersey, and West Palm Beach, Florida.” The buyer notes that the acquisition includes over 1,600 residential condominiums and townhomes in addition to the hotels. The two Hilton-operated hotels offer an array of amenities, including pools, tennis courts, fitness centers, spas, business centers, bike rental services and onsite restaurants and bars. Guest rooms feature private balconies, and suites with kitchen and living areas are available. The properties also feature over 100,000 square feet of event space. Hilton will continue to operate the assets following the sale. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities …

July 1, 2019

Development Office South Carolina Southeast Top Stories

Lowe’s to Anchor Planned 23-Story Office Tower Development in Charlotte

by Jeff Shaw June 28, 2019

CHARLOTTE, N.C. — Home improvement retail giant Lowe’s (NYSE: LOW) has unveiled plans for Design Center Tower, a 23-story office tower in Charlotte. Development costs are estimated at $153 million, according to theCharlotte Observer. The 357,000-square-foot building, which Lowe’s is referring to as a global technology center, will fill a vacant parking lot in Charlotte’s bustling South End, about 1.5 miles southwest of the city center. The plot is adjacent to a Lynx light rail station as well as the city’s Rail Trail system of walking/biking paths. The developer, a joint venture between Childress Klein and RAM Realty Advisors, plans to break ground on the Design Center Tower this August, with Lowe’s moving in by late 2021. Lowe’s will occupy the top 15 floors of the building. The ground floor will feature 20,000 square feet of retail and restaurants. North Carolina is contributing $54 million in state incentives for the project, to be paid over 12 years based on Lowe’s meeting job creation and investment requirements, reports the Observer. Lowe’s expects to bring 2,000 high-paying tech jobs to the building, 1,600 of which will be new and 400 of which will relocate from the company’s headquarters in nearby Mooresville, the …

June 28, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $23.4M Sale of Multifamily Complex in Columbia

by Alex Tostado June 20, 2019

COLUMBIA, S.C. — Cushman & Wakefield has arranged the $23.4 million sale of Heron Lake, a multifamily complex in Columbia. The property offers one-, two- and three-bedroom floor plans. Communal amenities include bike storage, a car care center, fitness center, swimming pool, sand volleyball courts and a pet park. Tai Cohen, Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, MAS Broken Arrow, in the transaction. Collins Group acquired the property.

June 20, 2019

Acquisitions Multifamily South Carolina Southeast

Audubon Communities, Legacy Capital Acquire Multifamily Community in Greenville for $47M

by Alex Tostado June 13, 2019

GREENVILLE, S.C. — A joint venture between Audubon Communities and Legacy Capital Partners has acquired Waterside Greene, a 378-unit multifamily community in Greenville, for $47 million. The joint venture plans to renovate the interiors and exteriors of the property. Improvements at the property, which the new owners will rebrand as Retreat at Waterside, will cost $4.3 million and will include applying fresh paint on the building exteriors, installing new signage, renovating the leasing office and upgrading finishes inside the units. Joe Hercenberg of Walker & Dunlop represented the new ownership in arranging both acquisition and construction loans totaling $42.4 million through Resource Real Estate Funding. Renovations are expected to be completed over the next 24 months. Communal amenities include a bark park, bike racks, fitness center, clubhouse, swimming pool, sundeck, grilling areas, tennis court, playground and an outdoor fire pit. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Chapel Street Advisors, in the sale.

June 13, 2019

Development Industrial South Carolina Southeast

Equus to Break Ground on 373,100 SF Industrial Building Near Inland Port Dillon

by Alex Tostado June 11, 2019

DILLON, S.C. — Equus Capital Partners Ltd. will break ground on a 373,100-square-foot speculative industrial building in Dillon in the third quarter of 2019. The site is situated off I-95 and one mile from Inland Port Dillon. The property will offer warehouse and logistics space, 32-foot clear heights, a 180-foot truck court, 189 parking spots, 58 loading spaces and 64 trailer parking spaces. The Philadelphia-based developer expects to deliver Phase I in 2020. Bob Barrineau and Brendan Redeyoff of CBRE as well as Drew Chaplin of Palmetto Commercial Real Estate are leading leasing efforts at the property on behalf of Equus. Phase II is proposed on a nearby site, which allows for the construction of multiple build-to-suit buildings with up to 1.5 million square feet of additional development capacity. A timeline for Phase II was not disclosed.

