SIMPSONVILLE, S.C. — Construction is underway on Fairview Park Assisted Living Facility, developed by Graycliff Capital Senior Housing, across a 10-acre parcel near Hillcrest Memorial Hospital in Simpsonville. Planned to accommodate 80 total beds, Fairview was modeled on Graycliff’s Spring Park concept and will comprise two residential assisted living wings containing common areas and 56 beds, as well as a 24-bed memory care wing with private common areas. Development cost is $11.2 million, and Graycliff expects to complete construction by November 2015.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered five separate sales of apartment communities in South Carolina totaling $52.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. The transactions include: • Greystone & Co. sold the 152-unit The Reserve at Cavalier and the 130-unit Hampton Forest, both located in Greenville, to two separate funds controlled by Monument Capital Management. • Applegate & Co. sold the 312-unit Polo Village, located in Columbia, to an affiliate of EBSCO Income Properties LLC. • LNR Partners sold the 176-unit Pocalla Springs, located in Sumter, to an undisclosed buyer. • Southwood Realty sold the 132-unit Heather Heights, located in Rock Hill, to Varden Capital Properties.
GAFFNEY, S.C. — Lyons Industrial Properties has brokered the sale of a 208,000-square-foot industrial facility located at 805 Victory Trail Road in Gaffney. The property is leased to Suminoe Textiles of America, a textile distributor to the automotive industry. Bobby Lyons of Lyons Industrial Properties represented the seller, Anderson Family Associates, in the transaction. Reger Holdings purchased the asset for $3.3 million.
COLUMBIA, S.C. — Arnold Cos. has redevelopment plans for 700 and 800 Gervais St. in Columbia. The retail and entertainment complex is currently home to Tsunami, Rocket Man Piano Bar, Wet Willies and Jillian’s. Arnold Cos. plans to rebrand the complex as West End Alley and connect the complex with a new alleyway, as well as upgrade the façade, upgrade the lighting and add covered outdoor seating in the new alleyway. Arnold Cos. will also bring two new tenants to the complex: Atlanta-based Mexican chain Tin Lizzy’s and City Bar and Fondue. The two restaurants are slated to open in mid-2015. Once a Train Depot building and warehouse, the complex spans 94,000 square feet and features a 478-space parking lot wrapping around the perimeter of the complex. Arnold Cos.’s redevelopment of 700 and 800 Gervais St. will begin in the second quarter of this year.
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.
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.
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.
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.
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.
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.