South Carolina

Berkadia Arranges Sales of Two Multifamily Assets in Carolinas for $47.7M

by Camren Skelton August 9, 2018

BELMONT, N.C. AND NORTH CHARLESTON, S.C. — Berkadia has arranged the sales of two multifamily communities located in Belmont and North Charleston. In Belmont, roughly 14 miles west of Charlotte, Berkadia arranged the $16.7 million sale of Abbey Court, a 176-unit community. Texas-based Napali Capital LLC acquired the asset from Raleigh-based American Residential Investment Management. The community includes one- and two-bedroom units and features a pool, playground, grilling and picnic area and a laundry facility. In North Charleston, Berkadia arranged the $31 million sale of Legends at Charleston Park, a 232-unit community that includes a mix of one- to three-bedroom units. Memphis, Tenn.-based Fogelman Properties acquired the asset from Macon, Ga.-based United Residential Properties. The community features a playground, barbecue station, clubhouse, fitness center, pool and garages. Mark Boyce and Blake Coffey of Berkadia represented the sellers in both transactions.

August 9, 2018

Industrial Leasing Activity South Carolina Southeast

McCraney Signs 507,512 SF Lease with Third-Party Logistics Provider in Metro Charlotte

by Camren Skelton August 8, 2018

ROCK HILL, S.C. — McCraney Property Co. has signed a 507,512-square-foot lease with NFI at Logistics 77 @ Riverwalk in Rock Hill, roughly 27 miles south of Charlotte in South Carolina. NFI, a supply chain solutions provider and one of the primary third-party logistics providers to Amazon, will be the sole tenant at the facility. Warren Snowdon and David Hanna of Foundry Commercial arranged the lease on behalf of McCraney, which developed the building. Logistics 77 @ Riverwalk is located within Riverwalk Business Park, a 1,000-acre mixed-use project that includes housing, retail, office and industrial properties.

August 8, 2018

Development Multifamily South Carolina Southeast

Beach Co. Breaks Ground on Mixed-Use Building in Charleston’s Historic District

by Camren Skelton August 7, 2018

CHARLESTON, S.C. — The Beach Co. has broken ground on The Jasper, a 12-story mixed-use building located at 310 Broad St. in Charleston’s Harleston Village neighborhood. The property, situated at the western gateway to Charleston’s historic district, will feature views of the Ashley River and offer 75,000 square feet of office space, 219 multifamily units and 25,000 square feet of ground-floor retail and restaurant space. The residential portion of the project will feature a rooftop pool and garden, resident clubhouse and lounge and enclosed parking. Chicago-based Antunovich Associates is designing the community in partnership with LS3P Architects and Charleston-based DesignWorks. The Beach Co. expects to wrap up construction on The Jasper in 2020.

August 7, 2018

Acquisitions Multifamily South Carolina Southeast

RADCO Acquires Two-Property Multifamily Portfolio in Charleston for $30M

by Camren Skelton August 6, 2018

CHARLESTON, S.C. — The RADCO Cos. has acquired a two-property multifamily portfolio in Charleston for $30 million. Dubbed the West Ashley Portfolio, the Class B communities total 300 units. The properties have been renamed Ashford Riverview and Ashford Palmetto Square. The Atlanta-based firm plans to invest more than $5 million to update the buildings, which were constructed in the late 1960s. The communities are located less than a mile apart and include a mix of one- to three-bedroom floor plans. Community amenities across the portfolio include swimming pools, a community garden, dog parks, fitness centers, business centers, laundry facilities, barbecue and picnic areas and fire pits. RADCO Residential, the company’s management platform, will manage the communities. RADCO financed the acquisition using its private capital platform, as well as debt funded by SunTrust Bank. The name of the seller was not disclosed.

August 6, 2018

Acquisitions California Company News Florida Healthcare South Carolina Southeast Top Stories Western

HCP Forms $605M Medical Office Joint Venture With Morgan Stanley

by Camren Skelton August 2, 2018

IRVINE, CALIF. — Irvine-based real estate investment trust HCP (NYSE: HCP) has entered into a definitive agreement to form a new $605 million joint venture with Morgan Stanley Real Estate Investment (MSREI) on a 2 million-square-foot medical office building portfolio. MSREI will provide cash to the joint venture for a 49 percent stake, while HCP will contribute nine wholly owned medical office buildings valued at approximately $320 million. These assets, located primarily in Texas and Florida, comprise 1.2 million square feet of leasable space and are 80 percent occupied. The joint venture will use the cash contributed by MSREI to fund the $285 million acquisition of a medical office portfolio in Greenville, S.C. Healthcare Trust of America Inc. (NYSE: HTA) has agreed to sell the Greenville portfolio, which includes 16 medical office buildings totaling approximately 856,000 square feet. HTA originally acquired the portfolio in 2009 for $163 million as part of a sale-leaseback transaction. HCP and MSREI will immediately market for sale three of the smaller assets within the Greenville portfolio, leaving the venture with a combined 832,000 square feet of leasable space. Greenville Health System, the largest health system in South Carolina, occupies 94 percent of the portfolio’s square …

