South Carolina

Holder Properties Sells Four-Building Office Portfolio in Charleston Area

by Camren Skelton November 22, 2017

CHARLESTON, S.C. — Holder Properties has sold a four-building office portfolio totaling 252,000 square feet in the Charleston area. A joint venture between Charleston-based Cobalt Property Group and New York-based Garrison Investments acquired the assets for an undisclosed price. The portfolio includes: 174 Meeting in downtown Charleston; Faber Pointe and 3800 Paramount Drive in North Charleston; and 1 Central Island Plaza in Daniel Island, located roughly 14 miles north of Charleston. The buildings were fully leased at the time of sale to a mix of local, regional and national tenants. Holder Properties will continue to manage the buildings on behalf of the new ownership.

November 22, 2017

Loans Restaurant Retail South Carolina Southeast

Eyzenberg Arranges $22.6M Construction Loan for Retail Complex in Myrtle Beach

by Camren Skelton November 20, 2017

MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $22.6 million construction loan for the development of a 42,000-square-foot retail project located at 1410 N. Ocean Blvd. in Myrtle Beach. The three-story, oceanfront complex will include a live entertainment venue, restaurants and retail space. David Eyzenberg and Ao Sun of Eyzenberg & Co. arranged the non-recourse financing at 60 percent loan-to-cost through Gamma Real Estate. Tin Roof, a restaurant/entertainment operator, will occupy the third floor of the building with a 10,000-square-foot flagship location. The rooftop will include a covered, air-conditioned restaurant space, as well as an open-air terrace. Signed tenants on the ground floor include BurgerFi and General Store. Florida-based restaurant Papa’s Raw Bar is slated to take space on the first and second floors. The development is scheduled to open in April 2018.

November 20, 2017

Multifamily North Carolina South Carolina Southeast

NAI Earle Furman Brokers $60M Sale of Two Multifamily Properties in Carolinas

by Camren Skelton November 17, 2017

SUMTER, S.C. AND JACKSONVILLE, N.C. — NAI Earle Furman has arranged the $60 million sale of two multifamily properties in the Carolinas: Piedmont Plantation in Sumter and Plantation at Jacksonville in Jacksonville. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman arranged the transactions on behalf of the seller, Greensboro, N.C.-based Berkley Hall Construction. Gastonia, N.C.-based Triangle Real Estate acquired both properties in separate transactions. Constructed in 2007, Piedmont Plantation includes 252 one-, two- and three-bedroom units. The Plantation at Jacksonville was constructed in 2014 and includes 360 one-, two- and three-bedroom units. Both properties feature a pool, fitness center, dog park, playground and a car care center. In addition, both properties were fully occupied at the time of sale.

November 17, 2017

Industrial South Carolina Southeast

LRC Properties Acquires 1.1 MSF Industrial Asset in North Charleston for $42M

by Camren Skelton November 17, 2017

NORTH CHARLESTON, S.C. — LRC Properties has acquired Leeds Park, a 1.1 million-square-foot industrial complex located at 4500 Leeds Ave. in North Charleston, for $42 million. Dexter Rumsey, Shep Benjamin and Andie Edmonds of NAI Charleston arranged the transaction on behalf of LRC Properties. Amherst Capital Management provided debt financing for the acquisition and future renovations. The seller was not disclosed. Leeds Park is located on 72 acres off Interstate 526, near the Port of Charleston, Charleston International Airport and Boeing’s manufacturing facility. The center offers office, manufacturing and flex space and features a water treatment plant, air compressors, large electrical capacity, conditioned space and more than 1,200 parking spaces. At the time of sale, the property was 75 percent leased to tenants including MAHLE, American Axle & Manufacturing, Cumming, the Charleston Chamber of Commerce and Limestone College. LRC plans to invest approximately $15 million in infrastructure and aesthetic improvements, including a new façade on part of the building, added amenities and a new entrance, signage and landscaping. In addition, LRC will renovate roughly 40,000 to 50,000 square feet of office space to Class A standards and another 150,000 square feet of industrial space to create needed flex/industrial space. Interior …

