South Carolina continues to see a manufacturing renaissance, after back-to-back record years of manufacturing investment totaling $10 billion in 2013 and 2014. All signs suggest that 2015 will be just as promising. The Midlands region has benefitted from this investment and is poised to take off in 2015. As the market has heated up, the Midlands region of South Carolina has the most to offer in the way of product for new and expanding companies. Yes, in 2015 vacancy is a good thing! As the upstate and low country markets have become alarmingly tight on viable manufacturing space, the Midlands region offers up an array of high-quality industrial product that is move-in ready. Data for the first quarter of 2015 shows significant improvements in the Midlands market with investments, job creation and construction activity. Major companies, including Brazil-based Inbra Industrias Quimicas, Red Bone Alley Foods, Avantrech and Wire Mesh Cos., have all made multi-million dollar investments in new or expanded facilities, and there is also increased build-to-suit and speculative construction across the region. There has also been a growth in leasing, as manufacturers pursue existing facilities that can meet the demands for advanced manufacturing but with significant cost savings over …
GREER, S.C. — Lincoln Property Trust has signed a 31,200-square-foot lease with Ariens Co. for industrial space at 120 Caliber Ridge Drive. The 62,400-square-foot industrial facility is situated within Caliber Ridge Industrial Park, a 624,000-square-foot industrial park located at I-85 and Highway 101 near Greer’s inland port. Elliott Fayssoux, Brian Young and Kacie Jackson of Cushman & Wakefield | Thalhimer represented Lincoln in the lease transaction. Campbell Lewis of CBRE represented Ariens Co., an outdoor equipment manufacturer based in Wisconsin.
MAULDIN, S.C. — Steadfast Apartment REIT has acquired Arbors at Brookfield, a 702-unit apartment community located in Mauldin, roughly eight miles from Greenville’s central business district. The $66.8 million purchase marks Steadfast’s entry into South Carolina. Constructed in four phases between 1989 and 1997 on 50 acres, Arbors at Brookfield comprises 35 two- and three-story buildings, in addition to multiple clubhouses, a fitness center, three swimming pools, sand volleyball court, business center, tennis courts, dog park and a media room. The apartment community is currently 94.9 percent occupied with an average rent of $766 per month. Steadfast plans to upgrade the units with new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes. In addition to interior upgrades, moderate enhancements will be made to the model unit, leasing office, volleyball court, tennis courts and fitness center. The REIT will also convert one of the clubhouses into a resident relations center. With this transaction, Steadfast has invested more than $687 million in 18 apartment communities in nine states.
MYRTLE BEACH, S.C. AND NEW BERN, N.C. — Crosland Southeast has closed on the land purchases of 12 acres in Myrtle Beach from L Star Management and eight acres in New Bern for two future Publix-anchored shopping centers. Village Shops at Grande Dunes in Myrtle Beach and River Place Shopping Center in New Bern represent a planned $38 million worth of development. River Place will be the first Publix location ever to break ground in coastal North Carolina. Crosland Southeast is the landlord on both lease transactions with Publix and is responsible for leasing future shop space and outparcels. Austin Williams and Brad McGinnis of Crosland Southeast’s Raleigh office jointly worked on the transactions, and Chris Taft of Crosland Southeast oversees all commercial leasing. Crosland plans to open the Village Shops at Grande Dunes in mid-2016 and River Place Shopping Center in late 2016.
SPARTANBURG, S.C. — SunTrust Bank has provided $41.7 million in construction financing to Johnson Development Associates Inc. for the new Rite Aid Corp. distribution center in Spartanburg. The 900,000-square-foot facility will consolidate three existing distribution centers and is expected to employ roughly 600 new jobs once fully operational. Construction began on the distribution center in March and is expected to wrap up by this December. Johnson Development has also announced a 362,880-square-foot speculative building to be developed at Flatwood Industrial Park in Spartanburg. Construction is currently underway and is expected to wrap up by the end of the year.
NORTH CHARLESTON, S.C. — NorthMarq Capital has brokered the $14.7 million sale of Summit Place Apartments & Townhomes, a 226-unit multifamily property located at Dunlap Street and Stafford Road in North Charleston. Robert Ranieri of NorthMarq Capital’s White Plains, N.Y., office represented the seller, a New Jersey family who wanted to sell the community to focus on their New Jersey assets. Ranieri also procured the undisclosed buyer. NorthMarq Capital previously originated an existing Freddie Mac loan secured by the apartment community.
COLUMBIA, S.C. — Chicago-based MB Financial Bank has provided a $40.3 million construction loan for the development of a 218-unit student housing development near the University of South Carolina in Columbia. The 660-bed property will be located at the corner of Gervais and Harden streets in Columbia’s Five Points district. MB Financial Bank provided the loan to Chicago-based Blue Vista Capital Management. The unnamed developer plans to deliver the asset in time for the fall 2016 semester.
NORTH CHARLESTON, S.C. — New York Life Real Estate Investors has originated a $24.5 million acquisition loan for Ansley Commons, a 270-unit, Class A multifamily community in North Charleston. New York Life provided the loan to the buyer, The Praedium Group. Brian Eisendrath and Steve Heffner of CBRE arranged the loan on behalf of The Praedium Group.
GREENVILLE, S.C. — Yeargin Potter Smith (YPS) has been selected by developer Croft Co. to construct the 121 Rhett Street Condominium development in downtown Greenville. The property marks the third multifamily residential project for YPS in Greenville; the other two are Stone + Main and LINK Apartments. Construction is underway on the seven-story, 35-unit project, which is located on the corner of Rhett Street and Falls Park Drive. The units will feature 10- to 12-foot ceilings, large windows, balconies and landscaped common areas, and will range in size from 1,300 square feet to more than 3,000 square feet. Atlanta-based Summerour Architects designed the condo project.
BOILING SPRINGS AND SPARTANBURG, S.C. — Capstone Apartment Partners has brokered two sales of multifamily communities in South Carolina totaling $20.3 million. In the larger transaction, The Village at Mills Gap LLC sold the Village at Mills Gap to HKSK Corp. for $16.2 million. Built in 2014, the 208-unit property is located at 97 Mills Gap Road in Boiling Springs and was 80 percent occupied at the time of sale. Alex McDermott and Austin Green of Capstone’s Charlotte office brokered the transaction. In the second deal, Alliance sold Cross Creek Apartments to Elevation Financial Group for $4.1 million. Built in 1981, the 152-unit apartment community is located at 345 Bryant Road in Spartanburg and was 97 percent occupied at the time of sale. McDermott, Green and Beau McIntosh of Capstone represented the seller in the transaction.