INDIAN LAND, S.C. — Chattanooga-based Hutton has completed Promenade at Carolina Reserve, a regional shopping center located at the corner of U.S. 521 and Jim Wilson Road in Indian Land, a suburb of Charlotte in South Carolina. The $60 million property spans 258,000 square feet of retail space. Promenade at Carolina Reserve’s tenant roster includes Burlington, Hobby Lobby, Ross Dress for Less, T.J. Maxx, HomeGoods, UltaBeauty, Five Below, Rack Room Shoes, Dollar Tree, Kirkland’s, Hibbett Sports, Petco, Express Oil Change, Starbucks Coffee, Panera Bread, Chili’s Bar & Grill, Verizon Wireless, Jimmy John’s Gourmet Sandwiches, Le Peep, Habit Burger Grill and Heartland Dental. Additionally, an Aldi grocery store is scheduled to open in 2020, and the center has additional outparcels available for ground lease or built-to-suit. The development team, which is led by Hutton’s Brad Combs and includes general contractor Berry Hutton Construction, is hosting a public grand opening ceremony and ribbon-cutting event on Tuesday, Oct. 16.
MAULDIN, S.C. — Sunshine Retirement Living has broken ground on Maple Brook Terrace Retirement Community, a 133-unit seniors housing community in Mauldin, a suburb of Greenville in Upstate South Carolina. The three-story community will feature 150,000 square feet of living and communal space nearby to local shopping and entertainment centers. The project is scheduled for completion in late 2019. Based in Bend, Ore., Sunshine Retirement Living manages 21 retirement communities in 10 states, offering senior apartments, independent living, assisted living and memory care.
SUMMERVILLE, S.C. — SunTrust Commercial Real Estate (CRE) has provided $39 million in construction financing for the development of South City Summerville, a 360-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Mark Hancock of SunTrust CRE originated the financing on behalf of the project developer, a joint venture between Watkins Real Estate Group and Retail Planning Corp. South City Summerville will be situated on 39 acres and will include a mix of one-, two- and three-bedroom floor plans. The joint venture expects to wrap up construction on the project in June 2020.
NORTH CHARLESTON, S.C. — Norvell Real Estate Group LLC has arranged the $16.9 million sale of Ashley Center, a 70,000-square-foot office building located at 4401 Belle Oaks Drive in North Charleston. Frank Norvell of Norvell Real Estate arranged the transaction on behalf of the seller, RCF Ashley Center LLC. Norvell also renewed leases with Ingevity South Carolina LLC, which occupies 20,758 square feet, and Aerotek Inc., which occupies 8,834 square feet. Chris Fraser of Avison Young represented the buyer.
MT. PLEASANT, S.C. — Holder Properties is underway on Portside, a 120,000-square-foot office building located within Ferry Wharf, a master-planned development in Mt. Pleasant that includes office, retail, hospitality and residential projects. The development is located at the foot of the Arthur Ravenel Jr. Bridge along the Charleston Harbor. Holder Properties broke ground on Portside in March. The five-story building is approximately 45 percent preleased, including a recently executed lease with Serendipity Labs Coworking. Portside will share a parking deck with a new hotel under construction at Ferry Wharf. The office building will be available for occupancy in spring 2019. McMilan Pazdan Smith Architecture is designing the building, and Freese Johnson is the general contractor.
CHARLESTON, S.C. — Serendipity Labs Coworking will open two office coworking locations in Charleston totaling 63,200 square feet. A 30,200-square-foot, corporate-owned location will anchor Holder Properties’ Portside-Ferry Wharf Development at the base of the Mount Pleasant Ravenel Bridge. The second, a 33,000-square-foot franchised location owned by hotel industry veteran Trey Scott, will be part of the Garco Mill mixed-use redevelopment project in North Charleston at 4854 O’Hear St. WECCO Development is developing the project. Both Serendipity Labs locations will feature a Lab Café, event space, wellness rooms, private rooms, studios with full A/V capabilities and complimentary tech support. In addition, the locations will feature art shows from local artists and member-only events. Lee Allen and Michael Berman of JLL represented Serendipity Labs in the lease transactions.
COLUMBIA, S.C. — Dominion Realty Partners (DRP), in partnership with Blue Vista Capital Management, has acquired Synergy Business Park, a 315,919-square-foot office park in Columbia, for $24.3 million. The new ownership plans to make significant investments in building renovations and capital improvement projects. The four-building property was 78 percent leased at the time of sale. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller.
GREENVILLE, S.C. — Hunt Real Estate Capital has provided a $17 million loan for the acquisition and rehabilitation of Azalea Hill, a 160-unit apartment community in Greenville. The borrower, Willow Creek Partners, plans to use proceeds of the loan to renovate the property and stabilize operations. Constructed in 1998, Azalea Hill includes a mix of studio, one- and two-bedroom units and features a fitness center, dog park, resident clubhouse, swimming pool, coffee bar and concierge dry cleaning and package service.
GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.
CHARLESTON, S.C. — Monmouth Real Estate Investment Corp. has acquired a 265,318-square-foot industrial building located at 6850 Weber Blvd. N. in Charleston for $47.2 million. The name of the seller was not disclosed, but the Post & Courier reports an affiliate of SunCap Property Group completed construction on the warehouse building earlier this year. The property is net-leased for 15 years to FedEx Ground Packaging System Inc. The building is located roughly 18 miles northwest of the Port of Charleston, and less than 10 miles from Charleston International Airport. The transaction marks Monmouth’s fourth acquisition in the Charleston market.