HOT PROPERTIES: 2 Spartanburg apartment buildings sell for $4.9M

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Avison Young announced that the commercial real estate services firm has arranged the $4.9 million sale of two multifamily buildings in downtown Spartanburg. The properties include City View Apartments, a 39-unit apartment building and East Main Apartments, a 16-unit apartment building.

Christian DiCroce of Avison Young represented both the buyer and sellers in the off-market transaction. The property was acquired by Van Rock Holdings LLC, according to a news release from Avison Young.

“Both properties offer an attractive unit mix and offer significant upside on mark-to-market rental increases due to the desirability of the assets and continued limited supply in this submarket. We were able to execute a loan assumption on both properties securing a significantly below market interest rate for the buyers while allowing the sellers to avoid yield maintenance on their exit,” DiCroce said in the news release. “Spartanburg will continue to see investment and rental demand due to net migration and corporate relo's as well as continued investment and expansion from well renowned companies like BMW.”

Ciew View Apartments is located at 144 West Henry St. while East Main Apartments is at 701 E. Main St. Both properties were above 90% occupancy at the time of sale, the release said.

In other recent commercial real estate deals:

Randall Bentley, Kevin Bentley and Micah Williams of Lee & Associates Greenville/Spartanburg represented the seller, Larry Glenn Shaw Jr. in the sale of land on S. Woods Drive and Nash Street in Greenville County. The purchaser was IHSCBD II LLC.

Randall Bentley, Kevin Bentley and Micah Williams of Lee & Associates Greenville/Spartanburg represented the seller, Thomas M. Riddle Living Trust and Douglas Dean Riddle, Jr. in the 49.4 acre sale of land on Perimeter Road in Greenville County. The purchaser was Collett Properties Inc.

Jordan Skellie and Elledge Willis of Lee & Associates Greenville/Spartanburg represented the tenant, Utility Solutions Group Inc. in the 3,000-square-foot lease of 170 Little Dogwood Court in Lexington. The landlord was Pintail Properties of the Carolinas LLC.

Jordan Skellie and Randall Bentley of Lee & Associates Greenville/Spartanburg represented the Landlord, Minkles Broadpointe LLC in the 52,000-square-foot lease of 724 Broadpointe Drive in Mills River, N.C. The tenant was Jabil Inc.

Robert Carter and Edward Wilson of Wilson Kibler represented the seller, a local investor, in the sale of 18 acres on Platt Springs Road in Lexington. 

Edward Wilson of Wilson Kibler represented the landlord of 1028 N. Church St., Greenville, a 6,008-rentable-square-foot medical office building in a 10-year renewal with St. Francis Physician Services. Blaine Hart of CBRE represented the tenant.

A 2,000-square-foot office space at 2 Parkway Commons Way in Greer was sold for $300,000 to Bradshaw Family Limited Partnership and/or Assigns. The seller was Sdaae LLC. Guy Harris and Guy Harris Jr. of Spencer/Hines-Spartanburg were the agents.

Guy Harris Sr., Guy Harris Jr. and Robbie Romeiser of Spencer/Hines-Spartanburg were the agents in the sale of about 74 acres, 260,000 square feet of industrial space, at 613 S. Main St. in Jefferson. R4 Corp. sold the property to 585 Cross Creek LLC.

Neal Boyette of Spencer/Hines-Spartanburg helped in a lease deal of $48,000 for 12,000 square feet of industrial space at 113 Southwest Industrial Drive in Spartanburg. Cly Gilbert leased the property to USA Carbide Tooling LLC.

Neal Boyette of Spencer/Hines-Spartanburg assisted in the $40,320 lease of 2,483 square feet of office space at 175 Spartan Blvd., Spartanburg. Guest & Brady LLC leased the property from Point West Office LLC.

Josh Tew, Monty Todd and Anna Newton Spiers of Pintail Capital Partners represented the landlord, W Square 16 LLC, in the lease of a 1,200-square-foot retail space at 2601 E. Main St. in Spartanburg to tenant Burrito Hub.

Josh Tew, Monty Todd and Anna Newton Spiers of Pintail Capital Partners represented the landlord, W Square 16 LLC, in the lease of a 1,200-square-foot retail space at 2601 E. Main St. in Spartanburg to tenant Hidden Bean Coffee Co.

