Hilton Garden Inn Greenville Sold for $15M

By Eliza Theiss, Associate Editor

Leadership of Hunter: Lee Hunter – Chief Operating Officer, Robert L. Hunter – CEO, Teague Hunter – President

Hunter Hotel Advisors has announced the sale of the 120-key Hilton Garden Inn Greenville located at 108 Carolina Point Pkwy. in Greenville, S.C. The company, a leading provider of specialty brokerage services and capital markets advisory services, represented seller Deean Hospitality LLC—a South Carolina-based company.

Hunter brokers Teague Hunter and Trey Scott were involved in the property’s sale to Summit Hotel Group. According to a press release, the hotel asset sold at a value of $127,000 per key, adding up to a grand total sale price of $15 million.

“We marketed the hotel to well capitalized buyers with whom we have very strong relationships. Like most of our transactions today, the process was completed quickly and quietly,” declared Hunter Hotel Advisors President Teague Hunter. “We were able to bring the property to market and complete the transaction in just five months.”

The 120-key, four-story Hilton Garden Inn Greenville features amenities such as 24-hour business center, meeting rooms (with the largest offering 2,508 square feet of space, capable of accommodating 250), complimentary Wi-Fi, a fitness center, swimming pool and 24-hour Pavilion Pantry Market. Other onsite dining/lounge options include the Pavilion Lounge and the Great American Grill.

According to Trey Scott, vice president of Hunter Hotel Advisors, the hotel’s location and strong cash flow made it an appealing investment for buyer Summit. “They outbid three strong competitors,” he added.

Hunter currently has just short of 100 hotels on the market worth almost $1 billion. As of this transaction, Hunter has successfully closed 22 transactions in 2013, with six more sales expected to close before the month is out.

Image courtesy of Hunter Hotel Advisors’ Facebook page 

SCRA Will Have Presence at 4,500-Acre Master Planned Community

By Eliza Theiss, Associate Editor

SCRA, an applied research corporation based in Columbia, S.C., has announced entering a deal to buy 10 acres at Nexton, the 4,500-acres master planned community that broke ground earlier this year. The company plans to move its Charleston operations and most of its 185 employees to the newly acquired property at the junction of I-26 and Highway 17A.

The deal, which also includes an option to buy seven more acres at the same location, is expected to close within 90 to 150 days, with groundbreaking for the new facility expected to happen within six to eight months. The new facility, currently in its design stage, is expected to be operational by October 2014.

SCRA has signed Choate Construction as general contractor for the project. LS3P Associates Ltd. is joining the development team, handling the architectural aspect of the facility.

“We are excited to announce our plans for relocation,” said SCRA CEO Bill Mahoney. “While we carefully evaluated several properties throughout the region, Nexton was best-suited for our needs, location and space requirements. We look forward to being a part of a community where technology and sustainability are embraced in a walkable, urban environment.”

MWV Community Development and Land Management President Kenneth T. Seeger added: “SCRA and Nexton are a perfect fit. We are both committed to ‘what’s next.’ SCRA’s mission is to help develop technology-based companies, and Nexton seeks to become the region’s most technologically advanced community.”

Nexton, the 4,500-acre master-planned community being developed just a short distance from Charleston at the junction of I-26 and Highway17A, will contain several neighborhoods and villages, as well as major employment opportunities. It will feature several multifamily developments, hotels, LEED-certified office buildings, retail developments, and entertainment and dining venues, along with an abundance of parks. Nexton is being developed by MeadWestvaco Corp.’s MWV’s Community Development and Land Management Group.

Image courtesy of www.nextonsc.com

South Carolina Manufacturing Secures New Investments; Charleston Trophy Office Building Sold

By Eliza Theiss, Associate Editor

Austrian-headquartered Constantia Hueck Foils LLC, a company present in South Carolina since 1997, is set for an expansion that will increase both its production facility as well as its workforce. According to an announcement made by the South Carolina Department of Commerce, the $12 million investment will increase Constantia’s current facility, located at 1111 Northpoint Blvd. in Blythewood, by 15,000 square feet.

Groundbreaking for the expansion is set for April, with an expected finishing date of October 2013. Construction is handled by an unnamed local contractor. The expansion will also create 15 new jobs, with hiring set to start during the summer. The Vienna, Austria-based company specializes in the development and production of high-performance packaging for the pharmaceutical and food industries.

Another major boost to the South Carolina manufacturing industry was recently given by Miami-based Essex Holdings Inc. by announcing plans to establish a new manufacturing facility in Marion County. The global resources company declared an investment of $54.4 million and 215 new jobs. The new facility is expected to be operational before the second quarter is out.

