South Carolina

Berkadia Arranges Sales of Two Multifamily Communities in Metro Charleston for $17.8M

by Alex Tostado February 4, 2020

MONCKS CORNER AND GOOSE CREEK, S.C. — Berkadia has arranged the sale of Epson Oaks in Moncks Corner and Churchill Apartments in Goose Creek. South Carolina-based KAH LLC sold the two garden-style properties for a combined $17.8 million to Texas-based Napali Capital. Epson Oaks is located at 2000 Epson Plantation Drive, 35 miles north of downtown Charleston. The 72-unit property offers two- and three-bedroom floor plans. Churchill Apartments, situated at 601 Old State Road about 20 miles north of downtown Charleston, also comprises 72 units offering two- and three-bedroom floor plans. Mark Boyce and Blake Coffey of Berkadia represented the seller in the transaction. Richard Levine of Berkadia originated a $12.9 million Fannie Mae acquisition loan on behalf of Napali Capital.

February 4, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Resort Lifestyle Communities Plans $30M Active Adult Community in Columbia, South Carolina

by Alex Tostado January 31, 2020

COLUMBIA, S.C. — Resort Lifestyle Communities (RLC) has unveiled plans for Lakeview Retirement Community, an active adult property in Columbia. The 180,000-square-foot property will offer units ranging from studios to three-bedroom apartments. Development costs are estimated at $30 million. A groundbreaking ceremony is scheduled for Tuesday, Feb. 11. Although services will not be offered directly, residents needing care are free to contract with a home health provider, according to RLC.

January 31, 2020

Development Loans Multifamily South Carolina Southeast

Bellwether Arranges $31M Construction Loan for Adaptive Reuse Apartment Project in Greenville

by John Nelson January 28, 2020

GREENVILLE, S.C. — Bellwether Enterprise Real Estate Capital LLC has arranged a $31 million construction loan for Judson Mill, a multifamily redevelopment project in Greenville. Judson Mill originally opened in 1912 as a textile mill and was placed on National Register of Historic Places in February 2018. The developer and borrower, Judson Mill Ventures I LLC, will use the financing to construct 204 units, as well as communal amenities including a pool, fitness center and a courtyard. Retail and commercial spaces are planned for future phases. Located at 69 Westerfelt, Judson Mill is situated three miles southwest of downtown Greenville and spans 800,000 square feet. The developer will also use South Carolina Textiles Communities Revitalization Act tax credits and state and federal historic tax credits to help fund the project. Matt Good and Marshall Waller of Bellwether Enterprise arranged the construction loan on behalf of the borrower through CresCom Bank.

January 28, 2020

Acquisitions Development Industrial South Carolina Southeast

CRG Delivers, Sells 1.3 MSF Distribution Center in Upstate South Carolina

by Alex Tostado January 24, 2020

DUNCAN, S.C. — CRG, Clayco’s real estate division, has delivered and sold a 1.3 million-square-foot distribution center within The Cubes at Inland 85 in Duncan. Situated less than two miles from Inland Port Greer, the facility was originally designed as a 500,280-square-foot speculative building but was expanded to fit the needs of the new tenant, an undisclosed Fortune 500 company. An affiliate of Lexington Realty Trust acquired the asset for an undisclosed price. The building features a cross-dock configuration with 36-foot clear heights and an ESFR sprinkler system. Lamar Johnson Collaborative designed the property, and Clayco served as the general contractor. CRG is the main developer of The Cubes. This is the first building to be delivered within The Cubes.

January 24, 2020

Acquisitions Georgia Multifamily South Carolina Southeast

Cushman & Wakefield Brokers $169M Multifamily Portfolio Sale in Georgia, South Carolina

by Alex Tostado January 20, 2020

ATLANTA — Cushman & Wakefield’s Multifamily Advisory Group has brokered the $169 million sale of an eight-property multifamily portfolio totaling 1,544 units in Georgia and South Carolina. The portfolio comprises two properties in each Macon, Augusta and Warner Robbins, Ga.; and two properties in Aiken, S.C. The average age of the portfolio is 30 years old and was 94 percent occupied at the time of sale. Capital Square 1031, a national real estate firm specializing in tax-advantaged real estate investments, acquired the portfolio. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield’s Atlanta office represented the seller, a joint venture between McDowell Properties and Angelo, Gordon & Co. LP, in the transaction.

