ucor Corp., one of the largest manufacturers of steel and steel products in North America, intends to spend more than $200 million on Berkeley County facilities in the next five years, including a building that supplies industrial gases to the mill’s central operations.
Sellers in the Charleston area are facing a slightly longer wait times to sell their homes, with the days on market rising 18.8% in August to 19 days, the report said. The supply of inventory in the region also was up 33.3% to 1.6Buyersmonths.in the region are facing challenges both because of the sales price increases and
This project will allow Nucor — through UIG LLC — to produce and supply all the gases needed for the steel mill from the new Nucor-owned facility.
“Nucor acquired UIG LLC in 2019 so that we would have the capability to design, build and operate our own air separation units, giving us an alternative to long-term service contracts with outside providers,” Nucor Steel Berkeley Vice President and General Manager Mike Lee said in the news release. “We are proud of our company’s long-time partnership with the state of South Carolina, and we are excited to continue to invest in the state where Nucor first began operating nearly 60 years ago.”
able rental units, and builders aren’t rushing to build new ones in some markets because of high building costs and difficulty finding property.
Nucor Corp. to invest $200M in 5-year span Norton) INDUSTRY IN FLUX
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By Christina Lee Knauss cknauss@scbiznews.com
Publix-anchored
INSIDE Upfront 2 SC Biz News Briefs 3 In ResidentialFocus: Real Estate 11 List: Residential Real Estate Companies 15 Bonus List: Independent Insurance Agencies 19 At Work 21 Hot Properties 21 Viewpoint 23 Med mood Mediterranean-inspired bar now open downtown. Page New4purpose Historic home to become college career center. Page Popular7 place
Up,
by the Charleston Trident Association of Realtors, which includes Berkeley, Dorchester, Charleston and Colleton counties.This follows a statewide trend, according to statistics compiled by the S.C. Association of Realtors, which indicates that median sales prices jumped 19.7% in the second quarter and 17.6% in July alone.
Nucor’s expansion will include the construction of an air separation unit to supply industrial gases to the company’s steelmaking operations at 1455 Old Hagan Ave. in Huger. When complete, the air separation unit will be operated by UIG LLC, a Nucor wholly owned subsidiary that specializes in industrial gas supply and services, Nucor said in a news release.
Southern Homes to become publicly traded. Page 12
The expansion is expected to be completed by the end of 2024. The company did not say if the investments will create jobs but did indicate it continues to hire.
“Nucor Steel has been a critical part of Berkeley County’s successful industrial sector for over 26 years, having invested $1.3 billion since 1996,”
Great
The
At the same time, many renters are having a hard time finding available and affordable space because of a lack of avail-
center adding new tenants. Page Going9 public
up and away Boeing resumes delivery of Dreamliners to Europe. Page 10 See RENT OR OWN, Page 12 See NUCOR, Page 9 VOLUME 28 NUMBER 17 ■ CHARLESTONBUSINESS.COM SEPTEMBER 19-OCTOBER 2, 2022 ■ $2.25Part of the network TOP NOD Charleston physician nationally recognized PAGE 22
seasons are changing in South Carolina and so are conditions on the residential real estate market, with recent statistics suggesting it is no longer exactly a buyer’s or seller’s market in many regions of theForstate.buyers, home prices remain high while interest rates on mortgages are going up as the Federal Reserve has raised rates in an effort to slow inflation.
“It’s harder to buy and harder to rent right now than it was last year,” said John Smith, president of the Central Carolina Realtors Association. “That is something we’re seeing in the Midlands and also what we’re hearing from people in Greenville and Charleston as well. The market for sellers is still good, but some sellers are pulling back because the demand has dropped. In many cases, they’re not getting the prices for their home that they got back in March and April of this year.”
While they might get more for their home, it is taking sellers a longer time to make that sale.
By Ross Norton rnorton@scbiznews.com
Meawhile, unlike this time last year, sellers are not seeing their homes get snapped up as quickly in some parts of the state, with the amount of available inventory slowly rising in some areas while the number of buyers decreases, experts say.
Prices for a new single-family home in the Charleston region continue to remain high, with the median sales price in the Charleston market rising 10.6% in August to $395,900 according to the August monthly report
New homes are built at Piper Glen, a Great Southern Homes development in Pendleton. (Photo/Ross
Buyers and renters find uneasy housing market
Five regional markets saw a more than 15% increase from July 2020 to July 2021 in South Carolina, with the Myrtle Beach area reporting the highest increase at 27.8% from one year ago.
Even
Sources: Aiken Association of Realtors, Beaufort-Jasper County Realtors, Charleston Trident MLS, Consolidated MLS, Greater Greenville Association of Realtors, Hilton Head Area Association of Realtors
Residential home prices stay strong across SC after interest rate hikes
— Cindy Creamer, president, South Carolina Realtors
By Andy Owens
While the last two years have been the strongest real estate market in a decade, data from SC Realtors show, over 10 years, South Carolina has seen an average home price steadily increase.
Inventory continues to be a factor impacting the housing markets in South Carolina. The amount of time on the market before a sale had fallen in five metro areas, but increased in five others. The longest number of days before a sale occurred in the Columbia area at 130, the Central Carolina Realtors Association Homesreported.in the Spartanburg area sold the fastest in July at only 10 days, the Spartanburg Association of Realtors said. Spartanburg was closely followed by Charleston at only 14 days until a sale, the Charleston Trident Association of Realtors reported.
In 2012, the average home price was just over $194,000. Ten years later, in 2021, the average home price had increased nearly 80% at more than $350,000.
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“The market in our state is normalizing. Yes, it’s cooling off compared to 2020 and 2021, but it is still a demand-driven market, unlike the late 2000s when we were dealing with a supply-driven market.”
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Market reports from multiple listing services and Realtor associations for July show double-digit percentage increases from a year ago in nine of 11 metro areas of the state. Only Hilton Head, one of the highest-priced markets for residential property, saw a 0.50% dip in home prices, data from the Hilton Head Area Association of Realtors indicates.
Upfront
with three federal interest rate increases this year, South Carolina’s real estate market appears to be robust, year-over-year data from across the state show.
COLUMBIA Columbia Regional Business Report
City officials announced on Sept. 6 the construction of a transitional housing project that will be built on city property at 194 Calhoun St., the location of the former Inclement Weather Center.
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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.
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Columbia unveils new transitional housing project
The city of Columbia has unveiled a new concept for providing services to chronically unsheltered people in the city.
The site will now be known as Rapid Shelter Columbia and include 50 sleeping cabins, each designed to accommodate one person, with 40 for men and 10 for women. The congregate sleeping quarters that already exist at the Calhoun Street site will continue to be used to accommodate overflow population during inclement weather.Construction for the project will be managed by the city and should begin later this month. The goal is to have the 50 sleeping cabins completed and ready for use by November.Pallet,the company that manufactures the sleeping cabins, is based in Everett, Wash., with several staff members who have experienced homelessness in the past. Pallet sleeping cabin projects have been built successfully in places such as Boston and Sonoma County, Calif.
Describe your leadership style.
I have a servant leadership style. I live by a people-first mindset. I always say that “it takes a village.” My team and I work every day to prevent and alleviate human suffering and it is truly a collaborative effort. One team member’s success is the entire team’s success, and it is important to celebrate even the smallest successes. This increases morale and motivates our team to work even harder to accomplish our mission.
My proudest accomplishment involves introducing a new donor to the Red Cross and learning what his passion is within our four service lines. He had personally been affected by cancer. I was able to share what the Red Cross does in this realm and secured a $50,000 gift designated for our Blood Saves Lives: Fighting Cancer initiative
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Here is something most people don’t know about me: My ancestor was a Revolutionary War spy.
Once completed, Rapid Shelter Columbia will be open year-round, include 24-hour security, on-site case management services and food services.
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Above are excerpts from our other publications.
GSABusiness.com SCBIZmag.com S THE OPEN ROAD Mile-long straightaway brings autonomy research to SCTAC frame,”FSmithsaid.“Wehavejust Christina Lee Knauss N INSIDE planned Columbia. from planning commission. Changes afoot Closing time SC State Fair has provided showcase for makers since 1869 A FAMILY AFFAIR Nitrile tonowproductionglovestepcloserreality KATE LILLYFORT Y
Position/Title: Regional Philanthropy Officer
Columbia officials announce Rapid Shelter Columbia, a transitional housing project which will include 50 sleeping cabins to serve the city’s chronically unsheltered population. (Photo/Christina Lee Knauss)
A
profile in the Forty Under 40 section of the Sept. 5, 2022 edition of the Charleston Regional Business Journal misstated information about honoree Kate Lilly. We regret the error and are running her correct profile in this issue. Congratulatio ns HENRY RAVENEL CHAIRMAN, FOUNDER AND CEO 2022 FORT Y UNDER 4 40 Honoree We love how you bring us together! www.southeasternchamber.org
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“In renovating this historic building that dates back to the 1850s, we discovered so many interesting elements of the space and made it our mission to honor its historic charm in the new build out,” Sandole said in the release. “In addition to the original Fulton Five dining room that everyone knew and loved, we were able to rebuild the second floor and add a cocktail bar and lounge that previously never existed. In the kitchen we set out to develop a small, ingredient driven menu that easily pairs with our cocktails.”
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167 Hospitality is the group behind 167 Raw Oyster Bar and 167 Sushi Bar, both in Charleston, and 167 Raw Fish Market in Nantucket.
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rant and bar has opened in the former Fulton Five location in downtown Charleston.
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AMediterranean-inspired restau-
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New Mediterranean-inspired venue opens downtown
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Jesse Sandole, owner of 167 Hospitality, said the original idea was to create an overflow bar for 167 Raw Oyster Bar on King Street. Once redevelopment began, “Bar 167 quickly took on a life of its own,” Sandole said in the release.
year for $67.00
With tonics made in-house, the bar features two gin and tonics and a “light cocktails” section that includes slimmeddownDanoptions.Sweeney with Charleston-based Stumphouse was the architect on the project; the design was a collaboration with Kathleen Hay Designs, according to the release.
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As longtime regulars of the original Oyster Bar on East Bay Street, the former owners of Fulton Five decided they would sell the building to Sandole after a prolonged closure due to COVID-19, according to the release.
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Bar167 opened at 5 Fulton St. earlier this month, and is the newest venture from 167 Hospitality, a well-known restaurant group in Charleston and Nantucket, Mass., according to a 167 Hospitality news release.
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restaurant and lounge that celebrates the Mediterranean coast with local Carolina ingredients and elevated cocktails in an upbeat atmosphere, the release stated.
KimEventsMcManus, events manager
Sample menu items at Bar167 include focaccia that is made fresh daily in-house with rosemary, fennel pollen and honey butter with the option to enhance with seasonal Stracciatella or culatello — a combination of cured pork and corn pudding. Bar167 also offers classic Italian desserts like panna cotta and affogato.
