Archive for Charleston

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.

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Mar
06

Coldwell Banker Commercial Atlantic Announces Transactions

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CBC atlanticGoose Creek – Brent Case, CCIM and Aaron Rowley of Coldwell Banker Commercial Atlantic represented the Buyer, Prescott Way, LLC, in the purchase of a 2.1 acre parcel for $595,000. This site will be developed into a multi-story, climate controlled self-storage space at 101 Prescott Way in Goose Creek, SC. Will Sherrod of Lee & Associates represented the Seller.

Goose Creek – Zach Wade of Coldwell Banker Commercial Atlantic represented the Landlord, 1218 Redbank LLC, and the tenant, Brothers Tire Shops LLC, in the lease of a 1,000-square-foot retail space at 1218 Redbank Rd, Unit 7, in Goose Creek, SC.

Charleston – Kristen Corri Krause of Coldwell Banker Commercial Atlantic Intl. / Historic District Real Estate represented the Tenant, Phislabs, in the lease of a 22,000-square-foot office space at 1505 Monrovia St. in Charleston SC.

Mount Pleasant – Brent Case, CCIM of Coldwell Banker Commercial Atlantic represented the Tenant, Honest 1 Auto, in the lease of a 7,813-square-foot auto shop/warehouse at 1406 BEn Sawyer Blvd. in Mount Pleasant, SC. Carmichael Harrison of The Beach Company represented the Landlord.

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Mar
06

WestRock Sells 4,000-Acre Tract

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sold_stamp redNorth America Sekisui House LLC, a subsidiary of Japan’s largest homebuilder, bought the expansive tract Friday within the growing Nexton community near Interstate 26 and U.S. Highway 17A, according to a joint statement from the buyer and seller. The price was not disclosed.

San Diego-based American Newland Communities, the new owner’s partner, will develop the site.

Almost all of the tract — 3,600 acres stretching from I-26 to U.S. Highway 176 — is slated for new homes. About 400 acres will be set aside for commercial development. Some of the tract is made up of wetlands.

The project is a first in the Charleston region for the owner and developer.

“We selected NASH and Newland Communities because we are confident that they will follow through with our plans for Nexton as they were originally conceived,” said Ken Seeger, president of WestRock Land and Development, the Summerville-based division of paper giant WestRock Co. “We look forward to working beside them on the properties we are continuing to develop.”

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Mar
01

Two Hotels on Charleston’s Ashley River Sold

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two soldAn Upstate hospitality company has strengthened its foothold along the lower Ashley River by acquiring two more Marriott-flagged properties in the area.

Greenville-based JHM Hotels said this week it has purchased the SpringHill Suites and the neighboring Residence Inn at Ripley Point, just across from the peninsula.

The sale prices were not immediately available. The two properties have a combined 242 guest suites.

The sellers were affiliates of Oxford Capital Group, which owned the Charleston hotels for a decade. The Chicago-based real estate investment firm bought them as part of its $70 million portfolio purchase of six Marriott lodgings in South Carolina and North Carolina in 2007.

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Feb
08

Coldwell Banker Commercial Atlantic Announces Transactions

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coldwell banker commercial atlanticDaniel 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.

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Jan
31

Charleston’s Citadel Mall Under Contract

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Citadel MallThe 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.

 

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Jan
31

Berkadia Completes Charleston Apartment Sale

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sold_sign65Berkadia 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.

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Nov
14

Retail Building on Charleston’s King Street Sold for $600/sf

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cash in airNetting 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.

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Nov
09

N. Charleston Shopping Center Sold for $22.4 Million

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shoppes-at-centre-pointeA 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.

SOURCE

 

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Oct
20

Newmark Grubb Wilson Kibler’s 3Q16 Market Reports

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Click on the image below to access the reports.

grubb-ellis

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