January 20, 2020

Development Loans Multifamily South Carolina Southeast

Phillips Realty Capital Structures $27.8M Construction Financing for Charleston Apartment Project

by Alex Tostado January 16, 2020

CHARLESTON, S.C. — Phillips Realty Capital Corp. (PRC) has structured $27.8 million in joint venture equity financing on behalf of Woodfield Development for the construction of Morrison Yard in Charleston. The 380-unit multifamily community will be built in Charleston’s North of Morrison (NoMo) neighborhood within a qualified opportunity zone. PRC’s Adam Bieber structured the equity financing through investor Argosy Real Estate Partners. PCCP recently provided a $100.6 million construction loan to a joint venture between Woodfield and Argosy to finance the development of Morrison Yard. Construction has commenced on the site, which will consist of a 10-story, concrete building and a six-story, wood-framed building, each featuring studio, one-, two- and three-bedroom floor plans. The complex will offer ground-floor retail, a two-story parking structure, clubhouse, courtyard spaces and water features. Woodfield plans to have Morrison Yards’ first units delivered in the fourth quarter of 2021, with the entire project slated for delivery in late 2022.

January 16, 2020

Leasing Activity Office South Carolina Southeast

Tech Firm Renews Office Lease in Greenville, Expands to 44,000 SF

by Alex Tostado January 14, 2020

GREENVILLE, S.C. — Greenville-based Gordian has renewed its lease early and expanded its office space to 44,000 square feet at 30 Patewood Drive in Greenville. Colliers International’s Brantley Anderson and Taylor Allen represented the information technology and services company in the expansion. Gordian provides construction costs analytics, estimating information, pricing data and procurement software and services.

January 14, 2020

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Brokers $9.5M Sale of Emerald Place Shopping Center in Greenwood, South Carolina

by Alex Tostado December 19, 2019

GREENWOOD, S.C. — Marcus & Millichap has brokered the $9.5 million sale of the Emerald Place shopping center in Greenwood, approximately 25 miles from the Georgia-South Carolina state line. Kohl’s, Ross Dress for Less and Rack Room Shoes anchor Emerald Place, which is located at 259 Hospitality Blvd. Private investor George Snelling purchased the 107,616 –square-foot property from Cole MT Greenwood SC LLC. Marcus & Millichap’s Zach Taylor, Brian Munn and Don McMinn brokered the sale on behalf of both the seller and the buyer. The buyer, who typically invests in self-storage assets, purchased Emerald Place as it provided a more attractive yield than other self-storage options, according to Taylor.

December 19, 2019

Development Hospitality Retail South Carolina Southeast

Capital Square, Method to Develop Hotel, Stores in Downtown Charleston

by Alex Tostado December 17, 2019

CHARLESTON, S.C. — Capital Square and Method Co. have announced plans to develop 529 King Street, a 50-unit hotel with ground-level retail space in the Cannonborough-Elliotborough neighborhood of historic downtown Charleston. Capital Square has established a project-specific opportunity zone fund called CSRA Opportunity Zone Fund IV LLC, which seeks to raise $7.7 million in equity from investors willing to invest a minimum of $100,000 to fund the hotel development. Method’s ROOST Apartment Hotel brand will operate the hotel. Designed by New York-based Morris Adjmi Architects, the five-story property will feature 4,218 square feet of retail space, valet-operated parking spaces, a courtyard and rooftop lounge. The property will also feature a fitness center, library and coworking space on each floor.

December 17, 2019

Development Industrial South Carolina Southeast

Marlboro to Develop 253,800 SF Speculative Industrial Facility in Dillon, South Carolina

by Alex Tostado December 16, 2019

DILLION, S.C. — Developer Marlboro Development Team Inc. has unveiled plans for a new, 253,800-square-foot industrial project in the I-95 Mega Site in Dillon, seven miles from the South Carolina-North Carolina state line. The 72-acre property within the site is scheduled for delivery in the third quarter of 2020. The facility will be designed for logistics and distribution, featuring cross-dock capabilities, 200-foot truck court depths, 36-foot clear heights, speed bays and expansion capability up to 650,000 square feet. Adjacent to I-95, the facility will be less than one mile from South Carolina Ports Authority’s (SCPA) Inland Port Dillon, which is CSX-railway served. Marlboro Development Team and its parent company, Marlboro Electric Cooperative, own nearly 4,000 acres surrounding Inland Port Dillon.

December 16, 2019

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