South Carolina

Federal Capital Partners Acquires Apartment Community Near Charleston for $16.4M

by Camren Skelton October 26, 2017

SUMMERVILLE, S.C. — Federal Capital Partners (FCP) has acquired The Gates at Summerville, a 232-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Elliot Calhoun and Andrew Braden of NAI Charleston arranged the transaction on behalf of FCP. Andrew Batkins of Avison Young represented the seller, Somerset South Carolina LLC. The Gates at Summerville includes one- to three-bedroom apartment units and features a fitness center, tennis court, playground, swimming pool and an outdoor grilling area.

October 26, 2017

Retail South Carolina Southeast

HFF Secures $10.1M Sale of Future Retail Center Site Near Charlotte

by Camren Skelton October 26, 2017

INDIAN LAND, S.C. — HFF has arranged the $10.1 million sale of a retail development site in Indian Land, located 20 miles south of Charlotte, N.C. The 58.5-acre site will be the future home of The Promenade at Carolina Reserve, an open-air retail center. Travis Anderson, Richard Reid, Thomas Kolarczyk and Cory Fowler of HFF represented the seller, Lennar Corp. The Hutton Co. purchased the asset. The Promenade at Carolina Reserve will be home to Burlington, Ulta Beauty, Hobby Lobby, Petco, T.J. Maxx and Rack Room Shoes. The center will also include outparcels for future development.

October 26, 2017

Multifamily South Carolina Southeast

SYNCO Properties Acquires Historic Apartment Building in Downtown Columbia, South Carolina

by Camren Skelton October 23, 2017

COLUMBIA, S.C. — SYNCO Properties has acquired the Tapp’s Building, a six-story apartment building located at 1644 Main St. in downtown Columbia. Capitol Places sold the asset, which is on the National Register of Historic Places, for an undisclosed price. Originally constructed in 1938, the Tapp’s Building was converted from a department store into 42 apartment units ranging in size from 760 to 2,205 square feet. The two lower levels of the building include 23,500 square feet of commercial space, and house the Tapp’s Arts Center. CBRE arranged a Fannie Mae loan to finance the acquisition. The new owners will invest more than $1.5 million in improvements to the property, including new elevators, exterior waterproofing, new common corridor finishes, creation of a rooftop amenity area and upgrades to all 42 unit interiors. SYNCO will continue to lease and manage the property.

October 23, 2017

Industrial South Carolina Southeast

SunCap Sells 230,000 SF Industrial Building in Upstate South Carolina for $18.5M

by Camren Skelton October 13, 2017

MOORE, S.C. — SunCap Property Group has sold Magna Distribution Center, a 229,950-square-foot warehouse and distribution facility in Moore, roughly 30 miles east of Greenville. A private investor purchased the asset from SunCap for $18.5 million. Chris Norvell and Patrick Nally of HFF represented SunCap in the transaction. Constructed this year, Magna Distribution Center is a build-to-suit for Magna Seating of America Inc., an automotive seating manufacturer. The building has an expansion capacity of 50,000 square feet and features 214,500 square feet of production space, 15,500 square feet of office space, LED lighting, 50- by 50-foot column spacing, 32-foot clear heights, 30 dock-high doors, 13 knock-out panels, 20 trailer stalls and 250 parking spaces. Situated within the 882-acre Tyger River Industrial Park North, Magna Distribution Center is in the Route 290 Industrial submarket, roughly 10 miles from the BMW manufacturing plant in Greer.

October 13, 2017

Retail South Carolina Southeast

Getty Realty Acquires Convenience Store Portfolio in South Carolina for $68.3M

by Camren Skelton October 5, 2017

JERICHO, N.Y. — Getty Realty Corp. has acquired interests in 38 fee simple convenience store properties in metro Columbia, S.C., for $68.3 million. In July, the company entered into a sale-leaseback transaction with a U.S. subsidiary of Ireland-based Applegreen PLC. Under the revised terms of the transaction, Getty Realty acquired interests in the properties and simultaneously leased them under a unitary lease to Applegreen. The portfolio includes 33 convenience store and gasoline stations, many of which contain food offerings such as Burger King, Subway and Blimpie, and five standalone Burger King restaurants. The 15-year lease features four five-year renewal options, with rent scheduled to increase annually during the initial and renewal terms.

