Issuu

AT WORK Exec chef at The Park Cafe, Ramon Taimanglo

PAGE 27 VOLUME 27 NUMBER 14 ■ CHARLESTONBUSINESS.COM

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Trident Tech opens Dorchester County Campus By Teri Errico Griffis

Back to school

North Charleston revitalizes vacant classrooms into modern office space. Page 17

On demand

Trinity Capital accelerates plans for industrial park admid lack of supply. Page 7

tgriffis@scbiznews.com

hen then-South Carolina Gov. Ernest Hollings first established the technical college system more than 50 years ago, the idea was to place technical training centers within 30 miles of every resident. Though Trident Technical College was

established in 1973 to serve Berkeley, Charleston and Dorchester County residents, Dorchester has had little or no physical presence, aside from a five-year stretch a decade ago. As the county has grown, so has its educational offerings, and Trident Technical College opened its new Dorchester County Campus June 1. This is the college’s fifth campus in South Carolina.

ON THE RUNWAY

Two years ago, Charleston International Airport set a record with nearly 5 million travelers, then everything stopped. With passengers returning, airport officials say new products, planes and plans are luring travelers back to the Holy City. Page 14

See TRIDENT, Page 10

LDC switches to Climb Fund, goes statewide By Alexandria Ng.

Shop around

Retail and office space continue to expand. Page 20

Mail time

Oshkosh to create ‘Next-Gen’ mail vehicle in Spartanburg. Page 13

INSIDE

Upfront................................. 2 SC Biz News Briefs................. 3 In Focus: Commercial Real Estate...... 17 Hot Properties..................... 20 List: Commercial Real Estate Firms........................22 Bonus List: Independent Insurance Agencies............25 At Work...............................27 Viewpoint............................ 31

The school is situated in the former Big Lots property, located at 10055 Dorchester Road in Summerville. The campus features 27,210 square feet of classroom, lab, office and flex space, as well as a large student lounge and study area, according to Trident Technical College.

Charleston International Airport’s surface parking is again filled with travelers looking for a place to take off and land. (Photo/Teri Errico Griffis)

Growing gains

DHL Supply Chain increases its footprint in South Carolina. Page 19

ang@scbiznews.com

harleston LDC has rebranded as the Climb Fund, expanding with $3.5 million in new grants and low-cost loans, and extending its reach across the state. This nonprofit community development finance institution aims to create economic opportunity through lending to small businesses and affordable housing developments that cannot secure traditional financing. Climb Fund CEO Cindi Rourk said plans were already in the works to grow the fund before the pandemic when the Small Business Administration approached them about expanding their territory to fill a greater need in the state. Business development plans were originally scheduled to kick-off in April 2020 but were delayed. “With these new funding opportunities, when $3.5 million falls in your lap, this is the time to let everyone know we’re advancing statewide,” Rourk said. The new $3.5 million in funding comes from a combination of three awards. These See LDC, Page 8

Upfront

BRIEFS | FACTS | STATEWIDE NEWS | BEST ADVICE

Global supply chain of fireworks leads through Palmetto State

aybe it’s because fireworks are illegal in North Carolina. Maybe it’s because we’re more patriotic than 45 other states in the U.S. However, the data is clear. South Carolinians love to shoot fireworks and not just on holidays like July 4. Online career portal Zippia did a survey of census and import trade data and found that South Carolina has the fifth-highest economic activity per capita surrounding the fireworks sector in the entire country. At 44.3%, according to the latest data from the Mayo Clinic, we’re also one of the bright spots in terms of vaccination rates. That might be why a lot of people felt safer about going out to spend money and shooting fireworks to celebrate America’s birthday with their friends and family recently. Leading up to Independence Day, fireworks stands were popping up in many cities and towns all over the Palmetto State. There seems to be a lot of pent-up demand to spend money and blow off steam. That’s not just anecdotal, either. Superior Fireworks, one of the largest fireworks retailers and wholesalers in the Southeast, reports prices are 15% higher this year because global demand for products are outstripping supply from China. The company has a retail operation and wholesale distribution center in Orange Park, Fla. Like any seasonal commodity, fireworks are susceptible to supply chain pressures, such as shipping costs, raw materials, manufacturing and the strength of the U.S. dollar in a global economy. So if the nightly boom boom boom before and after a holiday like July 4 makes you wonder what’s going on with your neighbors, just remember, that’s the sound of money and the global supply chain at work.

States with robust fireworks markets

Rankings determined by dollar value of fireworks imports into the state, divided by population. Rank Per capita State

Imports

Missouri

$42,283,229

Nebraska

$11,182,825

Kansas

$12,247,314

Alabama

$19,396,430

South Carolina

$18,999,940

Wyoming

$1,853,759

Nevada

$7,548,350

North Dakota

$1,913,692

Indiana

$16,375,305

10.

Ohio

$26,514,838

Source: Zippia, U.S. Census Bureau

ON THE

RECORD

“Thanks to initiatives like this, I sincerely believe that Charleston will become a hub for inclusive economic opportunity and equitable economic development.” — Charleston Mayor John Tecklenburg, speaking about the Climb Fund, which previously operated as the Lowcountry Development Corp., that will provide capital to businesses across S.C.

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SC Biz News Briefs MIDLANDS

Columbia Regional Business Report

USC moving ahead with construction A plan to replace the University of South Carolina Medical School campus on Garners Ferry Road with a $300 million facility at the BullStreet District received approval recently from the S.C. Legislature’s Joint Bond Review Committee. The project next moves on to the State Fiscal Accountability Authority, and Ed Walton, the university’s CFO and executive vice president for administration, is optimistic it will pass that hurdle on its way to becoming reality. “Forty -one years, it’s been tucked away under the trees,” Walton told the Columbia Regional Business Report. “That’s OK for when it was developed, but when it Phase One of Campus Village, a $210 million, mixed-use student housing comes out for its new development on the south end of the University of South Carolina campus, is location, right there slated to open in 2023. (Rendering/City of Columbia Planning Commission) adjacent to Prisma in downtown Columbia at BullStreet at the biggest development in the city — it’s going to make a difference.” In March, the university’s board of trustees voted to allocate $4.2 million toward the proposed 16-acre site, which would include a 130,000-square-foot medical building and a separate 162,000-square-foot research building and lab. The circa-1930s building on Garners Ferry needs an estimated $75 million in upgrades. Construction began May 26 on Campus Village, a $210 million, mixed-use student housing and retail complex at the south end of campus. The project, which held a groundbreaking ceremony with Charleston-baseddevelopment partner Greystar Real Estate Partners, will add 1,800 beds, a dining facility and a transportation hub in space previously occupied by The Cliffs apartment complex, razed last year.

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Fujifilm to eliminate jobs in consolidation Four hundred people in Greenwood County will soon be out of jobs. Fujifilm, a Japanese corporation, is consolidating operations worldwide and plans to close four different manufacturing plants at the Greenwood campus by September 2022. The decision was not based specifically on Greenwood’s operations or staff, but rather the plant’s products, said Greenwood County Economic Development Director James Bateman. Greenwood manufactures recyclable cameras, inkjet photographic paper, color photographic paper and digital printing plates. Many of the county’s functions will be rolled into other Fujifilm facilities, as well as to third parties, the company said in a news release. The consolidation comes after a review of global facilities. The Fujifilm manufacturing president met with Bateman and county members earlier today to inform them of the company’s decision, Bateman said. “This was a market-driven decision for the company based on a decline in their product demand for longer than a year,” Bateman said. “For more than a year they’ve seen a decline in product demand and those markets are not coming back.” Fujifilm will maintain a presence in Greenwood, keeping on about 300 employees in various roles. VOLUME 14 NUMBER 9 ■ COLUMBIABUSINESSREPORT.COM

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With publications in Charleston, Columbia and the Upstate, as well as a statewide magazine, SC Biz News covers the pulse of business across South Carolina. Above are excerpts from our other publications.

GSABusiness.com

SCBIZmag.com

mashburnconstruction.com

www.charlestonbusiness.com

July 12 - 25, 2021

Renovations in store for 110-year-old building on Navy Base LOWCOUNTRY NEWSROOM Executive Editor - Andy Owens aowens@scbiznews.com • 843.849.3142 Editor, Custom Publishing Division Steve McDaniel smcdaniel@scbiznews.com • 843.849.3123 Staff Writer - Teri Errico Griffis tgriffis@scbiznews.com • 843.849.3144 Research Specialist - Paige Wills pwills@scbiznews.com • 843.849.3125 News Editor - Alexandria Ng ang@scbiznews.com • 843.849.3124 Digital Editor - Rob Lyle rlyle@bridgetowermedia.com • 843.849.3119

Staff Report

orth Charleston is taking history and making it part of tomorrow, Mayor Keith Summey said in a news release. Amid major renovations on the former Navy Base in North Charleston, the 110-year-old Power House is being redeveloped and will soon be open to the public as a community asset. Summey is unsure what the finished product will become, but he said the new space will be “something that entices people to come to this area.” When the mayor first toured the power building years ago, he noted it was beautiful on the outside, but the inside was a

The Power House on the former Navy base is undergoing renovations as a way to continue refurbishing the area. (Photo/File)

frightening sight of empty structure and heavy steel. “And now they’re taking all that out.

It’s going to become a beautiful building that serves the community,” Summey said. Along with current Riverfront Park updates and a recent redevelopment of The Admiral’s House on the former Navy Base into an event space, the city of North Charleston will next move to redevelop housing in the neighborhood. “We got some warehouses that are going on,” Summey said. “They’re going to be working in the old naval hospital on the base. They’re going to be working at the Marine Corps barracks on the base, restoring all that. It’s just going to turn into something that North Charleston can be extremely proud of.” CRBJ

MIDLANDS NEWSROOM Editor - Melinda Waldrop mwaldrop@scbiznews.com • 803.726.7542 UPSTATE NEWSROOM Editor - Ross Norton rnorton@scbiznews.com • 864.720.1222 Associate Editor, Custom Publishing Division Jim Tatum jtatum@scbiznews.com • 864.720.2269 Staff Writer - Molly Hulsey mhulsey@scbiznews.com • 864.720.1223 LOWCOUNTRY ACCOUNT EXECUTIVES Account Executive Thomas J. Giovanniello, Jr. tomg@scbiznews.com • 843.849.3104 Account Executive Amanda Alford aalford@bridgetowermedia.com • 843.849.3109

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PSC settlement would reduce Dominion rate increase By Melinda Waldrop

mwaldrop@scbiznews.com

settlement reached in Dominion Energy’s electric rate case before the S.C. Public Service Commission would mean a typical residential rate increase of $1.81 per month and no rate increases for two years. The net 1.46% rate increase will begin Sept. 1 if the settlement is approved by the PSC. In August 2020, Dominion filed a rate case requesting a 7.75% rate increase, which would have raised the monthly bill of a residential customer using 1,000 kilowatt-hours by an average of $9.68. The S.C. Office of Regulatory Staff announced the settlement between Dominion and state agencies including the Southern Alliance for Clean Energy, the S.C. Department of Consumer Affairs, the S.C. Coastal Conservation League and the Sierra Club, along with Frank Knapp Jr., president and CEO of the S.C. Small Business Chamber of Commerce. “On behalf of ORS, I appreciate everyone’s diligence and persistence in reaching this settlement agreement, which was only made possible thanks to the addi-

Events Account Executive - Melissa Tomberg mtomberg@scbiznews.com • 864.720.1220 Events Manager - Kim McManus kmcmanus@scbiznews.com • 843.849.3116 Accounting - Robin Tillotson ar@pbmbrands.com • 336.605.1025 Subscription Services service@bridgetowermedia.com • 877.615.9536 CUSTOM MEDIA DIVISION Director of Business Development Mark Wright mwright@scbiznews.com • 843.849.3143

tional time the Commission afforded us,” Nanette Edwards, ORS executive director, said in a news release. The settlement also includes a Dominion commitment of up to $30 million in shareholder funds to support customers facing economic hardship, including up to $15 million used to forgive past due balances and $15 million to provide health and safety repairs and energy efficiency upgrades. Dominion also agreed not file another general rate case for two years, absent unforeseen circumstances, and to keep its fixed monthly charge under $10, according to the release. If approved, the settlement would result in a net annual revenue increase of approximately $35.6 million based on a 9.5% return on equity, 51.62% equity capitalization and rate base of $5.75 billion, according to the release. The utility had requested a revenue increase of $178 million and a return on equity of 10.25%. “We are thankful for the partnership of interested parties involved in this matter,” Carri Grube Lybarker, SCDCA administrator and consumer advocate, said. “We believe the negotiations led to a well-rounded, creative resolution con-

taining consumer-friendly measures that otherwise would not be available through a formal proceeding.” Rodney Blevins, president of Dominion Energy South Carolina, thanked the parties involved for a “spirit of cooperation, patience and compromise.” “Reaching a consensus on a comprehensive settlement with all parties is a remarkable achievement and confirms that groups with varied interests can still achieve agreement on matters important to utility regulation in this state while keeping our rates below the national average,” Blevins said. In a statement, Knapp called the reduction the largest in a utility rate increase request he’s seen in the last 20 years. “Small businesses should be assured that they are getting the best outcome possible,” Knapp said. Additional intervening parties included the South Carolina Energy Users Committee, the U.S. Department of Defense and Walmart Inc. Dominion Energy acquired SCANA Corp. and former subsidiary S.C. Electric & Gas in a $14.6 billion deal approved in December 2018 by the PSC. CRBJ

Reach Melinda Waldrop at 803-726-7542.