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Bar167 , the newest venture from 167 Hospitality, has opened at 5 Fulton St. in downtown Charleston. (Photo/Provided)
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19-October 2, 2022 www.charlestonbusiness.com 5September 19-October 2, 2022 copyright withoutreproductionbypermisMedia Engine Patent and Health Plan coverage provided by or through a UnitedHealthcare company. Administrative services provided by United HealthCare Services, Inc., or its affiliates. B2B EI221758005 8/22 ©2022 United HealthCare Services, Inc. All rights Reserved. 22-1758006 Always open for your small business Here’s a fast, easy way to shop for quality health plans for your company. UnitedHealthcare created an online store where you can find: Plus, we now offer level-funding options. It’s easy to explore both level-funded and fully insured plans in the shop. The One-Stop Insurance Shop can really help save you time—something there never seems to be quite enough of in the workday. Stop by and see how convenient shopping for health insurance can be. The shop is open all the time. The One-Stop Insurance Shop Learn more Visit the shop at smallbusiness.uhc.com/plan Instant pricing and plan options Real-timeguidanceRecommended plans for your business Fast and convenient online shopping 22-UHC_EI-5075_SBS_Charleston_Regional.indd 1 8/29/22 4:49 PM
University of California Los Angeles.
Savannah River National Laboratory has received a $3 million award to promote clean energy research, including new pathways for hydrogen storage. (Photo/File)
• Victory ExoFibres LLC (Central) Community Sevice
Savannah River National Laboratory is a DOE multi-program research and development center managed and operated by Battelle Savannah River Alliance LLC.
• Clemson University Environmental Engineering & Earth Science Department
Innovators across state named InnoVision awards finalists
• VBASE Oil Company (Pendleton) CRBJ
Innovators from a broad swath of industries across South Carolina have been named finalists for the 2022 InnoVision Awards.
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• Digital Drive – South Carolina Broadband Office (Columbia)
The research is particularly suited to address the DOE’s Hydrogen Shot Initiative, which seeks to reduce the cost of clean hydrogen by 80% to $1 per kilogram in the next decade, and unlock new markets for hydrogen, according to the release.
• Crisis Intercept Mapping for Service Members, Veterans and their Families (SMVF) Suicide Prevention (Pickens)
The objective is to provide an in-depth analysis of the interactions between MXenes, a two-dimensional ceramic material, and hydrogen, the news release said. Researchers will also look at how external stimuli can be used to fine-tune the interaction.
All finalists will be recognized during the InnoVision 2022 Meet the Finalists Series sponsored by the South Carolina Research Authority, according to the release. The series will be held virtually at 4 p.m. on Sept. 20, Sept. 27, and Oct. 4. Each event will feature finalists in two award categories. The series is open the public and are free to those who register in advance at videoshowcasetheAwardswillsion-awards-30751864686https://www.eventbrite.com/o/innovi-InnoVision’sannualawardsprogramculminatewiththevirtualAnnualCelebrationonNov.15.DuringAwardsCelebration,InnoVisionwilleachfinalist’sinnovationwithaprofile,announcethewinnerineach
• Heartbeat Technologies (Mount Pleasant) Education (sponsored by TTI Consumer Power Tools Inc.)
•(Greenville)skillsgappllc (Greenville)
The
Reach Christina Lee Knauss at 803-753-4327.
• MedEx Academy – Prisma Health System
The 2022 InnoVision Awards will be presented virtually on Sept. 20, Sept. 27 and Oct. 4. Eighteen organizations in six categories will be recognized. (Photo/File)
award category, and present two special awards: The Ibrahim Janajreh Young Innovator Award and the Dr. Charles Townes Individual Achievement Award.
• ASSET LLC (Columbia)
• Laminaheat LLC (Greer)
• The Sophia Institute (Charleston) Small Business
Reach Jason Thomas at 864-568-7570.
The collaborative research effort will be led by Patrick Ward, a researcher at Savannah River National Laboratory, Yury Gogotsi of Drexel University, Kah Chun Lau from California State University Northridge and Paul Weiss from the
By Christina Lee Knauss cknauss@scbiznews.com
Here are the finalists: Technology development (sponsored by SC Tech, an initiative of South Carolina Council on Competitiveness)
•(Clemson)Performance Enhanced Delivery (Moore)
Savannah River lab receives $3M for clean energy research
The award comes from the DOE’s Office of Science Basic Energy Science program and will be used for research into new pathways for hydrogen storage and production technologies, according to a news release.
By Jason Thomas jthomas@scbiznews.com
• CyCrypt LLC (West Columbia)
• Sprattronics Learning Lab (Greenville)
The award is part of DOE’s recent announcement that it was awarding $540 million to universities and national laboratories to further research into clean energy technologies and low-carbon manufacturing.Theresearch at Savannah River will focus on providing greater insight into the surface characteristics that promote the dissociation and recombination of hydrogen on a material surface, as well as the behavior of subsurface hydrogen species.
•(Anderson)ZyloTherapeutics Inc. (Greenville) Sustainability (sponsored by Sonoco)
• Foresight Data Systems LLC (Columbia)
Savannah River National Laboratory has received a $3 million award from the Department of Energy to promote research into developing new clean energy technologies.
Technology Application (sponsored by DartPoints)
6 www.charlestonbusiness.com September 19-October 2, 2022
Eighteen organizations in six categories represent an array of sectors, big and small, from across South Carolina’s innovation economy.TheInnoVision Awards honor South Carolina individuals and organizations for impactful innovations under development in South Carolina within the last 18 months, according to an InnoVision Awards news release.
• Advent Innovations (Columbia)
• TTI Outdoor Power Equipment Inc.
The career center office is currently located in the Lightsey Center.
gift from a College of Charleston alumnus and his wife is funding the renovation of a historic home in the heart of campus into a new career center for students.
Jim Allison, executive director of the Career Center, said the new central location will contribute significantly to the student experience, while bolstering the academic distinction of the college as well as employer support of experiential learning and full-time job, the release stated.
Reach Jason Thomas at 864-568-7570.
Historic home to become college career center
Built by planter Bernard Elliott in 1803, the three-story structure served as apartments in 1952 before the college acquired and restored it in 1971, after which it served as the John Rivers Communication Museum, the release stated.
Contact us to learn more: orinfo@saxtonstump.com(843)414-5080 Our S.C. Team
Tuccio is especially interested in the usability of the building for students, according to the release.
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With the addition of Judge Seymour to the Charleston, S.C. office of our firm, our attorneys have well over a century of combined experience in South Carolina. Judge Seymour is the first African American to hold the title of Chief Judge for U.S. District Court of South Carolina and will bring her experience from the bench to mediations, arbitrations, investigations, and equal opportunity and labor disputes.
Alice Jackie
19-October 2, 2022 www.charlestonbusiness.com 7September 19-October 2, 2022
A financial gift from an alumnus will allow the tranformation of a historic home on the College of Charleston campus into the new offices of the student career center. (Rendering/Provided)
A gift from Edward J. Tuccio and his wi“This is something I always thought was necessary and valuable to the future
Afinancial
Paylor Beth Palmer Ryan Neville
“We want every student who walks in that door to walk out with a smile.”
“The Edward J. Tuccio ‘91 Student Success Center will help organize our resources in the common pursuit of improving student retention, persistence and completion,” Allison said in the release.“The evolving demographics of college students, educational funding, an ever-changing workforce, financial barriers, new technologies and access to data extending throughout a student’s undergraduate experience are all factors shaping the institutional mission to ensure students not only complete their degrees but also live fulfilled lives beyond graduation.”
Egan Bijan Ghom Eli Lachenman Charleston, saxtonstump.comMalvern,Harrisburg,Lancaster,Philadelphia,SCPAPAPAPA Hon. Margaret B. Seymour (Ret.) joins Saxton & Stump’s growing Charleston office
“The Edward J. Tuccio ’91 Student Success Center is going to be a catalyst for change on our campus, providing critical support to our students and alumni for career development,” Hsu said in the release.The Student Success Center will be a hub for personal and professional development, including financial wellness initiatives like access to an interactive platform, iGrad, which provides personalized tools and financial planning support for students; financial wellness workshops;
“We want to make sure that every inch
By Jason Thomas jthomas@scbiznews.com
The Edward J. Tuccio ’91 Student Success Center, named after Edward Tuccio, a 1991 graduate, will transform the home at 58 George St. into a place where students explore future opportunities, according to a College of Charleston news release.
success of the college,” said Tuccio, a longtime residential real estate developer in Ridgefield, Conn., “and it is an honor to be a part of it.”
The gift from Tuccio and his wife, Kimberly, (the amount of which was not disclosed), came about after discussions between college president Andrew T. Hsu and Tuccio about Hsu’s vision for the space and how it will symbolize the college’s dedication to student success, according to the release.
of the place is usable, has the right purpose and an easy flow,” he said.
and an employee dedicated to helping students understand and develop financial planning skills, the release stated.
care, from prevention and emergency cardiac care to open heart surgery and rehabilitation, the release said. The Heart Failure Clinic at Self Regional was recognized by the American Heart Association’s Get With the Guidelines in 2015, 2016 and 2017 based on the clinic’s quality and outcomes in stroke care and heart failure. Its Chest Pain Center is nationally accredited.
sectors better understand how to manage people.”Thenew degree program supports the college’s mission to develop globally fluent citizens who create innovative solutions to social, economic and environmental challenges, the news release said. Objectives include teaching students to understand human behavior in the workplace and have the skills and abilities to work with and manageWhileothers.themajor is new, every semester the business school has offered more than 10 different classes in management and related courses exploring topics such as
8 www.charlestonbusiness.com September 19-October 2, 2022
For example, in the course “Business, Leadership and Society,” taught by instruc-
A network of MUSC Health has signed an agreement with Self Regional HealthCare. (Photo/File) Charleston | Georgetown 43.554.7777 | www.plssc.com 8 Licensed Professional Surveyors • 17 Survey Crews Latest Trimble Robotics and GPS • LEED AP Professional Staff Charleston County “SBE” Certified • 3D Laser Scanning • Power Generation • ALTA/NSPS Land Title Survey • Boundary • Construction Staking • Dock Permits • Residential • Commercial • Aviation • Topographical • Landfills8 TIP SHEET Sign up today for the Tip Sheet email newsletter at www CRBJBizWire com For advertising information, contact Rick Jenkins at (864) 720-1224 or rjenkins@scbiznews.com Get your message in front of the top decision-makers in the Lowcountry as they start their morning with the top business announcements in the Lowcountry!
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“We want to help our colleagues in Greenwood take things to the next level through collaboration, education and research, as well as assisting as needed with clinical care for the benefit of the patients and families they serve.”
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“As the state’s only comprehensive academic medical center, we have a unique ability and responsibility to assist other South Carolina care providers as they seek to optimize local heart care,” Dr. Marc R. Katz, professor and chief of MUSC Health’s Division of Cardiothoracic Surgery, said in the release.
The new management major will capitalize on the college’s location within the city of Charleston by providing opportunities for experiential learning — from internships to guest speakers.
tor Alexis Carrico, business leaders like Wes Carter, president of Atlantic Packaging, speak to students about his company’s strategic partnerships that combat the planet’s plastic pollution. The same class has also met a short distance from campus at Ibu Movement’s showroom to learn more about the clothing and accessory social enterprise’s work with women.
care we’re able to provide here in the community.”SelfRegional’s Heart and Vascular Center provides a range of advanced heart
entrepreneurship, organizational behavior, leadership and human resources, the releaseAccordingsaid. to the U.S. Department of Labor, general and operations managers have “bright outlook” occupations based on both rapid growth and a high number of current job postings.
The College of Charleston School of Business began offering a Bachelor of Science in Management this semester.“Management is the allocation of a company’s most valuable resource — its people,” Carrie Messal, chair of the Department of Management and Marketing and associate dean of the School of Business, said in a news release. “As the environment that surrounds organizations changes, it is important that managers in all different
Additionally, several classes within the major set goals to discuss race more directly, exploring diversity issues within the context of the working environment.
