South Carolina

Hilton Grand Vacations, Strand Capital to Develop New Hotel in Downtown Charleston

by Camren Skelton April 19, 2018

CHARLESTON, S.C. — Hilton Grand Vacations Inc. (HGV), in a joint venture with Strand Capital Group LLC, has unveiled plans to build a new hotel in downtown Charleston. The hotel will be located at 475 E. Bay St., within walking distance of The Battery and the South Carolina Aquarium, as well as the city’s dining, shopping and entertainment options. The hotel, dubbed Liberty Place Charleston by Hilton Club, will be HGV’s first property in the historic city. HGV will invest $10 million in the hotel, which will include 100 rooms and feature a fitness center, lobby bar and owners’ lounge. HGV and Strand plan to start construction on the hotel in the fourth quarter, with an estimated completion in the second quarter of 2020. In addition to an ownership stake in the project, HGV will market, sell and manage the property under a fee-for-service agreement with the HGV/Strand joint venture.

April 19, 2018

Leasing Activity Retail South Carolina Southeast

Five Below, HomeGoods to Open at PREIT’s Repositioned Magnolia Mall in Florence, South Carolina

by Camren Skelton April 9, 2018

FLORENCE, S.C. — An 8,500-square-foot Five Below and a 20,000-square-foot HomeGoods will join the tenant mix at PREIT’s Magnolia Mall in Florence. The first-to-region retailers join Burlington, which opened in 2017, backfilling the space formerly occupied by Sears. In addition to these openings, H&M will open later this year, Chick-fil-A is expanding its location to include indoor seating and Texas Roadhouse will lease an outparcel location at the mall. PREIT has also renewed a 10-year lease with Belk, which will undergo a store remodel. Philadelphia-based real estate investment trust PREIT owns and operates more than 22.5 million square feet of retail space located primarily in the eastern United States.

April 9, 2018

Development Industrial South Carolina Southeast

Silverman Group to Break Ground on $65M Industrial Campus Near Charleston

by Camren Skelton April 5, 2018

SUMMERVILLE, S.C. — New Jersey-based The Silverman Group will break ground next week on Foreign Trade Zone, a $65 million industrial project located on 400 acres in Summerville, roughly 25 miles from the Port of Charleston. The first building at the development will total 562,544 square feet and will feature 36-foot clear heights, ample dock doors and trailer storage. The park will also include 520,000 square feet of proposed build-to-suit land. The project is slated for completion in the fourth quarter.

April 5, 2018

Acquisitions Multifamily Property Type South Carolina Southeast

Cushman & Wakefield Brokers $17.4M Sale of Apartment Community in Metro Charlotte

by Camren Skelton March 29, 2018

ROCK HILL, S.C. — Cushman & Wakefield has brokered the $17.4 million sale of Cushendall Commons, a 168-unit multifamily community located in Rock Hill, a South Carolina suburb of Charlotte. Watson Bryant, Paul Marley and Jordan McCarley of Cushman & Wakefield arranged the transaction on behalf of the seller, Hamilton Point Investments LLC. Triangle Real Estate of Gastonia Inc. acquired the asset. Cushendall Commons offers a mix of one- to three-bedroom floor plans with walk-in closets and private balconies. Community amenities include a resort-style pool, fitness center and a business center.

March 29, 2018

Acquisitions Alabama Georgia Kentucky Multifamily North Carolina South Carolina Southeast

Providence Sells Interest in 14-Property Multifamily Portfolio Located Throughout Southeast

by Camren Skelton March 26, 2018

GLENVIEW, ILL. — Glenview-based Providence, the parent company of Providence Management Co. LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. In North Carolina, the portfolio included three properties in Charlotte and three properties in Greensboro. In South Carolina, the portfolio included three properties in Greenville and a property in Spartanburg. In addition, the portfolio included a property in Huntsville, Ala., Savannah, Ga., and Lexington, Ky. The sales price and specific property names were not disclosed.