August 2, 2018

Acquisitions Retail South Carolina Southeast

Colliers Brokers $16.3M Sale of Open-Air Shopping Center in Columbia

by Camren Skelton July 27, 2018

COLUMBIA, S.C. — Colliers International has brokered the $16.3 million sale of Village at Town Center I, a 288,000-square-foot, open-air shopping center in Columbia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, a CMBS special servicer. Sandhill Center LLC, a South Florida-based private ownership group, acquired the asset. JC Penney and Books-A-Million anchor Village at Town Center, which was 84 percent leased at the time of sale. Additional tenants include Victoria’s Secret, Ann Taylor, Loft, Jos. A Bank, Panera Bread, Blaze Pizza, Moe’s Southwest Grill and Wild Wing Café. The property is the primary component of Village at Sandhill, a 300-acre mixed-use project located at the intersection of Clemson and Two Notch roads.

July 27, 2018

Acquisitions Industrial North Carolina South Carolina Southeast

HFF Brokers $70.5M Sale of Industrial Portfolio in Metro Charlotte

by Camren Skelton July 24, 2018

CHARLOTTE, N.C. AND FORT MILL, S.C. — HFF has brokered the $70.5 million sale of a two-building industrial portfolio in the greater Charlotte area. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, The Keith Corp., which also developed the buildings. The name of the buyer was not disclosed. The portfolio includes a 599,018-square-foot building at 3725 Westinghouse Blvd. in Charlotte and a 165,382-square-foot building at 2901 Lakemont Blvd. in Fort Mill, roughly 18 miles south of Charlotte in South Carolina. The Keith Corp. completed construction on the Westinghouse Boulevard building in the second quarter. The cross-dock facility is triple-net-leased to Staples for its e-commerce operations, and features 36-foot clear heights and 15,600 square feet of office space. Completed in 2015, the building on Lakemont Boulevard is triple-net-leased to Broad River Retail, Ashley HomeStore’s largest independent licensee. The building, which serves as the corporate headquarters for the company, features 32-foot clear heights and two stories of office space totaling 23,083 square feet.

July 24, 2018

Acquisitions Lee & Associates Office South Carolina Southeast

Lee & Associates Arranges $69M Sale of Business Park in North Charleston

by Camren Skelton July 24, 2018

NORTH CHARLESTON, S.C. — Lee & Associates has brokered the $69 million sale of Aviation Business Park, a 342,042-square-foot business park located along Interstate 29 in North Charleston. The property includes seven buildings and is situated on 29 acres. Bob Nuttall and Reid Davis of Lee & Associates arranged the transaction on behalf of the buyer, Greenville Corporate LLC. The seller, Rushmark Properties, was represented internally. Aviation Business Park was developed in 2001 and is home to tenants including DHL, HITT Contracting, Samet Corp., Secure Missions, Centurum and Nolan Transportation.

July 24, 2018

Development Mixed-Use Office South Carolina Southeast

Gateway Development Breaks Ground on Third Building at $300M WestEdge Project in Charleston

by Camren Skelton July 23, 2018

CHARLESTON, S.C. — Atlanta-based Gateway Development has broken ground on 22 WestEdge, a 156,000-square-foot office building located within the $300 million WestEdge mixed-use district in Charleston. The 3 million-square-foot development is situated along the Ashley River, between The Medical University of South Carolina (MUSC) and The Citadel. 22 WestEdge is the third building within the project. At 125 feet, the eight-story building will be the tallest multi-tenant office building on the peninsula and in Charleston’s metropolitan area when it opens in November 2019. The building is 48 percent preleased to MUSC, The South Carolina Research Authority, The City of Charleston, WestEdge Foundation Inc. and Heritage Trust Credit Union. In addition to office space, 22 WestEdge will include 15,000 square feet of street-front retail space. The building will feature restaurants, fitness facilities, conference and event facilities and a rooftop terrace overlooking the Ashley River. Recently completed projects at WestEdge include The Caroline, a 237-unit apartment complex with 20,000 square feet of ground-floor retail. Gateway has also topped out construction on 10 WestEdge, a 350-unit apartment community that will house a Publix, Woodhouse Spa and additional retail and restaurant space. Trident Construction is the general contractor for the project, Perkins + Will …

July 23, 2018

Loans Office South Carolina Southeast

HFF Secures $18.2M Loan for Refinancing of Office Portfolio in Columbia

by Camren Skelton July 20, 2018

COLUMBIA, S.C. — HFF has secured an $18.2 million loan for the refinancing of Fontaine Business Park, a four-building office portfolio totaling 253,038 square feet in Columbia. Jamie Leachman, Cory Fowler and Drake Greer of HFF arranged the five-year, floating-rate loan through Bridge Investment Group on behalf of the borrower, Diversified Real Estate Ventures. Fontaine Business Park has historically been around 90 percent leased due to demand from state and local government tenants.

July 20, 2018

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