Netting a total of approximately $600 per square foot for a retail property, national commercial real estate investment firm Marcus & Millichap recently turned around a 5,850-square-foot site located at 127 King St. in Charleston.
Raj Ravi, the firm’s regional manager for the Carolinas, announced the $3.5 million transaction that the firm handled on behalf of the seller, a local private investor. Marcus & Millichap’s senior associate Ben Yelm and Andrew Margulies, vice president for investments in the company’s Charleston and Raleigh offices, served as exclusive listing agents.
Additionally, Yelm and Margulies found the buyer — a New York-based family investment firm that plans to maintain the property for rent appreciation and potential development on a long-term basis.
“The trade of this property is evidence of the demand for infill real estate in downtown Charleston, especially for out-of-area investors,” Yelm said.
City of Columbia officials will hear a developer’s concept to build mixed-used project with a grocery store and apartments on the former South Carolina Electric & Gas Co. bus storage facility on Huger Street.
The project includes a 30,000-square-foot grocery story with 177 residential units, according to documents filed with city planners. In addition, the concept includes 10,000 square feet of amenity and leasing space, a free-standing building of 12,500 square feet, and a combination of structured and surface parking.
The development would be built on about six acres of prime downtown Columbia property bounded by Huger, Hampton, Washington and Williams streets. It’s near the vacant Kline Iron & Steel Co. property that’s slated for a $100 million development project.
The Design/Development Review Commission is scheduled to receive an informational presentation on the proposal at its monthly meeting on Thursday at City Hall. Mark Senn is listed on the application as the project’s developer.
A North Charleston shopping center recently sold for $22.4 million, according to a news release.
North Charleston developers SC North Charleston CPD 2G-1B LLC sold The Shoppes at Centre Pointe retail center, located at 4956 and 4960 Centre Pointe Drive, to Rose FP LLC, based in Hoffman Estates, Ill., the news release said.
The 112,302-square-foot center, which was completed this year, sits on 8.48 acres and was fully leased at the time of sale to Field & Stream, Conn’s HomePlus and La-Z-Boy, according to the news release.
“The area boasts a population of 120,739 within five miles, as well as 77,536 daytime employees,” Marc Bonilla, vice president of Colliers International in Phoenix, said in the news release. Bonilla represented Rose FP LLC in the transaction. “We see huge, immediate upside for the area and are forecasting enormous, highly sustainable growth for the Centre Pointe area.”
The seller was represented by Joey Odom, director of Stan Johnson Co.
Tony Bonitati, Kay Hill and Bern DuPree represented Georgetown Holdings, LLC in the sale of two Spartanburg, SC multifamily properties totaling 166 units. Georgetown Village located at 1421 John B White Sr. Boulevard (74 units) and Timberlane Apartments located at 106 Kensington Drive (92 units) were sold to Cedar Grove SC II, LLC. The buyer was not represented in the transaction. The portfolio sold for $8,750,000, or $52,711 per unit. Both properties were fully occupied at the time of sale.
A new commercial development, Grand Central@Martin Farms, is coming to Simpsonville at the intersection of Fairview Road and Harrison Bridge Road, according to the Windsor Aughtry Company and city officials.
Publix Super Markets, working with JSI Development, is the first Grand Central@Martin Farms tenant to announce plans to locate there. The grocer will vacate its existing store on Fairview Road and become the development’s 54,000-square-foot anchor.
A junior anchor and outparcels will be announced at a later date.
Work on the development has begun. The Publix is anticipated to open in the fall of 2017.
Rivergate KW Residential, a multifamily property management company based in Miami, is continuing its growth in the Carolinas, recently taking over operations of 621 new multifamily units. The company added four new communities to its portfolio over the last few months.
In September, Rivergate took on the management of Vistas @ 707, a 190-unit property in Charlotte’s Uptown area, consisting of one, two and three bedrooms and amenities like a game lounge, fitness center and saltwater pool.
The acquisitions also include Cedar Flats, a new, 82-unit boutique community, located in Charlotte Center City.
Retreat at the Park, a new 249-unit apartment community in Burlington, N.C., is now under Rivergate’s operation, too.
In Charlotte’s SouthPark neighborhood, the company acquired Mezzo1, a 100-unit boutique community with studio, one- and two-bedroom apartments.
A panel of S.C. House members is aiming to change the state’s controversial property tax law and tax some sales now exempt from the state’s sales tax, exemptions that cost the state $3 billion a year.
Reducing the state’s 7 percent top income tax rate also is on the table.
Most on the 14-member panel agreed changes need to be made to the tax laws as they began discussions to prompt changes during the legislative session that starts in January.
S.C. residents “want something comprehensive and something they can trust” in terms of changes to the state’s tax laws, said state Rep. Todd Atwater, R-Lexington.
Augusta Grove, the largest industrial business park of its kind in Greenville County, today announced plans for a new, best-of-class speculative building that will be under construction by the end of the year.
At 331,850 square feet, the Class A, concrete, tilt-wall industrial project known as Augusta Grove #17 will have a 32-foot minimum clear height and create a commanding presence in the park. Located on a premier 46.1-acre site at the intersection of Matrix Parkway and Old Grove Road, the rear-load facility can accommodate a multi-tenant configuration, but is best suited for a dominant lead single tenant. Auto parking is ample with room for expansion in the design; likewise for trailer storage. An ESFR sprinkler system and LED lighting program are just a few examples of the quality features in this property.
