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Mayfair Lofts sells for $10.6M

Real Estate - Residential
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A mill-to-loft project in Spartanburg has been sold. According to Berkadia, a New York-based commercial real estate company, it represented the buyer and seller in the transaction involving Mayfair Lofts.

Jeremiah Jarmin, a broker with Berkadia, confirmed the $10.6 million transaction Friday between Georgia developer Pace Burt Inc. and a South Carolina investment firm. He and fellow Berkadia broker Mark Boyce were representatives in the transaction.

Mayfair Lofts is an adaptive reuse of Arcadia Mill No. 2, which was built in 1922. Renovations to the former mill were complete in 2008 and, according to a news release, the lofts were 100% occupied at the time of the sale.

As part of the renovations, the mill property was transformed into one- and two-bedroom apartments as well as a pool, fitness center, dog park, library and enclosed parking garage. The purchase include 50,000 square feet of commercial space which can be developed.

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