The Villas at Lawson Creek, a 202-unit apartment community in Boiling Springs, was recently sold for $19 million.
Spartanburg County property records showed Connecticut-based Hamilton Point Investments purchased the multifamily complex at 9159 Asheville Highway from Greenville-based Graycliff Capital Partners on Jan. 12.
Built in 2009, the Villas at Lawson Creek has a mix of one-, two- and three-bedroom apartments, a cardio fitness center, movie theater, tropical pool, two-story clubhouse, business center, community pavilion, patio sunrooms, car care facility and a 24-hour laundry facility, according to Graycliff Capital Partners.
Chris Yeagle and Kyle Chase with On Eleven Partners, headquartered in Mount Pleasant, brokered the deal.
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $20.75 million sale of Regency Place Apartments (Regency Place), a 180-unit, garden-style apartment community in the West Raleigh submarket of Raleigh, North Carolina.
HFF marketed the property on behalf of the seller, Covenant Capital Group. Towne Properties (Towne) purchased the asset free and clear of existing debt. Regency Place is Towne’s first acquisition in North Carolina and in the southeastern region of the United States.
Regency Place is located at 6210 St. Regis Circle near the nexus of Interstates 40 and 440. The property’s centralized location within the Raleigh-Cary MSA provides connectivity to downtown Raleigh’s burgeoning tech hub and other high-growth employment centers such as North Carolina State University and Cary’s Weston area, which is home to companies, including SAS, MetLife and Fidelity Investments. Regency Place comprises nine three-story residential buildings with a mix of one- and two-bedroom units averaging 848 square feet each. During the past two years, the property has undergone renovations to upgrade amenity spaces, exterior features and unit interiors. Exterior and common area improvements include clubhouse modernization, fitness center expansion with new equipment, a new dog park, new pool pavilion and deck, landscape enhancement and new exterior paint. Unit upgrades include the addition of stainless steel appliances, granite countertops, new cabinet doors, new hardware and lighting, fresh interior paint and faux-wood flooring.
The HFF investment sales team representing the seller was led by managing director Justin Good, director Allan Lynch, managing director Jeff Glenn and senior managing director Jason Nettles.
Even the rich and powerful George Vanderbilts of the world have to pay property taxes, but when their property is a national treasure like Biltmore House, figuring out how much it’s worth is complicated.
Buncombe County appraisers were tasked with putting a price tag on America’s largest private residence with its 250 rooms and approximately 135,000 square feet built in 1895 and styled after a French Renaissance chateau. The numbers released this week put the house’s value at about $37 million and the approximately 2,194 acres on which it sits at more than $64 million. Considering the hotels, restaurants, outbuildings and private residences, the total value of the public areas of Biltmore Estate is nearly $300 million, according to the tax department.
Biltmore Company and its related groups hold about 8,000 acres of property, but it’s divided up into multiple properties, some of which are not held by the Biltmore Company. George Vanderbilt’s heirs divided the assets into multiple companies, including the Biltmore Company and Biltmore Farms, in 1979. The largest portion of the estate, west of the French Broad River, is held by West Range LLC and valued at about $78 million, which is not included in the $300 million. Most of that property is not open to the public on a regular basis.
Chad Yonce of Southeastern Management Group represented State Street LLC in its $400,000 sale of 1,000 square feet of office space at 15 State St. The buyer, Baker-Charleston LLC, was represented by Chuck Sullivan of Carriage Properties.
Eddie Hughes and Edward Robinson of Beach Commercial represented the seller, Fast Asleep LLC, in its $805,000 sale of 2.02 acres at 1758 Main Road. The buyer, Oakside Apartments SC LLC, was represented by Pete Harper of Lee & Associates.
Mark Erickson of Cushman & Wakefield|Thalhimer represented the buyer, M2 Land LLC, in its $3 million purchase of 21.24 acres at 9801 Highway 78 from JLW Ladson LLC.