The park’s existing tenants include a mix of successful manufacturing and logistics owners such as GE Aviation, KI Logistics, Roy Metals, The Blood Connection, Sun City Produce, JTEKT, Magna Industries and others. NAI Earle Furman is confident that the announcement of new spec inventory will attract more of the same.
Augusta Grove #17’s cutting-edge, flexible design is the product of collaboration between Wakefield Beasley & Associates, a multi-national architectural firm out of Atlanta, and BlueWATER Civil Design, based in Greenville with a solid presence across the southeast. Harper Corporation, an award-winning general contractor also based in Greenville, will be handling construction.
The project is being developed by a group led by TPA Group of Atlanta and Greenville-based Appian Investments together with Boston-based Long Wharf Real Estate Partners.
Design plans are solidified, site work and construction have started, and NAI Earle Furman is actively marketing the Augusta Grove #17 building for lease or sale. The project’s estimated date of completion is late summer, 2017.
Berkeley Capital Advisors has announced the sale of the Walmart Neighborhood Market Ground Lease in Myrtle Beach, SC for $7.86MM. Located at 3650 Walton Heath Drive, Walmart had 20 years remaining on the lease at time of sale. The asking cap rate was 4.5%.
Steve Horvath and Ransome Foose exclusively represented the seller in the transaction.
Single-tenant net-lease cap rates for retail properties reached a record-low 6.10 percent in the third quarter, reported Boulder Group, Northbrook, Ill.
STNL cap rates for the office and industrial sectors also decreased to 7.08 percent and 7.14 percent, respectively, said Boulder Group Vice President John Feeney.
“The overall net-lease market remains active with 1031 and private investors due to the passive nature of the leases and attractiveness of relative investment returns when compared to other asset classes,” Feeney said.
Feeney noted that uncertainty in some other investments compared to the stable yields generated by the single-tenant sector created “abundant” investor demand for STNL properties.
Greenville, SC: Earle Furman, Jr, SIOR of NAI Earle Furman represented the seller, Park Sterling Bank, in the sale of a 6.1 acre land parcel on Villa Road to Riverplace Office III, Inc.
Travelers Rest, SC: Drew Stamm & John Gray, CCIM of NAI Earle Furman represented the purchaser, Pivot Pizza Company, LLC, in procuring a 2,000 SF flex/retail property located at 164 South Main Street from Specialized-Mathews, LLC.
Clinton, SC: Cameron Babbitt of NAI Earle Furman represented the seller, GYG, LLC, in the sale and Hunter Garrett, CCIM, SIOR and John Staunton represented the buyer in the purchase of College Station, a 41,298 SF retail investment property.
Spartanburg, SC: Jake Van Gieson and Graham Mullikin of NAI Earle Furman represented the seller, Southern Specialty Properties of SC, LLC, in the sale of a 16-unit manufactured housing property at 201 Fernwood Park Drive. Cole Morris and Chris Harrison, also of NAI Earle Furman, represented the purchaser, JBL Properties, LLC.
Woodruff, SC: Kevin Pogue of NAI Earle Furman represented the seller, Dorn & Scott Properties, LLC, in the sale of a 3,000 SF retail property at 123 South Main Street to Farah Enterprises, LLC.
Spartanburg, SC: Kevin Pogue of NAI Earle Furman represented the seller, 1854 East Main, LLC, in the sale of a 5,000 SF retail property at 1854 East Main Street to GGH, LLC.
Greenville, SC: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the seller, United Community Bank, in the sale of a 2,135 SF office building at 27 West Road to 722 Grove Road to 722 Grove Road, LLC.
Monument Capital Management has recently purchased Park West Apartments in Greenville, S.C. and Magnolia Townhomes in Spartanburg, S.C. The multifamily properties are the fifth and sixth acquisitions for the firm’s Monument Opportunity Fund III, which launched last year and will be managed by Monument Capital Management’s sister company, Monument Real Estate Services. According to Yardi Matrix, the property in Greenville changed hands for $16 million.
Located at 357 Hillandale Road, on over 20 acres in north Greenville, Park West Apartments features 305 one- and two-bedroom garden-style residences and 54 two-bedroom townhomes. Amenities include a fitness center, business center, two swimming pools, three laundry facilities and 640 parking spaces.
Magnolia Townhomes is situated at 201 E Blackstock Road on more than eight acres in southwest Spartanburg. The property offers 98 units consisting of 18 one-bedroom garden-style apartments and 80 two- and three-bedroom townhomes. Residents can enjoy amenities including a clubhouse, swimming pool and laundry room.
The company plans to upgrade each property by improving the curb appeal and unit interiors.
The apartment complex at the mixed-use Nexton real estate development in Summerville is under new ownership.
A company affiliated with Woodland Hills, Calif.-based NMS Property Services Corp. paid $53.5 million for the Parks at Nexton, or about $167,187 for each of the 320 units, Berkeley County land records show.
It is the NMS’s only investment property outside of California, according to its website.
The seller was a joint venture between The Beach Co., a Charleston real estate firm, and Nexton developer WestRock Co. They completed the Parks project in early 2015.
Ken Seeger, president of WestRock’s real estate development division, said in a statement that the company was pleased with the partnership.