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www.charlestonbusiness.com 5

MUSC, Citadel collaborate on health innovation initiative By Teri Errico Griffis

tgriffis@scbiznews.com

he Medical University of South Carolina’s Department of Surgery Human-Centered Design Program and the Tommy and Victoria Baker School of Business Innovation Lab at The Citadel will collaborate on a joint effort. The program will create a core team of medical students, residents and Citadel cadets and students who will develop innovative products focused on improving the health of state residents, an MUSC news release said. Both programs similarly promote innovative thinking. The BSB Innovation Lab focuses on teaching students the value of ground-breaking thinking and offers then the chance and guidance to invent and helm business ideas, build out a business plan and pitch ideas to investors. MUSC’s HCD program was founded to develop original ways to solve unmet surgical and medical needs. The program is led by Joshua Kim and was established under the leadership of chief of surgical oncology Dr. David Mahvi and vice chair of Research Michael Yost, Ph.D. The two programs were brought

The two Charleston schools plan to collaborate on initiatives that could help improve the health and wellbeing of South Carolina residents. (Photo/Google)

together in March 2020 when the country faced protective mask shortages, particularly N-95 versions, as the pandemic picked up pace.

CONFERENCE 2021

During that time, Kim’s team of biomedical engineers and medical professionals developed plans for 3D-printed masks. The BSB Innovation Lab then col-

laborated with MUSC to print more than 500 masks to help to resolve the region’s shortage. “Through this new partnership, we can seamlessly innovate a design, develop a business plan and produce products that improve patient care,” said Mahvi. By coming together, the partnership promotes collaboration, academic growth and learning opportunities students may not have experienced in their respective schools. Residents and medical students are immersed in business training and entrepreneurship skills, while business students are exposed to the health care system. By working together, Capt. James Bezjian, director of the Innovation Lab and an assistant professor of Strategy and Entrepreneurship in the Baker School of Business, said the schools are able to work on projects that have “life-changing” capabilities. “The relationship the BSB Innovation Lab built with MUSC during the height of the pandemic provided an opportunity for us to partner and continue working toward improving the lives of medical professionals and the patients they take care of,” Bezjian said. CRBJ

Reach Teri Errico Griffis at 843-849-3144.

Happening in person this year, this is a great opportunity to listen, learn and take action. The day will feature thought-provoking speakers that will equip you and your organization with the resources needed for your DE&I journey.

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JULY 28, 2021 | 8:30 a.m. — 4:00 p.m.

Lunch & light fare provided Business attire requested

CHARLESTON MARRIOTT 170 Lockwood Drive Charleston, SC 29403

charlestonchamber.org/diversityconference

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July 12 - 25, 2021

Great Preformances start with

Great Planning

Explore Charleston launches hospitality internship for minority students By Teri Errico Griffis

BUILDING TRUST A ND ADDING VALUE TO EVERYTHING WE DO

TRIDENTCONSTRUCTION.COM

tgriffis@scbiznews.com

xplore Charleston has launched a paid internship program providing hospitality experience for minority college students. The Intern Cultural Enrichment Program is a 10-week leadership development program that connects underrepresented minority students, many from historically black colleges and universities, with internship opportunities in seven area hotels and resorts, Explore Charleston said in a news release. The 13 selected students attend six universities, including the University of South Carolina and Benedict College in Columbia and Johnson and Wales University in Charlotte. Helen Hill, CEO of Explore Charleston, believes the hospitality industry needs to reflect the community it serves and is excited to see stakeholders come together to act. “We’ve maintained a strong commitment to raising awareness and taking action for diversity, equity and inclusion for several years through our Heart for Hospitality efforts,” Hill said in the release. “More specifically, one of our strategic goals is to encourage opportunities to recruit and develop individuals from diverse backgrounds into tourism and hospitality.” The interns are participating in a weekly curriculum that introduces them to the community and its culture, fos-

ters interaction with businesses and civic leaders, and cultivates peer relationships. The program began May 25. Marc Gibson, Explore Charleston’s director of inclusion and engagement, said the program was well-received, and while the original goal of 10 students felt ambitious, he’s excited to welcome 13. “And during our conversations with industry leaders about ICEP we recognized an opportunity to expand beyond HBCUs to other colleges and universities,” Gibson said. “Ultimately, our objective is to recruit the best and brightest minority students who express a genuine interest in our travel industry.” Hill hopes that the IECP internships leave students encouraged to continue pursuing careers in the travel and hospitality industries — preferably in the Charleston region. “We’re honored to invest in the next generation of industry and community leaders and have every confidence this program will grow in size and scope in the years to come,” Hill said. Internship partners include Belmond Charleston Place, Charleston County Aviation Authority, Charlestowne Hotels, Hotel Bennett, Kiawah Island Golf Resort, Lowcountry Hotels and Wild Dunes Resort. Explore Charleston is covering all summer housing costs thanks to a partnership with College of Charleston and Wild Dunes. CRBJ

Reach Teri Errico Griffis at 843-849-3144.

Café opens in Mount Pleasant focused on boardgames, coffee, beer, wine

Red Bay would like to thank Leitner Construction for the partnership on building the new Charleston County Juvenile Detention Center

5581 Woodbine Road

N. Charleston, SC 29406

r e d b ay c o n s t r u c t o r s . c o m

843-745-0071

Staff Report

enga! Risk! Uno! Catan! Everyone’s a winner as they sip coffee, snack on food and play one of more than 200 board games offered at Owlbear Café. Mount Pleasant’s first gaming café opened its doors at 1964 Riviera Drive, Suite J, on June 22. Owners Marshall Tyers and Sarah Reuter established the café out of their love of good drinks and food, combined with playing board games. “But it has been a struggle for us to find a place to do all three,” they said on their website. “The Charleston area has no shortage of amazing food, and so many great breweries and coffee shops, but the atmosphere was never quite right

for a great game with friends.” The menu offers classic café fare, with local products and ingredients when possible. Coffee selections include in-house brewed options and varieties by local roasters. Owlbear Café also offers a curated selection of local beer and wine. “Whether you are looking for your new favorite lunch spot, a place to meet clients, or a hangout to sip coffee while playing a board game with friends, Owlbear is here for you,” the owners said at the grand opening. Tyers and Reuter were joined at the ribbon-cutting ceremony by Mount Pleasant Council Member Kathy Landing, Mount Pleasant Chamber of Commerce Members Brian Sherman, Rebecca Imholz and Joe Hinkse. CRBJ

July 12 - 25, 2021

www.charlestonbusiness.com 7

Trinity Capital goes forward with industrial park

Staff Report

rinity Capital Advisors is developing an 850,000-square foot-industrial park at Tradepark East at Palmetto Commerce Parkway. The North Charleston park is one of the strongest industrial submarkets in the region and is currently home to companies like Federal Express, Daimler Vans Manufacturing, Home Depot, The Boeing Co. and more. TCA, a commercial real estate development and investment firm out of Charlotte, anticipates completing the Class-A industrial space, which is comprised of four buildings, in 2022, the company said in a news release. Building One is cross-docked, and as the largest building in the park, it will measure 342,160 square feet with 36-foot clear heights. Buildings Two and Three consist of 174,720 square feet each, and Building Four will measure 145,600 square feet, the company said. “When we re-entered the Charleston market early this year, we anticipated the market demand would increase and that fundamentals would remain favorable,” Massie Flippin, partner at Trinity Capital, said in the release. “Having witnessed that, we’re enthusiastically accelerating our development plans and

Frampton Construction will provide general contracting services at Tradepark East, where the 850,000 square-foot industrial park will be developed. (Photo/Provided)

expect the quality of the product, location and strategic access will drive significant demand from a diverse range of manufacturers and distribution companies.” Charleston’s JLL is handling the leasing on the project, and Managing Director Lee Allen said Trinity Capital’s tim-

ing to build the industrial space is “spot on.” “Interest in both Charleston and the port area is showing no signs of slowing, and there’s a notable lack of industrial supply,” Allen said in the release. “Tradepark East will attract a diverse range of manufacturers and distributors looking

to take advantage of all that Charleston area has to offer.” Frampton Construction is performing general contracting services at Tradepark East, while DMA Architecture out of Winston-Salem, N.C., serves as the design firm and North Charleston’s Reveer Group as the civil engineering team.

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www.charlestonbusiness.com

July 12 - 25, 2021

Above: Charleston Mayor John Tecklenburg speaks to the crowd at the Climb Fund’s July 1 press conference, where leaders announced the nonprofit’s name change and expansion. Left: Charleston Pops is one of the recipients of a Climb Fund loan. The dessert and catering company that started out as a pop-out tent is now operating out of a trailer, and will soon be opening its first brick-and-mortar location near the end of the year. (Photos/Alexandria Ng)

LDC, from Page 1

include $750,000 from Wells Fargo Bank through its Open For Business Fund, $1 million from the U.S. Department of Agriculture’s Intermediary Relending Program, and $1.8 million from the U.S. Department of Treasury’s CDFI Rapid Response Program. These funds will help small business owners, like Webb and Diana Cheshire of Charleston Pops.

The Cheshires first started their dessert and catering company in a small popup tent, selling their popsicles and baked goods at farmer’s markets and birthday parties. Over time, they upgraded to a mobile trailer, but with assistance from the Climb Fund, they are now expecting their first brick-and-mortar shop set to open Dec. 1. “We were turned down by every bank for financing that we went to, and the LDC Climb Fund helped us out and actu-

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ally secured us the funding through the SBA and themselves, so they were completely instrumental in helping us find the funding to do what we need to do,” Webb Cheshire said. “After three years, we finally were able to do this with all their help in gaining the funding and the knowledge and the backing to open up our first brick and mortar.” Since 1979, Charleston LDC has lent more than 490 loans worth $24.5 million to affordable housing develop-

ments and entrepreneurs who had been denied access to capital from for-profit banks. These loans have created more than 1,100 jobs and 472 units of affordable housing. The organization has 197 active loans worth $11.3 million in six South Carolina counties, with 56% of borrowers coming from businesses owned by women, minorities or veterans. CRBJ

Reach Alexandria Ng at 843-849-3124.

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July 12 - 25, 2021

www.charlestonbusiness.com 9

Residential home sales continue to trend upward in May Staff Report

outh Carolina residential home sales are still trending upward, even with less and less inventory. May sales were up 36% compared to this time last year while market-wide inventory levels were down 71.7%, according to S.C. Realtors Association’s monthly statewide market report. Beaufort, Charleston and Myrtle Beach continue to experience record residential sales, but Hilton Head led the state with a 93% increase year-over-year. The influx of buyers into the Hilton Head area began around April 2020, said Cindy Creamer, SCR president-elect and Realtor at Dunes Real Estate on Hilton Head Island. “While buyer interest remains high, both buyers and sellers have become more aware of the inventory challenge and are making decisions to list or buy based on their urgency,” Creamer said. Houses throughout the state rarely stay on the market long these days, selling in record time at an average 48 days, compared to 72 last year. Another trend the SCR reported in

May 2021 is that more and more houses are sold sight unseen. “In this fast-moving market, it’s more important than ever for buyers and sellers to use a local Realtor,” said Morris Lyles, SCR 2021 president and Realtor at ERA Wilder in Columbia. “We are experienced and trained in navigating the multiple offer situations that are occurring every day.” In Charleston, the median sales prices were up 12.8% to $320,000, a $36,000 increase compared to May 2020. Single-family homes in particular saw price

increases of 13.7% up to $343,303. Homes in the $200,001 to $300,000 range sold the quickest, while homes priced at $300,001 and above had the strongest sales. Compared to this time last year, $300,001 homes sold the slowest with an average of 75 days on the market. In Greenville, new listings were up 12.7% in May, while the median house price rose 16.4% to $263,000, per reports by the Greater Greenville Association of Realtors. Nearby in the Augusta region, new listings were up 15.3% with a median sales price of $242,000 — 20.7% accord-

ing to the Greater Augusta Association of Realtors. Spartanburg inventory shrank 27.2% while days on market decreased 77.5% to 16 days, according to statistics by the Spartanburg Association of Realtors. The area’s median sales price in May reached $218.660, a 15.1% increase. Moving toward the Midlands, the median sales price moved up 7% to $162,250 in May, according to Central Carolina Realtors Association. Inventory for the month shrank 49.8% to 103 units. CRBJ

New bill protects employers against coronavirus claims Staff Report

ov. Henry McMaster has signed a pro-business bill providing legal immunity to businesses, state agencies and medical facilities that incurred coronavirus-related claims while following public health guidelines. The governor was joined by members of the General Assembly and business leaders as he signed the South Carolina COVID-19 Liability Safe Harbor Act. McMaster acknowledged the efforts of frontline business owners and medical leaders who had to continuously adapt to ever-changing safety precautions. “As they protected us, it is now time we return the favor and protect them from frivolous lawsuits brought on by COVID19,” McMaster said in a statement. The bill offers immunity to businesses and employers until it can be proven “by clear and convincing evidence that the business caused an injury or damage from grossly negligent, reckless, willful or intentional misconduct,” the release said. Medical providers also will retain immunity from claims until a majority comes forward or evidence is presented that the provider caused damage from neglect, recklessness or intentional misconduct. CRBJ

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July 12 - 25, 2021

Trident Techincal College has opened a Summerville campus in Dorchester County in the Oakbrook community on Dorchester Road. (Photo/Staff)

TRIDENT, from Page 1

Laurie Boeding, the college’s dean of Business Technology, will serve simultaneously as the dean of the Dorchester campus. “Given the large number of Dorchester County students who attend TTC,

this will provide a more convenient and accessible campus that is much closer to home,” County Council Chairman Bill Hearn said. Until June, Trident Tech’s only other educational offering in the county is the Dorchester County QuickJobs Training Center in St. George.

