AIKEN, S.C. — Monmouth Real Estate Investment Corp. has purchased a 315,560-square-foot industrial building located at 1103 Powderhouse Road in Aiken for $21.9 million. The Class A facility is situated on approximately 24 acres and is net-leased for 15 years to Autoneum North America Inc., a supplier of acoustic and thermal parts for the automotive industry.
SUMMERVILLE, S.C. — Woodfield Investments has opened The Passage, an apartment community located at 100 Underwood Drive in Summerville, roughly 20 miles northwest of Charleston. The 240-unit community includes studio, one-, two- and three-bedroom options, as well as amenities including a dog park, horseshoe pit, bocce ball, open-air cabanas and a saltwater pool featuring an in-pool sun shelf. The Passage’s fitness center includes yoga and spin studios, as well as instructor-led classes. CF Real Estate Services manages the community.
CHARLESTON, S.C. — Middle Street Partners, a Charleston-based development and investment firm, has broken ground on The Atlantic at Grand Oaks, a 316-unit apartment community located along Ashley Gardens Boulevard in Charleston. Total project costs are estimated at $48 million. The property will feature 16 two- and three-story walk-up residential buildings and a 7,000–square-foot clubhouse overlooking a resort-style pool. Other amenities will include a fitness studio, business cafe and community kitchen. The Jacksonville, Fla. -based general contractor Live Oak Contracting expects to complete the property in October 2018.
CHARLESTON, S.C. — CBRE has arranged $35.5 million in financing for Half Mile North and Pacific Box & Crate, two mixed-use projects on the Charleston peninsula. CBRE’s Jeff Ackemann and Porter McDonald arranged the permanent mortgage through Nationwide Real Estate Investments on behalf of the borrower, Raven Cliff Co. LLC. In 2016, the CBRE team secured a $35 million construction loan to recapitalize the Half Mile North Development and provide construction financing for the Pacific Box & Crate project. Together, the developments encompass 222,113 square feet of office space and chef-driven food options. The projects were 97 percent leased at the time of sale. SIB, Integral Solutions Group, BoomTown!, Phish Labs and Blue Acorn are among the developments’ current tenants.
CLEMSON, S.C. — Broadstreet Partners has sold The Farm at Clemson, a newly built, 105-bed student housing property located near the Clemson University campus in South Carolina, for $8 million. The property features 35 cottage-style homes, a clubhouse, basketball and turf volleyball courts and bicycle parking. The community was developed and completed in July 2016. The property was acquired by Palm Beach-based Calidus Holdings and will continue to be managed by CollegeTown Properties.
DAYTONA BEACH, FLA. AND HILTON HEAD, S.C. — A partnership between Sutton Properties, Margaritaville Holdings and Minto Communities plans to develop two Latitude Margaritaville projects in Daytona Beach and Hilton Head. Both developments will feature Margaritaville restaurants, an island-inspired food and beverage concept that launched in 1987 in Key West, Fla. The Daytona Beach community is currently under construction with 3,000 residences, and a future proposed expansion of up to 7,000 homes catering to residents 55 years and up. Sutton Properties is preleasing a total of 200,000 square feet of retail space at the entrance to Latitude Margaritaville on LPGA Blvd, just west of Interstate 95. The first phase will include a supermarket, along with retailers and restaurants. At the Hilton Head development, Margaritaville Holdings and Minto have broken ground on more than 3,000 homes on 2,739 acres. Sutton Properties acquired 72 acres for a three-phase, mixed-use development. Phase I will be located on Highway 278 at the community entrance located in Hardeeville, between I-95 and Hilton Head Island. Phase I will include a supermarket and other retail and restaurant tenants, and Phase II includes a hotel opportunity, followed by a mixed-use town center. The first homes at both developments …
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.
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.
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.
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.