March 26, 2018

Loans Multifamily South Carolina Southeast

Grandbridge Arranges $35.2M in Acquisition Financing for Two Apartment Properties in Greenville

by Camren Skelton March 22, 2018

GREENVILLE, S.C. — Grandbridge Real Estate Capital has arranged two acquisition loans totaling $35.2 million for Metropolitan Apartments and 2900 North Apartments in Greenville. Mike Ortlip and Josh Davis of Grandbridge arranged the non-recourse loans with an initial period of interest-only payments and a 30-year amortization schedule through its lending platform, BB&T Real Estate Funding. The Charlotte-based firm is a subsidiary of BB&T. The financing included a $21.6 million, first mortgage loan for Metropolitan Apartments, a 246-unit community located at 660 Halton Road, and a $13.6 million loan for 2900 North Apartments, a 172-unit community located at 2900 E. North St. The names of the borrowers were not disclosed. Both properties feature swimming pools, fitness centers and grilling stations.

March 22, 2018

Development Industrial South Carolina Southeast

Red Rock to Develop 5.9 MSF Industrial Park in Upstate South Carolina

by Camren Skelton March 21, 2018

SPARTANBURG, S.C. — Columbia-based Red Rock Developments has unveiled plans to develop Smith Farms Industrial Park, a 5.9 million-square-foot industrial project in Upstate South Carolina’s Spartanburg County. The development will be located on 475 acres at the intersection of Highway 101 and Reidville Road, roughly three miles from Interstate 85 and eight miles from the Greenville/Spartanburg International Airport. According to the developer’s site plans, the project could eventually include up to 11 buildings, ranging in size from 60,000 square feet to 1.6 million square feet. The company said it will soon reveal details of a speculative building to be constructed at the site. A construction timeline was not disclosed. Red Rock has tapped NAI Earle Furman to market and lease Smith Farms.

March 21, 2018

Industrial South Carolina Southeast

SunCap Acquires 30 Acres in North Charleston for 375,000 SF Industrial Campus

by Camren Skelton March 14, 2018

NORTH CHARLESTON, S.C. — SunCap Property Group has acquired 30 acres within Palmetto Commerce Parkway in North Charleston with plans to develop a new industrial campus. The project, dubbed Palmetto Trade Center, will accommodate two buildings totaling 375,000 square feet. The property is located roughly 17 miles northwest of the Port of Charleston. Palmetto Trade Center I will total 141,000 square feet and is scheduled to break ground in May. McMillan Pazdan Smith is the project architect, and CBRE’s Charleston office will handle the campus’ leasing assignment. The project marks SunCap’s third project in the Charleston area since the company’s inception in 2009.

March 14, 2018

Florida Loans Multifamily South Carolina Southeast Student Housing

Hunt Mortgage Provides $187M Refinancing for Affordable, Student Housing Properties in Southeast, Texas

by Camren Skelton March 13, 2018

NEW YORK CITY — New York-based Hunt Mortgage Group has provided $187 million in refinancing for a portfolio of affordable and student housing properties located throughout Texas, Florida and South Carolina. The portfolio includes more than 3,500 units and 16 properties. The specific names and locations were not disclosed. The financing included $102 million in floating-rate debt through Freddie Mac and $83 million in fixed-rate financing through Fannie Mae. Hunt also provided a $2 million loan, as well as additional financing through its proprietary lending group. Hunt Mortgage originated the financing package on behalf of the borrower, Atlantic Housing Foundation, a community housing development organization in the affordable housing sector. The company plans to invest $14 million in the portfolio to make green improvements and other renovations.

March 13, 2018

Multifamily South Carolina Southeast

Madison Capital, Chaucer Creek Break Ground on Apartment Community in Charleston

by Camren Skelton March 13, 2018

CHARLESTON, S.C. — Madison Capital Group and Chaucer Creek Capital, along with their capital advisor Patterson Real Estate Advisory Group, have broken ground on Sweetgrass at Bees Ferry, a 192-unit apartment community in Charleston’s West Ashley submarket. Patterson arranged a construction loan through Dallas-based Bank of Texas on behalf of the developers. The property is located within a master-planned, mixed-use development and is across from a proposed Harris Teeter grocery store. The initial units are expected to deliver in summer 2019.

March 13, 2018

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