Archive for Charleston

Oct
02

Avison Young Announces Charleston Area Transactions

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avison young logoNick Tanana represented the landlord, Kingfisher Investments VI, LLC in the lease of a 120 sf office space located in The School House at 720 Magnolia Road in Charleston, South Carolina to RAZ Productions, LLC.

Gregg Legerton represented the landlord, Tobias, LLC, in the lease of a 1,130 sf office space located in 61West at 1483 Tobias Gadson Boulevard in Charleston, South Carolina to The Kenney Law Firm.

Alan Bolduc, CCIM,SIOR & Courtney L. Marous represented William Stanley Hall as PR for The Estate of William J. Hall & The Estate of Norma C. Hall in the purchase of a 30,000 sf industrial building located at 1920 New Cut Road in Spartanburg, South Carolina, from Marshall Bridge Capital, LLC for $1,350,000.

Todd P. Garrett CCIM, SIOR represented Palms Preferred Properties, LLC in the lease extension of 2,400sf of industrial space located at 4663 Franchise Street, Suite 102 in North Charleston, South Carolina, to Professional Drywall & Paint Co., LLC.

Todd P. Garrett SIOR, CCIM represented Roger K. Davis in the lease extension of a 9,000 sf industrial space located at 4682 Franchise Street Unit A in North Charleston, South Carolina, to Manale Landscaping, LLC. Ryan Welch of Lee & Associates represented the Tenant.

Vitré Ravenel Stephens  represented Waxed Salon in the leasing of 1,300 sf of retail space located at 1145 Johnnie Dodds Blvd in Mount Pleasant, South Carolina, from New Market Centre, LLC . Chris Dion and Blair Belk of Belk Lucy represented the Landlord.

David Mantek & Vitré Ravenel Stephens  represented Trolley Square, L.L.C in the leasing of 1,600 sf of retail space located in Trolley Square at 1525 Old Trolley Road Unit E in Summerville, South Carolina, to Carolina Spirits. Trey Lucy of Belk Lucy represented the Tenant.

Vitré Ravenel Stephens  represented Indigo Village, LLC in the leasing of 650 sf of retail space located in Indigo Village at 1662 Savanah Highway in Charleston, South Carolina, to Charleston Roofing and Exteriors, LLC.  Brett Rashtchian of Re/Max Pro Realty represented the Tenant.

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Aug
29

Charleston Self Storage Facility Sold

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folly rd ssThe sale of Folly Road Self Storage in Charleston, South Carolina was recorded on August 25, 2017. The property consisted of 303 storage units in 34,700 net rentable square feet plus 15 parking spaces for boats and RVs. The property is located at 1573 Folly Road in Charleston, South Carolina. The property was purchased by a private equity firm from Pennsylvania and will be managed by a third-party management company. The seller was an entity controlled by an individual from San Diego, California. The sale price was $4,686,500.

Bill Alter of Rein & Grossoehme Commercial Real Estate represented the seller in the transaction.

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Aug
16

Wando Self Storage Facility Sold

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wando ssThe Extra Attic Self Storage in Wando (Charleston), South Carolina, was sold in August and commanded a sales price of over $100 per RSF.

Located on Clements Ferry Road just tenths of a mile from the proposed 9,000 acre development of Cainhoy Plantation, estimated to be home to 20,000 – 40,000 residents over the coming decades, the facility features 11 self storage buildings plus an office building, with 84,200 +/- RSF on approximately 6 acres. It offers climate units and traditional units, plus parking. There is also an onsite rental office with moving supplies, and a self serve Kiosk. Expansion can be accommodated onsite vertically.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc., a leading self storage broker in the Southeast, represented the seller and had the listing to market the facility.

LINK TO LOOPNET LISTING

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Aug
16

Avison Young Announces Transactions

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avison young logoRakan Draz and John Odom represented DHM-301 Haywood Road, LLC in the leasing of a 1,200 sf retail space located at 301 Haywood Road in Greenville, South Carolina, to XF Studio Salon, LLC.

Rakan Draz and John Odom represented Phillip C. Cahaly, Mark A. Cahaly and Clark P. Cahaly in the leasing of 1,100 sf of retail space located at 7530 White Horse Road in Greenville, South Carolina, to Kelley Contract Services, LLC.

Chris Fraser, CCIM, Tabitha Cooper and Rob Howell represented Black & Veatch Corporation in the lease extension of 5,706 sf of office space located at 201 Brookfield Parkway in Greenville, South Carolina, from ROC III Fairlead Brookfield Corporate Center Owner, LLC. Shelby Dodson of CBRE represented the Landlord.