Moving forward, Trident Tech students can enroll in general education classes, including English and psychology, that are foundational to TTC’s associates degree. Those classes can also be transferred to other colleges and universities, the school said. While at the Dorchester college,

students can apply for admission and financial aid, be advised and take classes without ever having to leave the campus. “This is especially important as the area continues to grow,” said David Hansen, director of public information at TTC. “Many of our students have trans-

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July 12 - 25, 2021

portation, childcare and work issues that make commuting difficult. Having a campus down the street could be the difference between someone being able to take classes or not.” Classes such as biology, anatomy and physiology that are required for nursing and health-related programs, as well as the Associate in Science degree, will be held in the campus’ two science labs. Two toher labs will be used to train HVAC technicians. The Dorchester Campus also will offer information technology classes, including cybersecurity. “The college will work with its K-12 partners in Dorchester County to determine which dual credit course offerings make the most sense for their populations,” Hansen said. Dorchester County Council and Dorchester County Economic Development understood the importance of offering a technical college within county limits, Hansen said, spent the last few years drilling down on out how and where to establish a campus. A solution arose in 2019 when Dorchester County and Trident Tech partnered to lease the Big Lots property and renovate it for educational use. The county committed for its part to maintain and furnish the facility, while Trident Tech took on the responsibility of providing equipment for

www.charlestonbusiness.com 11

programs. The Dorchester Campus comes at a time when college enrollment is down nationwide, particularly at community colleges—a concerning trend since the pandemic began. Higher education schools saw a dip of 727,000 students in the spring, according to 76% of the institutions surveyed by the National Student Clearinghouse Research Center in March. Community colleges were the hardest hit, with an 11.3% decline in enrollment, or approximately 500,000 students. The S.C. Commerce of Higher Education originally estimated the loss in revenue at $76 million, though it’s looking to be somewhat lower at the end of the spring 2021 semester. “We serve the most vulnerable populations, so any disruption in the lives of our students, whether it be work or childcare or some other issue, can throw students off their educational track.” Hansen said. As the state’s 16 technical colleges make higher education and technical training accessible to all South Carolina residents, Trident Tech is working to bring students back by offering more than 70 tuition free programs in high-demand career areas. The college is also expanding dual-enrollment classes for high school students,

working to grow its successful youth apprenticeship program, and offering greater flexibility for students. The Dorchester County campus, which brings facilities closer to area residents, will hopefully further encourage with enrollment. “Trident Technical College is a community college, but we have kept the technical part of our name all these years because in our state we are so closely aligned with providing training for the hands-on jobs that fuel economic development,” Hansen said. “The Dorchester Campus is another way to make relevant training and educational programs accessible to more residents of our area.” Heading into the fall, most Trident Tech classes will be held in person, especially those with hands-on components, and students can anticipate a larger variety of course format than the school has ever offered before, Cathy Almquist, vice president for education at TTC said. Registration is now open. “Our faculty are enthusiastic about employing the lessons learned during the pandemic to create the best possible learning environment while improving the accessibility and flexibility of a TTC education,” Almquist said.

“Trident Technical College is a community college, but we have kept the technical part of our name all these years because in our state we are so closely aligned with providing training for the hands-on jobs that fuel economic development. The Dorchester Campus is another way to make relevant training and educational programs accessible to more residents of our area.”” David Hansen Director of public information, TTC

CRBJ

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Calloway Stern Group was co-founded by Katy Calloway and Daniel Stern. (Photo/Provided)

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or many nonprofit organizations, emerging from the pandemic means recovering from a time when their situation looked dire by reassessing resources and considering next steps. Calloway Stern Group has launched a consulting company to assist in this process. The nonprofit project management firm based in Charleston serves small- to medium-sized nonprofits in expanding capacity through a hands-on approach. Whereas consultants typically play an advisory role, Calloway Stern Group hopes to act as sort of a temporary staff member. Rather than having to hire new employees, which could incur higher expenses when salaries and benefits are factored in, the group functions as an alternative. Duties that would have been taken on by a new hire can now be delegated to the group — work is still delivered without the long-term commitment of a budget line-item. “The consultant model is that you have a seasoned professional come in and tell you what you need to be doing,” said Katy Calloway, co-founder of the group. “Oftentimes, that’s great advice, but smaller organizations just lack the manpower or the hours of the day to do those things.” With Calloway Stern Group, the team will help clients break things down into manageable increments and then produce and execute the plan for them with a deliverable, Calloway said. During the process of working with a client, needs will be assessed on a per project basis in a way that will be fiscally responsible for the nonprofit, said co-founder Daniel Stern. “We’re looking to complete projects for them so that they can focus on their strengths or whatever it is they want to spend time on,” Stern said. “I could get the

best advice in the world from consultants, but it wouldn’t increase the hours in my day or my ability to do more. It’s terrific advice, but I couldn’t make it actionable.” Though it’s only been a week since the group launched, the team has projects with two clients in the works. As they progress, they said they anticipate tight budgets, reduced staff and a need to recover lost revenue as a result of the pandemic. According to a fall 2020 report (.pdf) from College of Charleston and Together SC, about 76% of nonprofits at the time indicated a slight or significant decrease in funding. One in five organizations also indicated that they had furloughed staff. “Their budgets were slashed, and they don’t have the people to actually run the programs to raise the money, so we thought this is a great opportunity to offer that temporary solution where it’s almost like outsourcing your development tasks without having to put us on payroll and provide overhead and benefits,” Calloway said. According to the team, nonprofits can bounce back by analyzing fundraising methods and diversifying revenue sources. Whereas the pandemic canceled large events, many of which were substantial moneymakers for nonprofits, the focus should now be on smaller recurring donations and cultivating those income streams. As Calloway Stern Group gains reputation, they hope to expand throughout the state, eventually having a network of professionals who can complete jobs for other nonprofits, fueling the industry and providing auxiliary income for those in the business. “These are essentially small businesses. We consider them the lifeblood, the grassroots,” Calloway said. “These people need support because they’re running very tight ships and doing very impactful work.” CRBJ

Reach Alexandria Ng at 843-849-3124.

July 12 - 25, 2021

www.charlestonbusiness.com 13

‘Next-Gen’ USPS vehicles to be made in Spartanburg

Staff Report

shkosh Corp. may be known for its tanks and the Hummvee-replacing Joint Light Tactical Vehicle, but when the defense manufacturer comes to the Upstate of South Carolina, the company is delivering something much closer to home: a mail truck. When the U.S. Postal Service broke the news that they would overhaul their 230,000-vehicle fleet starting with the “Next-Gen Delivery Vehicle,” or the NGDV, on Feb. 25, the whimsical reboot took the internet by storm. Top hashtags for the day were #USPS and #Pixar, giving a nod to the vehicle’s resemblance to the heroes of the Cars film franchise. Despite their playful build, these NGDVs are serious business for the Upstate that translates into a $155 investment and eventually, 1,000 jobs, according to Oshkosh Corp., as part of the company’s multi-billion-dollar initiative to upgrade the USPS fleet and make it more environmentally-sustainable. The February contract struck with Oshkosh Corp. starts with the promise of 50,000 to 165,000 NGDVs to be built in an existing warehouse facility at Spartanburg’s Flatwood Industrial Park, according to a news release. “South Carolina has a skilled workforce and a proven history in advanced automotive manufacturing — it’s the perfect place to produce the NGDV,” Oshkosh Corp. Executive Vice President and Defense President John Bryant said in the release. “More importantly, we know the people of the Upstate take pride in their work and their community. What we build together here will reach every home

Oshkosh Corp. has been picked to build the next version of the iconic U.S. Postal Service mail truck in South Carolina. (Photo/Provided)

in the country.” Founded in 1917, Oshkosh Defense is a tactical vehicle manufacturer that specializes in designing and manufacturing a diverse portfolio of heavy, medium, light and highly protected vehicles and technologies for clients around the globe. For the NGDV, that means a battery electric powertrain with retrofitting abilities or low-emission internal combustion engines, 360-degree cameras, a collision avoidance system, automatic breaking and greater cargo capacity. The NGDV, along with other commercial off-the-shelf vehicles, will replace and expand the current delivery fleet, which includes vehicles that have been in service for 30 years, according to the release. “Oshkosh Corp.’s advanced engineering capabilities have been driving the company for more than a century,” John Pfeifer, president and CEO of Oshkosh Corp., said in the release. “That innova-

tion has included a commitment to engineering and delivering a wide range of electric vehicles featuring new sustainable technologies. Now the company’s innovative NGDV will bring these sustainable technologies into more American neighborhoods.” According to the release, the repurposed warehouse’s “innovative features” will accommodate the technical requirements of the large-scale manufacturing operation. Production is expected to begin in summer 2023 with the first NGDVs appearing on the carrier route later that year. “South Carolina’s Upstate has a global reputation as a high-tech automotive manufacturing powerhouse, and the Oshkosh Defense investment shows our region is also a leader in domestic logistics initiatives,” Upstate SC Alliance President and CEO John Lummus said in the release. “Oshkosh Defense’s Next Generation Vehicle Delivery Program is another example of the Upstate’s role in the future of mobility innovation.” The Coordinating Council for Economic Development approved job development credits for the project, and Spartanburg County was also awarded a $9 million Set-Aside grant to assist with costs related to the project. “This announcement from Oshkosh Defense furthers Spartanburg County’s record-setting pace for investments in 2021,” Spartanburg County Councilor David Britt said in the release. “The fact that Spartanburg County will play a role in producing the next generation of vehicles for the U.S. Postal Service is a point of pride for our community and another notch in Spartanburg’s cap nationally.” CRBJ

Lightsey confirmed as S.C. Department of Commerce secretary By Melinda Waldrop mwaldrop@scbiznews.com

arry Lightsey has been confirmed as the new secretary of the S.C. Department of Commerce after a unanimous vote of the state Senate. Lightsey, 65, brings a business background rooted in the telecommunications and automotive industries to the role, held for a decade by Bobby Hitt, who is retiring this fall. “Secretary Lightsey joins the South Carolina Department of Commerce with years of experience leading major corporations in South Carolina and across the country,” S.C. Gov. Henry McMaster said in a statement. “His leadership skills and proven track record will make for a seamless transition in continuing the mission and building upon the success of South Carolina’s economic development efforts.” McMaster nominated Lightsey, former

president of AT&T’s Southeast region and director of General Motors Corp.’s federal government affairs and emerging technology, to replace Hitt on June 17. “I’ve spent my entire career being part of businesses that have shaped our modern lifestyle,” Lightsey said during a news conference at the S.C. Statehouse announcing his nomination. “My career in telecommunications spanned the dawn of wireless communications and the internet. My time in automobile manufacturing has seen the beginning of a technological shift that leaders like Mary Barra, the CEO of General Motors, have described as unparalleled since the days of Henry Ford.” Lightsey served as president of BellSouth Telecommunications before that company’s 2006 merger with AT&T and then as president for the company’s Southeast region. He joined General Motors Corp. in 2012 and most recently served as a principal with Hawksbill Advisors, a subsidiary of consulting pub-

lic policy firm Hawksbill Group. State business leaders praised Lightsey’s selection, with Nephron owner and CEO Lou Kennedy noting his resume after his nomination and Sara Hazzard, president and CEO of the S.C. Manufacturers’ Alliance, saying in a statement: “Manufacturing plays a critical role in South Carolina’s economy, and Mr. Lightsey’s background in emerging technologies and innovation and experience with globally recognized companies positions him to build on the legacy of manufacturing strength in our state.” Hitt, appointed state commerce secretary in January 2011, has overseen 16.7% growth in manufacturing employment and more than $35.8 billion in capital investment, according to a news release from the governor’s office. The 129,373 jobs created during Hitt’s tenure have included those at three automotive manufacturers — Volvo Cars, Mercedes-Benz and Arrival — which located operations in the state. CRBJ

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July 12 - 25, 2021

Passengers move through Charleston International Airport in July, something unthinkable a year ago as the airport and other local businesses were navigating the global pandemic. (Photo/Teri Errico Griffis)

Charleston airport overcomes difficult year with anticipated record July By Teri Errico Griffis

tgriffis@scbiznews.com

fter Charleston International Airport marked a record 2019 in passenger numbers, CEO Elliott Summey said it was “heartbreaking” to watch that momentum fall flat the next year with the coronavirus pandemic. Summey served on the board of directors in 2019 and started as CEO two months before the pandemic shut down most of the U.S. The shift made him question if he switched roles at the wrong time. “It’s a gift and a curse. In some ways, it was a heartbreaking. It was heartbreaking for the people around me,” he said of colleagues like Deputy Executive Director and COO Hernan Peña, Deputy Director and CCO Spencer Pryor, and Explore Charleston CEO Helen Hill. Summey said the team worked tirelessly to make Charleston a flying destination and then the forward motion came to a halt. “But it was a gift in that we got to take a breath, look at what worked, look at what hadn’t worked when we had all those folks there, and now we have a plan for how to expand concourse C and expand our ticket hall,” Summey said.

