South Carolina

Marcus & Millichap Brokers $5.6M Sale of Walmart Neighborhood Market in Myrtle Beach

by John Nelson August 5, 2016

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.

August 5, 2016

Retail South Carolina Southeast

GBT Realty to Develop First BJ’s Wholesale Club in South Carolina

by John Nelson July 22, 2016

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.

July 22, 2016

Mixed-Use South Carolina Southeast

NAI Avant, Sumter Partner on $7.5M Historic Rehab Project in Downtown Columbia

by John Nelson July 15, 2016

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.

July 15, 2016

Mixed-Use South Carolina Southeast

Publix Leases Space Within WestEdge Master-Planned Development in Charleston

by John Nelson July 7, 2016

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.

July 7, 2016

Loans Multifamily South Carolina Southeast

KeyBank Arranges $10M Acquisition Loan for Apartment Community in South Carolina

by John Nelson July 7, 2016

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.

July 7, 2016

North Carolina Seniors Housing South Carolina Southeast Tennessee Virginia

Senior Housing Properties Trust Buys Seven Five Star Communities for $112.4M in Sale-Leaseback

by John Nelson July 5, 2016

NEWTON, MASS. — Senior Housing Properties Trust (SNH) has acquired seven seniors housing communities from Five Star Quality Care for $112.4 million. Five Star will continue to operate the communities as part of the sale-leaseback deal. The portfolio totals 545 units in North Carolina, South Carolina, Tennessee and Virginia. The lease with Five Star expires at the end of 2028 and includes renewal options. Five Star intends to use the proceeds it receives from the sale-leaseback transaction to repay in full amounts outstanding under its secured revolving credit facility, which had $60 million outstanding on June 28, 2016, and for general business purposes. The initial annual rent payable to SNH under the lease will be $8.4 million per year, resulting in an approximate capitalization rate of 7.5 percent. Starting after 2017, the rent may increase based upon a percentage of gross revenue increases realized by operations at the leased communities. SNH funded the purchase of the seven communities with cash on hand and drawings under its $1 billion unsecured revolving credit facility. Five Star was formerly SNH’s wholly owned subsidiary and both companies are based in Newton.

July 5, 2016

Multifamily South Carolina Southeast

Miller-Valentine to Develop Upscale Apartment Community in Metro Charlotte

by John Nelson June 28, 2016

FORT MILL, S.C. — Miller-Valentine Group plans to develop Beckett Farms, a 280-unit luxury apartment community in Fort Mill, a southern suburb of Charlotte in South Carolina. The asset will be situated on 44 acres near the intersection of Gold Hill Road and I-77. The property will feature one-, two- and three-bedroom units, as well as carriage units with garages underneath. Interiors will feature wood-style flooring, farmhouse-inspired fixtures and lighting, washers and dryers, stainless steel appliances, granite countertops, freestanding islands and tiled backsplashes. Amenities will include a salt water/ mineral pool with sun shelves, covered cabanas, palm trees, gas fire pit lounge area, outdoor kitchen and grill station, cyber café and a fitness center. The design team includes architects Axiom Architecture, Design Resource Group and Vignette Interior Design; general contractor CF Evans Construction; construction manager Miller-Valentine Construction; and marketing firm Yellow Duck Marketing. Miller-Valentine expects to deliver the first units of Beckett Farms by May 2017.

June 28, 2016

Industrial South Carolina Southeast

Colliers Arranges 202,000 SF Industrial Lease Renewal in South Carolina’s Upstate

by John Nelson June 24, 2016

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.

June 24, 2016

Loans Multifamily Seniors Housing South Carolina Southeast

Grandbridge Arranges $9.5M Construction Loan for Seniors Housing Property in Charleston

by John Nelson June 22, 2016

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.

June 22, 2016

Multifamily South Carolina Southeast

CBC Atlantic Brokers $50M Sale of Apartment Portfolio in Metro Charleston

by John Nelson June 17, 2016

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.

June 17, 2016

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