South Carolina

Graycliff Capital Purchases Apartment Community Near Charlotte for $41.3M

by John Nelson June 12, 2017

ROCK HILL, S.C. — Graycliff Capital Partners has purchased Gateway at Rock Hill, a newly built, 312-unit apartment community located in Rock Hill, a suburb of Charlotte in South Carolina. Gateway at Rock Hill LLC sold the asset to Graycliff Capital for $41.3 million, or roughly $132,211 per unit. Located behind Rock Hill Galleria Mall, Gateway at Rock Hill is the most recently delivered apartment community in the submarket as the City of Rock Hill placed a moratorium on all new construction of apartments, condos and townhomes. Built by Lucas Contractors, the property features a resort-style swimming pool, fitness center, clubhouse, movie theater, dog park and a playground. Austin Green, Andrew Klenk and Alex McDermott of Capstone Apartment Partners’ Charlotte office represented both the buyer and seller in the transaction.

June 12, 2017

Florida Office South Carolina Southeast

CCP Commercial Real Estate Buys Two Office Buildings in Metro Greenville, Jacksonville for $39.2M

by John Nelson June 9, 2017

MAULDIN, S.C. AND JACKSONVILLE, FLA. — CCP Commercial Real Estate has purchased two office buildings in suburban Greenville and Jacksonville for a combined $39.2 million. CCP bought a 106,649-square-foot, single-story office asset near Greenville at 750 Brookfield Parkway in Mauldin for nearly $16.7 million. The Virginia Beach, Va.-based investor also acquired a five-story, 219,000-square-foot asset at 8800 Baymeadows Way West in Jacksonville for roughly $22.5 million. The Mauldin building was 92 percent leased at the time of sale, and the Jacksonville property was 81 percent leased. The identity of the seller(s) was not released.

June 9, 2017

Multifamily South Carolina Southeast

Berkadia Brokers $10.6M Sale of Apartment Community Near Greenville

by John Nelson June 8, 2017

SPARTANBURG, S.C. — Berkadia has arranged the sale of Mayfair Lofts, a 107-unit apartment community located at 100 W. Cleveland St. in Spartanburg, a town in South Carolina’s Upstate region near Greenville. A developer based in Georgia sold the asset to an investment firm based in South Carolina for $10.6 million. The community is an adaptive reuse of Arcadia Mill No. 2, which was built in 1922. Renovated in 2008 and fully occupied at the time of sale, Mayfair Lofts comprises one- and two-bedroom units outfitted with 16- to 18-foot ceilings, floor-to-ceiling windows, stained concrete floors, exposed brick interiors and monochromatic appliances. Community amenities include a pool, fitness center, library, dog park, clubroom with a pool table, enclosed parking garage, grills and a fire pit. Included in the purchase is 50,000 square feet of developable commercial space. Jeremiah Jarmin and Mark Boyce of Berkadia represented both the buyer and seller in the transaction.

June 8, 2017

Industrial South Carolina Southeast

NAI Avant Arranges 50,000 SF Industrial Lease in Charleston

by John Nelson May 30, 2017

CHARLESTON, S.C. — NAI Avant has arranged a full-building, 50,000-square-foot industrial lease at 2509 Clements Ferry Road in Charleston. The tenant, Winston-Salem-based plumbing company Murray Supply Co., will use the facility as its Lowcountry distribution center. The property is Murray Supply’s first facility in Charleston. Thomas Boulware of NAI Avant represented Murray Supply in the lease deal. David Seay of Seay Development LLC represented the landlord, Yeros Investments LLC.

May 30, 2017

Market Reports Retail South Carolina Southeast Southeast Market Reports

Greenville’s Positive Economic Momentum is Catching the Eye of Retailers

by John Nelson May 29, 2017

The city of Greenville and the surrounding submarkets are exploding with growth. The once-sleepy textile town in the Upstate of South Carolina has now become a robust, diversified economy that is garnering interest from retailers that may have overlooked the market in the past. The change in the city of Greenville has not gone unnoticed; several publications and top ten lists have recognized Greenville for its thriving downtown. From the addition of Falls Park in 2004, an approximately 32-acre oasis in the West End of the city, to multiple mixed-use developments under construction, Greenville’s resurgence has brought new residents, new retail and new life to the region. Growth in the Greenville market has been largely driven by the addition of thousands of new jobs, a low cost of living and highly attractive lifestyle options. Greenville serves as the North American headquarters for BMW, Michelin and Hubbell Lighting, all of which have contributed to significant job growth in the region. As Greenville’s downtown has continued to draw national recognition, retailers have taken notice. In recent years, Greenville has attracted a multitude of national retailers new to the market. Hughes Development’s Project ONE kicked things off when it brought national retailers like …