The airport also was able to open a new parking garage under time and under budget since there weren’t any passengers to work around. The staff spent the year working on master planning, reviewing safety issues and intensely recruiting to the airlines Summey said. That includes the introduction of Breeze Airlines, a venture by JetBlue founder David Neelman. The airline launched its first flight out of Charleston on May 27 and will base operations at the airport, housing pilots and planes locally. “We’re going to have four overnight planes and mechanics in Charleston,” Summey said. “So they’ll be shifting equipment in and out of here. We’re going to have pilots living and based in Charleston. That’s a big deal. That’s a first for South Carolina.” Two years ago, Charleston International Airport set a record with nearly 4.87 million travelers arriving and departing through its gates. The numbers have yet to even out in 2020 with May reaching 88% of pre-COVID traffic and June expecting to reach 90% or higher, but it’s July that has Summey excited. Passenger checkpoint numbers for the Fourth of July weekend hit triple-dig-

it increases compared to 2020. Saturday, July 3, saw 7,686 passengers come through Charleston International — a 305% increase year-over-year, according to Transportation Security Administration. The following Monday recorded the highest checkpoint numbers with 10,226 passengers, more than triple the 3,266 in 2020. “I expect July to possibly, if things keep trending, to be the biggest month we’ve ever had in the history of the airport,” Summey said. The CEO is watching seat capacity and said well over 80% of seats have been sold, which is better than most airports. Myrtle Beach is currently running in the low 70%, he noted. One of the big indicators for growth is the return of business travel, which is steady year-round, unlike tourism, Summey said. “Tourism is tourism, and we are super excited by how well the tourism market has come back, not only for the airport, but for the region,” he said. “A lot of heads in beds is good for our economy, and it’s good for local government with accommodations taxes.” With Southwest, United Airlines and JetBlue adding new connections and expanded previously seasonal routes, and

new airlines like Breeze and Silver Airways launching further options to travelers, Charleston is no longer a stopover, Summey said. Charleston is the destination. “JetBlue is flying direct to Los Angeles every day from Charleston. Who ever thought that was even possible?” he said. “We’re in every airport in New York and New Jersey, multiple times a day with multiple carriers.” To accommodate passengers even further, the Charleston Airport is moving forward with expansions and adding a C concourse. The airport is currently working with the Federal Aviation Authority to create a planning document, which is a yearlong process. Design will take another year, and then the new gate is anticipated to be open within two to three more years. “If you think back to where we were 10 years ago, from an aeronautics standpoint, how we’ve grown… Now we have Boeing and a lot of suppliers here. Breeze has based in operations out of here. We’ve got the aeronautics department over at Trident Tech,” Summey said. “We are growing to be a robust aeronautics hub in Charleston.” CRBJ

Reach Teri Errico Griffis at 843-849-3144.

July 12 - 25, 2021

www.charlestonbusiness.com 15

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S T C A F T E MARK August 202

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In Focus

COMMERCIAL REAL ESTATE

NEXT ISSUE’S FOCUS: Financial Services

LISTS: Commercial Real Estate Firms, Page 22 | Bonus List: Independent Insurance Agencies, Page 25 The former Charlestowne Academy was built in the 1960s and has served many purposes over the years.. (Photo/Teri Errico Griffis)

Commercial moves Industrial and warehouse space combined with a growing demand for retail, including a continuing robust ecommerce segment, are driving commercial markets across the region, according to several commercial real estate quarterly reports.

Demand and Supply Chain

$78 million

Value of industrial space sold in the Charleston region during the first quarter of 2021.

North Charleston transforms dilapidated school into revitalized office space By Teri Errico Griffis

tgriffis@scbiznews.com

rom the outside, Ten Mile on Rivers Ave. looks like a brand new office building with its clean lines, fresh paint, green landscape. But stepping through the timber entryway, the character of the former 1960s school building beckons. Classrooms-turned-office-spaces line the cinder block hallways and polished cement floors. The formerly boarded-up Charlestowne Academy at 5841 Rivers Ave. was vacant and ignored for 15 years before developers breathed new life into it as professional office space. Jeff Baxter, development consultant and CityVolve leasing agent for Ten Mile on Rivers Ave., teamed up with lead developers at 4S construction. Together they saw value in the blighted building on Ten Mile Hill, aptly named for the mileage marker to Charleston’s Broad Street. “Our development goals were to reuse the existing building, versus tear it down and try to do something new,” Baxter said. The building was in need of rehab, if not for its own use, for the surrounding area’s. As buildings becomes obsolete, surrounding spaces tend to follow suit, North Charleston Mayor Keith Summey said. Like begets like after all, and Summey hopes this redeveloped asset draws in new businesses that swing the pendulum in the other direction, enhancing the street.

Rather than tear down the vacant school, the city repurposed the building’s classrooms, library, kitchen and media center into office space on Rivers Avenue. (Photos/Teri Errico Griffis)

“These types of projects are incremental,” Baxter said. “Property by property there’s investments made and it encourages other investments along that same corridor.” North Charleston’s plans for the entire Rivers Avenue corridor, from Ten Mile down to Reynolds Avenue, is changing, Summey said. “It’s going to be more of a commercial corridor with enhanced residential behind it as well where you’ve got people that can live, work in the same area,” he said.

The former elementary school sits on 5 acres with more than a dozen 800-square-foot classrooms and wide hallways. Baxter said the spaciousness is a very attractive feature for renters returning from the pandemic, Baxter said. The 13 classrooms maintain their original space, though some have been divided to create 400-square-foot two-person offices and 250-square-foot executive offices. “We worked with what the building gave us,” Baxter said. Six tenants have leased offices as of press time and Baxter said the building is available to a wide range of professionals, not one industry type in particular, and the rent accommodates that. “I think tenants like the space, the location and the accessibility,” he said. “But then it’s having the historic character of that building, which is kind of a unique office product. There’s not a whole lot in that immediate area.” Ten Mile on Rivers Ave. offers additional amenities with a conference room, shared kitchen space and flex spaces throughout the building that allow users to work away from their desks. The building’s former kitchen, library and multi-media room then provide even larger spaces for growing companies. VIP Marketing, Craft Creative and Ten Mile Studios are the anchor tenant of the building. After outgrowing his Park Circle offices, Eric Elliott, owner See TEN MILE, Page 18

3.6%

The vacancy rate is the lowest on record.

6.1%

Available space dropped to the lowest it’s been since 2018.

$6.54

The annual price per square foot ended the first quarter slightly higher for commercial space with warehouse prices increasing 6.5% from a year ago to $6.54.

5,000,000

At the end of the first quarter of 2021, more than 5 million square feet of space was under develepment in the Charleston area.

1,000,000

The Keith Corp. broke ground on the largest spectulative industrial building in the Charleston region in the first quarter.

Sector pricing

Brokers say that landowners and developers remain positive about the prospects for Charleston’s commercial market, particularly in industrial and warehouse space. Sector R&D/Flex space Warehouse/ Dist.

Available % Price Q1 11.8%

$10.99

8.2%

$6.54

Manufacturing 2.2%

$4.90

Source: CBRE Marketview Q1 for Charleston

IN FOCUS: COMMERCIAL REAL ESTATE

www.charlestonbusiness.com

July 12 - 25, 2021

New office construction takes off in downtown Charleston By Jenny Peterson

Contributing Writer

fter more than 18 months of employees working from home, the City of Charleston is seeing one of largest influxes of new office development in downtown history. “It’s perhaps one of the biggest surges of office developments in the city,” said Christopher Morgan, Director of Planning for the City of Charleston, about development over the past year. “We’ve seen a huge number of office development.” The designs in particular are marching in a new era for commercial real estate, with more open-floor plans, co-working spaces and community rooms, as well as office space mixed into retail and residential development. Morgan said most new office construction is occurring in the upper peninsula’s “NoMo” area on North Morrison Avenue. Major developments include The Morrison Yard at 850 Morrison Street, The Charleston Tech Center at 997 Morrison Drive and The Morris office development and retail at 1080 and 1090 Morrison Drive. “They are much larger (open) floor plans than what you can have in historic structures,” Morgan said. Upcoming office development will include The Quin, at 1940 Algonquin Road off upper Meeting Street, a 117,000 sq. ft., 5-story Class-A office development, and The Refinery at 1640 Meeting Street, with a shared conference room and amphitheater. Another office development is planned for the area at 737, 739 and 741 Meeting Street, Morgan said. “Office is definitely the theme for downtown,” Morgan said. The Cigar Factory on East Bay, which TEN MILE, from Page 17

of the digital marketing and production companies, relocated his businesses into the multi-media space. Elliott had been working with Baxter and his colleague Anne Lawless to find something outside of the box where he could house all three companies when Ten Mile on Rivers Ave. popped up. The first time Elliott saw the building, it was masked by overgrown shrubs and run down. But Baxter and Lawless shared the vision for it. “When I walked through and I looked at the building, I saw the potential,” Elliott said. “By then there were no plans or anything else, but I saw the boxes that we needed and I could kind of imagine ourselves there.” Though Elliott knew the revitalization would be an undertaking, he saw Ten Mile Studios and its space becoming the new Sears for The Citadel Mall — an adaptive reuse studio that could offer a

opened several years ago, was one of the pioneers of Charleston’s open-plan office concept, along with Blue Acorn at 148 Williman St.. In late June, Evening Post Publishing, which publishes the Post & Courier daily newspaper, announced it was moving from its long-time location on Columbus Street to the Blue Acorn building. “The move will mean a more modern and efficient work arrangement,” the paper wrote in its announcement. Developers beyond downtown Charleston are focusing on adaptable, open floor plans. The Ice House At Park Circle in North Charleston will be developed into offices ranging from 3,000 to 8,000 square feet in a former ice processing facility with open concept areas, glass and original brick. Nexton, a master planned community in Summerville, is advertising many configurations of office space, including co-working options as small as “a single desk to a one-person office.”

Multi-use developments on the rise

A number of multi-family apartment complexes are going up in the city of Charleston and many will include significant retail and commercial space, as well as office space, on the ground floor, Morgan said. Development coming down the line includes an eight-story apartment building constructed at 55 Romney St., a three-story apartment building planned down the road at 695 Romney St. and a seven-story apartment building with retail at 1310 Meeting Street. The Jasper Development at 310 Broad Street will be a mix of luxury waterfront residences facing the Charleston with retail and substantial office space. huge value to producers in the region. The business owner’s three companies now takes up the entire multi-media room, which still had green screens and infinity walls. Developers made valuable use of every square foot, carving out a portion of the hallways for VIP Productions’ editing room. There’s also a podcast room, a conference room and an office for Elliott. Though Ten Mile Studios will be the primary user of the studio, Elliott welcomes creators from all around who need a production facility. He feels it’s his way to give back to the community, just as the school did in the ’60s. “The school has so much history and I, in a way, feel like it was kind of made for us, like it was supposed to happen this way… I see our future in it and I see a better way for us to be able to serve people,” Elliott said.

A class act

Beyond its original use as a school, the

“Wells Fargo office is going to be in there, The Beach Company office is going to be in there,” Morgan said. Another residential-office-retail project includes Courier Square at 134 Columbus Street, the former location of The Post and Courier. The newspaper announced that the second phase of the project will be underway in July. Outside of downtown, The Avalon recently opened in James Island on Maybank Highway, with a sidewalk connecting it to a nearby shopping center anchored by a Harris Teeter grocery store. Morgan said Daniel Island will soon be getting another apartment complex. In North Charleston, the Cedar Grove development, at the corner of Dorchester Road and Riverbluff Parkway, will be strategically located across from multi-family apartments. Crews broke ground this spring. Joe Durkin, a Charleston-based brokerage associate handling single and multi-tenant retail with the Snyder/Carlton Team at Collier’s International, said combining residential, commercial, retail and office is becoming more common with new development. “It seems like most things coming out of the ground have some sort of mixeduse component,” Durkin said.

Boutique hotels planned for downtown

Despite a rough year for the tourism and hospitality industries during the pandemic, there are a handful of hotels currently in the works for downtown Charleston. All are small, boutique hotels, Morgan said. New developments include the nowopen 50-room State Street Hotel, a boutique hotel on upper Meeting Street under construction, and another bouevolution of the Ten Mile building runs deep. The structure started as an elementary school in the 1960s, but slowly became obsolete when residents moved away from the area, particularly when the Navy Base closed. The neighborhood was eventually replaced with a commercial corridor. In the late ’80s or so, the building was re-used as a cultural arts facility for North Charleston programming. The property then was repurposed again, possibly as a church, before eventually getting tied up in an easement issue with the property next door and falling out of the picture, Summey said. He thought the adjacent Jones Ford dealership would have bought the property to expand, but instead the building deteriorated. Summey said he is excited for what the formerly vacant building has now become in 2021 and for the energy it will inject into the area. He envisions a “renourishment” of the Rivers Avenue community with retail,

tique hotel planned for the corner of King and George Streets in the former Bob Ellis shoe store. Morgan added that an additional hotel is planned for Daniel Island.