By Ross Norton rnorton@scbiznews.com
Reach Ross Norton at 864-720-1222.
with such a respected organization as MUSC will not only allow our patients enhanced access to treatments but will also improve the cardiothoracic
College of Charleston offers new management major
By Ross Norton rnorton@scbiznews.com
Reach Ross Norton at 864-720-1222.
MUSC Health network, Self Regional sign agreement
Self Regional HealthCare and the MUSC Health Cardiothoracic Surgery Network, based in Charleston, have signed an affiliation agreement with a goal of expanding the Greenwood program’s surgical capabilities. Through this affiliation, Self Regional will work with MUSC Health to advance the expertise of clinical staff via mentoring related to the latest technologies and procedures in cardiovascular surgical care, according to a news release. In addition, the affiliation with MUSC Health will allow Self Regional’s patients access to clinical trials, providing patients in the Upstate with some of the most promising cardiovascular treatments currently available in the nation.“Self Regional is thrilled about this partnership,” Dr. Matt Logan, president and CEO of Self Regional Healthcare, said in the news release. “Working
By Jason Thomas jthomas@scbiznews.com
The Commerce Department’s Coordinating Council for Economic Development has approved a $100,000 SetAside grant to Berkeley County to assist with costs related to this project. The company also received a grant from utility provider Santee Cooper.
“MoncksRoad.Corner is a fast-growing town that is in need of accessible, quality dining
an incredible variety of regional businesses to the center where we know they will thrive as integral parts of the community. As we have built out the tenant roster, we have
Moncksstated.Corner
sought out a diverse mix of offerings that cater directly to the neighborhood’s needs.”
Reach Ross Norton at 864-720-1222.
upon our strong local economy.”
Several tenants have been announced for Publix-anchored Moncks Corner Marketplace. (Photo/Provided)
PUBLICATION DATE: NOVEMBER 28, 2022 ADVERTISING DEADLINE: OCTOBER 24, 2022 Your invitation to opportunity. CALL TODAY TO RESERVE YOUR SPACE. Contact Amanda Alford at 843-849-3109 or aalford@bridgetowermedia.com. The Business Journal’s Event Planning Guide has always been a must-have for companies and event planners in the Lowcountry. Packed with in-depth articles, handy tips and lists of local resources, it’s an invaluable guide for anyone planning conferences, nonpro t fundraisers, weddings, reunions and more. #1 Amazon New Release! If you’re a mission-driven owner who wants practical tools, order now through your favorite retailers. Visit: www.bigheartedbusinessowner.com
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19-October 2, 2022 www.charlestonbusiness.com 9September 19-October 2, 2022
Marketplace sits on just more than nine acres at U.S. 52 and Cypress Gardens
Several new tenants have signed on to open at the upcoming Moncks Corner Marketplace in Moncks Corner. The 75,267-square-foot Publix Super Markets-anchored shopping center broke ground last August and is expected to open to the public later this summer, according to a news release from Atlanta-based real estate and development firm Branch Properties. The property is co-listed with Coldwell Banker Commercial Atlantic and Branch.Thenew Publix will be a prototype from the grocery store chain, offering a covered outdoor café area on the second floor, the release
and essential shopping options to accommodate the area’s population surge,” Branch Vice President of Leasing Robert Krumholz said in the release. “We are proud to bring
With roots dating back to 1905, Nucor manufactures a variety of products including carbon and alloy steel; hollow structural tubing; electrical conduit; precision castings; and more.
“We are thrilled to have another center completely pre-leased prior to completion and opening of the project,” said Coldwell co-listing agents Hannah Kamba and Tim Rowley. “This center highlights the rapid residential growth that Moncks Corner and the surrounding area is experiencing.”
Reach Jason Thomas at 864-568-7570.
The company’s products serve the agriculture, automotive and energy industries among others. Nucor Steel Berkeley produces up to 3.5 million
“Throughout its long history,
NUCOR, from Page 1
tons of flat-rolled sheet and structural steel per year and employs about 1,000.
Joining the lineup of tenants at the shopping center include locally owned pub Dog & Duck; pet retailer and groomer Woof Gang Bakery; family-owned taco kitchen Viva Tacos & Tequila; Japanese restaurant Kyoto Sushi & Hibachi; Chinese takeout restaurant Super Pan; locally owned beverage store EJ’s Wine & Spirits; nail salon Magic Nail; forestry insurance firm Swamp Fox Agency; dental support organization Pacific Dental Services; and hair removal studio Brazilian Wax & Spa by Claudia, according to the release.
CRBJ
New tenants on board for Moncks Corner retail center
Berkeley County Supervisor Johnny Cribb said in the release. “We are proud to announce this investment and see this thriving manufacturer expand operations here at home. Their commitment to our great county is proof of our solid working relationship and their desire to continue building
Nucor has been a leading innovator within the steel industry,” Secretary of Commerce Harry M. Lightsey III said in the release. “This latest expansion is further proof of the company’s ability to embrace new technologies to grow its operations and achieve greater efficiencies.”
ducing another modern aircraft type that is one of the most fuel-efficient long-haul aircraft in our fleet,” Jens Ritter, CEO of Lufthansa Airlines, said. “This will allow us to significantly further improve the average CO2 balance. This aircraft is sus-
able income,” the statement read.
Rescue Plan of 2021 to add special rules for the discharge of student loans through 2025.“To the extent a student described in IRC Section 108 (f) (5) is forgiven for federal income tax purposes and excluded from federal tax income, then the amount is also excluded from South Carolina tax-
opened since 2020. The 787-9 can fly 296 passengers up to 7,565 nautical miles in a typical two-class configuration, the releaseActingsaid.FAA Administrator Billy Nolen met with FAA safety inspectors in South Carolina on Aug. 4 to hear whether the inspectors were satisfied with the actions Boeing has taken since deliveries ground to a halt in 2021 as the company and agency addressed safety concerns over tiny gaps found between sections of the fuselage. The FAA greenlighted deliveries four days later and the first plane was delivered Aug. 10.
In a statement dated Sept. 1, the DOR said residents will not be taxed because in May, the S.C. General Assembly adopted Internal Revenue Code (108) (f) (5), which describes how student loans that receive forgiveness at the federal level are excluded from federal taxable income. The code was temporarily revised under the American
By Christina Lee Knauss cknauss@scbiznews.com
South Carolina residents who receive student loan forgiveness through a plan recently announced by President Joe Biden will not be taxed for it, according to the S.C. Department of Revenue.
CRBJ
SCDOR: Student loan forgiveness not subject to state tax
“With the Boeing 787, we are intro-
tainable and offers customers a premium flyingSinceexperience.”revenueservice began in 2011, the 787 family has launched more than 325 new nonstop routes around the world, including approximately 50 routes
10 www.charlestonbusiness.com September 19-October 2, 2022
The Lufthansa Group, Europe’s largest airline group, has 32 firm orders for the 787, according to a news release from Boeing. The company says the 787 Dreamliner’s fuel efficiency is driving its demand.Using 25% less fuel and creating 25% fewer emissions than the airplanes they replace, the 787 family has avoided more than 125 billion pounds of carbon emissions since entering service in 2011, the news release said.
19 days after resuming deliveries of its North Charleston-based 787s with a 787-9 to American Airlines, Boeing resumed deliveries to Europe with a 787-9 to Lufthansa in a celebration Monday at Paine Field in Everett, Wash.
Just
By Ross Norton rnorton@scbiznews.com
Reach Ross Norton at 864-720-1222.
Boeing resumes Dreamliner deliveries to Europe
In mid-August, President Biden announced the cancelation of $10,000 in federal student loans. The cancelation applies to those who earn less than $125,000 a year or $250,000 for couples who file jointly. Pell Grant recipients are also eligible for an additional $10,000 in relief.
In addition to 32 787 Dreamliners on order, the Lufthansa Group has firm orders for 20 777-9 passenger airplanes and recently placed a firm order for seven of the new 777-8 Freighter. CRBJ
For advertising information, contact Rick Jenkins at (864) 720-1224 or rjenkins@scbiznews.com Give the gift of awareness. Our Giving magazine is a special opportunity to support philanthropy in the Lowcountry. The articles tell the heartwarming story of the community’s generosity. The winners of the Association of Fundraising Professionals Lowcountry Chapter Philanthropy Awards are also featured, with bonus distribution at their National Philanthropy Day luncheon. Your advertising dollars enable the Business Journal to donate advertising space to Lowcountry charitable organizations in a section called “Nonprofit Spotlights.” Show your support of your favorite nonprofit in Giving, the magazine of philanthropy! Giving Digging in Lowcountry nonprofits do the hard work as demand for services surges during pandemic Your guide to community giving in the Lowcountry | 2021 - 22 Special thanks to: Sponsored by: PUBLICATION DATE: October 31, 2022 | ADVERTISING DEADLINE: September 30, 2022
Nineteen days after delivering a 787-9 to American Airlines, Boeing resumed deliveries to Europe. (Photo/File)
From the start of the pandemic, Real tors were working with local, state and national officials to make sure the busi ness of real estate, the transaction of real
SC Realtors take on challenging times
Creamer
South Carolina Realtors
F
navigate this robust and challenging market.
It appears that the inventory numbers are up from a year ago when buyers were sometimes making desperate offers. Are they?
Staff Report
Working class families are being squeezed by the three-eyed (I) monster — inflation, interest rates and invento ry. Our National Association of Realtors reports that a typical home is almost 50% more expensive than just a year ago when you factor in the 3 I’s. Until inter est rates stabilize and inventory increas es to a five-six month level (instead of a two-three month level).
The obvious answer is to keep the three I’s in check — grow the economy to keep inflation in check, stabilize interest rates and increase inventory. The other answer isn’t so obvious — our local and state leaders have to continue to focus on making South Carolina the best state to live, work and play in the country. Our strong industry, tourism and economic growth has not happened by accident — we have to continue to lead and SC Realtors will continue to advocate for economic growth that enhances the quality of life of our citizens.
Where do you think the South Car olina market is now and what does it need to be healthy moving forward?
The market in our state is normaliz ing. Yes, it’s cooling off compared to 2020 and 2021, but it is still a demand-driven market, unlike the late 2000s when we were dealing with a supply-driven mar ket. I believe we need more inventory at various price points, especially on the first-time buyer side.
rom the time we first heard the word “coronavirus,” the real estate market responded first by coming to a complete (although brief) stop, then taking off like a rocket before calming down somewhat. And now we have the uncertainty associ ated with rising interest rates. Would you call this thrill ride exhausting or exhilarating?
A conversation with CindypresidentCreamer,of
19-October 2, 2022 In Focus RESIDENTIAL REAL ESTATE LISTS: Residential Real Estate Companies, Page 15-18 |BONUS: Independent Insurance Agencies, Page 19-20 alsocancelation$10,000Biden$125,000whofileeligible CRBJ tax
What needs to happen to keep a robust real estate market robust?
See REALTOR Q&A, Page 14
While the real estate market is cooling off compared to last year, experts say the demand-drive market is normalizing, though inflation, interest rates and inventory remain concerns. (Photo/File)
property, was still able to take place. Many states shut down their econo my for weeks, even months. We worked with our local offi cials to make sure deed recording offic es had the capacity to record deeds and mortgages. We worked with Gov. Henry McMaster and his team to ensure that real estate was declared as essential to theRealtorseconomy.know that in times of crisis, even a global pandemic, homeowner ship, the transfer of real property and basic shelter is essential to the public good. These last two years have been stressful, but the one thing that makes the hard work worthwhile is that Real tors have been the trusted advisers that have helped thousands of homeowners
12 www.charlestonbusiness.com September 19-October 2, 2022IN FOCUS: RESIDENTIAL REAL ESTATE
perimeter neighborhoods at $1,421.
