DUNCAN, S.C. — Colliers International has arranged a 202,000-square-foot lease renewal at Hillside Industrial Park in Duncan. The tenant, Global Automotive Partners, has renewed its space at 15 Tyger River Drive with the landlord, Exeter Property Group. Hillside is situated within the SC-290 industrial submarket, which has a high concentration of Tier 1 automotive suppliers near BMW’s plant. Global Automotive Partners provides consulting, manufacturing, logistics and administration services to clients in the automotive industry. Givens Stewart, Garrett Scott and Brockton Hall of Colliers International represented Global Automotive in the lease deal.
CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged a $9.5 million construction loan for Benton House of West Ashley, a 59-unit seniors housing facility set to break ground in Charleston. Benton House will offer both assisted living and memory care services upon completion in the summer of 2017. Richard Thomas of Grandbridge’s seniors housing and healthcare finance team in Atlanta arranged the loan through BB&T on behalf of the borrower, Principal Senior Living Group, which will manage the property upon completion. Principal Senior Living currently operates more than 20 properties in Georgia, Florida, South Carolina, Missouri and Kansas.
CHARLESTON, S.C. — Coldwell Banker Commercial Atlantic International Inc. (CBC Atlantic) has brokered the $50 million sale of a five-property multifamily portfolio in metro Charleston totaling 1,039 units. The buyer, Framingham, Mass.-based VTT Management, plans to complete interior and exterior renovations at the portfolio, including upgrades to the portfolio’s common area amenities. The properties include the 184-unit Brentwood Townhomes, the 170-unit Brandywine Townhomes and the 412-unit Pine Harbour Apartments in Goose Creek; the 76-unit Colony Square Apartments in Hanahan; and the 207-unit Moss Creek Apartments in West Ashley. Brent Case and John True of CBC Atlantic brokered the transaction.
ROCK HILL, S.C. — NorthMarq Capital has arranged the $2.6 million of Kedrion Biopharma, a 13,000-square-foot medical office property located at 1843 Cherry Road in Rock Hill, a southern suburb of Charlotte in South Carolina. Susan Branscome of NorthMarq Capital’s Cincinnati-based office arranged the 20-year loan with a 20-year amortization schedule through Symetra Financial on behalf of the borrower, The Stough Group.
Greenville is undergoing significant growth and capturing the attention of national investors and tenants. Historically high rental rates, increased occupancy and strong construction activity for the first time in recent years collectively indicate a healthy market. Additionally, tight market conditions provide an ideal investment sales environment encouraging landlords to market their office assets for sale, something they couldn’t justify doing a few years ago. The market’s occupancy rate was up to 85.2 percent at year-end 2015 from 83.7 percent the previous year. As demand grows and space is absorbed, the market is shifting in favor of landlords, who are pushing up rental rates to levels never before seen in the market. Asking rental rates for Class A office space in the market averaged $22.41 per square foot at year-end 2015, increasing 9 percent in a one-year span. Class A space in the central business district (CBD) is even more costly with asking rental rates averaging $25 per square foot. With office users showing a strong desire to locate in the market and willingness to pay higher rental rates for quality space, developers are turning to new construction and adaptive reuse projects to meet the heightened demand for space. Several projects …
ROCK HILL, S.C. — Beacon Partners has completed the construction of a 40,000-square-foot office and manufacturing facility at 1217 Apex Drive in Rock Hill, a southern suburb of Charlotte in South Carolina. The asset is situated within Waterford Business Park at the corner of Dave Lyle Boulevard and Waterford Park Drive. The tenant, Oerlikon Balzers Coatings USA Inc., has begun a phased move in, which will continue over the summer. The facility was originally a speculative shell industrial building that Beacon Partners purchased from the Rock Hill Economic Development Corp. Oerlikon is a supplier of surface technologies that improve the performance and durability of precision components and tools for the metal and plastics processing industries. Region’s Bank provided construction financing to Beacon Partners for the flex facility. Other project team members include architect Merriman Schmitt and general contractor J.M. Cope.
CHARLESTON, S.C. — Middle Street Partners LLC has purchased six apartment communities in North and South Carolina for a combined $97 million. Middle Street purchased the portfolio in partnership with an undisclosed majority equity investor. The portfolio includes Waterford Apartments, Gable Hill Apartments, St. Andrews Commons Apartments and Hampton Greene Apartments in Columbia, S.C.; Forest Brook Apartments in West Columbia, S.C.; and Chason Ridge Apartments in Fayetteville, N.C. CBRE Realty Finance provided acquisition financing on behalf of the new ownership group.
CHARLESTON, S.C. — VistaPointe Partners has secured $10.9 million in refinancing for a 90,334-square-foot office building located in the Suncom Center in Charleston. Seth Denison of VistaPointe Partners negotiated the transaction on behalf of the borrower. The building is fully leased to a credit tenant with a lease term expiring in two years. VistaPointe Partners brought in Hart Advisors Group, a firm that specializes in CMBS loan workouts, to extend the tenant’s lease by one year, with an additional five-year option.
GREENVILLE, S.C. — Elevation Financial Group LLC has sold the 200-unit Serenity Apartments in Greenville for $9.3 million through its Elevation Real Property Fund IV investment fund. The South Carolina office of Berkadia Real Estate Advisors LLC brokered the transaction. Elevation Financial purchased the asset in 2014 for $3.8 million and increased the property’s net operating income by 320 percent after 15 months of ownership. Elevation Financial invested in capital improvements to Serenity Apartments prior to the sale, including replacing all the property’s windows and creating a new leasing office.
CHARLESTON, S.C. — A dual-branded Hyatt House-Hyatt Place hotel has opened in downtown Charleston’s historic district on Upper King Street. Atlanta-based Cooper Carry designed the mixed-use development that houses the dual-branded hotel. The project includes a 112-room Hyatt House hotel, 191-room Hyatt Place hotel, rooftop bar, conference center, 20,000 square feet of street-level retail space and a 400-space parking deck. Hyatt House Hyatt Place Charleston features a separate lobby for each brand, but the property shares amenities, including a pool, fitness center, room service, house keeping and operations. Regent/BN Charleston Holdings LLC, an entity including Atlanta-based Regent Partners LLC, Chicago-based GEM Realty and Charleston-based Clement Crawford & Thornhill Inc., is the developer of Hyatt House Hyatt Place Charleston.