Laurel Island

A major development on the horizon is the 196-acre Laurel Island, at the end of Romney Street near the North Morrison corridor. The plans call for a master-planned development on the Cooper River, adjacent to the East Central neighborhood. Renderings by architect firm Bello Garris show a diverse mix of uses for the former landfill, including affordable housing, public parks, docks, waterfront ballfields and a pedestrian path. “Laurel Island has been approved and has a substantial office component as well as a residential component and a commercial component,” Morgan said. Another development readying for construction is the 182-acre Magnolia Planned Unit Development along the Ashley River. The plan was first proposed in 2003 but hit the brakes in 2010 during the economic recession. The development is now ramping up again off Heriot Street, north of Wagener Terrace. “Magnolia is getting going again, they are doing site remediation work out there and constructing roads,” Morgan said. The plan calls for 3,500 residential units, 850,00 square feet of office space, 420,000 square feet of retail and 690 hotel rooms. “We’re get calls from developers all over the county that want to be in Charleston,” Durkin said. “There are 30 people moving here every day and developers have seen that trend and they are trying to capitalize on it.” CRBJ

medical offices, traditional office space and affordable housing, especially suited for young people. Zoning will determine what can follow Ten Mile, but the goal is create opportunities on each side of Rivers Avenue. While a tremendous undertaking, Summey said the city now has an opportunity to rethink what can be done to make the community better. Already, North Charleston has grown with the Medical University of South Carolina’s children’s hospital on Mall Drive, a new VA clinic that opened this winter on Rivers Avenue, the county services building on McMillan Avenue that’s under construction and more supporting projects “We want to let the businesses along there know that we’re supporting them and helping them to maintain their locations, and trying to then help grow that corridor where they can be more successful in their operations,” Summey said. CRBJ

Reach Teri Errico Griffis at 843-849-3144.

IN FOCUS: COMMERCIAL REAL ESTATE

July 12 - 25, 2021

www.charlestonbusiness.com 19

DHL Supply Chain adds more square footage to S.C. By Molly Hulsey

mhulsey@scbiznews.com

ogistics company DHL Supply Chain and Advanced Drainage Systems, a water management and septic system product provider, are partnering to expand the Southeast distribution footprint of both companies. DHL will offer ADS transport and logistics services for the Ohio-based water management company’s warehousing, fleet and e-commerce operations from a Greer warehouse facility amid the largest uptick in building permits since 2006, according to a news release. Last year, DHL Suppy Chain, which has a warehouse and distribution center in Dorchester County, said it was investing $92.7 million to expand its South Carolina footprint with new operations in Cherokee County. That facility is projected to be completed by the third quarter of 2022. In 2019, DHL and ADS opened their first retail fulfillment center in Wilkes-Barre, Pa., to service customers in the Northeast. The Wilkes-Barre facility services more than 600 hardware retail stores with a 16-truck dedicated fleet. After their launch of the 100,000-square-foot facility in Wilkes-Barre, both companies decided to invest in similar facilities in Greer and

DHL and ADS have invested in a 131,000-square-foot facility in Greer that will serve as a base for ADS’s 700 Southeastern retail customers. (Photo/Provided)

Middletown, Ohio, the release said. DHL will manage the new 131,000-square-foot facility in Greer and provide ADS with a 28-truck fleet to deliver wares to 700 retail locations across the Southeast. This move will free up ADS’s capacity to enhance its commercial trade business, according to the news release. “Our industry experts in our construction and building supply vertical help our customers transform their supply chains

Together, we go beyond building structures. We build the Charleston live, work, and play experience.

Featuring The Jasper - a project by The Beach Company Design and Photography Provided by LS3P

into a core competitive advantage,” Mark Kunar, executive vice president of DHL Supply Chain, said in the news release. “By providing daily operational excellence and instilling a culture of continuous improvement into our operations we are able to deliver effective end-to-end logistics solutions, enabling ADS to focus its time, skills and knowledge on solving its customers’ water challenges with highly engineered solutions.”

The two companies will expect to reduce the carbon footprint of ADS deliveries by optimizing trailer space and implementing dynamic routing and round-trip matching to reduce transportation miles, according to the release. The 356,000-square-foot warehouse operation in Middletown will also consolidate ADS’s growing ecommerce fulfillment operations and provide additional capacity for finished goods distribution throughout their network of 63 manufacturing plants and 33 distribution centers, enabling ADS to increase fill rates and reduce order cycle times. “ADS is committed to meeting the growing demand for our products and solutions and expanding our reach through a high quality, flexible and speedof-service logistics platform to execute our mission of better serving our customers,” Scott Barbour, president and CEO of ADS, said in the release. “Working with DHL Supply Chain, we have an exciting opportunity to further strengthen our services and support our company’s goal of generating above-market growth through the execution of our material conversion and water management solutions strategies.” CRBJ

Reach Molly Hulsey at 864-720-1223.

IN FOCUS: COMMERCIAL REAL ESTATE

www.charlestonbusiness.com

July 12 - 25, 2021

Hot Properties Hot Properties highlights recently sold or leased commercial properties in the Charleston region. Submit your transactions under Real Estate at crbjbizwire.com.

Brooks Courtney of Bridge Commercial represented the tenant, West Short Homes, in the lease of 15,467 square feet of industrial space at 8439 Palmetto Commerce Parkway from Hardy World. Clarke Attaway & Ryan Welch of Lee & Associates represented the landlord.

Casey Lowery of Adams Property Group represented the landlord, 41 Grand Oaks Retail LLC, in the lease of 1,250 square feet of retail space at 41 Grand Oaks Blvd. in Charleston to Nikita Hair Salon. Vitre Stephens of Avison Young - South Carolina represented the tenant.

Robert Pratt of RE/MAX Pro Realty represented the landlord, PR Properties of Summerville LLC, in the lease of 1,796 square feet of retail space at 2110 Greenridge Road, Suite E, North Charleston to Whitehouse Enterprises LLC, doing business as I Heart ABC.

Patrick Nealon of Colliers represented the tenant, Exhale Infusions & Aesthetics, in the lease of 1,646 square feet of retail space at 2509 North Main St., Suite E, in Summerville from UCA Syndicate Carnes Crossroads LLC. Gary White of Urban Core Advisors represented the landlord.

Edward Oswald of Oswald Cooke & Associates represented the seller, 3401 Salterbeck Wonders LLC, in the sale of 1,660 square feet of office space at 3401 Salterbeck St., Suite 201, to SMR Salterbeck Properties LLC for $440,000. Hunter Hartley of Lee & Associates represented the seller.

Eddie Hughes of Beach Commercial, a division of The Beach Co., represented the landlord, 1090 JD Holdings LLC, in the lease of 2,000 square feet of warehouse space at 1090 Johnnie Dodds Blvd., Suite C, Mount Pleasant to Denizimo LLC.

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July 12 - 25, 2021

www.charlestonbusiness.com 21

Hot Properties Services represented the landlord, Charlotte D. Harrell LLC, in the lease of 1,100 square feet of retail space at 2000 Sam Rittenberg Blvd., Suite 130, Charleston, to GameStop Inc. Eddie Hughes of Beach Commercial, a division of The Beach Co., represented the landlord, 1090 JD Holdings LLC, in the lease of 2,000 square feet of warehouse space at 1090 Johnnie Dodds Blvd., Suite C, Mount Pleasant to Denizimo LLC. Vitré Ravenel Stephens of Avison Young - South Carolina Inc. represented the tenant, Method, in the lease of 7,845 square feet of retail space at 2125 U.S. Highway 17 N. in Mount Pleasant from 2125 Mt Pleasant SC LLC. Joseph C. Tecklenburg and Bradley Baker of Clement, Crawford & Thornhill represented the landlord.

Edward G. Robinson IV of Beach Commercial, a division of The Beach Co., represented the landlord, Jasper Development LLC, in the lease of 3,070 square feet of office space at 320 Broad St., Suite 220, in Charleston to Wilkes Law Firm P.A. Patrick Nealon of Colliers represented the tenant, Breathe Pilates, in the lease of 1,385 square feet of retail space at 125 Riverlanding Drive on Daniel Island from 125 Riverlanding LLC. Fritz Meyer of Meyer Kapp Associates represented the landlord. Bob Caldwell and JR Caldwell of Caldwell Commercial Real Estate

Edward Robinson of Beach Commercial, a division of The Beach Co., represented the tenant, TruAuto MC LLC, in the lease of 2,012 square feet of retail space at 801 Nexton Square Drive in Summerville from 801 Nexton Summerville LLC. Charles Fitzhenry of RealtyLink represented the landlord. Ashley Jackrel, CCIM, Chris Fraser, CCIM, Leslie Fellabom, and Kisha Lyles of Avison Young - South Carolina Inc. represented the buyer, Big Bend Falls LLC, in the sale of 1,328 square feet of office condo space at 1127 Queensborough Blvd, Unit 102, in Mount Pleasant from Mount Pleasant Psychiatric Solutions for $450,000. April L. Curci of Carolina One Real Estate represented the seller.

Carlmichael Harrison of Beach Commercial, a division of The Beach Co., represented the landlord, The Pastime Amusement Co., in the lease of 2,200 square feet of retail space at 297 King St. in Charleston to Oliphant Design LLC. Blair Belk and Tim Metzler of Belk Lucy represented the seller in the sale of 3,148 square feet of retail space at 1730 Maybank Highway in James Island. Brandon Graham of Grand Oak Realty represented the buyer.

Submit items at our online submission portal: www.CRBJBizWire.com. Publication in print and online is subject to editorial discretion.

IN FOCUS: COMMERCIAL REAL ESTATE

www.charlestonbusiness.com

July 12 - 25, 2021

Commercial Real Estate Firms Ranked by No. of Sale/Lease Transactions in 2020

Transactions: No. / Value

Comm. Brokers / Current Listings / Lowcountry Offices

Charlene Massey, Christopher B. Fraser 1978

263 $101,392,252

18 155 1

Flex; health care; income-producing; industrial; office; restaurant; retail; warehouse

843-747-1200 www.lee-charleston.com leecharlestonhelp@lee-associates.com

M. Wade Allen 1999

252 $164,446,020

18 139 1

Flex; health care; income-producing; industrial; land; multifamily; office; restaurant; retail; warehouse

Re/Max Pro Realty 9209 University Blvd. North Charleston, SC 29406

843-767-7777 www.remaxprorealty.org brenda.ray@remax.net

Velvaleen Thurber-Everett 2006

210 $46,396,397

8 68 1

Agricultural; flex; health care; income-producing; industrial; land; multifamily; office; restaurant; retail; sports, entertainment; warehouse

Beach Commercial 320 Broad St., Suite 600 Charleston, SC 29401

843-722-2615 www.beachcommercialre.com jdickerson@thebeachcompany.com

Jenny Dickerson 1945

173 $45,140,866

5 40 2

Flex; income-producing; industrial; land; multifamily; office; restaurant; retail; warehouse

Coldwell Banker Commercial Atlantic 3506 W. Montague Ave., Suite 200 North Charleston, SC 29418

843-744-9877 www.cbcatlantic.com info@cbcatlantic.com

Brent A. Case 1986

152 $85,500,000

25 115 1

Agricultural; flex; health care; hotel, motel; incomeproducing; industrial; land; multifamily; office; restaurant; retail; warehouse

CBRE Inc. 200 Meeting St., Suite 202 Charleston, SC 29401

843-577-0702 www.cbre.us/charlestonsc cindy.new@cbre.com

Stephen B. Smith 1992

151 $178,195,285

10 278 1

Flex; income-producing; industrial; office; retail; warehouse

NAI Charleston LLC 141 Williman St. Charleston, SC 29403

843-720-4944 www.naicharleston.com info@naicharleston.com

Thomas M. Boulware 2017

138 $72,781,184

9 104 1

Flex; health care; income-producing; industrial; office; retail; warehouse

Bridge Commercial 25 Calhoun St., Suite 220 Charleston, SC 29401

843-535-8600 www.bridge-commercial.com info@bridge-commercial.com

Peter S. Fennelly 2017

132 $134,473,718

15 70 1

Agricultural; flex; health care; hotel, motel; incomeproducing; industrial; land; multifamily; office; restaurant; retail; sports, entertainment; warehouse

Palmetto Commercial Properties LLC 578 E. Bay St., Suite A Charleston, SC 29403

843-577-2550 www.palmettocommercialproperties.com info@pcpsc.com

Eddie Buxton, Joe Keenan, Richard Morse 1996

97 $85,119,181

11 45 1

Agricultural; flex; health care; hotel, motel; incomeproducing; industrial; land; multifamily; office; restaurant; retail; sports, entertainment; warehouse