“With the rise in interest rates and inflation, some of the buyers have dropped out of the market,” Smith said.
While the real estate markets continue to sort themselves out, Smith said those looking to buy homes in the future can follow some old-fashioned advice that stands up no matter what market trends are: save as much money as possible for a down payment, show prospective lenders good credit, and find a good local real estate
States, respectively, based on 2021 home closings, according to Pro Builder’s 2022 Housing Giants Report.
“Continueagent. to improve your credit as much as you can and try to work with a Realtor who is knowledgeable about a particular market you’re interested in,” Smith said. “Also make sure you’re on the Realtor’s watch list for properties that come available so that if you get pre-approved by a lender and you find something you like, you can be ready to go on a sale right then.”
“It’ssaid.adouble-edged sword with a shortage of availability of good places to build coupled with builders’ inability to build affordably,” he said.
“Builders are having challenges finding places to build multi-family properties for rentals,” he said. “There’s a challenge in finding vacant lots where cities and towns also have ordinances that allow that type of building.”Builders interested in putting up rental units are also facing the ongoing challenge of higher supply costs when and if they do secure land where rentals can be built, Smith
According to the report, South Carolina is No. 28 in the nation for highest housing costs relative to income. The report shows that a minimum wage worker making $7.25 an hour would have to work 91 hours a week to afford a modest one-bedroom rental home. According to the report, the
CRBJ RENT OR OWN, from Page 1 Illustration/File
One of the most highly visible homebuilders in the state is going Greatpublic.Southern Homes of Irmo, with building projects — most of them large housing developments — throughout South Carolina and some in Georgia, announced Sept. 12 that it has entered an agreement with DiamondHead Holdings Corp., a special purpose acquisition company.The transaction values the combined company at a pro forma enterprise value of approximately $572 million, as of Dec. 31 of thisWhenyear.the transaction is completed, Great Southern Homes will become a publicly traded company, and DiamondHead Holdings Corp. will be renamed United Homes Group Inc., according to a news release. DiamondHead is expected to remain listed on the Nasdaq Capital Market and is expected to trade under the new ticker symbol “UHG.”
rising interest rates, the report indicates. For August, the Charleston region’s housing affordability index fell to 72%, which means the median household income is 72% of what is necessary to qualify to buy a median-priced home under interest rates. In August 2021, the index was 103, a 12-month decline of 30.1%.
The shortage and high cost of rentals is especially hard on lower-income renters, according to the new “Out of Reach Report” released in late July by the National Low Income Housing Coalition.
Meanwhile, the amount of new housing starts around the state is dropping because builders are facing such dramatic increases in construction costs, brought on both by inflation and lingering supply chain problems.Renters are also facing an uphill battle statewide as the number of available rental units shrinks, driving prices up.
Smith said the rise in rental rates is continuing because of a high demand for rental properties and a growing shortage of available land to build additional rental properties. The increasing number of renters comes both because of more people moving to the state as well as prospective home buyers forced to remain in rental properties because of a lack of affordable or available inventory.
GSH is one of the largest homebuilders in the Southeast. The company builds homes focused on the entry level buyers and those moving up for the first time, the company says.
versus carrying lot inventory on-balance sheet. Through organic growth, GSH has become the 25th ranked starter-home builder and the 41st ranked single-family detached home builder in the United
Great Southern Homes to become public company
Irmo’s Great Southern Homes is becoming a publicly traded company under terms of an agreement with DiamondHead Holdings Corp. (Photo/Ross Norton)
See GREAT SOUTHERN HOMES, Page 13
lower cyclical risk compared to traditional homebuilding operating models, the news release said. The land-light approach allows the company to control land supply primarily through lot option contracts
GSH plans to employ a capital-efficient “land-light” operating model that it expects to generate higher returns with
state’s average housing wage is $19.30 an hour, which is the amount someone needs to earn to afford an average two-bedroom apartment at fair market rate without paying more than 30% of income for housing. According to Rentcafe.com, a nationwide apartment search website, the average monthly rental rate in the Charleston area is currently $1,873, with the highest average being downtown at $3,193 and the lowest in some of the
By Ross Norton rnorton@scbiznews.com
ceeds, net of estimated transaction costs, to the combined company including a $25 million commitment to purchase and not redeem DHHC public shares from the DHHC sponsor group, including Hamamoto and Antara Capital, the news release predicted.Theboards of directors of GSH and DHHC have approved the transaction. The transaction is expected to close during the first quarter of 2023.
Aline Capital orchestrated the $28.1 million sale of Alston Arms Apartments in North Charleston.
North Charleston apartment complex sells for $28.1 million
PT Barracks
Founded by Michael Nieri, Great Southern Homes and its predecessors have have built more than 11,000 homes. Population growth and single-family starts in the company’s Georgia and S.C. markets have out-
SURVEYING | WETLAND PERMITTING | LAND PLANNING CIVIL ENGINEERING | LANDSCAPE ARCHITECTURE 29A Leinbach Drive | Charleston, SC 29407 (843) 763-1166 | www.hlainc.com THE SITE EXPERTS
Reach Ross Norton at 864-720-1222.
At the time of sale, the property was undergoing interior and exterior renovations and the buyer plans to continue those improvements, the news release said.Members of Aline Capital’s Multifamily Advisory Group, Johnathan Kessler and John Drummond, piloted the transaction.
Greenville-based
“The property is located in the ever-growing submarket of North Charleston,” Kessler said in the news release. “The area has seen tremendous growth over the past few years and with the influx of more residents to the area,
BTIG LLC is acting as exclusive sell-side adviser to Great Southern Homes. Nelson Mullins Riley & Scarborough LLP is acting as counsel.Zelman Partners is acting as exclusive mergers and acquisition adviser to DiamondHead. Sullivan & Cromwell LLP is acting as counsel to DHHC.
DiamondHead is a special purpose acquisition company led by Co-CEO and Chairman David Hamamoto, who was the founder and chairman of the previously publicly-traded NorthStar real estate related companies: NorthStar Realty Finance Corp., NorthStar Asset Management Group Inc. and NorthStar Realty Europe Corp. He was a former partner at Goldman, Sachs & Co. and the co-founder of its Real Estate Principal Investment Group and Whitehall DiamondHeadfunds.is co-sponsored by Antara Capital, an event-driven hedge fund founded by Himanshu Gulati.
property, adding to their growing Southeastern portfolio.
Aline Capital is a fully integrated commercial real estate and capital markets advisory firm headquartered in Greenville. The firm offers investment sales, debt and equity advisory, and commercial insurance services to commercial real estate developers and investors. CRBJ
They said the North Charleston market has seen tremendous growth over the past five years and continues to be a driving factor for the growth of the greater Charleston market.
paced the national average since 2017, the news release pointed out.
“We believe there continues to be a massive undersupply of single-family homes in the U.S., especially in starter and first moveup products which will result in significant demand for the foreseeable future,” he said in the release. “In addition, as Michael mentioned, we believe there are extremely compelling opportunities to generate accretive growth through M&A as well as a programmatic build-to-rent platform.”
CRBJ GREAT SOUTHERN HOMES, from Page 12 Projects at The Citadel 654 St. Andrews Blvd | Charleston, SC 29407 | 843.225.0406 www.jmusselmanconstruction.com OFFICES | MEDICAL | RETAIL | HISTORICAL
“I am excited for the next chapter for GSH, where through the combination of my operational expertise with David Hamamoto’s public company and capital markets experience, we plan to grow UHG into a national homebuilder. Our growth plans include both continued organic expansion as well as becoming a merger partner of choice for smaller regional homebuilders located in high-growth markets. Additionally, we are building out a programmatic, institutional build-to-rent platform, where our current product set and geographic footprint are well positioned to meet the demands of the strong and growing rental market for single family homes.”
Thompson Hall The Cadet Store Duckett Hall Labs Grimsley Hall Jenkins Hall Deas Hall Bond Hall Stevens Barracks Byrd Hall The Citadel Beach House Wilson Housing LeTellier Hall
Hamamoto said the company will help
Additional information about the proposed transaction, including an investor presentation, will be available online.
By Ross Norton rnorton@scbiznews.com
The 160-unit multifamily community is on 8.7 acres and was constructed in 2007, according to a news release. Texas-based Think Multifamily acquired the
alleviate a shortage of homes.
workforce housing will remain strong.”
As part of the transaction, all of GSH’s existing shareholders will roll 100% of their shares into shares of the combined company and, assuming no redemptions from DHHC public shareholders, will hold approximately 51% of the shares of the combined company on closing, the release said.Assuming no redemptions from DHHC shareholders, the transaction will deliver approximately $320 million in cash pro-
19-October 2, 2022 www.charlestonbusiness.com 13September 19-October 2, 2022 IN FOCUS: RESIDENTIAL REAL ESTATE
“For over 20 years I have worked to build GSH into the leading Southeast homebuilder it is today,” Nieri said in the news release.
ATTOM, a curator of real estate data nationwide for land and property data, released its August 2022 U.S. Foreclosure Market Report earlier this month.
to live in the community they serve. They are forced into long commutes which puts stress on our infrastructure and exacerbates urban sprawl (traffic, congestion, etc.) We’ve got to find solutions to address workforce housing because it is already affecting our small businesses.
Throw in all the other market factors we’ve discussed and you can see how difficult buying or selling a home can be in any Realtorsmarket.are
2,950 housing units).
Do home buyers wait for market opportunities or do most buyers take action regardless of market conditions such as inventory and interest rates?
South Carolina was among the states with the highest foreclosure rates during the month of August, according to a new report.
are dealing with transitional, emotional events in their life which makes working with a trusted adviser, their local Realtor, even more important.
When you work with a Realtor you work with a professional committed to safeguarding the rights of home buyers and sellers. Through local, state and national advocacy efforts, Realtors seek to preserve, protect and advance property rights for all.
members of the National Association of Realtors, who are bound and held accountable by a code of ethics while helping their clients and customers navigate one of the most complicated and important transactions they will make in their lifetime.
869 housing units with a foreclosure filing); Jacksonville, N.C. (one in every 968 housing units); Bakersfield, Calif. (one in every 1,454 housing units); South Bend, Ind. (one in every 1,478 housing units); and Rockford, Ill. (one in every 1,496 housing units).
REALTOR Q&A, from Page 11
That’s the Realtor difference.
Life events require the transaction of real property — new job transfer, marriage, divorce, births, deaths, retirement, etc.Most buyers buy when life events require them to buy. Investors try to take advantage of market conditions for the best returns, but the majority of buyers
Realtors adhere to a standard that requires equal professional service, because all properties should be open and feel welcome to all.
Data shows there were a total of 34,501 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 14% from a month ago and up 118% from a year ago, according to a news release from ATTOM.
Is the potential for more interest rate hikes pushing potential buyers to take action?
Lenders started the foreclosure process on 23,952 U.S. properties in August 2022, up 12% from last month and up 187% from a year ago, according to the report.
“Two years after the onset of the COVID-19 pandemic, and after massive government intervention and mortgage industry efforts to prevent defaults, foreclosure starts have almost returned to 2019 levels,” said Rick Sharga, executive
vice president of market intelligence at ATTOM, in the release. “August foreclosure starts were at 86% of the number of foreclosure starts in August 2019, but it’s important to remember that even then, foreclosure activity was relatively low compared to historical averages.”
