South Carolina

JLL Secures $149M Financing for Southeast Multifamily Portfolio

by John Nelson January 24, 2024

SAN DIEGO — JLL has secured a $149 million loan for the refinancing of a three-property multifamily portfolio in the Southeastern United States. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The properties in the portfolio include the 313-unit Verde Vista in Asheville, N.C.; the 288-unit Avenues at Verdier Point in Charleston, S.C.; and the 256-unit Adara at Godley Station in Savannah, Ga. San Diego-based Sunroad Enterprises acquired the three properties in 2021 and has since completed 100 percent of its planned exterior and common area renovations and 50 percent of interior renovations.

January 24, 2024

Development Leasing Activity Mixed-Use Retail South Carolina Southeast

Lowes Foods to Anchor 50-Acre Platt Springs Crossing Development in Lexington, South Carolina

by Hayden Spiess January 23, 2024

LEXINGTON, S.C. — Lowes Foods has signed a lease to anchor Platt Springs Crossing, a 50-acre mixed-use development currently underway in Lexington, a western suburb of Columbia, S.C. The Winston-Salem-based grocer will occupy 51,000 square feet at the development. Other tenants will include Chipotle Mexican Grill, Tidal Wave Car Wash, Panda Express and Planet Fitness. An affiliate of NAI Columbia doing business as LLDC Platt Springs LF LLC is the developer of the project, which is scheduled to begin opening early next year. Ben Kelly and Patrick Chambers of NAI Columbia represented the landlord in the lease negotiations with Lowes Foods. The grocery store is scheduled to open in the third quarter of 2025.

January 23, 2024

Acquisitions Georgia Industrial Kentucky Loans North Carolina South Carolina Southeast Tennessee

PCCP Provides $102M Acquisition Loan for Southeast Industrial Portfolio

by John Nelson January 22, 2024

LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.

January 22, 2024

Development Industrial South Carolina Southeast

Tesla to Open 251,100 SF Logistics Center Near Greenville

by John Nelson January 19, 2024

FOUNTAIN INN, S.C. — Electric vehicle giant Tesla will open a 251,100-square-foot logistics center within Fox Hill Business Park in Fountain Inn, roughly 20 miles outside Greenville. The facility, the first in the state for Tesla, will distribute vehicle parts regionally and will not include manufacturing operations. Tesla will fully occupy Building 3 within Fox Hill Business Park, which is being developed by The Sudler Cos. Tesla and the developer announced a similar partnership in Tampa in 2023. A timeline for the auto company’s occupancy at Fox Hill was not disclosed. Other tenants at the park, which will feature up to 2.5 million square feet of manufacturing, distribution and warehousing space at full build-out, include Sage Parts Plus, a supplier of replacement parts for aviation ground support equipment.

January 19, 2024

Development Industrial Loans South Carolina Southeast

IPA Arranges $23M Construction Loan for Industrial Project Near Charleston

by John Nelson January 18, 2024

SUMMERVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23 million construction loan for the development of a 39-acre industrial park in the Charleston suburb of Summerville. Todd McNeill and Sunny Sajnani of IPA’s Dallas office arranged the three-year construction loan through Southern States Bank on behalf of the borrower, Atlanta-based Capital Development Partners. The loan was underwritten at a 65 percent loan-to-cost ratio. Boasso Global, a provider of cleaning, maintenance, storage and transportation services for the tank trailer and container industry, will occupy the park, which is located near I-26 and I-526 and a short drive to Port of Charleston’s North Charleston Terminal. The construction timeline was not disclosed.

January 18, 2024

Acquisitions South Carolina Southeast Student Housing

Harrison Street Sells 994-Bed Student Housing Community Near Clemson University

by John Nelson January 11, 2024

CLEMSON, S.C. — Harrison Street has sold Epoch Clemson, a 994-bed student housing community located near the Clemson University campus in South Carolina. The property offers a mix of cottage, townhome and apartment units in one-, two-, three-, four- and six-bedroom configurations. Shared amenities include sand volleyball and basketball courts, an onsite cafe, group and private study areas, 24-hour fitness center, yoga room, dog park and a resort-style swimming pool. The community also features 3,600 feet of frontage along Lake Hartwell, with amenities including a private beach, boat docks and lakeside pedestrian paths. Walker & Dunlop represented Harrison Street in the sale of the property to an affiliate of Inland Real Estate Acquisitions. The sales price was not disclosed.

