Table of Contents
New development in the Summers Corner neighborhood south of Summerville continues to move along.
Lennar Carolinas plans to build 211 homes on 86 acres in a development called Azalea Ridge Phase 7 southeast of Beech Hill Road and Summers Drive.
The Miami-based home builder recently asked state environmental regulators for permits for stormwater, wastewater and water line construction.
The development is part of the 72,000-acre East Edisto Tract. About 53,000 acres that flank the Edisto River in the tract in Dorchester and Charleston counties are protected from development under a 2016 agreement.
A 48-unit apartment development on James Island and a multi-tenant commercial building in Mount Pleasant are now in the hands of new owners in separate deals.
Nashville-based real estate firm Durham Hill Capital LLC recently paid $8.5 million for The Charthouse, a four-story multifamily development at 1559 Folly Road, according to Andy Batkins of Charleston-based Woodlock Capital, which brokered the deal for the seller.
Hoplite Capital Strategies LLC, an arm of Charleston-based Hoplite Capital Management LP, is an equity partner in the purchase.
Greensboro, N.C.-based 1559 Acquisition Co. LLC was the previous owner. It acquired the 3-acre site in 2015 for $490,000 and built the apartments two years later.
Also changing hands is a 7,500-square-foot former McDonald’s with three tenants in Mount Pleasant.
The free-standing structure now housing Dunkin’ Donuts, Scoogie’s Chicago Style Deli and Headley Family Chiropractic at 840 Coleman Blvd. sold for $1.55 million, according to Buddy Bebergal and Will Moore of Carolina Commercial Real Estate, who handled the sale for the buyer.
The new owner is MG Mount Pleasant LLC of Columbus, Ohio.
Dunston Powell, also of Carolina Commercial, handled the sale for the seller, 840 Coleman LLC.
Bebergal said the new owner bought the property as an investment and does not plan any immediate changes.
The nearly 1-acre property last sold in 2011 for $825,000, according to Charleston County land records.
A new $30 million, five-story office building under construction in downtown Charleston has officially topped out the steel frame.
Workers celebrated the topping out of the 84,000-square-foot structure at 677 King St. on Sept. 2.
Completion is expected late next spring on the Atlantic South Development-owned building. No tenants have been announced.
Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.