Southeastern Management Group Inc. 151 King St. Charleston, SC 29401

843-577-8595 www.semgsc.com semg@semgsc.com

Chad Yonce 1997

84 $25,218,864

2 20 1

Flex; health care; income-producing; industrial; land; multifamily; office; restaurant; retail; warehouse

Belk Lucy 636 King St. Charleston, SC 29403

843-856-4600 www.belklucy.com trey.lucy@belklucy.com

Blair Belk, Trey Lucy 2013

68 $29,527,794

7 65 1

Flex; health care; income-producing; land; office; restaurant; retail; warehouse

Adams Property Group 2298 Mount Pleasant St. Charleston, SC 29403

843-941-4001 www.adamspropgroup.com info@adamspropgroup.com

Franklin Adams, Casey Lowery 2008

63 $61,254,928

7 2 1

Flex; income-producing; office; retail

Twin Rivers Capital LLC 656 Ellis Oak Ave., Suite 201 Charleston, SC 29412

843-722-9925 www.twinriverscap.com jj@twinriverscap.com

Jeffrey J. Lamberson 2002

48 $5,229,363

6 22 1

Flex; income-producing; industrial; land; office; restaurant; retail; warehouse

Caldwell Commercial 4476 W. Leeds Place Charleston, SC 29405

843-367-7000 www.caldwellcommercial.com bob@caldwellcommercial.com

Robert Caldwell 2000

46 $35,361,665

2 15 1

Flex; health care; income-producing; industrial; land; office; restaurant; retail; warehouse

JLL - Jones Lang LaSalle 701 E. Bay St., Suite 308 Charleston, SC 29403

843-805-5111 www.jll.com/charleston brooke.eyrich@am.jll.com

Lee B. Allen 1939

40 $125,495,862

5 30 1

Flex; industrial; office; retail

Oswald Cooke and Associates 870 Walt Miller St., Suite 100 Mount Pleasant, SC 29464

843-388-5650 www.oswaldcooke.com info@oswaldcooke.com

Benjy Cooke, Edward G. Oswald 2010

40 $60,433,937

6 40 1

Flex; income-producing; industrial; office; restaurant; retail; warehouse

Sperry Commercial Global Affiliates - Radekopf & Associates 1563 Meeting Street Road Charleston, SC 29405

843-514-0761 www.radekopf.com steve.radekopf@sperryCGA.com

Steve Radekopf 1992

38 $20,000,000

2 17 1

Health care; hotel, motel; income-producing; industrial; land; office; restaurant; retail; warehouse

Cushman & Wakefield Thalhimer 115 Central Island St., Suite 175 Charleston, SC 29492

843-724-0100 www.thalhimer.com info@thalhimer.com

Ed Kercher 1913

31 $24,586,642

5 24 1

Flex; industrial; land; multifamily; office; restaurant; retail; warehouse

Kennerty Ratner & Tezza LLC 1035 Johnnie Dodds Blvd., Suite B11 Mount Pleasant, SC 29464

843-388-9818 mark@krtrealestate.com

Mark J. Tezza 1989

31 $4,326,500

3 10 1

Flex; income-producing; industrial; office; retail; warehouse

Lane Properties of Charleston LLC 746 St. Andrews Blvd., Suite B Charleston, SC 29407

843-769-9919 www.laneproperties.com administrator@laneprops.com

Mark C. Lane 1967

29 $166,536

1 1

Flex; health care; income-producing; industrial; multifamily; office; restaurant; retail; warehouse

The Commonwealth Co. Inc. 171 Church St., Suite 300 Charleston, SC 29401

843-577-8877 www.thecommonwealthcompany.com commonwealthjimm@prodigy.net

James R. Moring 1997

26 $10,985,000

7 22 1

Hotel, motel; income-producing; land; restaurant

Carr Properties LLC 5806 Campbell St. Hanahan, SC 29410

843-744-2863 www.carr-properties.com walter@carr-properties.com

Walter D. Carr 1999

25 $4,750,000

3 1 1

Flex; industrial; land; office; warehouse

Dunes Commercial Properties LLC 835 Coleman Blvd. Mount Pleasant, SC 29464

843-881-5600 www.dunesproperties.com realestate@dunesproperties.com

Luiz T. Yamashita 2015

25 $7,500,000

5 7 5

Office

Maybank Properties LLC 1 Cordes St. Charleston, SC 29413

843-740-9202 www.maybankproperties.com mmcfall@maybankproperties.com

David Maybank, Michael G. McFall 1997

25 $30,000,000

2 10 1

Income-producing; industrial; land; office; warehouse

Miler Properties Inc. 625 Old Trolley Road Summerville, SC 29485

843-821-1111 www.milerproperties.com rlmiler@milerproperties.com

Richard L. Miler 1985

23 $3,600,000

3 1

Flex; income-producing; land; office

Carolina Commercial LLC 880 Johnnie Dodds Blvd., Suite 3 Mount Pleasant, SC 29464

843-805-6060 www.carolinacre.com info@carolinacre.com

J. Dunston Powell, Debi Jones, Charles L. Moore 2010

21 $40,199,214

6 15 1

Flex; income-producing; industrial; land; office; retail; warehouse

Colliers International 40 Calhoun St., Suite 460 Charleston, SC 29401

843-723-1202 www.colliers.com/en liz.mccary@colliers.com

Jim Garrett 1906

20 $6,048,742

10 30 1

Agricultural; flex; health care; hotel, motel; incomeproducing; industrial; land; multifamily; office; restaurant; retail; warehouse

Company

Phone / Website / Email

Broker(s) in Charge / Year Founded

Avison Young - South Carolina Inc. 1315 Ashley River Road Charleston, SC 29407

843-725-7200 www.avisonyoung.com chris.fraser@avisonyoung.com

Lee & Associates Charleston 960 Morrison Drive, Suite 400 Charleston, SC 29403

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.

Types of Properties

Researched by Business Journal staff

IN FOCUS: COMMERCIAL REAL ESTATE

July 12 - 25, 2021

www.charlestonbusiness.com 23

Commercial Real Estate Firms Ranked by No. of Sale/Lease Transactions in 2020

Transactions: No. / Value

Comm. Brokers / Current Listings / Lowcountry Offices

Billy Gressette 2012

20 $10,000,000

3 12 1

Flex; industrial; retail; warehouse

843-216-9990 www.adamswilsondevelopment.com scott@adamswilsondevelopment.com

Scott D. Adams 2006

17 $15,405,961

5 1 1

Flex; income-producing; industrial; land; office; restaurant; retail

Marshall Walker Real Estate 582 Rutledge Ave. Charleston, SC 29403

843-225-7007 www.marshallwalker.com operations@marshallwalker.com

Marshall D. Walker 2003

15 $3,462,236

4 5 1

Flex; income-producing; office; restaurant; retail; warehouse

Charleston Industrial 225 Seven Farms Drive, Suite 401 Charleston, SC 29492

843-377-8383 www.charlestonindustrial.com mike.white@charlestonindustrial.com

Michael G. White 2007

14 $21,000,000

5 8 1

Flex; industrial; land; office; warehouse

National Restaurant Properties 237 King St., Suite 2A Charleston, SC 29401

843-442-1872 www.restaurantstore.com hagar@bellsouth.net

Timothy J. Hagar 2000

12 $6,500,000

2 20 1

Land; restaurant; retail

Johnson & Wilson Real Estate Co. 1830 Savannah Highway Charleston, SC 29407

843-486-1600 www.johnsonandwilson.com info@johnsonandwilson.com

Tiffany Johnson-Wilson 2000

11 $9,000,000

4 6 2

Agricultural; flex; health care; hotel, motel; incomeproducing; industrial; land; multifamily; office; restaurant; retail; sports, entertainment; warehouse

The PrimeSouth Group LLC 418 King St., Suite 201 Charleston, SC 29403

843-722-4450 www.primesouthgroup.com clprice@primesouthgroup.com

Christopher L. Price 1996

10 $20,000,000

7 10 1

Income-producing; office; restaurant; retail

Landcrafters Inc. Real Estate & Development 520 Folly Road Charleston, SC 29412

843-608-1058 www.stephenpcarroll.com landcrafterssc@gmail.com

Stephen P. Carroll 1996

8 $8,000,000

1 3 1

Agricultural; flex; income-producing; industrial; land; multifamily; sports, entertainment; warehouse

Strategic Asset Management 353 N. Shelmore Blvd., Suite 200 Mount Pleasant, SC 29464

843-416-1062 www.readvisors.com hmyers@sreadvisors.com

Harris Myers 2004

8 $3,100,000

1 2 1

Flex; income-producing; industrial; office; retail; warehouse

Laurel Properties of Charleston LLC 742 Lakenheath Drive Charleston, SC 29464

843-224-1342 gerrymccord@gmail.com

Gerry McCord 1975

7 $2,100,000

1 1

Multifamily; office

Commercial Investment Group LLC 1910 Capri Drive Charleston, SC 29407

843-406-7979 www.cominvestgroup.com pjd@cominvestgroup.com

P. John DeStefano 2006

5 $7,500,000

1 7 1

Income-producing; industrial; land; multifamily; office; retail; warehouse

Ziff Properties Inc. 200 Wingo Way, Suite 100 Mount Pleasant, SC 29464

843-724-3500 www.ziffcre.com ajones@zpi.net

Tim Walter, Curt Schade, Christian Chamblee 1991

5 $38,330,000

1 1

Flex; income-producing; industrial; land; office; restaurant; retail; warehouse

Holder Properties 75 Port City Landing, Suite 100 Mount Pleasant, SC 29464

843-409-0888 www.holderproperties.com fgray@holderproperties.com

Billy Cooke, Friend Gray 1980

4 $200,000,000

2 2 5

Office; retail

Company

Phone / Website / Email

Broker(s) in Charge / Year Founded

Grescon Development LLC 257 Treeland Drive, Suite B Ladson, SC 29456

843-552-4480 www.grescon.com bgressette@grescon.com

Adams & Wilson Development 835 Lowcountry Blvd. Mount Pleasant, SC 29464

Types of Properties

Researched by Business Journal staff

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IN FOCUS: COMMERCIAL REAL ESTATE

www.charlestonbusiness.com

July 12 - 25, 2021

Commercial Real Estate Firms Ranked by No. of Sale/Lease Transactions in 2020 Company Maven Realty 2180 McMillan Ave., Suite 71672 North Charleston, SC 29405 Time Properties P.O. Box 1855 Summerville, SC 29484 Weichert Realtors Palmetto Coast 1035 Johnnie Dodds Blvd., Suite 2B Mount Pleasant, SC 29464 Elite Palmetto Real Estate 6650 Rivers Ave. North Charleston, SC 29406 Patterson Smith Co. Inc. 51 John St. Charleston, SC 29403 Wm. Iselin Co. LLC 198 E. Bay St., Suite 101 Charleston, SC 29401 C3 Investments Inc. 220 Church St., Suite 101 Mount Pleasant, SC 29464 Durlach Associates 1127 Queensborough Blvd., Suite 105 Mount Pleasant, SC 29464 Holcombe, Fair & Lane 1071 Morrison Drive Charleston, SC 29403 Joe Griffith Inc. 946 Johnnie Dodds Blvd. Mount Pleasant, SC 29464 Norvell Real Estate Group LLC 945 Houston Northcutt Blvd. Mount Pleasant, SC 29464 Ravenel Commercial Properties 960 Morrison Drive, Suite 201 Charleston, SC 29403 Skye Properties Inc. 1028 LeGrand Blvd. Charleston, SC 29492 WRS Inc. Real Estate Investments 550 Long Point Road Mount Pleasant, SC 29464

Phone / Website / Email 843-817-4431 www.mavenrealtysc.com troygandee@gmail.com

Broker(s) in Charge / Year Founded

Transactions: No. / Value

Troy F. Gandee 2017

4 $3,000,000

843-552-7525 jhnchip@yahoo.com

1988

3 $12,000,000

843-375-2075 www.weichertpc.com admin@weichertpc.com 843-410-8246 www.elitepalmettorealestate.com darryl@elitepalmetto.com

Annalisa Jordan 2001

3 $1,000,000

Darryl J. Robinson 2015

2 $570,000

843-577-7406 pattersonsmithco@aol.com

Patterson S. Smith 1976

2 $250,000

843-729-7782 www.webcharleston.com wiselin@aol.com

William J. Iselin 1987

1 $500,000

843-849-5455 c3investments@comcast.net

C. Gordon Lovingood 1987

843-723-2801 www.durlach.com

John R.N. Durlach 1979

843-722-2642 www.hflcharleston.com info@hflcharleston.com 843-577-2230 www.joegriffithinc.com

Charles G. Lane 1927

Louis Griffith 1957

843-579-0055 www.norvellgroup.com info@norvellgroup.com 843-266-3900 www.ravenelcommercial.com info@ravenelcommercial.com 843-856-0799 www.skyepropertiesinc.com info@qdevco.com 843-654-7888 www.wrsrealestate.com tmassey@wrsrealty.com

Frank W. Norvell 1998

Jules Deas 2014

A.M. Quattlebaum 1975

T. Scott Smith, Art Kepes, Kevin Rogers 2001

Comm. Brokers / Current Listings / Lowcountry Offices 2 1 1 1 2 1 1 1 1 1 2 10 1 1 1 1 1 3 1 1 3 5 1 2 1 3 1 6 1 1 1 1