June 11, 2019

Acquisitions Affordable Housing Florida Georgia Loans Multifamily North Carolina South Carolina Southeast Virginia

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

Conference Coverage Features North Carolina South Carolina Southeast Southeast Feature Archive

Best Deals for Investors, Lenders Lie Outside of Urban Cores, Say InterFace Carolinas Panelists

by John Nelson June 6, 2019

CHARLOTTE, N.C. — The urban districts in the Carolinas have a lot going for them: Honeywell is leasing nine floors within downtown Charlotte’s Legacy Union project; The Fallon Co. is building a 20-story office tower in downtown Raleigh; and The Beach Co. and Centennial American Properties are separately building mixed-use developments in downtown Greenville. While these projects only scratch the surface of the new developments in the Carolinas’ urban markets — especially for new apartments — speakers at the 10th annual InterFace Carolinas conference said that for a market to be truly successful, there needs to be “growth in both” urban and suburban districts. Panelists emphasized that some of the best deals for their businesses lie outside of the urban cores in the two-state region. “[Suburban] projects aren’t as expensive to develop,” said Carman Liuzzo, senior vice president of investments at Highwoods Properties. “I hope suburban [developments] don’t go away, our most recent three office developments have been in suburban Nashville, Tampa and Raleigh.” Liuzzo was a participant on the “State of the Market” panel that took place Thursday, May 30 at Hilton City Center in Uptown Charlotte. InterFace Conference Group and Southeast Real Estate Business hosted the conference, which …

June 6, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $12M Sale of New Grocery-Anchored Shopping Center in Upstate South Carolina

by Alex Tostado June 5, 2019

GREER, S.C. — Marcus & Millichap has arranged the $12 million sale of Riverside Crossing, a 58,358-square-foot, Lowes Foods-anchored shopping center in Greer. Other tenants include Smoothie King, Great Clips, Family Dentistry at Riverside Crossing, CT Nails and Madi Boutique. EA Riverside LLC built the center in 2017 and sold it to JohnCo LP, a private family office. Zach Taylor, Brian Munn and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction.

June 5, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $41M Sale of Multifamily Property Near Columbia

by Alex Tostado May 31, 2019

BLYTHEWOOD, S.C. — Cushman & Wakefield has arranged the $41 million sale of Enclave Blythewood, a 384-unit multifamily property in Blythewood, about 18 miles north of Columbia, S.C. Southwood Realty/Triangle Real Estate acquired the community and will rename it The Palisades at Blythewood. The property was built in two phases in 2008 and 2015, and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool, business center, dog park, car care center, fitness center and a putting green. Tai Cohen, Watson Bryant and Jordan McCarley of Cushman & Wakefield represented the seller, McCall Capital, in the transaction.

May 31, 2019

Industrial Market Reports South Carolina Southeast Southeast Market Reports

Upstate South Carolina’s Industrial Evolution Sets Up Market as National Power

by Alex Tostado May 27, 2019

Thirty years ago, there were 33 operating textile mills in Spartanburg County, South Carolina. Today, there are scarcely a handful. The jobs and investments disappeared in the wake of regulatory change and international trade agreements. However, the infrastructure, location, existing workforce and entrepreneurial attitude of the area’s leadership saw this as a challenge to evolve. And evolve it did — using the substrate of the textile industry as a solid foundation. The well-trained and manufacturing-oriented workforce, coupled with the existing manufacturing support base (specialty machinery fabrication including maintenance and constituent chemical suppliers), were readily adaptable to new and recast job opportunities. This was the canvas on which the area’s evolution would be painted. Specialty equipment, manufacturing, fabrication, chemical production and other vestiges of the textile industry have remained demand drivers for the Upstate market. They have been reconfigured in the form of investment and expansion by Milliken & Co., Toray Carbon Fiber, General Electric and Keurig Green Mountain. The existing manufacturing-oriented workforce, with its previous experience and mindset, were a prime reason BMW selected Spartanburg County as the home for its first North America production facility. BMW’s Plant Spartanburg and its vast supplier and related support network have emerged as …

May 27, 2019

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