Todd P. Garrett, CCIM, SIOR represented 756 St. Andrews Blvd. LLC in the lease extension of a 2,100 sf industrial space located at 7187 Bryhawke Circle, Suite 100 in North Charleston, South Carolina, to Custom Canvas of Charleston, Inc.

Todd P. Garrett CCIM, SIOR represented Palms Preferred Properties, LLC in the lease extension of 2,400 sf industrial space located at 4663 Franchise Street in North Charleston, South Carolina, to Rainbow International of Charleston.

David Mantek and Vitré Stephens represented the landlord, James Island Center LLC, in the lease extension of a 1,800 sf restaurant space located in James Island Center at 1739 Maybank Hwy in James Island, South Carolina, to Barberitos.

Todd P. Garrett, CCIM, SIOR & Tradd Varner represented Ed Sutton in the leasing of 1,000 sf industrial space located at 1921 Reynolds Avenue in North Charleston, South Carolina, to Art Forms & Theatre Concept, Inc.

Todd Garrett, SIOR, CCIM represented Skeet Ventures in the lease extension of 26,940 sf industrial space located at 2550 W 5th North Street in Summerville, South Carolina, from Delta Real Estate Investments, LLC. John Beam of Colliers International Charleston, LLC represented the Landlord.

David Mantek and Vitré Ravenel Stephens represented GB Associates Limited Partnership in the leasing of 1,600sf retail space located in Crowfield Plaza at 431 St. James Avenue, Suite L in Goose Creek, South Carolina, to The UPS Store. Eddie Pershin of Atlas Realty Group represented the Tenant.

Todd P. Garrett, CCIM, SIOR and Tradd Varner represented Traxler Littlejohn Enterprises, LLC in the leasing of a 1,900 sf industrial space located at 4208 Pace Street, Unit B, in North Charleston, South Carolina from Pace Street, LLC. Miles Martschink of CC&T Real Estate Services represented the Landlord.

Todd P. Garrett CCIM,SIOR represented 3614 Ashley Phosphate Road, LLC in the lease extension of 5,000sf of industrial space located at 3170 Stanton Court, Suite A in North Charleston, South Carolina, to Charleston Import Automotive.

Gregg Legerton represented the landlord, Tobias, LLC, in the leasing of a 4,500 sf medical office space located in 61West at 1483 Tobias Gadson Boulevard in Charleston, South Carolina to Roper St. Francis Physicians Network.

Gregg Legerton represented the landlord, Tobias, LLC, in the leasing of a 2,161 sf medical office space located in 61West at 1483 Tobias Gadson Boulevard in Charleston, South Carolina to Head Dental Associates, LLC.

Jeremy Willits represented the landlord, 5900 Core Avenue, LLC in the lease extension of a 10,763 sf office space located at 5900 Core Avenue in North Charleston, South Carolina to DEA.

Gregg Legerton represented the landlord, Tobias, LLC, in the lease of a 1,312 sf medical office space located in 61West at 1483 Tobias Gadson Boulevard in Charleston, South Carolina to Charleston Hand Therapy Center.

Todd P. Garrett CCIM, SIOR represented Palms Preferred Properties, LLC in the lease extension of 2,00sf industrial space located at 4663 Franchise Street, Suite 105 in North Charleston, South Carolina, to Palmetto Furniture Solutions, Inc.

Todd P. Garret CCIM, SIOR represented Jeffry L. Combs & Traci B. Combs in the leasing of 10,500 sf industrial property located at 3209 Industry Drive in North Charleston, South Carolina, to Southern Current. Blair Belk of Belk Lucy represented the Tenant.

David Mantek & Vitre R. Stephens represented James Island Center LLC in the leasing of 7,491 sf of retail space located in James Island Center at 1739 Maybank Highway, Suite N, in James Island, South Carolina, to Pet Supermarket, Inc. Julie Gardner of Katz & Associates represented the Tenant.

Categories : Charleston, Greenville
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Aug
15

RADCO Acquires Charleston Apartment Community

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Woodbridge_ApartmentsThe RADCO Companies, one of the nation’s leading opportunistic real estate developers, completed its sixth acquisition of 2017 with the closing of Woodbridge Apartment Homes in Charleston, South Carolina. This is RADCO’s 72nd acquisition since 2011, its seventh community in South Carolina, and its second community in the Charleston market.

The 198-unit, Class B property has been renamed Radius at West Ashley. Radius at West Ashley will be proudly managed by RADCO Residential, the Company’s proprietary management platform.