Tradd Varner of Avison Young represented SC Services of Charleston LLC in its $925,000 purchase of 12,000 square feet of industrial space at 2800 Azalea Drive from Charles E. Swicord. Mark Erickson of Cushman & Wakefield|Thalhimer represented the seller.
Milton Thomas of Lee & Associates represented the sellers, J. Gregory Sanders and Lori B. Wood, in the $3.81 million sale of 16.22 acres on Hawthorne Drive. The buyer, Charleston FX LLC, was represented by Peter Fennelly and Simmons Johnson of Colliers International.
Robert Pratt of RE/MAX Pro Realty represented the seller, Sandlapper One Associates, in the $1.2 million sale of two 9,750-square-foot buildings at 7599 Sandlapper Parkway. The buyer, Six Old North Wharf, was represented by Eddie Buxton of Palmetto Commercial Properties.
Eddie Hughes of Beach Commercial represented the buyer, Beach Village LLC, in its $400,000 purchase of 3.62 acres on Highway 17-A from The Sandman Crew. The seller was represented by Charles Fitzhenry II of RealtyLink.
Bob Nuttall and Lindsey Halter of Lee & Associates represented the seller, Mooring Capital Fund LLC, in its $805,000 sale of a 3,247-square-foot office condominium at 1470 Tobias Gadson Blvd. Tim Harrison of Whitney Commercial Real Estate Services represented the buyer, Catherine Cole Ferndelli Living Trust.
Daniel Island – Brent Case, CCIM of Coldwell Banker Commercial Atlantic represented the Buyer, McGrath Real Estate Holdings LLC, in the purchase of a 2,181-square-foot office space for $520,000 at 234 Seven Farms Drive, Unit 215, in Daniel Island SC. Fritz Meyer of Meyer Kapp and Associates represented the Seller.
North Charleston – Brent Case, CCIM, and Benjamin Diebold of Coldwell Banker Commercial Atlantic represented the Landlord, Jack Krauss, in the Lease of a 7,500-square-foot/1.35 acre warehouse space for $308,548 at 7219 Cross County Rd, in North Charleston SC
Charleston – Kathleen Boswell of Coldwell Banker Commercial Atlantic represented the Tenant, Office Evolution, in the lease of 7,032-square-feet of office space at 460 King Street., in Charleston SC.
Charleston – Kristen Corri Krause of Coldwell Banker Commercial Atlantic Intl. / Historic District Real Estate represented the buyer, Buick McKane Holdings LLC, and the Seller, 13 Carolina St. LLC, in the purchase of a 2,100-square-foot multi-family duplex for $514,000 at 13 Carolina St in Charleston, SC.
Moncks Corner – Marlena Franklin, CCIM of Coldwell Banker Commercial Atlantic represented the Buyer, DCH Management, LLC, and Seller in the purchase of a retail space for $90,000 at 507 E Main St. in Moncks Corner, SC.
Greenville, SC-based Tax Credit Marketplace, LLC (“TCM”) announces the successful closing of the 2016 SC Revitalization Tax Credit Fund, LLC (“2016 Fund”).
The 2016 Fund invested in a variety of qualifying development projects, which generated approximately $13 million in South Carolina income tax credits. The 40 investors in the Fund utilized these tax credits to reduce their SC Tax liability. The 2016 Fund included projects from multiple asset classes, including hospitality and distribution centers.
“TCM has multiple projects under review for its 2017 and 2018 funds and is currently seeking additional qualifying projects statewide to invest in,” According to Michael Wolf, VP of Development for TCM. “Based on an increasing investor demand and development momentum, we expect future funds to be significantly larger than the 2016 Fund”.
Developers and property owners understand that they can create a competitive advantage by properly utilizing the SC Revitalization Acts (“Acts”) to attract additional capital for their projects. These projects often generate more Tax Credits than a developer or property owner can personally utilize. TCM is able to offer developers/property owners the opportunity to monetize these excess Tax Credits, resulting in cash flow that would otherwise be missed.