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2022 were Peoria, Ill. (one in every
I don’t think the fear of future mortgage rates increases will cause buyers to act, we’ve seen that bump already and buyers that need to buy will buy, but their buying power will be decreased.
CRBJ
Reach Jason Thomas at 864-568-7570.
Lenders repossessed 3,938 U.S. properties through completed foreclosures (REOs) in August 2022, up 28% from last month and up 59 percent from last year.
What is the most significant challenge facing the residential real estate industry right now?
We’ve talked about the inventory levels being low but that doesn’t do justice to the problems it has caused in our local communities.Allthe factors we’ve talked about have led to escalating home prices, which has squeezed working class homeowners and homebuyers.Formany of our communities, those that serve our communities (police, teachers, first responders, etc.) cannot afford
Inventory numbers are up from a year ago but let’s look at the numbers from the last few years for a better perspective.
“Repossessions are likely to continue running below pre-pandemic levels for several reasons, most importantly that over 90% of borrowers in foreclosure have positive equity in their homes and would benefit from selling these properties at a profit rather than risk losing everything to a foreclosure auction or lender repossession,” Sharga said in the release.
SC has nation’s 3rd-highest foreclosure rate in August
Photo/File
Not as easy as it looks!
Cindy Creamer is president of the South Carolina Realtors. She is an agent with Dunes Real Estate in Hilton Head. CRBJ
What do you wish everyone knew about residential real estate?
Have the low rates of recent years spoiled us into thinking 6% is outrageous? How long ago was 6% a pretty desirable interest rate?
Nationwide, one in every 4,072 housing units had a foreclosure filing in August 2022. States with the highest foreclosure rates were Illinois (one in every 1,926 housing units with a foreclosure filing); Delaware (one in every 2,387 housing units); South Carolina (one in every 2,417 housing units); New Jersey (one in every 2,441 housing units); and Florida (one in every
I agree that we have become comfortable with historic low interest rates. The 50-year average is just below 8%. The market reacts and adapts as interest rates change.
By Jason Thomas jthomas@scbiznews.com
Buying a home, whether it’s your first home or your retirement home, can be a very emotional process.
The Federal Reserve indicated again on Aug. 9 that they will likely increase interest rates again, but it is not necessarily bad news. We’ve seen over the last few months that the mortgage rates don’t follow the interest rates on a point-by-point basis.
14 www.charlestonbusiness.com September 19-October 2, 2022IN FOCUS: RESIDENTIAL REAL ESTATE
Why should someone use a professional — an agent or Realtor — when buying or selling a residence?
Those states that had the greatest number of REOs in April 2022, included: Illinois (493 REOs); New York (337 REOs); Michigan (326 REOs); Pennsylvania (260 REOs); and California (189 REOs).
Remember, properties sold even when mortgages were over 16% in the early 1980s.The fact remains, however, that mortgages have almost doubled in the past year.
According to SC REALTOR market reports, we ended 2018 with a fourmonth inventory supply level, 2019 was 3.6 months, 2020 was 1.9 months, 2021 was 1.3 months and, as of the end of July in 2022, we’re at 1.9 months. While the data shows a 46% increase in inventory from a year ago, as you can see South Carolina is still well below historical averages and remarkably below the industry recognized six months of inventory (which most economists say is the average supply for a normal market). We haven’t seen six months of inventory since 2014.
Sales Volume / Properties
Realty One Group Coastal 1510 Trolley Road, Suite 200 Summer ville, SC 29485 diana@rogcoastal.comwww843-972-9450.rogcoastal.com
$419,329,663370 387
The Cassina Group 309 Coleman Blvd. Mount Pleasant SC 29464 info@thecassinawww843-628-0008.cassinagroup.comgroup.com
Pam Harrington Exclusives 4341 Betsy Kerrison Parkway Johns Island, SC 29455-7127 pamh@pamharringtonexcwww843-768-3635.pamharringtonexclusives.comlusives.com 1978
King & Society Real Estate 93 Society St. Charleston SC 29401
ChuckTown Homes powered by KW 1104 Savannah Highway Charleston, SC 29407 info@chucktowww843-637-4006.chucktownhomes.comwnhomes.com
Eric 2013Draper
$76,000,000265 29014
Kris 2007McDonagh
Laura Rittenberg 1906
Jeff Cook Real Estate 10040 Dorchester Road, Suite 101 Summer ville, SC 29485 info@jeffcookrealestawww843-225-2005.jeffcookrealestate.comte.com
Keller Williams Realty 496 Bramson Court, Suite 200 Mount Pleasant, SC 29464 klrw934@kwwww843-737-6780.kwsellscharleston.com.com
John A. Liberatos 2012
Lynn Hanlin, Melinda Laurens, Olin Chamberlain, Charles Sullivan, Judy Tarleton 2002
Daniel Island Real Estate 101 River Landing Drive Charleston SC 29492 info@danielisland.comwww843-971-7100.danielisland.com
Shawn Pillion, Jeremy Wilson, Donald Russell 2008
2015
$170,957,034122 115
Handsome Properties Inc. 285 Meeting St. Charleston, SC 29401 info@handsomeproperties.comwww843-727-6460.handsomeproperties.com
Owen Tyler, Robertson Allen, Jimmy Dye 2006
Kiawah Island Real Estate 1 Kiawah Island Parkway Kiawah Island SC 29455 realestawww843-768-3400.kiawahisland.comteinfo@kiawah.com
$120,000,000448 8522 tbarber@kingandsocietywww843-388-4674.kingandsociety.com.com
$217,839,384186 202
8 HQ Real Estate LLC 852 Lowcountr y Blvd., Suite 100A Mount Pleasant, SC 29464 jharper@hunterquinnhomes.comwww843-200-0915.hunterquinnhomes.com
William H Herring
The Boulevard Co. 806 Johnnie Dodds Blvd. Mount Pleasant, SC 29464 officemanawww843-806-9380.theblvdcompany.comger@theblvdcompany.com
Michael C. Scarafile 1964
Dana Santerre 2007 $410,220,636490 17640
$1,297,149,2052,866 149374
Dan 1988Whalen $796,000,000493 5624
$878,973,0722,127 28675
Sold Residential Agents / Current Listings
$401,016,904682 10932
Akers Ellis Real Estate LLC 3730 Bohicket Road, Suite 5 Johns Island, SC 29455 realestawww843-768-9844.akersellis.comte@akersellis.com
William Means Real Estate LLC 353 N. Shelmore Blvd. Mount Pleasant, SC 29464 realestawww843-577-6651.charlestonrealestate.comte@williammeans.com
Top Local Official(s) / Year Founded
$142,190,000412 2579
The Pulse Charleston 636 White Chapel Drive Charleston, SC 29412 info@thepulsecharleston.comwww843-817-8963.thepulsecharleston.com
Coldwell Banker Realty 35 Broad CharlestonSt.,SC 29401 brandi.moreton@cbcarolinas.comwww843-375-2780.coldwellbankerhomes.com
Will 1945Freeman
Atlantic Properties 10 Lafar St. Daniel Island, SC 29492 ashley@awww843-991-7197.atlanticprops.comtlanticprops.com
$1,072,689,4262,835 46578
Carolina One Real Estate Ser vices 4024 Salt Pointe Parkway Charleston, SC 29405 mcs@carolinaone.comwww843-202-2061.carolinaonerealestate.com
Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although ever y effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com. Researched by Business Journal staff
19-October 2, 2022 www.charlestonbusiness.com 15September 19-October 2, 2022 IN FOCUS: RESIDENTIAL REAL ESTATE
Joseph Klosik 2003
Crescent Homes Realty LLC 572 Savannah Highway Charleston SC 29407
Real Estate Group 443 Folly CharlestonRoad,SC 29412 eric@charlestonrealestawww843-225-3072.charlestonrealestategroup.comtegroup.com
Charleston
$80,000,000166
Troy 2014Barber
Lyles Geer, Drew Grossklaus 1933
Ranked by $ Value of Residential Sales in the Charleston Area
Berkshire Hathaway HomeSer vices Carolina Sun 774 S. Shelmore Blvd., Suite 106 Mount Pleasant, SC 29464 info@bhhssun.comwww843-388-8118.myhomecharleston.com
Diana M. Johnson 2018 $581,463,4021,771 22544
Beach Residential 736 Coleman Blvd., Suite 200 Mount Pleasant, SC 29464 eburr@thebeachcompanwww843-971-1312.beachresidential.comy.com
Ted Terr y 2009
$586,418,236619 2942
Residential Real Estate Companies
Boyd Loadholt 1992
Stacey Bracey, Lara Harpe
$249,392,556176 2630
Jeff 1996Leonard
Company Phone / Website / Email
AgentOwned Realty Group 824 Johnnie Dodds Blvd. Mount Pleasant, SC 29466 liz@awww843-709-8488.agentowned.comgentownedrealty.com
2005 $130,000,00060 34 t.terrwww843-573-9635.crescenthomes.nety@crescenthomes.net
$1,300,000,0002,300 160300
$147,792,011232 3124
$4,397,754,1679,861 1,050200
Ben 2005Schuyler
Carriage Properties LLC 19 Exchange St. Charleston, SC 29401 carriawww843-266-8000.carriageprop.comgeproperties@carriageprop.com
$189,505,000494 2129
Deborah C. Fisher 2008
$96,500,00078 1114
$166,239,27191 1427
$80,000,00088 39
2015
2015
Charles Constant 2018 $55,000,00030 26
$50,000,000125 158
$35,000,000250 20025
Lois Lane Properties 9 Broad CharlestonSt., SC 29401 info@loislaneproperties.comwww843-577-2900.loislaneproperties.com
Johnson & Wilson Real Estate Co. 1830 Savannah Highway Charleston, SC 29407 info@johnsonandwilson.comwww843-486-1600.johnsonandwilson.com
132
Robertson Howland Properties 29 Broad CharlestonSt.SC 29401 www843-790-7995.robertsonhowland.com
Margaux Kilgallen, $24,700,00048
Marshall Walker Real Estate 582 Rutledge Ave. Charleston, SC 29403 www843-225-7007.marshallwalker.comoperations@marshallwalker.com
Sand Dollar Real Estate Group 2205 Middle St., Suite 201 Sullivans Island, SC 29482 mimms@sanddollarsc.comwww843-530-8100.sanddollarrealestategroup.com
Chuck Mimms 2013
John H. $22,167,70532
The dawww843-884-0888.charlestonhome.comvid@buyersagent.net
Eric 2013Bickel $60,000,000180 89
Engel & Völkers Charleston 10 Shem Drive, Suite 100 Mount Pleasant, SC 29464 chris.cunniffe@evcharleston.comwww843-805-8011.charleston.evrealestate.com
1982 $67,000,000 155
Marshall D. Walker 2003 $66,431,615177 1712
16 www.charlestonbusiness.com September 19-October 2, 2022IN FOCUS: RESIDENTIAL REAL ESTATE
Charleston SC 29403