Radius at West Ashley is favorably located in the heart of the West Ashley submarket of Charleston, just minutes away from downtown Charleston, College of Charleston, MUSC, and scenic South Carolina beaches. The community’s location and accessibility to major roads allows for an easy commute to the area’s major office facilities and employers, including Boeing.

READ MORE HERE

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Aug
15

Charleston’s Rivers Park Business Center Sold

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mmtcCushman & Wakefield announced today that it has negotiated the sale of Rivers Park Business Center, a 158,583-square-foot office building located in the rapidly growing and highly acclaimed Charleston market.

Cushman & Wakefield Managing Director Rob Cochran, Director Jared Londry and Associate Nolan Ashton represented the seller. The buyer, a joint venture between DRA Advisors and Mainstreet Capital Partners, acquired the fully leased, single-story office building.

The office building is located in an ideal location in North Charleston, SC. Rivers Park Business Center is highly regarded for its connectivity to the entire region, abundance of nearby housing options and seamless access to both Interstate 26, Interstate 526 and the Charleston International Airport. Additionally, the asset boasts an exceptional mix of tenants, including McKesson, the American National Red Cross, Miller Motte and Dial America Marketing, and all tenants have occupied space in Rivers Park since at least 2005.

“This rare offering attracted significant interest as one of only a few high-density office buildings in the Charleston market,” said Londry. “The stable tenancy at Rivers Park is a testament to the demand for a central location, large floor plates and an above market parking ratio of 6.0/1,000 RSF.”

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Jul
27

Where Does Integra Do Commercial Appraisals?

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While Integra Realty Resources has offices all over the United States and the Caribbean, the market coverage that Integra has in the Carolinas is unmatched. We have offices in Charlotte, Raleigh, Columbia, Greensboro and Charleston. To give you an idea of the markets that we have worked in, check out the map below. These are the appraisal assignments that our Carolinas appraisers have completed…..just so far this year.  Call me if I can assist with your appraisal needs in the Carolinas.

Carolinas assignments

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Jul
27

Newmark Wilson Kibler Releases Market Reports

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NM wilson kiblerNewmark Wilson Kibler has released their quarterly reports for Industrial and Office, not only for Columbia, but also Greenville / Spartanburg, and Charleston.

Check them out HERE

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Jul
18

New Senior Housing Development Planned for James Island

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elderly_peopleA joint venture between Alex Brown Realty Inc., Wakefield Capital and Affinity Living Group announced development plans for Indigo Hall, a 120,000-square-foot senior housing facility on James Island in Charleston, S.C. The Class A facility is scheduled for completion in June 2018.

Located at 509 Standard Way, Indigo Hall will offer 116 assisted living units and 40 memory care units as well as abundant community spaces. Planned property amenities include a bistro, movie theater, library and gym. The two-story community will accommodate both rehabilitation and therapy services. The property is four miles from the Medical University of South Carolina.

“There is unmet demand for Class A senior facilities in the Charleston area,” said Charles Trefzger, CEO of property manager Affinity Living Group, in prepared remarks. Indigo Hall will be one of the few senior housing options between affluent Kiawah Island and downtown Charleston.

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May
22

Berkadia Announces N. Charleston Apartment Sale

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bradford aptsBerkadia has announced the sale of Bradford Apartments, located at 5600 Dorchester Road, North Charleston, SC. Mark Boyce and Blake Coffey of the Charleston office negotiated the transaction. Bradford Apartments sold for $2.7 million. The sales price reflects a per-unit price of $52,940 or $42 per square foot. The property was stabilized and well occupied at the time of the sale.

Built in 1966, the 51-unit property features 1, 2, and 3-bedroom floor plans. All units are townhomes with fully-equipped kitchens, washer/dryer connections, and fully furnished apartments are available. Community amenities include a 24-hour laundry center, courtyard with grill, and a play area with swings.

Bradford Apartments is conveniently located near the convergence of Dorchester Road and Bream Road, two miles from Boeing and less than three miles from Joint Base Charleston. The property is within close proximity to Interstate 526 and 26, providing easy access to Greater Charleston.

Berkadia represented the Seller, Bradford of Dorchester LLC, of Charleston, SC. The Buyer, was Eastside Equities, LLC of Jupiter, Florida.

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May
21

N. Charleston Self Storage Facility Sold

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sold sign in yardAthena Real Estate, LLC is pleased to announce the acquisition of Pack Rat Self Storage (to be re-named Out O’ Space Storage), an approximate 400 unit or 45,700 square foot facility located at 2170 Greenridge Road, North Charleston, South Carolina. The property, acquired through an Athena affiliate, is similarly branded as six other Athena affiliate self-storage facilities located in Florida and provides for residential and commercial storage. The property is centrally located and is in close proximity to a number of apartment complexes, universities, technical schools, and businesses. The property offers both climate controlled and non-climate controlled space and sells moving and storage supplies.