The Revitalization Acts encourage private investment to alleviate adverse real estate conditions such as abandoned and historic buildings. The Acts also make it easier for developers and communities to enhance nearby property values, create local jobs, and form the “sense of place” that has become such an important factor in deciding where we live, work, and play. Effectively, the state has decided to underwrite the rebirth and redevelopment of SC cities and towns.
“The Acts for all four types of Tax Credits have been updated, extended, and/or enhanced in the past 2 years. Most notably, the utilization periods for some of the Tax Credits have been shortened from 5 years to 3 years, and the Tax Credits are no longer limited to 50 percent of a taxpayer’s SC tax liability. They can now be applied to 100 percent of the liability” says TCM Chief Operating Officer Josh Workman. “SC communities, developers, property owners and credit investors have definitely benefited from these revisions.”
CBRE Group, Inc. announced the sale of 750 Brookfield in Greenville. Patrick Gildea, Tripp Sellers and Charles Gouch exclusively represented the seller, Chicago-based J.L. Woode Ltd., in the transaction. The portfolio sold to CCP Commercial Real Estate for $16.7 million on Jan. 20.
750 Brookfield, at 750 Brookfield Parkway, has a 93.5 percent occupancy rate and totals 106,649 square feet. It is one of only three buildings in the Greenville-Spartanburg office market that is 100,000 square feet or larger and offers a parking ratio of six-plus spaces per 1,000 square feet.
750 Brookfield features Ford Motor Credit Co. as a strong credit-rated tenant. The tenant occupies more than 68 percent of the leasable area.
The Class-A office building is institutionally managed and maintained in a mature, landscaped park setting that is home to many of Greenville’s toprated tenants: MetLife, GE Gas Turbines, Verizon Wireless, Jacobs Engineering and Ahold USA.
Campus Advantage announced the takeover of six properties, including two near the University of South Carolina campus.
The Austin, Texas-based group is the sixth-largest student housing owner/operator in the United States providing property management, consulting, acquisitions and development services.
In November, Campus Advantage announced a collaboration with Saban Real Estate and a three-phased acquisition plan for a 19-property American Campus Communities (ACC) portfolio. The first phase, which closed on Nov. 16, included eight tier one university student housing properties for the University of Missouri, Louisiana State University, and the University of Alabama.
The two USC properties, University Oaks in Columbia and Garnet Riverwalk in West Columbia, are part of phase two. Campus Advantage also added two properties at Penn State and East Carolina.
Berkeley Capital Advisors has announced the sale of the Hardee’s Ground Lease in High Point, NC for $1.198MM, satisfying a 1031 tax exchange. Located at 2850 N. Main St., Hardee’s had 12 years remaining on the lease at time of sale. Steve and Ransome exclusively represented the seller in the transaction.
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of RSI Distribution Center, a one million-square-foot, Class A, state-of-the-art bulk distribution facility in the Charlotte-area community of Lincolnton, North Carolina. HFF marketed the property on behalf of the seller, 838 Lincoln County Parkway LLC. A private investor purchased the asset.
RSI Distribution Center is fully leased on a triple net basis through August 2029 to RSI Home Products, Inc., North America’s leading manufacturer of kitchen, bath and home storage cabinets. Completed in 2004 for RSI, the facility has been expanded three times since 2005, including a 225,000-square-foot addition delivered in 2014. The building features tilt-up concrete exterior panels, 30’ minimum clear height, 130’ truck courts in the front, 180’ truck courts in the rear, 88 dock doors, four overhead drive-in doors, 7,500 square feet of office space and 155 dedicated trailer storage positions on site. The site has an additional 141,000 square feet for a future expansion. Situated on 82 acres at 838 Lincoln County Parkway, RSI Distribution Center is within the 680-acre, master-planned Lincoln County Industrial Park. The park is on the U.S. Highway 321 Inter-Connector, a four-lane thoroughfare that connects Interstate 85 with Interstate 40, in the northern part of the Charlotte MSA. This offers the property direct access to the Southeast and Mid-Atlantic main population centers and primary distribution channels.
