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Jan. 13, 2014

The Palms at Premier Park Sold for $19M, REIT Pays $15.3M for SC Retail Portfolio, While Auction Sells Shopping Centers for $83.3M

By Eliza Theiss, Associate Editor

Companion Associates, a Charleston-based real estate development and construction company, has recently purchased The Palms at Premier Park, a 240-unit Columbia apartment complex, according to a report by the Columbia Regional Business Report.  According to its coverage, Companion Associates picked up the 91 percent occupied community for $19.4 million from Blue Ridge Companies subsidiary BRC Columbia LLC, represented by Greenville-based NAI Earle Furman.

Located just off I-20, at 1155 Clemson Frontage Road, the community comprises one-, two and three-bedroom apartments outfitted with kitchen appliances, large closets and sunrooms. Community amenities include swimming pool, grilling and picnic areas, playground, pet park, sand volleyball court, 24-hour fitness center, 24-seat movie theater, DVD library, Wi-Fi coffee bar, 24-hour business center, car care center, detached garages and extra storage.

In other news, the 62,735-square-foot Westland Square shopping center in West Columbia was recently purchased by Virginia-based Wheeler Real Estate Investment Trust as part of a five-asset portfolio of Food Lion-anchored South Carolina retail centers. The 83 percent occupied shopping center sold for $3.8 million or $60.57 per square foot.  Also included in the purchase was the 59,279-square-foot St. George Plaza, located off I-95 in Dorchester County, between Charleston and Columbia. The 86 percent occupied center fetched $3.6 million or $60.73 per square foot.

The five-asset portfolio, totaling 261,869 square feet of retail space with an average occupancy rate of 91 percent was acquired for $15.8 million. The REIT now boasts 23 assets totaling close to 1.3 million square foot of gross leasable area.

In further South Carolina retail news, Charleston’s Citadel Mall and the West Ashley Shoppes have been sold at Charleston County’s Master-in-Equity public auction, according to a report in the Charleston Regional Business Journal. Citadel Mall with a judgment close to $69.5 million was acquired for $65 million, while West Ashley Shoppes, with a judgment of over $24.3 million was picked up for $18.3 million. Both properties were sold to their respective foreclosure plaintiffs, represented by an associate of Kilpatrick Townsend & Stockton LLP.

Photo courtesy of The Palms at Premier Park via Facebook


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