This property is one block off of Rivers Avenue, a seven-lane highway with an average daily traffic count of approximately 67,000. The property has approximately 5,000 residential units nearby. Over the past 24 months the property has averaged 87% physical occupancy by unit count and 77% economic occupancy according to management summary reports.

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May
08

NAI Avant Releases Charleston Retail Report

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NAI RetailFueled by job growth, consumer spending and tourism, Charleston continues to be on fire in 2017, earning one accolade after the other. Following the significant recognition by Travel + Leisure Magazine as “World’s Best City” in 2016, Charleston ranked number one on Southern Living Magazine’s list of the “South’s Best Cities 2017.” The continuous national and international recognition of this city incentivizes retailers to invest in the market. The saying “when one door closes, another door opens” can be taken literally along downtown Charleston’s iconic King Street, as at least nine retailers prepared to close their doors and nine opened during 1Q17.

Downtown rental rates continue to test new heights, making a jump from $40.54 per square foot (PSF) in 4Q16, to $43.86 PSF, and even reaching as high as $89.00 PSF on lower King Street. Though the peninsula is seeing the most dramatic increase, rental rates across the Charleston MSA are on the rise as well, increasing from $18.57 PSF at the end of 2016 to $20.46 at the end of the first quarter of 2017.

As the rental rates increase, so does the amount of overall vacant space in the market. Sky-high rates and a struggling brick-and-mortar industry are causing tenants to leave their spaces, nudging the vacancy rate up to 3.4% at quarter’s-end. While some property owners are closing on-site businesses, and selling their real estate to hungry buyers, others are choosing to sublease their spaces. Vacant sublet space has trended down, lessening from 36,900 square feet (SF) at the end of 2016 to 12,497 SF, currently.

DOWNLOAD THE REPORT HERE

 

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May
08

Recent Charleston Area Sales Announced

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sold signsDunston Powell of Carolina Commercial represented the seller, East Bay 7 LLC, in the $2.75 million sale of 235 East Bay St. in Charleston to Apex Real Property LLC and Apex 1031 Exchange LLC.

Robert Pratt of RE/MAX Pro Realty represented PR Properties of Summerville LLC in its $1.35 million purchase of 9,100 square feet of commercial space at 5208 State Road in Holly Hill. Greg Googer of Googer Real Estate represented the seller, CDP Holly Hill LLC.

Miles Martschink of Clement Crawford & Thornhill Inc., represented Lee-Walpole LLC in its $900,000 sale of 4.37 acres at 3291 Maybank Highway on Johns Island. The buyer, Sievers Construction Co. Inc., was represented by Mark Mizell of Birchin Lane Realty Advisors.

Eddie Hughes of Beach Commercial represented the buyer, Mount Pleasant Waterworks, in its $218,000 purchase of a 0.61-acre lot at 1643 Rifle Range Road in Mount Pleasant. The seller, Charles Goodwater, was represented by Henry Wolfe of Brand Name Real Estate.

Todd Garrett of Avison Young represented CDH 2360 Air Park LLC in its $310,000 purchase of 4,000 square feet of industrial space at 2360 Air Park Road in North Charleston from William W. Barrett Jr. and H. Russell Barrett.

Ryan Welch of Lee & Associates represented Anglo Fund Partners in its $860,000 sale of 11,680 square feet of warehouse space at 6491 Dorchester Road in North Charleston. The buyer, Silverton Partners LLC, was represented by R. Milton Thomas III of Lee & Associates.

Mark Erickson of Cushman & Wakefield|Thalhimer represented Port City Concrete Land LLC in its $800,00 purchase of 3.84 acres of industrial land on Pace Street in North Charleston from XJM Co. LLC.

Jack Pratt of Carolina One Commercial represented Kahsyne LLC in its $155,000 sale of a 0.684-acre commercial lot on Dewesbury Lane in North Charleston to the City of North Charleston. Bruce Berlinsky represented the buyer.

Walter Barton and Jeff Bowers of RE/MAX Pro Realty represented B & B in its $610,000 sale of 9294 Medical Plaza Drive in North Charleston to Trident Medical Center LLC.