The HFF investment sales team representing the seller was led by senior managing director Chris Norvell and associate director Patrick Nally.
Berkeley Capital Advisors is pleased to announce the sale of New Market Crossing in Mt. Airy, NC, a 112,176 square foot shopping center anchored by a Lowes Foods. Rob Carter, Rad von Werssowetz, and Erin Green of Berkeley Capital Advisors represented the sellers in this transaction.
The 117,376 square foot community shopping center is anchored by a 54,838 square foot Lowe’s supermarket that is scheduled to be renovated in 2018. Rose’s occupied 32,000 square feet in the center. There are three local shops vacant, totaling 7,908 square feet.
The Charleston region’s largest shopping center could soon have a new owner.
Citadel Mall is “under contract” to be sold, according to the website for Maryland-based CW Capital, an asset management company. It was previously listed “For Sale.”
A spokesman for CW Capital said it is the company’s policy not to comment on its pending property sales. The proposed buyer has not been disclosed.
The 1.1 million-square-foot retail destination, the centerpiece of West Ashley’s shopping options, faced foreclosure in 2013 when the former owner, CBL & Associates Properties of Tennessee, began missing monthly mortgage payments on the balance of a $75 million loan it took out in 2007.
About 25 percent of the mall remained shuttered for several years following the last recession, cutting into tenant proceeds.
Berkadia announced the recent $12,775,000 sale of Hampton Oaks, a 160-unit multifamily property located in N. Charleston, S.C.
Mark Boyce, Senior Director and Blake Coffey, Associate exclusively listed the property for QR Capital and completed the sale on January 6th. Hampton Oaks was acquired by Toro Real Estate.
“With over a dozen offers generated on this asset and a purchase price at roughly $80,000 per unit, it’s easy to see that the demand for Charleston assets remains strong,” said Boyce.
Hampton Oaks is a 160-unit, two-story, garden-style apartment community located in the city of North Charleston, South Carolina. The property is situated 13 miles from Downtown Charleston, 5 miles away from Boeing facility, 0.6 miles away from Trident Technical College, 9 miles from the new Volvo North America Plant, and 5 miles from Charleston International Airport.
Built in 1971, the property is situated on 7.71 acres of land, and consists of eight masonry constructed buildings with brick and vinyl exteriors and pitched roofs. Hampton Oaks contains a desirable unit mix comprised of 48 one-bedroom units ranging from 651 to 750 square feet and 112 two-bedroom units ranging from 868 to 968 square feet. The property has an overall average unit size of 820 square feet.
This property’s community amenities include: a swimming pool with sun deck, picnic and grilling areas, clubhouse with Internet cafe, fitness center, playground, central laundry facility, business center, and enclosed bark park.
Q10 | Professional Mortgage Company arranged the following loans:
- $12,250,000 fixed-rate loan on Torrence Village, 76,582-square-foot, Walgreens anchored shopping center located at 9810 Gilead Road, Huntersville, NC.
- $2,000,000 fixed-rate loan on Banberry Plaza, a 12,880-square-foot shopping center anchored by Reeds Jewelry offices. The mixed use property is located at 2515 South 17th St., Wilmington, NC.
- $21,700,000 fixed-rate loan (two years with interest only) on the newly completed Belle Meade Apartments, a 228-unit, Class A property located at 1109 Matteo Dr. (off Carolina Beach Road), Wilmington, NC.
- $1,050,000 fixed-rate loan for the acquisition of a 9,002-square-foot free-standing Dollar General store located at 7812 Broad River Road, Irmo, SC.
- $4,455,000 fixed-rate, fully-amortizing loan on Pelham 85 Commerce Center, a 109,000-square-foot, Class A industrial property located at 105 Ben Hamby Road, Greenville, SC.
- $7,000,000 fixed-rate loan on Forest Square Shopping Center, a retail property consisting of 64,037 square feet within a Publix, two bank branches, Scotchman and Chili’s. The properties are located in Myrtle Beach, SC. Four of the properties are ground leases.