Boeing Buys 178,000-Sq.-Ft. Charleston Office Campus

By Eliza Theiss, Associate Editor

Aerospace giant Boeing Co. is making its mark on the city of Charleston. According to a story by the Columbia Regional Business Report, the Chicago, Ill.-headquartered company has announced it will be purchasing the SCRA Applied Research Center in the northern part of the city.

Although no purchase price has yet been announced, such will reportedly reflect its market value. That will definitely make it one of the biggest purchases of 2012 in Charleston, as the complex was appraised for $25 million in 2010.

The 178,000-square-foot office complex is located at 5300 International Blvd., adjacent to Charleston International Airport as well as Boeing’s North Charleston 787 Dreamliner fabrication and assembly facility. The aerospace company reportedly has no specific plans for the building at the moment, but considering its steady growth in South Carolina, it will be expanding its current operations.

The SCRA Applied Research Center is a 20-acre, three-building business and research campus. It currently houses offices for various entities such as the Charleston Regional development Alliance, the Lowcountry Graduate Center, SCRA and even Boeing. While SCRA owns the buildings themselves, the 20-acre tract the campus sits on is the property of the Charleston County Aviation Authority.

After Boing finalizes its purchase deal for the building on December 13, SCRA will reportedly stay on as property manager throughout 2014 and will keep its offices until all other tenants have successfully relocated. Boeing will also continue to lease the land from the Charleston County Aviation Authority.

South Carolina-based SCRA is a non-stock, tax-exempt applied research corporation. Formed in 1983, SCRA was started by the South Carolina Legislature under a public charter to help develop technology-based industries in the state, with a founding grant of $500,000 and 1,400 acres of undeveloped land. The corporation has been self-sufficient ever since.

Photo courtesy of SCRA

Chart courtesy of Colliers International

Greystar Student Living Lands Charleston Student Housing Management Deal

By Eliza Theiss, Associated Editor

Greystar Student Living has announced receiving the management contract of Davis Property Group’s 400 Meeting Street Apartments—a 160-bed luxury student housing development in Charleston, S.C.

Owner of Davis Property Group, Russ Davis declared: “We have worked with Greystar Student Living for many years and are pleased to have them involved with this project. 400 Meeting Street Apartments is an exciting new student living community that combines modern eco-friendly conveniences with Charleston’s unique historic urban lifestyle.”

Indeed, the development’s tagline reads “Classy Meets Urban.” Located on Meeting Street between Mary and Reid streets just east of the historical central business district of Charleston, the property is within walking district of the College of Charleston, the Charleston School of Law and midtown Charleston’s major shopping, dining and employment venues of the oh-so-popular Upper King Street district.

The 1.17-acre development will feature 38 four-bedroom, four-bathroom units and four two-bedroom, two-bathroom units—totaling 160 beds. Units will range in size from 863 to 1,515 square feet and will come fully furnished, including full-sized washer and dryer. Community amenities include an elevated saltwater swimming pool and urban sun deck with grilling area and lounge area, a resident club house, exclusive access fitness center, surface parking and 110 covered bike racks.

The secure-access community will feature an extensive elevator system, courtyards and pet walk. 400 Meeting Street will be an Energy Star community. Another green feature will be its onsite car-sharing program featuring hybrid vehicles.

Dallas-based Greystar Student Living, Greystar’s national student housing platform, manages over 13,000 beds throughout the U.S.

Greenville-based Davis Property Group is a real estate development and investment company specializing in the development of infill and urban multifamily properties in the southeastern Unites States. It has been directly involved in the development and financing of over 45 apartment and condominium projects totaling almost 10,000 units.

Photo credit: Greystar Student Living

$38.7M Storage Property Deal Closes in South Carolina

By Eliza Theiss, Associate Editor

Strategic Storage Trust Inc. (SSTI) recently announced completing a three-phase acquisition of a 16-property storage portfolio. Totaling over 1.1 million square feet of storage space and around 8,560 self-storage units in various locations across South Carolina, Florida and Georgia, the portfolio has an estimated value of $75 million. H. Michael Schwartz, chairman and CEO of SSTI, said in a press release: “We now own and operate 108 properties in 17 states and Canada and will continue to expand in 2013.”

Of the 16 properties acquired in this phase, six are located in South Carolina’s Mount Pleasant and Charleston markets. Purchased for approximately $38.7 million, the South Carolina properties total 3,740 self-storage units, or around 459,000 square feet.

“Due to this last acquisition of six core properties, we are now one of the larger self-storage owner/operators in the Charleston/Mt. Pleasant markets,” estimated Schwartz.

Three properties were purchased in the Charleston area—the 390-unit, 46,700-square-foot 2343 Savannah Hwy. location; a 430-unit, 46,400-square-foot facility at 1533 Ashley River Rd.; and 1951 Maybank Hwy., consisting of 570 units totaling 66,300 square feet.