IOP Residential Real Estate 1100 Palm Blvd, Suite 2-C Isle Of Palms, SC 29451 realestawww(843)242-8883.iop-residential.comte@iop-residential.com
P Kent 1995
$40,473,900164 22
$19,653,57435
$27,762,000109 25
David Bates, Steve DeMarco 2010
$68,861,95032 35
Richard L. Miler 1985
Top Local Official(s) / Year Founded
Chris Cunniffe 2020
Kellermann Smith Real Estate 1146 Barfield St. Charleston, SC 29492 casey@kellermannsmith.comwww843-813-6480.KellermannSmith.com
East Islands Real Estate Inc. 29 J.C. Long Blvd. Isle of Palms, SC 29451 www843-886-8114.eastislandsrealestate.cominfo@eastislandsrealestate.com
2016 $50,320,39041 15
Trey 2014Sedalik
Velvaleen Thurber-Everett 2006 $54,280,246315 5426
Gibbs Realty & Auction Co. Inc. 170 Meeting St. Charleston SC 29401 charleston@gibbsrealtywww843-266-1940.gibbsrealty.net.net
Miler Properties Inc. 625 Old Trolley Road Summer ville, SC 29485 rlmiler@milerproperties.comwww843-821-1111.milerproperties.com
Highgarden Real Estate 293 E. Bay St. Charleston, SC 29401 tracey@highgarden.comwww843-297-8215.highgarden-charleston.com
Bob 2004Brennaman
The Real Estate Firm 334 E. Main St. Moncks Corner, SC 29461 www843-761-5297.therealestatefirmsc.comtref@gmail.com
Metro Homes LLC 652 Coleman Blvd., Suite 102 Mount Pleasant, SC 29464
D. "Debbie" Smith, Steve C. 2013Smith
BIG Realty LLC 1859 Summer ville Ave., Suite 800 Charleston, SC 29405 eric@bigrealtyllc.comwww843-633-1744.bigrealtyllc.com
$19,683,59528
H. Brown Brown Hamrick 1980
Lois 1998Lane
34
John Poston & Co. Inc. 635 Rutledge Ave., Suite 105 www843-853-5300.postonco.com
4 Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although ever y effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com. Researched by Business Journal staff
167
$50,000,00061 66
Ranked by $ Value of Residential Sales in the Charleston Area
Poston 1988
Debra $22,165,05571 eva@homeadvantawww843-605-9555.edistohomesforsale.comgerealty.com
Real Buyer's Agent 1092 Johnnie Dodds Blvd., Suite 112 Mount Pleasant, SC 29464
$75,000,000198 593
Edisto Sales & Rentals Realty 1405 Palmetto Blvd. Edisto Island, SC 29438 ma843-869-2447tthew@edistorealty.com
Jay 2015Law
Paul F Boehm 1992
$24,419,25017 14
Beresford Realty LLC 672 Marina Drive, Suite 206B Charleston, SC 29492 mak@beresfordrealtywww843-670-4035.beresfordrealty.com.com
Disher, Hamrick & Myers Residential Real Estate 30 Broad CharlestonSt.,SC 29401 dhm@dhmrealestawww843-577-4115.dhmrealestate.comte.com
Company Phone / Website / Email
The Brennaman Group 2200 Belle Isle Ave., Suite 102 Mount Pleasant, SC 29464 bob@charlestonpropertywww843-345-6074.brennamangroup.com.net
Darrell Gibbs 1994
Residential Real Estate Companies
$30,000,00025 77
Sales Volume / Properties Sold Residential Agents / Current Listings
Prospect Real Estate Brokers 720 King St., Suite B Charleston SC 29403 info@prospectrep.comwww843-619-2995.prospectrep.com
$43,424,00075 106
1414 Home Advantage Realty Lowcountr y 806 Oyster Park Drive, Suite B Edisto Island, SC 29438
$48,588,50038 89
Charleston debbie@charlestonmetrohomes.comwww843-278-1600.charlestonmetrohomes.com
$35,000,000124 278
Tiffany Johnson-Wilson 2000
Casey Kellermann 2015 $26,003,90827 12
David
Tracey Majesky 2015
Re/Max Pro Realty 9209 University Blvd. North Charleston SC 29406 brenda.ray@remax.netwww843-767-7777.remaxprorealty.org
$10,912,93040 24
Holcombe, Fair & Lane 1071 Morrison Drive Charleston SC 29403 info@hflcharleston.comwww843-722-2642.hflcharleston.com
The Brokerage Real Estate & Business Brokerage LLC 515 Coleman Blvd., Second Floor Mount Pleasant SC 29464 dawww843-364-6720.thebrokerageyouwinhere.comvid@seaydevelopment.com
Shannon Deeb 2006
$15,500,00056 135
Carolina Ave. North
Copper Roof Yeamans Charleston SC 29407 lindsay_da843-209-5016vid@me.com
Properties LLC 13
Mark Macpherson
$7,600,00062 213
Top Local Official(s) / Year Founded
Ashley Dangerfield 2013 $15,000,00045 155
Lighthouse Real Estate LLC PO Box Charleston14185SC 29422 joe@lighthousecharleston.comwww843-860-3238.lighthousecharleston.com
Behren Kittrell 2007
Coastal Point Real Estate 1113 Quiet Road Mount Pleasant SC 29464
$5,000,00015 dspm@knologwww843-760-5280.dougshorter.comy.net
16 Doug Shorter Proper y Managment 4754 Franchise St. North Charleston SC 29418
Elite Palmetto Real Estate 6650 Rivers Ave. North Charleston SC 29406 darrwww843-410-8246.elitepalmettorealestate.comyl@elitepalmetto.com
43 Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although ever y effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com. Researched by Business Journal staff
Darr yl J. Robinson 2015
$16,425,0009 13
Company Phone / Website / Email
L.John Teffeau, David H. Seay 2019
Ellen T Bonner 2013
$15,385,00040 22
Mac Co. Parrot Charleston SC 29412 sdeeb@maccorealestawww843-814-9545.maccorealestate.comte.com
Stephen P Carroll 1996 $12,428,00011 61
2018 $14,000,00056 8
Boyd Owens 2008
Shawn Smith 1999
LLC 913
Charleston Flat Fee Real Estate 2024 Covey Lane Charleston SC 29412 behrenk@scflawww843-870-3549.charlestonflatfeerealestate.comtfeerealty.com
Road
Residential Real Estate Companies
Atlantic Edge Real Estate 125 E. Wappoo Creek Drive Charleston SC 29412 admin@awww843-991-0476.atlanticedgerealestate.comtlanticedgerealestate.com
Beautiful Homes Realty of Charleston 130 River Landing Drive, No. 7322 Charleston SC 29492 therese@beautifulhomesllc.comwww843-568-9748.BeautifulHomesLLC.com
$5,626,00010 13
$5,000,00010 www843-641-8565.tidewaterrealtysc.comtidewaterrealtysc@gmail.com
Doug Shorter, $3,746,80017
$7,500,000 103
$6,945,28038 154
Lowcountr y Charmed 1530 Hamlin Road Mount Pleasant SC 29466 www843-790-4522.lowcountr ycharmed.com cj@lowcountr ycharmed.com
$12,256,00015 104
View Properties 1557 Aztec Lane Mount Pleasant SC 29466 lisa@lisarichart.comwww8438100403.lisarichart.com
19-October 2, 2022 www.charlestonbusiness.com 17September 19-October 2, 2022 IN FOCUS: RESIDENTIAL REAL ESTATE
$15,000,00060 384
2018 $5,195,00040 57 billy@billyshuman.comwww843-906-1159.coastalpointsc.com
Charleston GPS LLC 684 King CharlestonSt. SC 29403
Dar yl Shorter 1991
Lindsay David 2006 $5,529,00015 33 jason@charlestongps.comwww843-577-9007.charlestongps.com
CJ Garrett Roth 2017
The Space Co. Inc. 3110 N. Charleston SC 29405 www843-577-2676.thespacecompany.comthespacecompany@att.net
2011
Charleston Gateway Properties 744 Sterling Drive Charleston SC 29412 charlestongawww843-513-7011.charlestongp.comtewayproperties@gmail.com
Ashley Cooper Real Estate LLC 1901 Ashley River Road, Suite 4 Charleston SC 29407 info@ashleycooperrealestawww843-709-2256.ashleycooperrealestate.comte.com
Charleston Home Team Real Estate 1126 Lango Ave., Suite 101 Charleston SC 29407 ashley@chshometeam.comwww843-469-0210.chshometeam.com
Jeff 2015Gallman $6,900,00014 21
2018
Bottletree Properties P.O. Box Isle of Palms SC 29451 jeff@bottletreeproperties.comwww843-729-5741.bottletreeproperties.com
Smith 2009
Charles G. Lane 1927
2 Tidewater Realty LLC P.O. Box Charleston20933SC 29413
Troy Watson, Matthew Keutzer 2010 $15,000,00041 43
Therese Jenkins 2008 $8,000,00021 73
Creek Way
Chad Yonce 1997 $14,259,90027 252
2006 $12,000,00038 52
1986 $6,578,10536 107
$6,999,00013 13
Billy 2003Shuman $5,000,0007 38 www843-367-5640.givelocalrealty.commark@givelocalrealty.com
Dorchester Real Estate Ser vices 217 N. Parler Ave. St. George SC 29477 sales@dorchestersold.netwww843-563-5005.dorchestersold.com
Landcrafters Inc. Real Estate & Development 520 Folly CharlestonRoadSC 29412 landcrafterssc@gmail.comwww843-608-1058.stephenpcarroll.com
Mackenzie Crabtree Real Estate 608 Oak Marsh Drive Mount Pleasant SC 29464 mackenzie.crabtree@gmail.comwww843-452-6225.screoexpert.com
Flowertown Realty LLC 131 S. Main St. Summer ville SC 29483 susan@flowww843-270-6651.flowertownrealty.comwertownrealty.com
Sales Volume / Properties Sold Residential Agents / Current Listings
Southeastern Management Group Inc. 151 King CharlestonSt.SC 29401 semg@semgsc.comwww843-577-8595.semgsc.com
Grant
Susan Gardner 2005
Give Local Realty 1265 Waterfront Drive Mount Pleasant SC 29464
Ranked by $ Value of Residential Sales in the Charleston Area
/ Reinier Properties PO Box
William J. $650,0001
24 Island House Real Estate 8017 Gibbon St. Daniel Island, SC 29492
Elizabeth Group Real Estate 125 Wappoo Creek Drive Charleston, SC 29412 843 michelle@elizabethgroup.netwww303-1087.elizabethgroup.net
$3,000,0002 timmccartyii@gmail.comwww8436961036.reddrumrealty.com $3,000,0006 info@islandhouserealestawww843-847-1762.islandhouserealestate.comte.com $2,100,00053 Bluestone Brokerage Group 295 Seven Farms Dr, Suite C-215 Charleston, SC 29492 bluestoneres@gmail.com843-532-3096
Clement Charleston20729,SC 29413 mreinier@bellsouth.net843-722-1585 $500,000
DeSeta SC 29406 alex@desetawww610-656-8017.desetagroup.comgroup.com
Tammy Trenholm 2007
Pathway Real Estate Group LLC 1403 Ashley River Road Charleston, SC 29407 danma15@comcast.netwww843-810-0699.pathwayreg.com
2 Red Drum Realty LLC 1376 Ty Lane Mount Pleasant, SC 29466
$1,010,0002
Annalisa Jordan
$2,000,0001 1
2
35
2015 $1,000,00015 48
The Ladson, SC 29456 sar843-442-1851ver_g@bellsouth.net $115,0001
Sar ver Group Realty P.O. Box 372
$1,800,000100 3030
Michelle Ivy Liz Dettrey 2008
Dan Henr y Martin 2006
2000
2001
Weichert Realtors Palmetto Coast 1035 Johnnie Dodds Blvd., Suite 2B Mount Pleasant, SC 29464 admin@weichertpc.comwww843-375-2075.weichertpc.com
2015
Lane Properties of Charleston LLC 746 St. Andrews Blvd., Suite B Charleston, SC 29407 administrawww843-769-9919.laneproperties.comtor@laneprops.com
Redfin Corp 1031 Chuck Dawley Blvd., Suite 7B-1 Mount Pleasant SC 29464 charleston@redfin.comwww843-595-4873.redfin.com
$1,560,000194 179
Iselin 1987
Alexis DeSeta $500,00032
Wm. Iselin Charleston, SC 29401 wiselin@aol.comwww843-729-7782.webcharleston.com
2018
11 Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although ever y effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.