November 17, 2017

Hospitality South Carolina Southeast

Chatham Lodging Trust Purchases Hotel in Metro Charleston for $20.2M

by Camren Skelton November 17, 2017

SUMMERVILLE, S.C. — Chatham Lodging Trust has acquired the 96-room Courtyard by Marriott Charleston Summerville for $20.2 million. The hotel, constructed in 2014, is located within Nexton, a mixed-use community under construction in Summerville, roughly 24 miles northwest of Charleston. Over the next decade, Nexton is projected to include approximately 10,000 homes, 8 million square feet of commercial space and a medical campus. Volvo’s new 2.3 million-square-foot facility will also be located near the development. In addition to the Marriott Charleston Summerville, Chatham Lodging Trust is under contract to acquire an adjacent hotel, the 96-room Residence Inn by Marriott, upon opening in the second quarter of 2018.

November 17, 2017

Retail South Carolina Southeast

Ziff Properties Sells Grocery-Anchored Center in Aiken, South Carolina for $7.1M

by Camren Skelton November 10, 2017

AIKEN, S.C. — Ziff Properties Inc. has sold Kalmia Plaza Shopping Center, a 215,262-square-foot retail center in Aiken, for $7.1 million. The Palomar Group represented Ziff Properties in the transaction. A Florida-based private buyer acquired the asset. Food Lion anchors the center, which was 76.6 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet, Hibbett Sports, Rose’s Discount Store, Workout Anytime, Citi Trends, Metro PCS, Check N Go, Little Caesars and Waffle House.

November 10, 2017

Multifamily South Carolina Southeast

Berkadia Arranges $11.4M Sale of Apartment Asset Near Charleston

by Camren Skelton November 6, 2017

HANAHAN, S.C. — Berkadia has arranged the $11.4 million sale of Lakewood Lodge, a 130-unit multifamily property in Hanahan, located roughly 15 miles northwest of Charleston. Mark Boyce and Blake Coffey of Berkadia arranged the transaction on behalf of the seller, South Carolina-based Arim Lakewood LLC. New Jersey-based Eskay Management LLC acquired the asset. Constructed in 1975, Lakewood Lodge offers one- and two-bedroom floor plans. Community amenities include a clubhouse, pool, recreational room, playground, laundry room, courtyard and a business center.

November 6, 2017

Industrial South Carolina Southeast

Monmouth Acquires Industrial Building in North Charleston for $21.9M

by Camren Skelton November 3, 2017

NORTH CHARLESTON, S.C. — Monmouth Real Estate Investment Corp., a New Jersey-based industrial REIT, has acquired a 121,683-square-foot industrial property located at 1892 Anfield Road in North Charleston for $21.9 million. The newly constructed building is net-leased to FedEx Corp. for 15 years. The property is situated on 16.2 acres and is located roughly two miles from the Charleston International Airport and 10 miles from the Port of Charleston. The name of the seller was not disclosed.

November 3, 2017

Multifamily South Carolina Southeast

White Point Breaks Ground on Multifamily Community in Downtown Charleston

by Camren Skelton November 1, 2017

CHARLESTON, S.C. — White Point Partners has broken ground on Huger Street, a 190-unit multifamily development located between King and Meeting streets in downtown Charleston. White Point’s capital advisor, Patterson Real Estate Advisory Group, arranged a construction loan through Worthington Hyde Partners on top of a senior construction loan from Synovus Bank for the development. Huger Street will feature an elevated fitness center, sky deck pool and a café. Construction on the property is expected to take 24 months, with lease-up commencing at the end of 2018.

November 1, 2017

Loans Multifamily South Carolina Southeast

Hunt Mortgage Provides $22.3M Loan for Multifamily Portfolio in Columbia, South Carolina

by Camren Skelton October 30, 2017

COLUMBIA, S.C. — Hunt Mortgage Group has provided $22.3 million in financing for the acquisition of a three-property multifamily portfolio in Columbia. Aline Capital LLC arranged the financing utilizing the Fannie Mae Green Rewards Program. In addition to purchasing the portfolio, the undisclosed borrower will use the funds to invest in energy efficient renovations and improve the apartment unit interiors. The portfolio totals 625 units and includes Park Place Apartments, Copperfield Apartments and Hunter’s Ridge Apartments.

October 30, 2017

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