October 5, 2017

Office South Carolina Southeast

CBRE Arranges Sale of 460,020 SF Office Tower in Columbia, South Carolina

by Camren Skelton October 5, 2017

COLUMBIA, S.C. — CBRE has arranged the sale of Capitol Center, a 460,020-square-foot office building in Columbia. The 25-story tower is the tallest building in South Carolina, and was 87 percent leased at the time of sale to tenants including Haynsworth Sinkler Boyd, BB&T, Alliance Consulting Engineers, Gallivan White & Boyd and the South Carolina Department of Commerce. In addition, Capitol Center is home to Capital City Club, the building’s private dining club. Justin Parsonnet, Will Yowell, Ryan Reethof, Patrick Gildea, Martin Moore and Aaron Dupree of CBRE represented the seller, a joint venture between M&J Wilkow and Intercontinental Real Estate Corp., in the transaction. Hamilton Equity Partners, which acquired the building for an undisclosed price, will update the building’s main lobbies, conference facilities, elevators and common areas. Hamilton Equity has retained CBRE as the exclusive leasing agent for Capitol Center.

October 5, 2017

Industrial South Carolina Southeast

Health Tech Firm Breaks Ground on 272,000 SF Manufacturing Center Near Charleston

by Camren Skelton October 2, 2017

SUMMERVILLE, S.C. — Thorne Research Inc. has broken ground on a new 272,000-square-foot manufacturing facility in Summerville, located 25 miles northwest of Charleston. The health and wellness technology company manufactures proprietary nutritional supplement products distributed through professional medical, athletic and consumer channels. The new facility will bring 330 jobs to the Summerville area and serve as Thorne Research’s corporate headquarters. Located on 26 acres within the Omni Industrial Campus, the facility is expected to be fully operational by mid-2018.

October 2, 2017

Multifamily South Carolina Southeast

TWO Capital Breaks Ground on 312-Unit Multifamily Asset in Metro Charlotte

by Camren Skelton September 29, 2017

INDIAN LAND, S.C. — TWO Capital Partners has broken ground on Capital Club at Indian Land, a 312-unit apartment community in Indian Land, approximately 20 miles south of Charlotte. TWO Capital’s financial partner, Patterson Real Estate Advisory Group, arranged a preferred equity investment from RSE Capital Partners, as well as a construction loan from Texas Capital Bank NA and HomeTrust Bank. Capital Club at Indian Land is located at the intersection of Highway 521 and Fort Mill Highway. Community amenities will include an outdoor amphitheater, saltwater pools with cabanas, outdoor kitchens, virtual golf room, dog park, fitness center and shared workspaces. The project, which marks TWO’s second multifamily development in the Charlotte area, is slated for completion at the end of 2018.

September 29, 2017

Mixed-Use Retail South Carolina Southeast

Stiles Signs Publix to Anchor New Mixed-Use Project in Charleston

by Camren Skelton September 27, 2017

CHARLESTON, S.C. — Fort Lauderdale, Fla.-based Stiles has signed Publix to anchor Point Hope Commons, a 90,000-square-foot shopping center located within Cainhoy Plantation, a mixed-use community under development in Charleston. Point Hope Commons will be designed with a low country architectural theme and feature spaces for gathering and dining, with direct frontage along Clements Ferry Road. Stiles’ development team based in the company’s Charlotte office is managing the Point Hope Commons portion of the project, and Eric Meyer and Fritz Meyer of Meyer Kapp & Associates are providing property leasing representation. DI Development Co. is managing Cainhoy Plantation, which is being developed by combination of Guggenheim corporate and family interests. Upon completion, Cainhoy Plantation will include up to 9,000 single-family residences, a 264-unit apartment community and over 500 acres of retail, restaurant and office space.

September 27, 2017

Retail South Carolina Southeast

PAC Acquires Harris Teeter-Anchored Center in Metro Charlotte for $14.3M

by Camren Skelton September 26, 2017

FORT MILL, S.C. — Preferred Apartment Communities (PAC) has purchased West Town Market, a 67,883-square-foot shopping center in Fort Mill, a South Carolina suburb of Charlotte, for $14.3 million. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. Thomas Kolarczyk, Richard Reid, Ted Hill and Mike Allison of HFF represented the seller, Retail Properties of America Inc. Ed Coco and Matt Casey of HFF secured an eight-year, $9 million loan with a 3.65 percent interest rate through Nationwide Life Insurance Co. on behalf of New Market Properties. A 48,220-square-foot Harris Teeter grocery store anchors West Town Market, which is located in the Highway 160 corridor. The retail center is also home to Pizza Hut, Great Clips and The UPS Store. The acquisition of West Town Market increases New Market’s retail portfolio to 37 grocery-anchored shopping centers across seven states.

September 26, 2017

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