1
$1,250,0005 25
2017
Co. LLC 198 E. Bay St., Suite 101
Realty Group LLC 2457 Aviation Ave., Suite 120 North Charleston
$1,002,0112 2
by Business Journal staff
Researched
2011
Mark C. Lane 1967
44 The
2
Southeastern Property Group 1230 Folly Road Charleston, SC 29412 lcrowww843-297-9426.spgrealestate.comwther@spgrealestate.com
2015
18 www.charlestonbusiness.com September 19-October 2, 2022IN FOCUS: RESIDENTIAL REAL ESTATE 2022 Join SC Biz News in Columbia for a fast-paced countdown revealing the top 20 small and top 20 large high-growth companies in South Carolina. October 6, 2022 5:30 p.m. - 8:30 p.m. • DoubleTree by Hilton Columbia For sponsorship information, contact Rick Jenkins at 864.720.1224 or rjenkins@scbiznews.com Presented By: Sponsored By: Tickets: bit.ly/scbiz22roar20tix Residential Real Estate Companies Ranked by $ Value of Residential Sales in the Charleston Area Company Phone / Website / Email Top Local Official(s) / Year Founded Sales Volume / Properties Sold Residential Agents / Current Listings KingOne Properties International 170 Meeting St Charleston, SC 29401 gparrish@kingoneproperties.comwww843-640-0444.kingoneproperties.com Jean M. King 2015
1531 Sam Rittenberg Blvd. Charleston, SC 29407
19-October 2, 2022 www.charlestonbusiness.com 19September 19-October 2, 2022 IN FOCUS: RESIDENTIAL REAL ESTATE
400 Altman St., Suite A Moncks Corner, SC 29461
Bateswww.assuredpartners.com843-569-1888InsuranceGroup
2128 Ashley Phosphate Road, Suite 200 North Charleston, SC 29406
Mims-Garrettwww.mikecampbellagency.com843-790-7070InsuranceServices
2000 Sam Rittenberg Blvd., Suite 124 Charleston, SC 29407
Lesemann Insurance Agency
140 W. Richardson Ave., Suite B Summerville, SC 29483
Mikewww.restinsuredcharleston.com843-881-2229CampbellAgencyLLC
870 College Park Road Summerville, SC 29483
101 Owens Summerville,CircleSC29483
407 W. 2nd North St. Summerville, SC 29483
Thwww.fergusoninsuranceteam.com843-797-7285eGeneralAgencyInc.
Harrywww.harrell-insurance.com843-766-5533MorseInsuranceAgency
McKaywww.highsmithinsurance.com843-725-1930InsuranceInc.
1037 Chuck Dawley Blvd., Suite D104 Mount Pleasant, SC 29464
PC&Lwww.palmettomoon.com843-375-1234AgencyInc.
Alliancewww.abriinsurance.com843-628-5588InsuranceServices LLC
Lighthousewww.lesemannins.com843-571-6721InsuranceBenefits
749 St. Andrews Blvd. Charleston, SC 29407
AssuredPartnerswww.aiasc.com843-763-7525 of SC LLC
Insurancewww.myicagroup.com843-212-6221OfficeofAmerica
1407 Stuart Engals Blvd., 2nd Floor Mount Pleasant, SC 29464
800 Johnnie Dodds Blvd., Suite 102 Mount Pleasant, SC 29464
Americanwww.allianceinsuranceservices.net843-881-0103FrontierInsuranceLLC
Pilothouse Insurance
Cypresswww.crescentagency.com803-832-2525RiskManagement
Eaneswww.dottererins.com843-821-7548InsuranceGroup
Insurancewww.hubinternational.com843-529-5470CompanyAdvisors Group (ICA)
Cliff Heath Insurance Inc.
Hibbitswww.harrymorseins.com843-824-8415Insurance
Hwww.gillagencies.com843-388-5021&HInsuranceBrokers
Abriwww.1stcapitalins.com843-216-2772Insurance
Marshwww.mappusinsurance.com843-763-4200&McLennanAgency LLC
KSAwww.insurancesolutionssc.com843-375-0200InsuranceLLC
In the Charleston Area, Listed Alphabetically
5107 N. Rhett Ave. North Charleston, SC 29405
4400 Leeds Ave., Suite 470 North Charleston, SC 29405
1067 Cliffwood Drive Mount Pleasant, SC 29464
1819 Meeting Street Road, Suite 100 Charleston, SC 29405 www.ksa-insurance.com843-408-4232
P.O. Box 2027 Mount Pleasant, SC 29465
7 Gamecock Ave., Suite 706 Charleston, SC 29407
Cornerstonewww.cliffh843-766-6316eathinsurance.comInsuranceGroup LLC
210 W. Coleman Blvd., Suite T Mount Pleasant, SC 29464
HUBwww.hibbitsinsurance.com843-871-1095InternationalCharleston
1064 Gardner Road, Suite 216 Charleston, SC 29407
www.pclagencyinc.com843-763-1709
3861 W. Ashley Circle, Suite 100 Charleston, SC 29414
1354 State Summerville,RoadSC 29486
Anderson843-754-2717Insurance Associates LLC
9229 University Blvd., Suite A North Charleston, SC 29406
Harrellwww.handhinsurancebrokersofsc.com843-352-2381InsuranceAgency
Palmettowww.mgi-ins.com843-899-9000MoonInsurance LLC
75 Port City Landing, Suite 110 Mount Pleasant, SC 29464
www.mypilothouse.com843-766-1318
4 Carriage Lane, Suite 301 Charleston, SC 29407
Dottererwww.cypressrisk.com843-688-6800Insurance
Independent Insurance Agencies
1643 Savannah Highway Charleston, SC 29407
C2Gwww.ctlowndes.com843-513-1719CapitalManagement LLC
Baxterwww.batesinsg.com843-824-8000AgencyInc.
Gill Insurance Agency
Insurancewww.ioausa.com800-243-6899Solutions
4401 Leeds Ave. North Charleston, SC 29405
www.c2gcapitalmanagementllc.com843-879-0941
C.T.www.insurancecharleston.com843-974-5150Lowndes&Co.
636 Long Point Road, Suite 58 Mount Pleasant, SC 29464
1055 N. Main St., Suite B Summerville, SC 29483
Correllwww.cornerstoneinssc.com843-899-7283InsuranceGroup
105 Lumber Lane Goose Creek, SC 29445
1325 Cypress Campground Road Ridgeville, SC 29472
Mappuswww.lighthouseinsurancebenefi843-628-2981ts.comInsuranceAgencyInc.
1321 Chuck Dawley Blvd., Suite 201 Mount Pleasant, SC 29464
810 Travelers Blvd., Suite F1 Summerville, SC 29485
1662 Savannah Highway, Suite 300 Charleston, SC 29407
See INSURANCE AGENCIES LIST, Page 20
Corvinowww.correllinsurance.com843-486-8711InsuranceAgency Inc.
635 E. Bay St., Suite D Charleston, SC 29403
Crescentwww.corvinoinsurance.com843-873-6776InsuranceAdvisors
East843-352-7051CoastInsurance Group LLC
1st Capital Insurance
3491 Shelby Ray Court Charleston, SC 29414
29 Leinbach Drive, Building D, Suite 1 Charleston, SC 29407
3860 Faber Place Drive, Suite 400 North Charleston, SC 29405
Bridgewww.davidclemmonsagency.com843-797-0505InsuranceAgency
Thwww.eastcoastinsgroupllc.com843-285-5348eFergusonAgency
1527 Sam Rittenberg Blvd. Charleston, SC 29407 www.generalagencyinc.com843-766-9091
1527 Sam Rittenberg Blvd., Suite 204 Charleston, SC 29407
120 S. Magnolia St. Summerville, SC 29483
100 Brigade St., Floor 2 Charleston, SC 29403
Swampwww.strovisinsurance.com843-821-1009FoxAgency
R.A.www.policyprosagency.com843-499-1640WrightAgencyLLC
1122 Pinopolis Road Moncks Corner, SC 29461
USIwww.summervilleinsurance.com843-521-8702InsuranceServicesLLC
Turbeville Insurance Agency Inc. 670 Marina Drive, Suite 301 Charleston, SC 29492
204 N. Gum Summerville,St.SC 29484
8 Vanderhorst St. Charleston, SC 29403
1312 Bowman Road Mount Pleasant, SC 29464
310 N. Gum St., Suite A Summerville, SC 29483
125 Wappoo Creek Drive, Suite D3 Charleston, SC 29412
200 W. 5th North St. Summerville, SC 29483
Sadler843-766-6316&Hamm Inc.
Sam Schirmer Insurance
North Charleston, SC 29406
Taylorwww.swampfoxagency.com843-761-3999Agency
Brokerage
www.sadlerandhamm.com843-766-0261
Southeasternwww.sigsc.com843-482-0130Insurance
www.theodoreinsurance.com843-871-3950
661 St. Andrews Blvd. Charleston, SC 29407
Strickland Marine Insurance Agency Inc.
SCFwww.schirmerinsuranceagency.com843-881-4707SolutionsLLC
147 Wappoo Creek Drive, Suite 502 Charleston, SC 29412
235 Magrath Darby Blvd., Suite 325 Mount Pleasant, SC 29464
Thcomwww.southeasterninsurancesolutions.843-829-7100eSteadmanAgencyInc.
Schirmerwww.scfi843-569-4740nsurance.orgInsuranceGroup LLC
www.steadmanagency.com843-723-4001
Weisburgerwww.wcwilbur.com843-744-1662Insurance
1096 Black Rush Circle Mount Pleasant, SC 29466
Stroviswww.stricklandmarine.net843-795-4555InsuranceAgencyLLC
1730 Savannah Highway Charleston, SC 29407
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. Source: Independent Insurance Agents & Brokers of South Carolina. Researched by Paige Wills INSURANCE AGENCIES LIST, from Page 19 2022 | SOUTH CAROLINA MA NUFACTURING CONFERENCE AND EX PO GREENVILLE CONVENTION CENTER | GREENVILLE, SC To view the agenda and to register, visit www.scmanufacturingconference.com SAVE THE DATE: NOV. 3 - NOV. 4 • An exhibit hall the equivalent of three football fields • Implementing Industry 4.0 Technology • 2023 Economic Outlook: Auto, Aerospace, Biotech • Women in Manufacturing: Leaders and Influencers • SCMEP Manufacturing Excellence Awards • The South Carolina Manufacturing Extension Partnership (SCMEP) will conduct training courses PRESENTED BY: For questions about exhibiting or sponsorship opportunities, please contact Rick Jenkins at rjenkins@scbiznews. com or call (864) 720-1224 Visit scmanufacturingconference.com for the latest updates. Join Manufacturing suppliers and innovators across all industry verticals at South Carolina’s most significant manufacturing event of the year. The 2022 conference will include: PRESENTING SPONSORS:
1956 Remount Road
Policywww.pinckneycarter.com843-747-9073ProsAgency
Pinckney-Carter Co.
