Hurricane Helene made landfall in Northwestern Florida on Thursday, Sept. 26, after being upgraded to a major Category 3 storm that afternoon. Widespread damage across a number of Southeastern states followed in its wake, with many areas experiencing flooding, downed trees, power outages and road closures. At least 175 people have died across six states, according to reports by CNN and The New York Times, and officials fear that the death toll is likely to rise with many remaining missing. Hundreds of roads remain closed across the Southeast — especially in Western North Carolina and East Tennessee, which were hit particularly hard by the hurricane — hampering the delivery of supplies, and more than 2 million customers remain without power. Student Housing Business reached out to universities, owners, operators and students across the Southeast to check in on how they fared during the storm and their experience in the aftermath. Owners, Operators Weigh In Denver-based Cardinal Group tracked its communities in Alabama, Arkansas, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, Virginia and West Virginia through Hurricane Helene. “Of those communities, four experienced power outages and several had minor roof leaks and flooding, with the largest impact felt in Asheville and Boone, North Carolina,” says Jenn Cassidy, president of property operations …
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CRC Acquires Bristol at New Riverside Apartments in Bluffton, South Carolina for $44.5M
by John Nelson
BLUFFTON, S.C. — Continental Realty Corp. (CRC) has purchased Bristol at New Riverside, a 166-unit, Class A multifamily community located at 205 Forest Trace in Bluffton, a coastal city near Hilton Head Island. The Baltimore-based investment firm purchased the property via its Core Multifamily Fund LP investment vehicle from the developer, Madison Communities, for $44.5 million. Taylor Bird of Cushman & Wakefield represented the seller in the transaction. The development opened earlier this year under the name Madison New Riverside and was 90 percent occupied at the time of sale. Bristol at New Riverside features one- and two-bedroom apartments averaging 942 square feet in size, as well as a clubhouse, saltwater swimming pool, fitness center, coffee lounge, package acceptance lockers and an open recreation area.
Rushmark Obtains Construction Loan for 775,000 SF Industrial Development in Metro Charleston
by John Nelson
JEDBURG, S.C. — Rushmark Properties has obtained a construction loan for the development of Berkeley Commerce Center, a 775,000-square-foot industrial park in the Charleston suburb of Jedburg. Site work is currently underway, and Rushmark plans to break ground on the first of the property’s two buildings this fall. JLL Capital Markets arranged an undisclosed amount of construction financing through United Bank for the development. The first building at Berkeley Commerce Center will span 505,440 square feet and include 2,500 square feet of office space, cross-dock configuration and 36-foot clear heights. At 267,840 square feet, the second building will feature 1,200 square feet of office space, rear-load configuration and 32-foot clear heights. Rushmark expects to deliver the first two buildings in fourth-quarter 2025. The site, which fronts I-26, has the potential for three additional buildings that would bring the development to a total of 2.6 million square feet, according to Rushmark. The project team includes architect LS3P Associates, civil engineer Thomas & Hutton and general contractor HITT Contracting. Lee Allen, Kevin Coats and Tyler Smith of JLL will lead leasing and marketing efforts.
GREENVILLE, S.C. — PGA Tour Superstore plans to open a new 34,500-square-foot store at 1117 Woodruff Road in Greenville. The new store is set to open to the public on Oct. 26. The landlord was not disclosed. The store will feature three practice and play hitting bays in a social setting, along with four additional golf simulators and a 1,161-square-foot putting green. The experiential retailer also offers club fittings and lessons from certified teaching professionals, as well as onsite club regripping and repairs. Additionally, the store will carry apparel, accessories and equipment for golf enthusiasts, as well as tennis, racquetball and pickleball gear. Golf & Tennis Pro Shop Inc., a subsidiary of AMB Sports + Entertainment, an organization owned by Atlanta Falcons and Atlanta United owner Arthur Blank, operates PGA Tour Superstore retail locations. There are 75 open and soon-to-open PGA Tour Superstore locations throughout the country, according to the property website.
GTIS, Collett Break Ground on 933,120 SF Industrial Development in Blacksburg, South Carolina
by John Nelson
BLACKSBURG, S.C. — GTIS Partners and Collett Industrial have broken ground on Stateline 85, a new, 933,120-square-foot industrial development in Blacksburg. Located near the state border between North and South Carolina, the three-building project will be developed in two phases. The first phase, which is scheduled for completion in summer 2025, will comprise two buildings. Buildings 1 and 2 will span 198,720 and 224,640 square feet, respectively. Building 1 will feature 32-foot clear heights with 171 car parking spaces and 50 trailer parking spaces, and Building 2 will offer 36-foot clear heights with 175 car spaces and 63 trailer spaces. The second phase will include up to 500,000 square feet of leasable space. Drew Coholan, Matt Treble and Fermin Deoca of Cushman & Wakefield will oversee leasing at the development on behalf of the joint venture.