As of January 2011, South Carolina had recruited more than $8 billion in capital investment and more than 21,000 jobs in the manufacturing sector.

In other news, The Post and Courier recently reported the $24 million sale of Charleston’s newest office building. Located at 25 Calhoun St. in Charleston’s downtown, the property was sold by Concord Park Charleston LLC to CMB Property Co.’s 25 Calhoun CMB LLC.

The trophy-grade office building is currently 93 percent occupied and offers leases for $35 per square foot. The four-story property opened in 2011 with an $18 million price tag. It features a variety of sustainable design elements.

Image courtesy of GoogleMaps

Chart courtesy of Colliers International 

South Carolina Hotel Business Remains Strong; Student Housing Market Slows Down

By Eliza Theiss, Associate Editor

U.K.-based InterContinental Hotels Group PLC (IHG) recently announced the opening of the Holiday Inn Express Charleston Downtown–Ashley River following a multimillion dollar conversion. The 153-key downtown Charleston property recently underwent extensive renovation that included replacing all fixtures, equipment and furniture. Some of the hotel’s newest features include walkout balconies and granite countertops.

The eight-story asset is located at 146 Lockwood Blvd. Onsite amenities include a fitness center, outdoor pool, 24-hour business center, circa 700 square feet of meeting space and high-speed Wi-Fi. The property, franchised by an IHG affiliate, is owned by Charleston OPCO LLC and managed by Charlestowne Hotels.

Located next to the Ralph H. Johnson VA Medical Center and just two miles away from Charleston’s historical district, Holiday Inn Express Charleston Downtown–Ashley River is the second Holiday Inn-branded hotel to open in the city in 2013 following the Holiday Inn Historic Charleston Downtown, which opened in January.

In other hospitality news, Paramount Lodging Advisors (PLA) announced brokering the sale of the 92-key Quality Inn and Suites in Spartanburg, S.C. The hotel advisory and brokerage firm represented seller LA3D LLC.

Located at 160 Simuel Rd., the 1998-built property, originally a Fairfield Inn, was converted in 2011 to a Quality Inn and Suites property.  Amenities include a fitness center, outdoor pool, business center, meeting space and conference center.

In other news, plans for the long-hyped 800-unit student housing projects slated to rise on the site of the old 320,000-square-foot Palmetto Compress warehouse have been scrapped. According to Student Housing Planet, Edwards Communities Development Co. informed Columbia city officials of its withdrawal from the plan after the Columbia Design/Development Review Commission denied the developer’s application in late 2012, this followed by a lawsuit by preservationists trying to prevent the building from being razed.

According to The State, Columbia’s city government may now buy the historic property and redevelop it as either residential or mixed-use.

Photo courtesy of Paramount Lodging Advisors via PRWeb

332-unit Columbia Community Picked Up by SVB; Eco-Friendly E-Waste Processor Announces $40M Investment

By Eliza Theiss, Associate Editor

Kansas City-based SBV Communities has announced the purchase of the 332-unit Quail Run Apartments in Columbia. The purchase, which closed February 22, is SVB’s first step into the Columbia market. The purchase price has yet to be disclosed.

“Columbia represents a fundamentally solid investment with significant upside potential at measured risk,” declared Director of Multi-Family Acquisitions Chris Thomson in a news release. “Occupancy rates have declined significantly since 2010, and rental rates have increased three percent during that time.”

He added: “With rental demand expected to continue and new construction not projected to meet that demand for several years, we are extremely excited about the prospects for Quail Run.”

The 15-asset strong SVB Communities was formed in 2009 and comprises the multifamily real estate division of Spectrum Business Ventures Inc.—a private investment firm based in Kansas City, Mo.

Quail Run Apartments sits on 42 acres of wooded lands and consists of lofts, garden-style apartments and town homes offering one-, two- and three-bedroom units. Units feature fully equipped kitchens with breakfast bars or adjacent formal dining areas, walk-in closets, extra storage, and screened-in porches. Community amenities include a country club-style swimming pool, fitness center, lighted tennis courts, fishing pond, pavilion with grilling area, and pet-friendly walking trails.

In other news, Recleim—a start-up recycler of appliances and e-waste materials—recently announced it will be establishing its first recycling plant in Aiken County.  The facility, a $40.6 million investment, will be located at 118 Hard St. in Graniteville—about an hour away from Columbia. The project is expected to generate around 200 jobs.

The Recleim’s plant will feature state-of-the-art, proprietary technology that will safely contain harmful substance typically found in e-waste while also salvaging about 95 percent of processed e-waste. Furthermore, the facility is expected to be one of the most environmentally responsible and efficient in North America.

Charts courtesy of Colliers International