Types of Properties Income-producing Industrial Income-producing; multifamily Flex Flex; income-producing; industrial; land; multifamily; office; warehouse Agricultural; industrial; land; restaurant Hotel, motel; office; retail Office Agricultural; flex; health care; income-producing; industrial; land; office; restaurant; retail; warehouse Flex; hotel, motel; income-producing; industrial; land; multifamily; office; restaurant; retail; warehouse Flex; health care; income-producing; industrial; land; office; restaurant; retail Agricultural; flex; health care; hotel, motel; incomeproducing; industrial; land; multifamily; office; restaurant; retail; sports, entertainment; warehouse Health care; income-producing; industrial; land; office; restaurant; retail; warehouse Income-producing; land; restaurant; retail

Researched by Business Journal staff

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IN FOCUS: COMMERCIAL REAL ESTATE

www.charlestonbusiness.com 25

Independent Insurance Agencies 1st Capital Insurance 1067 Cliffwood Drive Mount Pleasant, SC 29464 843-216-2772 www.1stcapitalins.com

Correll Insurance Group 120 S. Magnolia St. Summerville, SC 29483 843-486-8711 www.correllinsurance.com

Harleston Insurance Group 796 Meeting St. Charleston, SC 29403 843-364-6565 www.harlestoninsurance.com

Manning Insurance Services 302 Midland Parkway, Suite A Summerville, SC 29485 843-771-0660 www.manninginsuranceservices.com

ADD LLC 2506 Gatewood St. Daniel Island, SC 29492 617-529-9471

Corvino Insurance Agency Inc. 810 Travelers Blvd., Suite F1 Summerville, SC 29485 843-873-6776 www.corvinoinsurance.com

Harrell Insurance Agency 2000 Sam Rittenberg Blvd., Suite 124 Charleston, SC 29407 843-766-5533 www.harrell-insurance.com

Mappus Insurance Agency Inc. 1407 Stuart Engals Blvd., 2nd Floor Mount Pleasant, SC 29464 843-763-4200 www.mappusinsurance.com

Crescent Insurance Advisors 635 E. Bay St., Suite D Charleston, SC 29403 803-832-2525 www.crescentagency.com

Harry Morse Insurance Agency 2128 Ashley Phosphate Road, Suite 200 North Charleston, SC 29406 843-824-8415 www.harrymorseins.com

McKay Insurance Inc. 1321 Chuck Dawley Blvd., Suite 201 Mount Pleasant, SC 29464 843-881-2229 www.restinsuredcharleston.com

Cypress Insurance Advisors LLC 180 E. Bay St. Charleston, SC 29401 843-561-9200 www.cypressinsure.com

Hibbits Insurance 140 W. Richardson Ave., Suite B Summerville, SC 29483 843-871-1095 www.hibbitsinsurance.com

Metts Insurance Agency Inc. 705 Old Trolley Road, Suite C Summerville, SC 29485 843-832-9990

Cypress Risk Management 1325 Cypress Campground Road Ridgeville, SC 29472 843-688-6800 www.cypressrisk.com

HUB International Charleston 4401 Leeds Ave. North Charleston, SC 29405 843-529-5470 www.hubinternational.com

Eanes Insurance Group P.O. Box 2027 Mount Pleasant, SC 29465 843-352-7051

Insurance Office of America 4400 Leeds Ave., Suite 470 North Charleston, SC 29405 800-243-6899 www.ioausa.com

Alliance Insurance Services LLC 902 Savannah Highway Charleston, SC 29407 843-881-0103 www.allianceinsuranceservices.net Anderson Insurance Associates LLC 3491 Shelby Ray Court Charleston, SC 29414 843-763-7525 www.aiasc.com AssuredPartners of SC LLC 3860 Faber Place Drive, Suite 400 North Charleston, SC 29405 843-569-1888 www.assuredpartners.com Atlantic Shield Insurance Group 421 Johnnie Dodds Blvd., Suite 200 Mount Pleasant, SC 29464 843-856-2909 www.atlanticshield.com Bates Insurance Group 3861 W. Ashley Circle, Suite 100 Charleston, SC 29414 843-824-8000 www.batesinsg.com

East Coast Insurance Group LLC 407 W. 2nd North St. Summerville, SC 29483 843-285-5348 www.eastcoastinsgroupllc.com

Baxter Agency Inc. 105 Lumber Lane Goose Creek, SC 29445 843-797-0505 www.davidclemmonsagency.com

The Ferguson Agency 9229 University Blvd., Suite A North Charleston, SC 29406 843-797-7285 www.fergusoninsuranceteam.com

C.T. Lowndes & Co. 749 St. Andrews Blvd. Charleston, SC 29407 843-513-1719 www.ctlowndes.com

The General Agency Inc. 1527 Sam Rittenberg Blvd. Charleston, SC 29407 843-766-9091 www.generalagencyinc.com

C2G Capital Management LLC 101 Owens Circle Summerville, SC 29483 843-879-0941 www.c2gcapitalmanagementllc.com

Gill Insurance Agency 800 Johnnie Dodds Blvd., Suite 102 Mount Pleasant, SC 29464 843-388-5021 www.gillagencies.com

Cliff Heath Insurance Inc. 1531 Sam Rittenberg Blvd. Charleston, SC 29407 843-766-6316 www.cliffheathinsurance.com

H & H Insurance Brokers 29 Leinbach Drive, Building D, Suite 1 Charleston, SC 29407 843-352-2381 www.handhinsurancebrokersofsc.com

Cornerstone Insurance Group LLC 1354 State Road Summerville, SC 29486 843-899-7283 www.cornerstoneinssc.com

Insurance Solutions 210 W. Coleman Blvd., Suite T Mount Pleasant, SC 29464 843-375-0200 www.insurancesolutionssc.com KSA Insurance LLC 1819 Meeting St., Suite 100 Charleston, SC 29405 843-408-4232 www.ksa-insurance.com Lesemann Insurance Agency 4 Carriage Lane, Suite 301 Charleston, SC 29407 843-571-6721 www.lesemannins.com Lighthouse Insurance Benefits 1055 N. Main St., Suite B Summerville, SC 29483 843-628-2981 www.lighthouseinsurancebenefits.com Lowcountry Insurance Solutions 3221 S. Live Oak Drive Moncks Corner, SC 29461 843-761-4923 www.lowcountryinsurancesolutions.com

Mike Campbell Agency LLC 1662 Savannah Highway, Suite 300 Charleston, SC 29407 843-790-7070 www.mikecampbellagency.com Mims-Garrett Insurance Services 400 Altman St., Suite A Moncks Corner, SC 29461 843-899-9000 www.mgi-ins.com Moulton & Sheally Insurance 821 Orleans Road Charleston, SC 29407 843-556-4221 www.moultonsheally.com Palmetto Moon Insurance LLC 1037 Chuck Dawley Blvd., Suite D104 Mount Pleasant, SC 29464 843-375-1234 www.palmettomoon.com PC&L Agency Inc. 1064 Gardner Road, Suite 216 Charleston, SC 29407 843-763-1709 www.pclagencyinc.com Pilothouse Insurance 1527 Sam Rittenberg Blvd., Suite 204 Charleston, SC 29407 843-766-1318 www.mypilothouse.com Pinckney-Carter Co. 1956 Remount Road North Charleston, SC 29406 843-747-9073 www.pinckneycarter.com

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IN FOCUS: COMMERCIAL REAL ESTATE

July 12 - 25, 2021

Independent Insurance Agencies R.A. Wright Agency LLC 661 St. Andrews Blvd. Charleston, SC 29407 843-766-5300 www.rawrightagency.com

Schirmer Insurance Group LLC 2900 N. Main St., Suite E Moncks Corner, SC 29461 843-482-0130 www.sigsc.com

Strovis Insurance Agency LLC 310 N. Gum St., Suite A Summerville, SC 29483 843-821-1009 www.strovisinsurance.com

Turbeville Insurance Agency Inc. 670 Marina Drive, Suite 301 Charleston, SC 29492 843-569-3920 www.tiasc.biz

Ralph F. McCay Agency Inc. 1730 Savannah Highway Charleston, SC 29407 843-766-6316

Southeastern Insurance Solutions 105 Wappoo Creek Drive, Suite 1B Charleston, SC 29412 843-829-7100 www.southeasterninsurancesolutions.com

Swamp Fox Agency 1122 Pinopolis Road Moncks Corner, SC 29461 843-761-3999 www.swampfoxagency.com

USI Insurance Services LLC 235 Magrath Darby Blvd., Suite 325 Mount Pleasant, SC 29464 854-573-2600 www.usi.com

The Steadman Agency Inc. 8 Vandenhorst St. Charleston, SC 29403 843-723-4001 www.steadmanagency.com

Taylor Agency 147 Wappoo Creek Drive, Suite 502 Charleston, SC 29412 843-762-1805 www.tayloragency.com

W.C. Wilbur & Co. 1072 E. Montague Ave. North Charleston, SC 29405 843-744-1662 www.wcwilbur.com

Strickland Marine Insurance Agency Inc. 125 Wappoo Creek Drive, Suite D3 Charleston, SC 29412 843-795-4555 www.stricklandmarine.net

Theodore & Associates Insurance 204 N. Gum St. Summerville, SC 29484 843-871-3950 www.theodoreinsurance.com

Weisburger Insurance Brokerage 1096 Black Rush Circle Mount Pleasant, SC 29466 843-971-0036

Sadler & Hamm Inc. 22 Windermere Blvd., Suite A Charleston, SC 29407 843-766-0261 www.sadlerandhamm.com Sam Schirmer Insurance 1312 Bowman Road Mount Pleasant, SC 29464 843-881-4707 www.schirmerinsuranceagency.com SCF Solutions LLC 6265 Rivers Ave. North Charleston, SC 29406 843-569-4740 www.scfinsurance.org

William Means Co. Insurance 64 Broad St. Charleston, SC 29401 843-577-0585 www.meansinsurance.com

Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com. Source: Independent Insurance Agents & Brokers of South Carolina Researched by Paige Wills

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People in the News

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ARCHITECTURE The Middleton Group has hired Karoline “Karo” Wheeler and Nate Boykin as project managers. Wheeler and Boykin will be responsible for the Wheeler day-to-day communication with their project teams, and for developing design documents, coordinating with consultants and obtaining cost estimates. Wheeler graduated from Burg Giebichenstein University of Art and Design Halle in Halle, Germany, with a Master of Arts in interior architecture in 2007. Boykin received a Master of Architecture from Clemson University in 2012.

JacksonBuilt Custom Homes wins 3 Prism Awards JacksonBuilt Custom Homes received three Prism Awards from the Charleston Home Builders Association. JacksonBuilt won the Customer Service award, based on online reviews from real customers, the Custom Builder Website award for its newly redesigned website, jacksonbuilthomes.com, and the Single Family Home $2 million to 2.5 Million award for a custom home built on Daniel Island.

Firefly Distillery wins award from Architectural Woodwork Institute

Firefly Distillery’s new interior woodwork design was recognized with a 2021 Award of Excellence by the Architectural Woodwork Institute and featured in the spring issue of AWI’s Design Solutions magazine. Rush Dixon Architects developed the design.

RMHC launches Hospitality Cart Program inside Shawn Jenkins Children’s Hospital

The Hospitality Cart is designed to support families with hospitalized children. Ronald McDonald House Charities volunteers will operate two carts that will make rounds on every floor of the Children’s Hospital, providing families and children with complimentary coffee, snacks, toiletries, and other items. The carts were made possible by The Henry and Sylvia Yaschik Foundation, Charleston County Government, Murden Construction LLC, and Charleston Wraps.

Ark celebrities helped raise funds for area Alzheimer’s programs

The 11th annual Dancing with The Ark’s Stars raised nearly $130,000 for The Ark’s Alzheimer’s Family Support Services. The proceeds will help support The Ark’s many programs for families experiencing Alzheimer’s disease or related dementia.

The Harbour Club at WestEdge provides memberships to young professionals OneNation Coffee opens new location in Summerville

The grand opening of OneNation’s new location was celebrated with a ribbon cutting by the Greater Summerville/Dorchester County Chamber of Commerce. The warehouse is located at 398 East 5th North St., Suite A in Summerville.

The Club gifted 15 young professionals in the Charleston area with memberships. The Harbour Club Future Leaders Class of 2021 were identified from a number of Lowcountry organizations such as YWCA, Charleston Interfaith Group, Charleston Metro Chamber of Commerce, Mt. Pleasant Chamber of Commerce, College of Charleston, The Citadel and The Coastal Community Foundation.

Liollio Architecture has promoted Alison Dawson, Mez Joseph and Aaron Bowman to associate positions. Dawson joined the Liollio team in 2012. She focuses on Dawson community design, adaptive reuse, rehabilitation and preservation. Joseph joined in 2013 and contributes more than 20 years of design and marketing experience. His work Joseph includes branding, print and web collateral, illustration, presentations, publications, graphic design, signage and visual communications. Bowman joined in 2016 and is the founding chair of the Bowman American Institute of Architects S.C. Resilience Committee. His work focuses on public architecture.