The Mt. Pleasant area portfolio also contains three properties—a 390-unit, 41,000-square-foot self-storage facility at 1117 Bowman Rd; one at 1904 Hwy. 17 North containing 590 units totaling 63,600 square feet; and a 195,100-square-foot, 1,370-unit location at 1108 Stockade Ln.

“The Charleston market has very high barriers to entry. We look forward to putting our marketing and management efforts to work to drive income and occupancy well past current levels,” said Wayne Johnson, senior vice president of acquisitions for SSTI.

The deal’s first phase increased SSTI’s portfolio with eight properties totaling 3,770 self-storage units and approximately 508,200 square feet in South Carolina, Florida and Georgia, while the second phase brought 1,050 self-storage units and 142,700 square feet in two Georgia and South Carolina facilities.

Strategic Storage Trust Inc. is the only public non-traded self-storage REIT.  Since its 2008 inception, SSTI has amassed around 70,000 self-storage units and 8.7 million rentable square feet of storage space.

Photo courtesy of Google Maps

LEED Gold for Columbia Hotel

By Eliza Theiss, Associate Editor

The Holiday Inn & Suites Columbia-Airport has announced receiving LEED Gold certification from the U.S. Green Building Council. The certification was awarded based on energy and material use, lighting and water efficiency, and various other sustainable strategies implemented by the hotel.

“The urgency of USGBC’s mission has challenged the industry to move faster and reach further than ever before, and this Holiday Inn property serves as a prime example with just how much we can accomplish,” said USGBC President, CEO and Founding Chair Rick Fedrizzi in a press release. “Holiday Inn Columbia-Airport’s LEED Gold certification demonstrates tremendous green building leadership.”

Among the features for which the Holiday Inn & Suites Columbia-Airport has been awarded the prestigious certification are tankless hot water heaters connected to solar panels, Kone Eco-Space traction elevators, high-efficiency fixtures that reduce water usage, Amana Digismart Energy Management Systems in all guest rooms and a green housekeeping program. Furthermore, rainwater is collected in an underground cistern and used for irrigation.

Yet eco-friendly features are not exclusive to the hotel’s functioning; they were also implemented in the hotel’s construction, with 88.6 percent of waste being diverted to landfills. Additionally, the interior of the hotel was designed with all recycled materials. The hotel’s carpets, paints and adhesives are all low-emitting volatile organic compounds that reduce indoor air contamination.

“This is the crowning moment in what has been an amazing journey,” declared Hema Patel, owner of Courtesy Management Inc. “Our vision started with a hotel in the Columbia, S.C. market and it grew to the vision of constructing South Carolina’s first eco-friendly green hotel.”

Located at 110 Mcswain Dr. in West Columbia off I-26, the Holiday Inn & Suites opened on Earth Day—April 22, 2010. It features a saltwater filtered outdoor pool, 24-hour onsite fitness center, 24-hour lounge, 24-hour staffed business center with high-speed wireless internet access and 5,000 square feet of meeting space, with the grand ballroom seating up to 336. Rooms feature work desks and 32-inch flat panel TV’s with high-end video equipment and sound systems.

Photo courtesy of GoogleMaps

Winding Woods Commerce Park Breaks Ground

By Eliza Theiss, Associate Editor

Dorchester County officials recently broke ground on the 610-acre Winding Woods Commerce Park, a project that’s been in the works for over five years. Located at the corner of U.S. Highway 78 and Winding Woods Road in St. George, the project has been a long time in the making.

According to a Dorchester County Economic Development press release, plans for the project were first initiated in 2007 in an effort to support job creation in the area. Two years later, Winding Woods Commerce Park was announced as the Tri-County area’s first certified industrial site with easy access to interstate infrastructure and port facilities. Given its expansive size, Winding Woods mainly targets industries and future investors in search of large sites. Subdivided lots can span 20 to 50 acres in size.

“This celebration marks a big step forward for Dorchester County,” said Larry Hargett Dorchester, County Council chairman. “Winding Woods Commerce Park is a culmination of hard work and strategic planning that will bring future jobs to the St. George area.  The best way to grow our economy and support job creation is to invest in the things businesses need to be successful, and having a strong infrastructure is one of them.”

The cost for work underway at the site is around $3.6 million and covers the installation of sewer and water lines stretching 2.6 miles along Highway 78, making the industrial park shovel ready for potential investors.

Funding for the development has been secured from several sources, including $1 million from the Upper Dorchester County Economic Development Fund. Santee Cooper, South Carolina’s state-owned electric and water utility company and South Carolina’s largest power producer, has also provided funding for the project. Santee Cooper’s support for the county infrastructure project is a $2.1 million loan, as well as water and sewer impact fees.

Tideland Utilities is in charge of construction at Winding Woods. The project has an estimated completion date of March 2013.

Photo courtesy of Dorchester County

Chart courtesy of Colliers International