GREENVILLE, S.C. — Furman University has completed the development of Lakeview Hall, a new student housing community at the South Housing area of the university’s campus in Greenville. Amenities at the property, which totals 210 beds, include study spaces, common areas, a laundry facility, full kitchen and offices for the Center for Interpersonal Connections (CIC). McMillan Pazdan Smith and Mackey Mitchell Architects served as architects for the development, with Harper General Contractors acting as the general contractor. Engineers included RMF Engineering, Professional Engineering Associates and ADC Engineering. The new residence hall marks the first phase of a multi-phase project that will also include renovations to older residential buildings within the South Housing portion of the campus. Upon completion, South Housing will total 718 beds for first-year students.
CHICAGO — Core Spaces has completed six student housing communities totaling 4,549 beds across the United States. All six communities have opened to residents ahead of the 2024-2025 school year. The communities are all located near the campuses of major universities, including UC Berkeley, University of Cincinnati, Penn State, University of Wisconsin-Madison and Clemson University. The six new properties include: The communities feature a variety of high-end, student-focused amenities. For example, ōLiv Madison boasts a spa, sauna, fitness center, coworking spaces, private study rooms and a sprawling rooftop sundeck with pool and hot tub. Each property offers a diverse mix of floor plans and unit types to appeal to a range of resident needs and price points. “After years of work to bring a project to life, welcoming new residents home is one of the best parts of what we do,” said Marc Lifshin, CEO of Core Spaces. Core Spaces is a residential developer, owner and operator headquartered in Chicago. The company currently owns or manages more than 38,600 beds. The developer currently has a pipeline of approximately 43,000 beds. The pipeline includes an 800-bed project in Knoxville, Tennessee; three developments in Madison totaling 4,000 beds; a 665-unit, 2,195-bed project in …
Marcus & Millichap Negotiates $7.6M Sale of Two Apartment Communities in North Charleston
by John Nelson
NORTH CHARLESTON, S.C. — Marcus & Millichap has negotiated the $7.6 million sale of two apartment communities in North Charleston. The properties include The Edge on Noisette Creek at 1005 Buist Ave. (32 units) and South Circle at 1079 Bexley St. (14 units). Both properties were built in the 1970s. Ryan Lipomi, William Graves and Nate McDaniel of Marcus & Millichap’s Charleston office marketed the properties on behalf of the seller and procured the buyer, both of which requested anonymity. Bobby Werhane of Institutional Property Advisors’ Charlotte office arranged an undisclosed amount of acquisition financing for the buyer.
CBRE Arranges Two Loans Totaling $66M for Refinancing of Metro Charlotte Industrial Properties
by John Nelson
CHARLOTTE, N.C. — CBRE has arranged two loans total $66 million for the refinancing of two separate industrial portfolios in the Charlotte metropolitan area. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta represented the borrower, CIP Real Estate, in both deals. The loans include a $35 million loan through HIMCO for the refinancing of International Corporate Center, a six-building industrial project located in Concord, N.C., as well as the construction of two industrial buildings at the site totaling 147,467 square feet. The other deal was a $31 million loan secured through an unnamed national bank for the acquisition of a seven-building, 334,989-square-foot industrial portfolio that was 99 percent leased at the time of funding. The assets in the portfolio include 77 Overlook, a three-building, 216,977-square-foot development in Charlotte; Lakefield Corporate Center, a three-building, 74,920-square-foot development in Mooresville, N.C.; and Southcross Corporate Center, a 43,092-square-foot warehouse in Rock Hill, S.C.
Anchor Retailers Including Old Navy, Ulta Beauty Open at Beaufort Station in Coastal South Carolina
by John Nelson
BEAUFORT, S.C. — Old Navy, Ulta Beauty, Ross Dress for Less and PetSmart have recently opened their doors at Beaufort Station, a new power shopping center underway in Beaufort, a city in coastal South Carolina. The Morgan Cos., through its affiliate firm Beaufort Station Partners, developed the property and will continue to oversee its management. Reynolds Robinson of Principal Partners is responsible for leasing at the center. Other recent openings include Mattress Firm, Hobby Lobby, T.J. Maxx, HomeGoods, Rack Room Shoes and Five Below. America’s Best Eyeglasses, Chicken Salad Chick, Panda Express, Surcheros Fresh Mex and Fifth Third Bank plan to open at Beaufort Station in the coming weeks. Additionally, Parkers Kitchen is also under construction and a new ALDI grocery store will start construction this fall.