Robert Pratt of RE/MAX Pro Realty represented J. Fred Weathers in the $1.165 million sale of 36 apartment units at 115 W. 7th North St. in Summerville. The buyer, Colonial Park LLC, was represented by Chris Garcia of RE/MAX Pro Realty.

Eddie Hughes of Beach Commercial represented Beach Village LLC in its $400,000 purchase of 3.62 acres on Highway 17-A in Summerville from The Sandman Crew. The seller was represented by Charles Fitzhenry II of RealityLink LLC.

Eddie Buxton and Jenna Philipp of Palmetto Commercial Properties represented, respectively, the seller, Two Hipp Properties LLC, and the buyer, Exclusively Bimmers LLC, in the $575,000 sale of 5.5 acres at 1161 College Park Road in Summerville.

Bob Nuttall and Lindsey Halter of Lee & Associates represented Mooring Capital Fund LLC in the $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.

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May
02

Recent Charleston Area CRE Leases

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leased-agreement-with-keysCharleston

Chris Fraser and Leslie Fellabom of Avison Young represented the landlord in leasing 3,930 square feet of office space at 480 East Bay St. to South Atlantic Bank.

Chad Yonce of Southeastern Management Group represented the landlord in leasing 1,000 square feet of retail space at 56 Queen St. The tenant, Mandala Health, was represented by Bryan Perrucci of Southeastern Management.

Amanda Reeves and Jack Owens of Lee & Associates represented Graft LLC in leasing commercial space at 700 King St. The landlord was represented by Charles Carmody of CBRE Inc.

David Grubbs and Scott Peevy of NAI Avant handled a 1,200-square-foot office lease expansion for M.B. Kahn Construction at 148½ East Bay St.

Mount Pleasant

Chip Shealy of CBRE Inc. represented Tidal Creek Dental in leasing 2262 square feet of medical office space at 1127 Queensborough Blvd. Blair Belk of Belk|Lucy represented the landlord.

Jon Chalfie of Lee & Associates represented the tenant, Atlantic Coast Advisory Group of Charleston LLC, and the landlord in leasing 2,138 square feet of office space at 300 W. Coleman Blvd.

Todd Garrett of Avison Young represented the landlord in leasing 2,000 square feet of office/warehouse space at 2561 Oscar Johnson Drive to LEI Systems. Tom McGee of CBRE Inc. represented the tenant.

Lindsey Halter of Lee & Associates represented Changes Counseling Center in leasing 1,778 square feet of office space at 9217 University Blvd. The landlord was represented by Robert Pratt of RE/MAX Pro Realty.

Mandy Coleman of National Restaurant Properties represented the tenant, Discount Zone LLC, in leasing 1292 square feet of commercial space at 3689 Dorchester Road.

Summerville

Brent Case and Zach Wade of Coldwell Banker Commercial Atlantic represented the tenant, Massage Serenity Sea, and the landlord in leasing 1,600 square feet of retail space at 10597 Dorchester Road.

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Apr
25

Avison Young Announces Charleston Transactions

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avison young logoAvison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR represented 756 St. Andrews Blvd, LLC in the lease extension of 2,100 sf office/warehouse space located at 7187 Bryhawke Circle in North Charleston, South Carolina, to Advanced Glass Services, LLC.

Avison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR and Tradd Varner represented 756 St. Andrews Blvd, LLC in the leasing of 2,100 sf industrial space located at 7187 Bryhawke Circle in North Charleston, South Carolina, to Lennox National Account Services.

Avison Young commercial real estate is pleased to announce that Chris Fraser, CCIM and Leslie M. Fellabom represented the landlord, Charleston Gateway Center, LLC, in the lease extension of a 5,609 sf office space located in Charleston Gateway Center at 40 Calhoun Street in Charleston, South Carolina, to Northwestern Mutual.

Avison Young commercial real estate is pleased to announce that Chris Fraser, CCIM and Leslie M. Fellabom represented the landlord, Charleston Gateway Center, LLC, in the leasing of a 1,410 sf office space located in Charleston Gateway Center at 40 Calhoun Street in Charleston, South Carolina, to Iris Consulting Group, Inc. Lauren Morrow of Morrow Hill represented the Tenant.

Avison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR and Tradd Varner represented the landlord, Ed Young, in the leasing of 2,000 sf industrial space located at 7358 Peppermill Parkway in North Charleston, South Carolina, to All American Portable Air .

Avison Young commercial real estate is pleased to announce that Tradd Varner represented the landlord, WJJS Properties, Ltd in the leasing of 1.60-acre parcel of land located at 0 Innovation Dr in Summerville, South Carolina, to The Greenery Inc.

Categories : Charleston, Summerville
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