CHARLESTON, S.C. — Mission Capital Advisors has arranged $13.3 million in non-recourse financing to recapitalize a portfolio of four mixed-use buildings along King Street in Charleston. Situated a block from the College of Charleston, the properties total 41,545 square feet and include 36 apartment units and six ground-floor retail shops. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital arranged the loan on behalf of the borrower, Friedman Capital. EquityMultiple, Mission Capital’s sister company, raised limited partnership equity totaling $500,000 from a group of individual investors on behalf of the borrower.
MYRTLE BEACH, S.C. — The Preiss Co. has sold University Village at the Coast, a 437-bed student housing community located near Coastal Carolina University in Myrtle Beach, for $9.7 million. The property offers one- and three-bedroom units with bed-to-bath parity and full-sized washers and dryers. Community amenities include an internet café, indoor sports court, multiple tanning beds, fitness center, game room, movie theater, multiple sand volleyball courts and a swimming pool. Travis Prince, Sean Baird and Steven Peden of Colliers International represented the seller in the transaction. The buyer, Sundance Real Estate Advisors, owns several multifamily properties and has plans to expand its student housing portfolio in the Southeast.
GREENVILLE, S.C. — Daniel Corp. has held the ribbon cutting ceremony and grand opening of Haywood Reserve, a $35 million multifamily development located in Greenville. Slated for full completion in October, the 292-unit community is currently 25 percent pre-leased. The project will feature one-, two- and three-bedroom floor plans, as well as custom closets, showers with full tile surrounds and frameless glass doors, stainless steel appliances and high-end lighting and plumbing fixtures. Community amenities will include a 5,000-square-foot clubhouse, resort-style saltwater pool with a sundeck, outdoor kitchen, fitness center, pet spa and a dog park. Daniel Corp. is developing Haywood Reserve in partnership with CNL Growth Properties. First Commercial Bank, an affiliate of Synovus Bank, is providing the construction financing. The project team includes Wakefield Beasley and Associates, Hall Engineering, McLeod Landscape Architects and C.F. Evans Construction.
NORTH CHARLESTON, S.C. — One Eleven Partners has brokered the $12.5 million sale of Reserve at Ashley River, a 280-unit apartment complex located in North Charleston. The buyer, The RADCO Cos., purchased the property from Huntington, N.Y.-based URS Capital Partners, which owns three other apartment communities in the Charleston market. Reserve at Ashley River is Atlanta-based RADCO’s first acquisition in the Charleston market. Chirs Yeagle and Kyle Chase of One Eleven brokered the transaction. Built in 1974, the property features a swimming pool, clubhouse with a coffee bar, children’s playground and laundry facilities in each building. One Eleven Partners previously brokered the sale of the property in 2013 for $7.3 million.
NORTH CHARLESTON, S.C. — Colliers International has brokered the $10.6 million sale of a 41,000-square-foot office building located at 4969 Centre Pointe Drive in North Charleston. The Class A office building is situated within the Centre Pointe mixed-use development. Mark Mattison of Colliers International’s Charleston office represented the buyer, Doublz Investments LLC, an entity wholly owned by Tony Romeo, who owns roughly 100,000 square feet of Class A office space in the metro Charleston area. Doublz Investments purchased the asset from Oaks at Centre Point LLC and has retained Colliers to manage and lease the property.
MYRTLE BEACH, S.C. — Marcus & Millichap has brokered the $5.6 million sale of a 45,778-square-foot store in Myrtle Beach leased to Walmart Neighborhood Market. The newly built store is triple-net leased to Walmart for 20 years. The store anchors Village Square, a 157,941-square-foot shopping center situated on the Atlantic Coast on U.S. Highway 17. Don McMinn and Zach Taylor of Marcus & Millichap’s Atlanta office and principals of the firm’s Taylor McMinn Retail Group represented the seller in the transaction. The buyer is based in California and purchased the store all-cash in a 1031 exchange at a cap rate in the upper fours. Raj Ravi is Marcus & Millichap’s broker of record in South Carolina.
SUMMERVILLE, S.C. — GBT Realty Corp. has recently purchased a 10.5-acre site in Summerville for South Carolina’s first BJ’s Wholesale Club, a membership warehouse retailer that will also include a BJ’s Gas Station. The Brentwood, Tenn.-based developer purchased the site for nearly $1.9 million. The project will span 87,800 square feet and will be situated at the southeastern quadrant of I-26 and North Main Street (U.S. 17). GBT expects to deliver the Summerville BJ’s Wholesale Club in 2017. BJ’s operates more than 200 locations in 15 states.
COLUMBIA, S.C. — NAI Avant and Sumter LLC are collaborating on a historic $7.5 million rehabilitation project for three vacant buildings in downtown Columbia. The assets are located at 1519 Sumter St. and 1222 and 1224 Taylor St. Once complete, the buildings will provide roughly 23,000 square feet of mixed-use space with 12-foot ceilings, exposed brick, stone work, spiral duct work and large windows. Phase I of the project will be the rehabilitation of 1519 Sumter, a building constructed in 1920 and known locally as the Powell Furniture building. The Boudreaux Group has pre-leased the entire second floor of the building with plans to move in by spring 2017. Phase II will be the renovation of the Taylor Street buildings, which will begin in the first quarter of 2017. NAI Avant and Sumter LLC will use state and federal tax credits for the renovation project. Sumter LLC comprises three entities — Robert Lewis and Chris Rogers of Rogers, Lewis Jackson Mann and Quinn Attorneys at Law; Heather Mitchell and Randy Huth of The Boudreaux Group; and a silent partner. Mashburn Construction will oversee the construction project.
CHARLESTON, S.C. — Publix Super Markets has leased 45,000 square feet for a new store within a master-planned project known as WestEdge, a research-oriented urban infill development in downtown Charleston. The 25-acre development will be situated along the Ashley River adjacent to The Medical University of South Carolina (MUSC). The development team includes HPF Inc., Gateway Development Services, South City Partners and Charleston-based WRS Realty. Publix will anchor 10 WestEdge, a building that will include an 870-space parking garage, 350 apartments and street-level retail space. The Publix will be located next door to 22 WestEdge, a Class A office and research building. Construction on 10 WestEdge is expected to begin in August and wrap up by third-quarter 2018. Construction on 22 WestEdge is expected to begin in the fourth quarter with a spring 2018 completion. Additionally, construction is underway on 99 WestEdge, another mixed-use project within the larger WestEdge development. Phase I of WestEdge, which comprises 10 WestEdge, 22 WestEdge and 99 WestEdge, represents more than $250 million in private investment.
SIMPSONVILLE, S.C. — KeyBank Real Estate Capital has arranged a $10 million Fannie Mae loan for The Lexington Place Apartment Homes in Simpsonville. Built in 2000, the 144-unit apartment community is situated on 10.3 acres. Timothy DeWispelaere of KeyBank’s commercial mortgage group arranged the 10-year, non-recourse loan on behalf of the undisclosed borrower.