David Sigmon and Matt Vanvick of Pintail Capital Partners represented the seller, Chris & Kate Holding Co., in the sale of a 4,400-square-foot retail building located at 1813 Laurens Road in Greenville to the buyer, represented by Jeff Day and Tyson Smoak.

Robert Satcher Jr., David Sigmon, Tyson Smoak and Matt Vanvick of Pintail Capital Partners represented the landlord, Fopo Docs LLC, in the lease of a 7,400-square-foot medical office building at 5900 Garners Ferry Road in Columbia to tenant Prisma Health.

Robert Satcher Jr., David Sigmon, Tyson Smoak and Matt Vanvick of Pintail Capital Partners represented the seller, Fopo Docs LLC, in the sale of a 7,400-square-foot medical office building, at 5900 Garners Ferry Road in Columbia, to buyer NV LLC, represented by Ross Kester.

Grice Hunt, Clay Williams and Will Coker of NAI Earle Furman represented the landlord in leasing an 81,058-square-foot industrial space in Greer.

Grice Hunt, Clay Williams and Will Coker of NAI Earle Furman represented the landlord in leasing a 9,000-square-foot industrial space in Duncan.

Shannon Caldwell of NAI Earle Furman represented the landlord, Falls Place LLC, in leasing a 1,073-square-foot office space at 531 S. Main St., Suite 209.

Jason Richards of NAI Earle Furman represented the tenant, Mindwell LLC, in leasing a 2,350 square feet of office space at 16 Mills Ave. in Greenville, Unit 6, from Cryptomaria LLC.

Michael Roth of NAI Earle Furman represented the landlord, East North Investments LLC, in subleasing a 2,565-square-foot retail space at 18 E. North St., Suite 301, in Greenville.

Geoff Beans of NAI Earle Furman represented the tenant, Heights Finance Corporation/ Southern Finance of SC, in leasing a 1,198-square-foot retail space at 824-860 Woods Crossing Road and 915-975 Old Airport Road, Suite 915, in Greenville, from Neil Wilson.

Scott Jones, Tom Daniel and John Stathakis of NAI Earle Furman represented the landlord, Bonaventure I & II LLC & Four Plus Bonaventure LLC, in expanding into a 4,843-square-foot office space at 124 Verdae Blvd., Suite 202, in Greenville to Hazen and Sawyer DPC.

Bryant Sims of NAI Earle Furman represented the landlord in leasing a 1,750-square-foot office space at 175 Magnolia St., Suite 101, in Spartanburg to Holliday Ingram LLC.

Martin Pazdan, advisor of KDS Commercial Properties, represented the Landlord of 27 Cleveland St. in the lease of an office suite to national law firm Spencer Fane.

Mark Masaschi and Gary Kirby of KDS Commercial Properties, represented Sweetbriar Holdings LLC, in the sale of the former Corner Mart site at 991 N. Pine Developments LLC. in Spartanburg to Divine Auro.

Taylor Allen, Brantley Anderson and Bailey Tollison of Colliers represented HUB International Midwest Limited in the leasing of 4,482 square feet of office space at 110 East Court Street in Greenville.

Scott Burgess and Lance Byars of Colliers represented Bridgeway 1 LLC in the lease of 2,547 square feet of retail space at Bridgeway Station, 1000 Bridgeway Boulevard in Mauldin.

Taylor Allen, Brantley Anderson and Bailey Tollison of Colliers represented Sam Jackson in the purchase of a 2,150-square-foot office building at 12 Waite St. in Greenville.

Scott Burgess and Lance Byars of Colliers represented 233 Greenville LLC in the lease of 2,141 square feet of retail space at 233 N. Main St. in Greenville to VP Brothers.

Scott Burgess and Lance Byars of Colliers represented Lee Nails in the leasing of 1,672 square feet of retail space at 2119 Old Spartanburg Road in Greer.

Frank Hammond of Colliers represented Donna Whatley in the sale of 26 acres of land on Reid School Road in Taylors for $2.9 million.

Brockton Hall, Garrett Scott, John Montgomery and Dillon Swayngim of Colliers represented Pacolet Milliken in the sale of 24.7 acres of land on Moore Duncan Highway in Moore to Industrial VI Enterprises LLC.

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