South Carolina

URS Capital Partners Buys Charleston Apartment Complex

by John Nelson April 10, 2015

CHARLESTON, S.C. — URS Capital Partners, a private real estate investment firm based in New York, has purchased Palmetto Point, a value-add apartment complex in Charleston. The property is URS Capital’s ninth apartment purchase in the last five years and brings its portfolio to more than 1,100 units. The investor purchased the asset using a combination of bridge financing and equity raised from a network of private investors. URS Capital is planning to invest $2 million to renovate unit interiors and add a new pool with a sundeck and outdoor kitchen. The property will also be renamed Oasis @ West Ashley.

April 10, 2015

Office South Carolina Southeast

DTZ Brokers $39.5M Sale of Three Office Buildings in Metro Charlotte

by John Nelson April 7, 2015

FORT MILL, S.C. — DTZ has brokered the $39.5 million sale of three Class A office buildings in Fort Mill, a suburb of Charlotte. The three office assets are located in Kingsley Park, a corporate office campus. Rob Cochran and Jared Londry of DTZ represented the seller, a joint venture partnership between Childress Klein and The Springs Co. Omaha-based Waitt Co. purchased the buildings for $222 per square foot. Kingsley Park is Waitt Co.’s first real estate investment in the Carolinas.

April 7, 2015

Multifamily Seniors Housing South Carolina Southeast

Big Rock, Millennium Real Estate to Develop $25M Seniors Housing Facility in Lowcountry

by John Nelson April 7, 2015

PORT ROYAL, S.C. — Big Rock Partners and joint venture partner Millennium Real Estate Group plan to develop a $25 million seniors housing rental community in Port Royal, near Hilton Head Island in South Carolina’s Lowcountry region. The partnership plans to begin construction on the project in early 2016 and wrap up construction in early 2017. The property will span 126 rental residences — 60 independent living, 45 assisted living and 21 memory care. The new community will be located on a 50-acre property that Millennium Real Estate Group owns. The other components of the tract include The Preserve luxury apartments, Port Royal Center and the Keyserling Cancer Center, which is an affiliate of Duke Medicine. Winston-Salem-based CJMW Architecture is designing the community.

April 7, 2015

Retail South Carolina Southeast

RealtyLink, Branch Properties Complete $60M Retail Development in North Myrtle Beach

by Haisten Willis April 6, 2015

NORTH MYRTLE BEACH, S.C. — Greenville, S.C.-based RealtyLink LLC and Atlanta-based Branch Properties LLC have completed Coastal North Town Center, a $60 million retail power center in North Myrtle Beach. The 315,000-square-foot center opened 88 percent leased to tenants such as Publix, Hobby Lobby, TJ Maxx, Ross Dress for Less, Dick’s Sporting Goods, PetSmart, Ulta Beauty, Rack Room Shoes, Versona, Edison’s Fitness, Hallmark, Dickey’s BBQ, Coastal North Vision Care, CC Nails, Supercuts, Which Wich, Coastal Olive Oil, McAlister’s Deli, Chipotle, Mattress Firm, Heartland Dental, B Fashion, Menchie’s, Bojangles’ and Bou’Tiki. Coastal North Town Center is the trade area’s largest retail shopping center completed in nearly 15 years. As part of the joint venture agreement, RealtyLink is responsible for development, financing and leasing, while Branch serves as the equity partner and ongoing property manager.

April 6, 2015

Multifamily South Carolina Southeast

East West Partners Breaks Ground on Luxury Condo Project in Charleston MSA

by John Nelson March 30, 2015

MOUNT PLEASANT, S.C. — East West Partners has begun construction on Tides IV, a 54-unit luxury condominium community in Mount Pleasant, a suburb of Charleston. All 13 residences listed in a pre-sale in December 2014 sold for an average $930,000, the most expensive of which was a $2.2 million penthouse sale. East West Partners will release 10 more units for pre-sale in early April. Upon completion in summer 2016, the property will feature a lobby, fitness center and marsh-front swimming pool. Tides IV will be situated near Mount Pleasant Waterfront Park, Ravenel Bridge (connecting to historic downtown Charleston), Sullivan’s Island and Isle of Palms.

