Archive for Greenville

Feb
08

Tax Credit Marketplace, LLC Announces $13 million 2016 Fund Closing

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TCMGreenville, 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.”

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Feb
08

Greenville Office Building Sold for $16.7 Million

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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.

READ MORE HERE

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Jan
24

Q10 | Professional Mortgage Co. Arranges $48,455,000 in Loans

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cash in airQ10 | 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.
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Jan
23

Pelham Road Office Building Sold for $133/sf

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221 pelhamA Pelham Road office building in Greenville that houses several businesses, including Adam’s Bistro, has been sold, according to Spencer/Hines Properties.

Regulators Holdings LLC bought the 21,835-square-foot retail-office building at 221 Pelham Road for $2.9 million, or about $133 per square foot, according to Spencer/Hines’ Lynn Spencer, who represented the buyer.

Existing tenants are expected to remain at the location, Spencer said. The seller was Pisgah LLC, Spencer/Hines said.

SOURCE

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Jan
05

Two Senior Living Facilities in the Carolinas Sold

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elderly_peopleGreystone Real Estate Advisors announced it closed the $33,000,000 sale of Brookdale Hendersonville in Hendersonville, NC and Brookdale Skylyn in Spartanburg, SC. A private equity group purchased the seniors housing properties from Brookdale Senior Living, Inc., on December 15. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction.

Brookdale Hendersonville, located in a southern suburb of Asheville, North Carolina, is an independent living and memory care community that consists of independent living cottages, an independent living clubhouse, an administrative office building, and a separate memory care building. Built in 1985 and 1993, the community sits on a total of 21.36 acres of land.

Brookdale Skylyn, located between Greenville, South Carolina and Charlotte, North Carolina, is an independent living, assisted living, memory care, and skilled nursing community. The property consists of two senior living buildings and one skilled nursing building. Built in 1986, the community sits on 17.61 acres of land.

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Jan
04

Former Caterpillar Plant in Fountain Inn Sold

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sold_sign65An investors group has purchased a 203,000-square-foot industrial building in Fountain Inn that once housed a Caterpillar Inc. plant. Terms weren’t disclosed.

Southchase Investors 107 LLC purchased the building on about 26 acres at 107 Southchase Blvd., according to NAI Earle Furman’s Hunter Garrett, John Staunton and Tom Daniel, who represented the buyer.

The seller, Caterpillar, was represented by Charlie Whitmire of Cushman & Wakefield | Thalhimer. The property is located in Southchase Industrial Park off Interstate 385 in Greenville County.

Caterpillar said in April 2014 it would close its Fountain Inn plant and shift production of its marine and midrange engines to facilities in Georgia and Texas.

The move displaced an estimated 380 full-time employees and 130 temporary workers.

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Dec
21

Two Greenville Office Towers Sold

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two soldLingerfelt CommonWealth Partners, LLC today announced the acquisition of One Liberty Square and Two Liberty Square, a pair of office towers in downtown Greenville, S.C.

The Liberty Square towers, located at 55 and 77 Beattie Place, are in the heart of Greenville’s revitalized and thriving business district. The buildings total 445,612 square feet and are currently 81% occupied to a diverse tenant base anchored by Resurgent Capital; Shellpoint Mortgage Servicing; Gallivan, White & Boyd; Dority & Manning; and Commerce Club, among others. One and Two Liberty Square were constructed in 1983 and 1986, respectively, and received extensive multimillion-dollar renovations in 2006 and 2014.

“We have been evaluating Greenville and the greater Upstate area for several years,” said Ryan Lingerfelt, President and CIO of Lingerfelt CommonWealth. “Greenville continues to show strengthening fundamentals, particularly downtown, which has experienced seven consecutive years of positive net absorption, strong rental rate growth, and low vacancy rates.”

“The Liberty Square acquisition fits perfectly within our value-added strategy of acquiring high-quality real estate in strong secondary and tertiary markets like Greenville,” Lingerfelt added. “The occupancy rate of the towers is expected to drop to approximately 70% after a larger tenant vacates nearly 50,000 square feet, thereby allowing us the unique opportunity to go to market offering some of the largest and most attractive blocks of space in downtown Greenville where vacancy rates continue to decline and new supply is limited.”

