South Carolina

Binswanger Arranges 101,959 SF Industrial Lease in South Carolina

by John Nelson September 4, 2015

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.

September 4, 2015

Loans Multifamily South Carolina Southeast

NorthMarq Arranges $9.1M Equity Investment for Apartment Property in Port Royal, S.C.

by John Nelson September 2, 2015

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 …

September 2, 2015

Loans Multifamily North Carolina South Carolina Southeast

Federal Capital Partners Secures $10M to Recapitalize Two Apartment Communities

by John Nelson August 26, 2015

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.

August 26, 2015

Multifamily South Carolina Southeast

Continental Realty Acquires Greenville Apartment Community for $51.8M

by John Nelson August 25, 2015

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.

August 25, 2015

Retail South Carolina Southeast

DSW to Open New Shoe Store in Mount Pleasant

by John Nelson August 21, 2015

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.

August 21, 2015

Industrial South Carolina Southeast

Beacon Partners Break Ground on Spec Industrial Facility in South Carolina

by John Nelson August 14, 2015

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.

August 14, 2015

Hospitality South Carolina Southeast

Hotel Development Partners, Ares Management Acquire Three Hotels in North Charleston

by John Nelson August 11, 2015

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.

August 11, 2015

Industrial South Carolina Southeast

Rockefeller Group, WestRock Break Ground on Distribution Center for Gerber Childrenswear in Charleston

by John Nelson August 10, 2015

CHARLESTON, S.C. — The Rockefeller Group and WestRock Land and Development (formerly MWV Community Development and Land Management) have broken ground on a 477,000-square-foot distribution center in Charleston. The companies are developing the center on behalf of Gerber Childrenswear LLC, a children’s apparel company whose licensed brand portfolio includes Gerber, Jockey, New Balance and NFL. The company’s proprietary brands include Onesies Brand and Always Baby. The new distribution center will double Gerber’s footprint in the Charleston metropolitan area. The new facility will be located in the 400-acre Rockefeller Group – MeadWestvaco Foreign Trade Zone/Charleston industrial campus in Berkeley County. Peter Fennelly and Simons Johnson of Colliers International’s Charleston office represented Gerber Childrenswear in the transaction. Evans General Contractors is the general contractor for the project. The new distribution center is slated for a January 2016 completion.

August 10, 2015

North Carolina Retail South Carolina Southeast

The Shopping Center Group Brokers $9.9M Sale of Two Shopping Centers in the Carolinas

by John Nelson August 10, 2015

ROCK HILL, S.C. AND HIGH POINT, N.C. — The Shopping Center Group has arranged the sale of two grocery-anchored neighborhood centers in the Carolinas — Belleview Square in Rock Hill and Fairfield Square in High Point. The 77,800-square-foot Belleview Square sold for $5.8 million. The shopping center is anchored by Super BI-LO and was 90 percent leased at the time of sale to tenants such as Cricket Wireless, Papa John’s, HomeSmart Lease-To-Own and Albright’s Liquor Store. The 71,000-square-foot Fairfield Square sold for $4.1 million. The shopping center is anchored by Food Lion and was 100 percent leased at the time of sale to tenants such as Radio Shack, Family Dollar and Donut World. An affiliate of New York-based Juster Development sold both assets to an affiliate of Richmond, Va.-based Hackney Real Estate Partners. Anthony Blanco, Lenard Williams, Darrell Palasciano and Mallory Ham of The Shopping Center Group marketed both properties.

August 10, 2015

Multifamily South Carolina Southeast

CBRE Brokers $44.7M Sale of Apartment Community in Downtown Greenville

by John Nelson August 4, 2015

GREENVILLE, S.C. — CBRE has brokered the $44.7 million sale of McBee Station Apartments, a 197-unit, Class A apartment community in downtown Greenville. The property is located adjacent to a Publix-anchored shopping center, the Swamp Rabbit Trail, Cleveland Park and Falls Park. Atlanta-based TriBridge Residential purchased McBee Station from an undisclosed seller. Phil Brosseau, Kevin Kempf and Malcolm McComb of CBRE represented the seller in the transaction. Steve Haffner and Nate Sittema of CBRE arranged $29 million in acquisition financing through Allianz Real Estate of America on behalf of TriBridge Residential.

August 4, 2015

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