March 30, 2015

Retail South Carolina Southeast

Provest Properties Acquires South Carolina Shopping Center for $11.8M

by John Nelson March 27, 2015

CAMDEN, S.C. — ProVest Properties LLC has purchased Springdale Plaza, a 179,000-square-foot shopping center located in Camden, for $11.8 million. The property was 94 percent leased at the time of sale to tenants such as Belk, Burke’s, Farmer’s Home Furniture, Goodwill, Dollar Tree, Gamestop, Rue 21 and Hibbett Sports. Marc Birnbaum, Esq. represented Charles Vita of ProVest Properties in the negotiations.

March 27, 2015

Mixed-Use Restaurant Retail South Carolina Southeast

NAI Avant Brings Retail Portion of Mixed-Use Property in Downtown Charleston to Full Occupancy

by John Nelson March 27, 2015

CHARLESTON, S.C. — NAI Avant has secured retail tenants for all five available suites in The Grand at Midtown, a mixed-use apartment community located at the corner of Meeting and Spring streets in downtown Charleston. King of Pops, a gourmet popsicle company, and an unnamed retailer will join existing retailers Edward Jones, Bull Street Market and CHS Revolution at the property, which was formerly known as Elan Midtown. Phillipa Ward of Arthur Ravenel Commercial Realty represented King of Pops in the 615-square-foot lease transaction. Amanda Reeves of Lee & Associates represented the unnamed retailer in the 1,575-square-foot lease deal. Scott Peevy and Ruth Marie Embler of NAI Avant represented the landlord, Meeting Street Realty Co., in the lease negotiations.

March 27, 2015

Multifamily South Carolina Southeast

Kassinger, Richardson Properties Break Ground on Waterfront Apartment Community

by John Nelson March 20, 2015

CHARLESTON, S.C. — Co-developers Kassinger Development Group and Richardson Properties have broken ground on Sweetwater, a 266-unit luxury apartment community located on Beresford Creek in Charleston. The property will be located across Daniel Island near I-526 via Clements Ferry and the Wando River via boat. Sweetwater Construction is the general contractor for the property. Every apartment unit at Sweetwater will feature a porch. Waterfront amenities include boat parking, a boat ramp, kayak and canoe launch and community docks. Sweetwater will also feature pet parks, a fitness center, gathering barn, waterfront swimming pool and greenhouses. Upon completion, the 50-acre site will also house an 18-room boutique inn and an event lawn. The development team expects to deliver the property’s first buildings in early 2016.

March 20, 2015

Duncan Distribution Center South Carolina

Industrial South Carolina Southeast

CBRE Brokers $12.6M Sale of Distribution Center in Metro Spartanburg

by John Nelson March 13, 2015

DUNCAN, S.C. — CBRE has brokered the $12.6 million sale of Duncan Distribution Center, a 350,000-square-foot, Class B distribution center in Duncan, part of the Spartanburg West industrial submarket. Beacon Partners purchased the distribution center, which was fully occupied at the time of sale. Patrick Gildea, Brett Floyd and John Scott of CBRE represented the seller, Duncan Owner Corp., in the transaction. The center is located near I-85, the South Carolina Inland Port in Greer and BMW’s manufacturing plant.

March 13, 2015

Loans Multifamily South Carolina Southeast

Walker & Dunlop Arranges $17M Refinance of Apartment Community in Metro Charlotte

by John Nelson March 11, 2015

ROCK HILL, S.C. — Walker & Dunlop Inc. has structured a $17 million refinance loan for Brookstone Apartments, a 348-unit multifamily community located in Rock Hill, a suburb of Charlotte. Justin Nelson led Walker & Dunlop’s team to arrange the 15-year loan with five years of interest-only payments and a 30-year amortization schedule. Built in 2001, the property’s amenity package includes a clubhouse, 24-hour fitness center, laundry facility, gated access, playground, swimming pool, volleyball court and dog park.

March 11, 2015

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