January 11, 2024

Development Industrial South Carolina Southeast

Robinson Weeks Breaks Ground on 635,328 SF Industrial Building in North Charleston

by John Nelson January 10, 2024

NORTH CHARLESTON, S.C. — Atlanta-based Robinson Weeks Partners has broken ground on Charleston Global Crossing, a 635,328-square-foot industrial building located at 4601 Franchise St. in North Charleston. Situated near Dorchester Road, the site is in close proximity to I-26 and I-526, as well as within six miles of Charleston International Airport and 14 miles from the Port of Charleston. Matt Davis with Robinson Weeks is handling the leasing assignment for Charleston Global Crossing along with Hagood Morrison, Hagood Morrison II and John Beam of Bridge Commercial. Upon completion, the cross-dock building will include 2,238 square feet of modern office space and high-quality warehouse lighting. The construction timeline was not disclosed.

January 10, 2024

Acquisitions Multifamily South Carolina Southeast

Argyle Real Estate Purchases 264-Unit Apartment Community in Charleston

by John Nelson January 3, 2024

CHARLESTON, S.C. — Argyle Real Estate Partners has purchased Newbrook Point Hope, a 264-unit apartment community located in Charleston’s Daniel Island submarket. The seller and sales price were not disclosed. Built in 2021, Newbrook Point Hope is a multifamily component within Point Hope, a master-planned development that contains single-family homes, shops, restaurants, offices, apartments and schools. Newbrook Point Hope features one-, two- and three-bedroom apartments averaging 1,000 square feet in size. Amenities include a clubhouse, saltwater pool, pickleball court, fitness center, dog park and green space with community trails. Locally based Argyle has tapped Greystar to operate Newbrook Point Hope.

January 3, 2024

Acquisitions Retail South Carolina Southeast

SRS Negotiates $3.2M Sale of Retail Property in Beaufort, South Carolina Leased to Mavis Discount Tire

by John Nelson December 20, 2023

BEAUFORT, S.C. — SRS Real Estate Partners has negotiated the nearly $3.2 million sale of a 6,800-square-foot retail property located at 162 Sea Island Parkway in Beaufort, about 35 miles from Hilton Head Island. Mavis Discount Tire fully occupies the store, which opened this summer, on a 20-year triple-net lease. The Mavis property is part of a larger retail development that includes Publix, AutoZone, Sherwin-Williams and Wendy’s. Patrick Nutt, William Wamble and Sabrina Kortlandt of SRS represented the seller, an unnamed developer based in Florida, in the transaction. The Vermont-based private buyer purchased the asset in a 1031 exchange at a 5.38 percent cap rate, according to SRS.

December 20, 2023

Development Mixed-Use South Carolina Southeast

North Charleston City Council Approves 50-Acre Naval Yard Redevelopment

by John Nelson December 19, 2023

NORTH CHARLESTON, S.C. — The North Charleston City Council has voted to approve Battery Park, a redevelopment of the 50-acre former Charleston Naval Complex. A partnership consisting of Jamestown, Weaver Capital Partners and WECCO Development will assist the city in transforming the waterfront complex into a mixed-use district comprising 1,400 residential units, with 17 percent reserved for workforce housing (households earning less than 120 percent of the area median income). The development will also feature shops, restaurants, offices, entertainment spaces and 23 acres of public spaces, parks and streets. The developers also plan to establish a new pavilion with a market hall, event space and an active lawn fronting the water. The construction timeline for the redevelopment was not disclosed. In addition to Battery Park, Jamestown, Weaver Capital and WECCO are underway on Navy Yard Charleston, an 85-acre redevelopment that will ultimately comprise 3.5 million square feet of commercial and residential space comprising more than 2,600 residential units.

December 19, 2023

Newer Posts

Older Posts