Lingerfelt CommonWealth will operate the assets via its vertically integrated operating platform. Commonwealth Commercial Partners, the Company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. CBRE will continue to handle the leasing and marketing.

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Dec
18

Ziff Properties Buys Simpsonville Self Storage Facility

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absolute-storage-llc-entrance-signReal estate developer Ziff Properties Inc. has acquired Absolute Storage in Simpsonville, S.C., for $4.5 million from Absolute Storage LLC, a locally owned business. The property at 412 Scuffletown Road comprises 45,530 square feet of storage space. Ziff plans to add 23,175 square feet of storage in 314 new units. Once complete, the property will contain 627 units.

“This marks our sixth self-storage acquisition in South Carolina’s upstate,” said Christian Chamblee, chief operations officer and director of acquisitions for Ziff. “We are excited to set our expansion plans into motion and provide Simpsonville with another class-A storage option.”

Earlier this month, Ziff purchased the 52,000-square-foot Buncombe Plaza shopping center in Greenville, S.C., with the intent to convert it to self-storage. Construction is expected to begin in the spring.

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Dec
13

Coldwell Banker Commercial Caine Announces Sales

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cbcc-logoRick Cauthen, P.E. of Coldwell Banker Commercial Caine represented Peter W. Kwan and Jacqueline N. Kwan (Sellers) in the sale of a +5,007 SF Applebee’s investment property on +1.197 acres at 1512 W. Floyd Baker Blvd., Gaffney, to Metropolitan Rental Corp. (Purchaser), represented by Randy Blankstein of The Boulder Group.

Rick Cauthen, P.E. of Coldwell Banker Commercial Caine represented Henderson Enterprises, Inc. (Seller) in the sale of a +1,200 SF office/retail building on +0.8 acre at 101 Evening Way, Mauldin, to Weaver Holdings, LLC (Purchaser), represented by Chris Harrison of NAI Earle Furman.

Sammy DuBose of Coldwell Banker Commercial Caine represented ExxonMobil Foundation (Seller) in the sale of +35.83 acres at I-385 & S. Nelson Dr., Ft. Inn, to A & A Real Estate, LLC (Purchaser).

Tim Satterfield of Coldwell Banker Commercial Caine represented 2170 Country Club Rd., LLC (Seller) in the sale of a +3,720 SF retail building on 1.3 acres at 2170 & 2180 Country Club Rd., Spartanburg, to MRG Holdings, LLC (Purchaser), represented by Angela Halstead of Coldwell Banker Commercial Caine.

Tim Satterfield of Coldwell Banker Commercial Caine represented Spartanburg Leased Housing Corporation (Seller) in the sale of +12 acres at E. Union St., Chesnee, to Spartanburg County (Purchaser).

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Dec
13

Simpsonville Apartments Sold

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enclaveToro Real Estate Partners has announced its second acquisition in Greenville, SC in less than 6 months. Toro REP recently acquired Enclave Grandview (soon to be Stillwater at Grandview Cove), a 240 unit garden style apartment complex located in the Simpsonville submarket.

“We’re really excited about the opportunity to acquire our 2nd property in the Greenville market. This property is a great compliment to the 200 units we closed in May. Both properties are in great locations and our vision on the market is more long-term,” said John Cohen, co-founder of Toro Real Estate Partners. “Greenville has some really exciting stuff going on that tenants and investors alike are really attracted to.”

Toro Real Estate Partners acquired the property on November 16.

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Nov
08

New Publix Center Coming to Simpsonville

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simpsonville-publixA 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.

READ MORE HERE

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Nov
01

Speculative Industrial Building Announced for Greenville County

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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.

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Oct
26

NAI Earle Furman Announces Sale Transactions

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NAI Earle Furman logo squareGreenville, 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.

Categories : Greenville, Spartanburg
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Oct
24

Two Upstate Apartment Communities Sold

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two soldMonument 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.

Categories : Greenville, Spartanburg
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Oct
23

Colliers Releases Greenville Retail Market Report

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Click on the image below to download the report.

colliers-retail

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