BANKING First Reliance Bank has hired Mark Mercuri as senior vice president and commercial lender and Christina Johnson as vice president and branch manager for

Mercuri

See PEOPLE, Page 29

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July 12 - 25, 2021

Economy strong if business can work around supply-side issues

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he economy generated an impressive 850,000 jobs in June. Having closed out the second quarter on a strong note, it appears that robust GDP growth will continue throughout the summer. We now expect 9.0% GDP growth in the second quarter, followed by 7.9% growth in each of the final two quarSTEPHEN ters of the year. SLIFER Every demand side indicator of the economy is consistent with a robust pace of economic activity. But almost universally manufacturing and service sector firms complain about an inability to hire an adequate number of new workers, record long lead times in ordering materials, wide-scale shortages of some critical materials, rising commodity prices, and difficulties in transporting products. Equally important these firms expect those difficulties to persist for some time. However, with federal unemployment benefits scheduled to expire after Labor Day some relief from the current extreme worker shortage is in sight. If manufacturing and service sector firms can find ways to work around their supply-side difficulties in coming months, GDP growth should remain solid for some time to come. The June employment report did contain some mysteries. Payroll employment rose 850,000 in that month. But civilian employment, which is used to calculate the unemployment rate, declined by 18,000. So which to believe? Go with the 850,000. Payroll employment reflects jobs reported by firms of all types. It is based on solid data — the number of workers on business payrolls this month versus last month. The data used to calculate civilian employment and the unemployment rate are derived from knocking on doors and asking people if they have a job. There is a conceptual difference in that the measure of civilian employment also includes self-employed workers which are not captured in the establishment survey. Theoretically, self-employed workers could have fallen by 868,000 in June. But that makes no sense. Almost invariably the most accurate barometer comes from the payroll survey. The alternative measure is known to bounce around wildly from month to month. Perhaps the most significant piece of recent data came from the monthly survey of manufacturing firms conducted by the Institute of Supply Management. Comments from participants in this survey are always enlightening. One person

noted that customer demand remains strong but supply chain issues continue to hamper materials availability and impact production. Another said that higher prices, inflation, and lack of available labor are impacting our supply change. And yet another noted that supply disruptions continue with no end in sight. There is a pattern — supply constraints are curtailing the economy’s ability to produce. We expect a reasonably robust 9.0% GDP growth rate in the second quarter but, judging from comments, it could have been even more robust. It will take a while for these imbalances to be rectified. During the dramatic GDP drop in the second quarter of last year firms laid off 22 million workers. Manufacturers closed production lines. Everybody knew that demand would eventually resurface, but once the vaccines became available demand did not come back gradually — it returned with a vengeance. Unfortunately, the economy is not like a light switch that can be turned on or off. Many of those laid off workers sought employment in other industries. Some are taking advantage of generous government provided unemployment benefits. Suppliers for manufacturing firms cannot easily restart mothballed production lines. It takes time to order and receive materials from overseas. There are not enough ships to deliver those goods. Purchasing managers expect those difficulties to linger through yearend. Whatever goods are not produced in the second quarter, will be produced in the third or fourth quarters. Supply constraints do not alter the picture of robust growth for some time to come, but they can shift growth from one quarter to another. Almost without exception, firms complain about not being able to find enough workers, but yet they found 850,000 bodies to hire in June. Or did they? As noted earlier, civilian employment fell 18,000. But the civilian employment data do not square with other things that we know. The weekly data on layoffs continued to decline during the course of June which appears consistent with strong employment growth, not a decline of 18,000. The ADP survey of employment showed a jobs gain of 692,000. Job openings are at a record high level. The labor force and employment data used in calculating the unemployment are often volatile and unreliable. In June they appear to have gotten out of sync with other known employment statistics. The economy and the labor market remain solid. CRBJ

Reach Daniel Island economist Stephen Slifer at Steve@NumberNomics.com or www.numbernomics.com.

July 12 - 25, 2021

www.charlestonbusiness.com 29

People in the News PEOPLE, from Page 27

its Mount Pleasant branch. Mercuri has more than 25 year’s experience, most recently as a commercial lender with a community bank. He will be responsiJohnson ble for building and maintaining relationships with business customers and offering advice on business accounts, loans, treasury management services, mortgage and referrals. Johnson has six years in commercial banking, most recently as a financial services representative at a community bank. She will oversee the day-today client services and branch operations at 800 South Shelmore Blvd.

CONSTRUCTION Savannah Hardscapes Construction has hired Grant Cook as the construction sales representative at their headquarters in Hardeeville. Cook obtained his bachelor’s degree in corporate communications

Cook

at the College of Charleston. He has more than 17 years of sales, consulting, and account management experience from the medical, media and insurance industries.

ENGINEERING The American Council of Engineering Companies has elected Melvin C. Williams, vice president and senior business developer with S&ME, as a vice Williams chair. Williams will serve on the ACEC board of directors and executive committee for a term of two years, where he will oversee the overall governance of the organization. Williams will also serve on several national committees including the Diversity, Equity and Inclusion Committee along with the Planning Cabinet. VerdeSol has hired Will Shirey as business development manager. Shirey worked for more than six years in business development in the commercial live events industry in

Shirey

Austin, Texas, and has now refocused his expertise to address climate change with VerdeSol. He’ll work with partners Keith Freeman and Sonya Cordina to develop new projects for the company in the Southeast.

GOVERNMENT The S.C. Chapter of the Public Relations Society of America honored Dorchester County Public Information Officer, Tiffany Norton-Cornette, as the Volunteer of the Year for her work on the organization’s board of directors.

Norton-Cornette

HEALTH MedTrust Holdings Inc. has hired Lenna Macdonald as its CEO and elected long-term board member Michael Moody as its independent chairman. Macdonald succeeds Josh Watts, who will remain with the executive team serving as an officer and in the founder role. Macdonald earned a law degree from Emory University and a Bachelor of Arts from Brown University in biology and political science. She joined

MedTrust in 2014. Moody has been with MedTrust since 2018 and is the former chairman and CEO of Force Protection Inc. East Cooper Medical Center has hired Carol Koenecke-Grant as chief strategy officer. Grant previously served as the vice president of stratKoenecke-Grant egy and marketing at Regional Medical Center and is a member of the Society for Health Care Strategy and Marketing Development and the Carolina Healthcare Public Relations and Marketing Society. She earned her Bachelor of Arts degree at Louisiana State University and her Master of Arts in counseling psychology from Rollins College. In her new role, Grant is responsible for developing and implementing the hospital’s business strategy using data to analyze market dynamics, trends and competition. William Pratt has purchased Bridge Dental at 53 Windemere Blvd. in Charleston. Pratt is a graduate of Wofford See PEOPLE, Page 30

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People in the News PEOPLE, from Page 29

College and the James B. Edwards College of Dental Medicine at the Medical University of South Carolina. He specializes in implants, crowns, and other dental services.

Pratt

Dr. Thomas B. Harper has retired from Charleston Allergy & Asthma after more than 40 years of service. Harper is one of the practice’s founding board-certified Harper allergists. He graduated from The Citadel in 1969 and earned a medical degree at Tulane University. He started his first Charleston-based allergy practice in 1981 and later joined forces with Dr. Bruce Ball to form Charleston Allergy & Asthma in 1994. Harper will maintain a presence on staff as a consultant.

HOSPITALITY/TOURISM Wild Dunes Resort has promoted John

D’Angelo to resort manager. D’Angelo has more than 20 years of leadership experience in the hospitality industry. He is responsible for the day-to-day operD’Angelo ations at Wild Dunes, including the resort’s new signature hotel Sweetgrass Inn The Park Café has hired Ramon Taimanglo as executive chef and Samson Kohanski as general manager. Taimanglo joins The Park Cafe team after a sevTaimanglo en-year career at Peninsula Gril. Kohanski began as general manager of The Park Cafe in January and previously ran his own consulting and cocktail company in Los Angeles called WLDE.

INSURANCE State Farm Agent Tony Pope has added Sara Frye as a customer relations representative at his team’s Mount Pleasant location at 3044 U.S. Highway 17 N.

Frye earned a degree in economics from Furman University and has more than 15 years of experience in the insurance industry. She is licensed in property and casualty Frye and will be responsible for assisting new prospects and current customers with their insurance needs.

MARKETING Digital Ignite has promoted Mike Samet to COO. Samet has worked as a digital strategist with Digital Ignite since its inception in March 2018, helping the firm to grow and driving client sales.

officer. Hutchison began working with Dee Norton in 1991 as a volunteer. She became a member of the board of directors serving as chair in her last year, and eventuHutchison ally joined the staff in 2001, first working as fundraising coordinator and most recently as director of development and communications.

REAL ESTATE

Samet

NONPROFIT Dee Norton Child Advocacy Center has promoted Beverly Hutchison to executive director. She takes the place of Carole Campbell Swiecicki who will assume the new role of chief programmatic

Carolina One Commercial Real Estate has hired Taelor Jackson Pryor, Kevin Sullivan, and Laurie Murphy-Zuiderhof. Pryor graduated from the University of South Carolina with a degree in exercise science. She previously worked at SafeRack LLC before transitioning to a career in commercial real estate. Sullivan earned a degree in business administration from the University of South Carolina. He previously worked for apartment-hotel firm the Sonder Company. Murphy-Zuiderhof earned a Bachelor of Science degree in marketing from the University of Maryland. She previously worked for Murphy Commercial Real Estate in Annapolis, Md.

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Proposed tax changes challenge Lowcountry small businesses

he commercial real estate industry is beginning to see the light of day after more than a year of closed doors. Unfortunately, economic challenges are still on the horizon. Potential upcoming changes in the capital gains tax rates could negatively affect the commercial real estate industry in the United States, indirectly affecting small businesses and entrepreneurs in the Lowcountry. HANNAH A capital gain is TROYER an increase in value of a qualifying asset, such as commercial real estate. For example, if a small business owner purchased a commercial property for $500,000 and later sold the property for $550,000.00, he has generated a capital gain of $50,000. This gain is subject to the capital gains tax. If your annual income could top one million dollars because of a large transaction, such as selling commercial property, you will want to stay informed on upcoming capital gains tax changes that could be in effect soon. As a result of the fine print in President Joe Biden’s proposed laws, there may even be a retroactive effective date putting these laws into effect for 2020, although this seems unlikely.

Biden highlighted equalizing income tax rates and capital gains tax rates for wealthy Americans in his presidential campaign. Although on the surface, the capital gains tax appears to be a way to tax the rich and redistribute wealth, it discourages saving and investment, harming the economy as a whole and negatively affecting all income brackets. Currently, long-term capital gains on assets held over one year are taxed at a maximum of 23.8%, or 20% Federal rate, plus a 3.8% Medicare surtax. Biden has proposed to nearly double the maximum rate to 43.4%, raising the Federal rate to 39.6%, plus the 3.8% Medicare surtax. Although this highest rate is expected to apply only to single taxpayers earning more than $445,850 annually, or $501,600 for married couples filing jointly, an increase in capital gains tax will affect more than the wealthy few. Many middle-class investors and entrepreneurs may be directly affected by these laws. If a small business owner sells their business or commercial property and realizes a profit that causes an excess of $445,850 annual income, they will be subject to the increased capital gains tax rate. In addition, several “side effects” of increasing capital gains taxes could affect the economy as a whole, influencing individuals in all income brackets. To understand how increasing capital gains taxes could affect the economy, one

must think like an investor. When capital gains tax rates are high, investors are likely to hold on to commercial properties that they would have otherwise sold. This actually lowers capital gains tax realizations by narrowing the tax base. It also stalls activity that is necessary for economic growth. High capital gains tax rates also harm entrepreneurs. Entrepreneurship is heavily affected by what incentives are available to assist in starting a new business. Entrepreneurs are innovative and willing to take risks. They are inspired by potential returns that are not guaranteed. However, if these potential returns are taxed heavily, entrepreneurs may be discouraged from even beginning the process of starting a business. The high taxation of capital gains also discourages investors from taking the risk of investing capital in entrepreneurs’ business ventures. Providing venture capital will be an even riskier gamble for investors if high capital gains taxes lower the potential return. This may reduce overall entrepreneurial activity in our economy. The result would not only create a decline in business and available jobs, but also would stifle creativity and reduce innovations in living standards that entrepreneurs are able to provide. Although there is a long road between a proposal and a law, now is the time to take thoughtfully considered action in

regards to the proposed capital gains tax changes. It may be wise for investors to avoid risk by diversifying their portfolios. Speaking with a trusted real estate professional or property manager could be key to saving investors tens of thousands of dollars in the near future. Traditional methods of avoiding taxes, such as charitable giving, business equipment purchases and other deductible expenses are all options that may assist investors and business owners in the face of increased capital gains tax. Investors and owners of commercial real estate should make decisions that protect their investments if the new laws do pass, but should also avoid drastic changes that could harm investments if the laws are not passed. Just as the Lowcountry has remained resilient during the pandemic, I am hopeful that local business owners, entrepreneurs and investors will continue to adapt and thrive despite potential economic challenges. CRBJ

Hannah Troyer is a commercial real estate agent with Carolina One.

We want to hear from you Write: Andy Owens, Executive Editor Charleston Regional Business Journal 1802 Dayton Street, Suite 101 North Charleston, SC 29405 Email: aowens@scbiznews.com

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