May 29, 2017

Mixed-Use South Carolina Southeast

MetLife Real Estate Provides $50M Refinancing for The Cigar Factory in Charleston

by John Nelson May 23, 2017

CHARLESTON, S.C. — MetLife Real Estate has provided a $50 million loan for the refinancing of The Cigar Factory, a historic redevelopment project located at 701 E. Bay St. in downtown Charleston. The mixed-use project spans five stories and features 50,000 square feet of retail space and 150,000 square feet of office space. The Cigar Factory’s office tenants include JLL, KSQ Design, Patterson Real Estate Advisory Group, The Shopping Center Group, Lee & Associates Charleston, Garden & Gun Magazine, SnapCap and ServisFirst. Retail tenants include Fritz Porter, KOKO FitClub, Mercantile & Mash and Trunk Club, as well as event space called The Cedar Room. MetLife Real Estate provided the fixed-rate loan with a 20-year amortization schedule to the owner, a joint venture between Federal Capital Partners (FCP), Wecco Development and Weaver Capital Partners LLC. The joint venture purchased the vacant project in April 2014 and is using the refinancing to replace construction financing, which was provided by PNC Real Estate. FCP provided mezzanine debt and equity in the joint venture’s original purchase. Patterson Real Estate Advisory Group arranged the permanent loan with MetLife, as well as the original construction financing with PNC Real Estate and the partnership with FCP.

May 23, 2017

Multifamily South Carolina Southeast

Joint Venture to Develop Apartment Community in Downtown Charleston

by John Nelson May 22, 2017

CHARLESTON, S.C. — A joint venture between Spandrel Development Partners, Aspen Heights Partners and Northwestern Mutual plans to break ground on a 221-unit apartment community in downtown Charleston known as 511 Meeting Street. Situated in Charleston’s Upper King district, the project will feature more than 9,000 square feet of amenity space, two levels of structured parking and ground-floor retail space. The joint venture plans to break ground this month with completion expected by the second quarter of 2019. Including this project, Spandrel Development has $165 million in downtown Charleston developments underway, including two student housing projects in a partnership with Armada Hoffler Properties.

May 22, 2017

Multifamily South Carolina Southeast

NAI Earle Furman Brokers $13.5M Sale of Apartment Community in Metro Greenville

by John Nelson May 12, 2017

MAULDIN, S.C. — NAI Earle Furman has arranged the $13.5 million sale of Terrace at Butler Apartments, a 132-unit multifamily community located on East Butler Road in Mauldin, roughly eight miles south of Greenville. Engel Realty purchased the property from 771 East Butler Investors LLC. Built between 1999 and 2000, Terrace at Butler was 94 percent occupied at the time of sale. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Engel Realty was self-represented.

May 12, 2017

Alabama Arkansas Georgia Hospitality Kentucky Louisiana Mississippi South Carolina Southeast

R&R REIT Acquires 1,020-Room Hotel Portfolio for $35M

by John Nelson May 3, 2017

MISSISSSAUGA, ONTARIO — R&R Real Estate Investment Trust (R&R REIT) has agreed to acquire a portfolio of nine extended stay hotels in the Southeast and Midwest totaling 1,020 rooms for an aggregate purchase price of $35 million. The properties are currently owned and operated by entities controlled by R&R REIT’s Majid Mangalji and Michael Klingher. Five of the hotels operate under the HomeTowne Studios brand, and the remaining four operate under the HomeTowne Suites brand. The properties are located in Kentucky, Georgia, Mississippi, Arkansas, Louisiana, Alabama, Illinois and South Carolina. Blake, Cassels & Graydon LLP and Greenberg Traurig LLP acted as legal counsel to the REIT, and Raymond James Ltd. acted as financial advisor to the special committee charged with approving the portfolio acquisition. Following the closing of the acquisition, the REIT’s portfolio will comprise 10 hotels located in nine states.

May 3, 2017

Retail South Carolina Southeast

Shopping Center Group Arranges Leases in Metro Columbia for Fresh Market, Hobby Lobby, Ulta Beauty

by John Nelson April 28, 2017

LEXINGTON, S.C. — The Shopping Center Group, on behalf of developer Columbia Development, has signed three anchor leases at Lexington Marketplace, a 143,850-square-foot shopping center in Lexington. The Fresh Market, Hobby Lobby and Ulta Beauty have signed on at the shopping center, which will be situated at U.S. Highway 378 and Saluda Springs Road. This will be the second location in the metro Columbia area for The Fresh Market. Darrell Palasciano of The Shopping Center Group is seeking additional retail and restaurant tenants at the property, which is currently 70 preleased.

April 28, 2017

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