COLUMBIA, S.C. — Spencer/Hines Properties has brokered the $14.3 million sale of Bentley at Broad River Apartments, a 272-unit complex situated on 17.6 acres in Columbia. Scott Manhoff and Craig Jacobs of Spencer/Hines represented the seller, Intermark Bentley LLC, in the sale. The buyer was Salt Lake City-based RealSource Property Consulting LLC.
CHARLOTTE, N.C. AND MYRTLE BEACH, S.C. — Divaris Real Estate Inc. (DRE) has brokered the acquisition of two properties in the Carolinas totaling $34.9 million. DRE represented Armada Hoffler Properties, a publicly traded REIT, in its $26.2 million purchase of Providence Plaza in Charlotte and its $8.7 million purchase of Socastee Commons in Myrtle Beach. The properties were acquired as part of a 1031 exchange in separate transactions. Providence Plaza is a 103,118-square-foot mixed-use development that was built in 2007 and was 97 percent occupied at the time of sale. Socastee Commons is a 57,273-square-foot, Bi-LO-anchored shopping center that was fully leased at the time of sale. Alex Divaris and Jason Oliver of DRE brokered the Providence Plaza transaction, and Divaris and Sandy Cohen of DRE brokered the Socastee Commons deal. DRE has been retained to lease and manage both properties.
ORANGEBURG, S.C. — Wheeler Real Estate Investment Trust (Wheeler REIT) has purchased Grove Park Shopping Center, a 106,557-square-foot shopping center in Orangeburg. The shopping center is located at the interchange of U.S. Route 178 and Route 21 within a two-mile radius of Claflin University and South Carolina State University. The grocery-anchored center was 90 percent leased at the time of sale to tenants such as Bi-LO, AT&T, Kool Smiles and Republic Finance. Virginia Beach, Va.-based Wheeler REIT purchased the property using a combination of cash and debt.
SPARTANBURG, S.C. — Binswanger has arranged a 101,959-square-foot industrial lease at 700 Buffington Road in Spartanburg. The warehouse facility fronts the I-85 Business Loop and features 31-foot clear heights, four tailgate loading docks and T-5 fluorescent lighting. The owner, Covington Group Inc., is planning to add office space, restrooms and more dock doors, as well as install an ESFR sprinkler system. Shaun Kirchin of Binswanger’s Columbia, S.C., office represented Covington Group in the lease transaction. The tenant, Kimura Inc., a supplier of steel containers and racks, plans to use the space to provide third-party logistics services for one of its customers.
PORT ROYAL, S.C. — NorthMarq Capital has arranged and closed a $9.1 million equity investment on behalf of Prominent Realty Group (PRG) for the purchase of a $38 million apartment property, the 400-unit Preserve at Port Royal located in Port Royal, S.C. The $9.1 million equity infusion came from an institutional investor that specializes in value-add properties. “The main challenge about this transaction was its location being perceived as tertiary,” says Will James, vice president of NorthMarq Capital’s Atlanta office who represented PRG. “The property was built in 2006 and in a great location within the city of Port Royal. Just 20 minutes away and closer to Hilton Head, a similar vintage project traded for a 20 percent premium just because it was on the way to Hilton Head Island.” PRG’s basis in the property is at or just below replacement cost, adds James. “Once the state sells the 50-acre Port of Port Royal, the waterfront will become a vibrant retail and tourist destination, further improving the rental market on the Port Royal island.” Economic generators locally include the University of South Carolina Beaufort campus, Parris Island’s Marine Corps, and the Beaufort Air Naval station, which is completing a $300 million runway and hangar facility …
CHARLESTON, S.C. AND CHARLOTTE, N.C. — Federal Capital Partners (FCP), through a $10 million loan provided by Capital One Bank, has recapitalized two apartment communities in the Carolinas. The properties include the 264-unit Plantation Oaks in Charleston and the 240-unit York Ridge in Charlotte. Plantation Oaks is FCP’s fourth investment in Charleston, and York Ridge is the firm’s third investment in Charlotte. FCP is partnering with High Real Estate Group LLC, which will retain an ownership interest in the portfolio and continue to provide property management services. Common area and individual apartment upgrades are planned for both communities.
GREENVILLE, S.C. — Continental Realty Corp. has purchased Avana at Carolina Point, a 346-unit apartment property located at 201 Carolina Point Parkway in Greenville, for $51.8 million. Constructed in 2010, the property was previously owned by Greystar Real Estate Partners and its joint venture partner Lubert-Adler. The apartment community, which includes an outdoor pool, fire pit, courtyard area, fitness center, business center and dog park, is located less than one mile from an interchange of I-85. Avana at Carolina Point is the first acquisition for Continent Realty Fund IV LP, a $164 million value-add retail and multifamily fund. The transaction is also Continental Realty’s first acquisition in South Carolina.
MOUNT PLEASANT, S.C. — DSW Inc. plans to open a new 15,000-square-foot shoe store at Bowman Place in Mount Pleasant. The footwear retailer will open the store at 1122 Bowman Road on Aug. 27. Including the new location, DSW operates 453 stores in 42 states. The company also supplies footwear and accessories to 374 locations in the United States. According to DSW, the new Mount Pleasant store will supply 20,000 pairs of men’s and women’s shoes.
GREER, S.C. — Beacon Partners has begun construction on a 240,020-square-foot speculative industrial facility located at 545 Brookshire Road in Greer. Beacon Partners expects to complete the property in February 2016. The location is approximately two miles from I-85, Greenville-Spartanburg International Airport and the South Carolina Inland Port at Greer. Tim Robertson of Beacon Partners will lead the leasing efforts for the facility, which will feature an ESFR sprinkler system, 32-foot clear heights and a 185-foot truck court to accommodate on-site trailer parking.
NORTH CHARLESTON, S.C. — Hotel Development Partners and funds managed by Ares Management LP have purchased three select-service hotels in North Charleston totaling 248 rooms. The properties include the Residence Inn by Marriott Charleston North/Ashley Phosphate, the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate and an unnamed Choice Hotels-branded hotel. Including this transaction, HDP and Ares Management have purchased 10 hotels together, with the other seven hotels located in the metro Atlanta area. HDP is an Atlanta-based joint venture between Hotel Equities and IRE Capital. Hotel Equities has assumed management of the three hotels.