HOT PROPERTIES: North Charleston apartments sell for $13M

Listen to this article

Cushman & Wakefield and Greystone provided acquisition financing and arranged the sale of Retreat at Palm Pointe, a 112-unit apartment community at 2561 Fassitt Road in North Charleston.

Cushman & Wakefield’s John Phoenix, Richard Gore, Tyler Fish and Pat O'Brien represented the seller in the $13,250,000 sale while Greystone’s Donny Rosenberg originated a Fannie Mae DUS loan to finance the purchase. The multifamily property was sold by Cohen Investment Group and acquired by Prospect Lane.

"Retreat at Palm Pointe presented Prospect Lane the opportunity to acquire a well-maintained asset experiencing strong operational momentum and offering a proven value-add initiative on which to capitalize,” John Phoenix, senior director at Cushman & Wakefield, said in a news release.

Retreat at Palm Pointe was built in 1991.

"Fannie Mae loans provide an ideal permanent financing solution for multifamily investors, and it was a pleasure working with the Cushman & Wakefield team, the buyers and the sellers on this transaction,” Greystone’s Donny Rosenberg said in the release.

Other recent commercial real estate transactions include:

Publix Super Markets has executed a lease on a new store location in Goose Creek at The Market Place at Canes Crossroads. The 48,000-square-foot store will be located at the southwest corner of Highway 17 Alt. and Highway 76. The store is expected to open in 2025.

Brendan Redeyoff, Chip Shealy, Timothy Raber and Bob Barrineau of CBRE represented the landlord, RCB Development, in the lease of 10,564 square feet of flex space at 4221 Rivers Ave. in North Charleston. Palmetto Pump House represented the tenant.

Jing “Julia” Donovan of Coldwell Banker Commercial Atlantic represented the tenant, Manqing Ye, in the lease of retail space at 1039 Johnnie Dodds Blvd. in Mount Pleasant from Caro-Cal Associates LLC. Mark J. Tezza of Kennerty, Ratner, Tessa LLC represented the landlord.

Keith Mayfield of Twin Rivers Capital LLC represented the buyer, Charleston Revival LLC, in the sale of 4,000 square feet of multifamily space at 3336 Kraft Ave. in North Charleston from 1800 Clements LLC. Chamberlain Chesnut of Chamberlain Chesnut Real Estate represented the seller.

Robert Pratt of Re/Max Pro Realty represented the landlord, RLP LLC, in the lease of 853 square feet of office space at 310 N. Gum St. in Summerville to Wholelife Counseling Center LLC. Guillermo Granger of Lee & Associates represented the tenant.

Taylor Sekanovich and Vitré Ravenel Stephens of Harbor Commercial Partners represented the tenant, Scramblers Golf LLC, in the lease of 1,600 square feet of retail space in Unit 7 at 1291 Folly Road, James Island from Brixmore GA Apollo IV Sub LLC. Taylor Boyd of Carolina Retail Experts represented the landlord.

Hot Properties highlights recently sold or leased commercial properties in the Charleston region. Send in your transactions using our online form.