Solutions
TWwww.tiasc.biz843-569-3920Insurance Agency 203 Limehouse Drive Summerville, SC 29485
William843-971-0036Means Co. Insurance 64 Broad Charleston,St.SC 29401
6265 Rivers Ave. North Charleston, SC 29406
20 www.charlestonbusiness.com September 19-October 2, 2022IN FOCUS: RESIDENTIAL REAL ESTATE
W.C.www.usi.com854-529-1611Wilbur& Co. 1072 E. Montague Ave. North Charleston, SC 29405
2900 N. Main St., Suite E Moncks Corner, SC 29461
www.meansinsurance.com843-577-0585
Thwww.tayloragency.com843-762-1805eodore&Associates
Insurance
105 Wappoo Creek Drive, Suite 1B Charleston, SC 29412
22 Windermere Blvd., Suite A Charleston, SC 29407
Ralphwww.rawrightagency.com843-766-5300F.McCayAgencyInc.
Hot Properties
“We are excited to bring a unique and unforgettable entertainment option to the Lowcountry that allows you to be yourself and have fun,” co-owner Kristina Knecht said in a news release.
Van Gogh exhibit to stay in town until Sept. 25
The two-story main building was constructed utilizing a structural steel frame with metal deck ing and metal stud infill. On the first floor of the building is the main dining area, commercial kitchen, retail space, a stage, and overhead doors that connect the indoors to the outdoor patio. The second floor has a DJ booth and soundboard. The main building opens to a sand pit, fire pit, foam pit, tower slide, ice cream parlor, and the main event stage, which extends over the water.
Robert Pratt of Re/Max Pro Realty represent ed the seller, Brandon Cox, in the sale of 61,105 square feet on about 10 acres of former Bowman High School space at 1318 Bowman Branch Road in Bowman to Curtin Realty & Investments LLC for $325,000.
A type of art gallery, a selfie museum features interactive exhibits that serve as a setting for visitors to pose in photographs and videos, which they can share on social media. To that end, Selfie Addict Studio provides a series of dynamic spaces designed to create one-of-a-kind photos with family and friends through creative backgrounds, props, optical illusions and murals.
Cox
Jones
SeamonWhiteside, a full-service site design firm throughout the Carolinas, is completing land plan ning, civil engineering, and landscape architecture on the new Oakbrook Library at the Ashley River at 2830 Bacons Bridge Road, Summerville, The Oak brook branch will be 20,000 square feet and locat ed across from the new Ashley River Park.
The Selfie Addict Studio selfie museum has opened its doors in Summerville.
See PEOPLE, Page 22 See BUSINESS DIGEST, Page 22
rant from hospitality group Charles towne Hotels, has opened in Charles ton’s Historic District as a destination for tropical cocktails and coastal-inspired dishes influenced by the flavors of Latin America.“Weare so excited to open our doors and welcome locals and visitors alike to experience Gingerline’s fresh take on tropical cocktails and international fare,” saids Maureen Samu, Gingerline general manager. Work
BUSINESS SERVICES
At
CONSTRUCTION
Mashburn Construction recently completed the ground-up construction of a multi-use develop ment in the highly trafficked area of Broadway at the Beach, in Myrtle Beach. “The Hangout” is the first of its kind entertainment concept in the Myrtle Beach area and promises fun for guests of all ages.
Reardon, who joined the Winkler Group in 2021, is continuing to serve as lead counsel while also working to oversee and implement best practices across client projects.Steros joins the Myrtle Beach office with 20 years of fundraising experience for higher education and nonprofit organiza tions.Sunland
Reardon Steros
Robert Pratt of Re/Max Pro Realty represent ed the landlord, Bankton Drive Associates LLC, in the lease of 8,000 square feet of warehouse space at 1006 Bankton Circle, Building B, in Hanahan to Premier Fire and Security Inc. Tyler Smith of Jones Lang LaSalle Brokerage repre sented the tenant.
Selfie museum opens in Summerville
Logistics Solutions has pro moted Candler Lowder, Tillman Mill house, and Jay Sarkar, expanding its Charleston management team.
The Winkler Group has two new senior managing consultants: Alex Reardon and Bryan Steros
Lowder joined the Sunland team in 2021 as site manager for the Piggly Wiggly Road distribution center and two distri bution facilities on North Rhett Avenue in Hanahan. Millhouse recently transitioned to quality manager from an operations management position. Sarkar, the new director of solutions and contracts, recent ly joined Sunland’s business development team.
Thomas & Hutton has added four company shareholders in the Charleston region: civil project managers Will Cox, Domonic Jones, Ross Oakley and David Williams III Cox specializes in development of
The Hangout, located in the Key West Village at Broadway on the Beach, is a 40,000-squarefoot development which includes retail spaces, a full-service restaurant and live entertainment. Mashburn collaborated with Burroughs & Chapin, LS3P Architects and local artists to provide unique art installations, such as a Pez dispenser wall, a rubber duck ceiling, a 15-foot wishing wall, and a wall decorated with antique lunchboxes. Mashburn and LS3P also installed an exten sive lighting package.
19-October 2, 2022
Keith Mayfield of Twin Rivers Capital LLC recently completed the sales of a multi tenant office building in Orangeburg. The property, located at 1492 Executive Ct., was sold to LSDB Oburg LLC. Mayfield represented the buyer and David Stewart of The Moore Group, a division of the Litchfield Corp., represented the seller.
Williams
Business Digest
Robert Pratt of Re/Max Pro Realty represented the seller, LIB Realty Investments LLC, in the sale of 2,304 square feet of medical space at 907 N. Main St. to Summerville Oral Surgery for $825,000. Mark Erickson of Colliers represented the buyer.
Restaurant brings touch of Latin America to downtown Gingerline, the first standalone restau
Oakley
Beyond Van Gogh: The Immersive Experience, the largest immersive exhibit in the country, features more than 300 pieces by the world-renowned artist, including “The Starry Night,” “Sunflowers,” and “Café Terrace at Night.”
3 million tickets globally, will remain at the Charleston Area Convention Center through Sept. 25. Tickets are available for purchase now online.
BUSINESS DIGEST | PEOPLE IN THE NEWS | HOT PROPERTIES People in the News
CRBJ
Beyond Van Gogh: The Immersive Experience, a traveling Vincent Van Gogh multimedia exhibit that has sold more than
www.summervilleinsurance.comInc. 325 Brokerage to
Selfie Addict Studio customers can take selfies on their own devices to use howev er they choose. Along with semi-permanent flagship booths, the studio has some booths that rotate periodically, including a seasonal exhibit. Customers and social followers can vote on future booth themes. In addition to scheduled bookings, the facility is available to book for private parties, events, photoshoots, and media produc tions. Brands and businesses can sponsor displays as well.
New shareholders at ADC Engineering are Sebastian Davis, Ryne Hardwick, Gary Jensen, Kyle Moody, Jesse Malan, and Steven Truschka
moved into the new buildout at The Longevity Club. Well Rounded Healing, owned by Tarah Herrington, provides natural remedies for fertility, pregnancy and women’s health, stress reduction, pain management, and more.
Davis
residential, commercial/retail, and recreational facilities throughout the Lowcountry. Jones, who joined Thomas & Hutton in 2015, holds a bachelor’s degree in civil engineering from The Citadel and an MBA from Florida State University. Oakley joined Thomas & Hutton in 2014 in Columbia and recently transferred to Charleston. He has 17 years of experience in economic development services. Williams began his career at Thomas & Hutton in 2017 and has 11 years of experience in residential, commercial, and transportation projects associated with site development.
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FINANCIAL SERVICES
HEALTH CARE
Dr. Eric Lentsch has been recognized as a national Physician of Excellence by
LAW
22 www.charlestonbusiness.com September 19-October 2, 2022
EDUCATION
OCTOBER 3 EDUCATION AND DEVELOPMENTWORKFORCE List: Postgraduate Degree Programs Bonus List: Private Schools Advertising Deadline: September 19 OCTOBER 17 ARCHITECTURE, ENGINEERING AND CONSTRUCTION (AEC) List: General Contractors Advertising Deadline: October 3 NOVEMBER 7 DEFENSE AND SECURITYHOMELAND List: Defense Contractors Advertising Deadline: October 24 NOVEMBER 21 BANKING & FINANCE List: Financial Brokerage Firms Advertising Deadline: November 7 For advertising information, call Rick Jenkins at 864-720-1224 Target your market in an upcoming issue of the Charleston Regional Business Journal
CRBJ BUSINESS DIGEST, from Page 21 PEOPLE, from Page 21
Stephanie M. Brinkley has been appointed chair of the American Bar Association’s Assisted Reproduction Technology committee for 2022–2023. Brinkley’s practice, founded in 2011, counts fertility law, family law, and military family law among its main areas. Brinkley represents clients seeking to build their families through surrogacy and/or gamete donation as well as gestational carriers who offer their services.
New depot facility at Port Houston
ENGINEERING
Jason Rice is taking over as regional vice president to lead business development and project management in Beaufort, Berkeley, Charleston, Colleton, Dorchester, Hampton, and Jasper counties.Inaddition, regional vice president Melissa Steinkuhl is retiring at the end of September after more than 10 years with SCMEP.
Lentsch
Well Rounded Healing, an acupuncture and holistic healing studio, has
Christopher Floyd has come onboard as business development associate, having been a manufacturing manager for Becton Dickinson Life Sciences in Sumter, where he led a team in a Class II FDA-regulated facility that produced more than one billion units annually.
Pickleball comes to Mount Pleasant Crush Yard, a new pickleball club and restaurant coming to Mount Pleasant in fall 2022–winter 2023, will have a 40,000-square-foot multifunctional space and Brandon Buck as its executive chef. Crush Yard will feature eight pickleball courts, an outdoor lounge and play area, and dining spaces throughout.
The Marino Group’s Marine Repair Services-Container Maintenance Corporation, a provider of intermodal services, has opened a new depot facility at Port Houston. The new facility supports global supply chain fluidity with an expansion of its storage, distribution, repair and capacity services in the region.
Four people are on the move at the South Carolina Manufacturing Extension Partnership.
Founded in 1990, ADC provides design solutions to clients in aviation, education, health care, hospitality, state and federal, recreational, and private commercial development.
the manufacturer of the hypoglossal-nerve stimulator, an implanted device that cures moderate to severe obstructive sleep apnea. Lentsch, a specialist in otolaryngology head and neck surgery, practices with Head and Neck Specialists-Charleston. Lentsch was recognized as best in class for his patient outcomes; his commitment to his patients; and the overall patient experience.
Southern First Bancshares has promoted Cal Hurst to president from chief banking officer and executive vice president. Hurst has been on the board of directors for the Greenville Chamber, United Way of Greenville County, and Greenville First Steps.
As part of SCMEP’s organizational restructure, regional vice president Brian Kuney has taken on Bamberg, Calhoun, Clarendon, Florence, Georgetown, Horry, Marion, Orangeburg, Sumter, and Williamsburg counties.
Holistic healing studio now open
Mary Thornley, Trident Technical College president, participated in a White House event in Washington, D.C., to help launch the national Apprenticeship Ambassador Initiative. Thornley represented the nation’s community colleges during a panel discussion on expanding apprenticeship opportunities.
MANUFACTURING
indexes in the ISM reports for the manufacturing and business sectors. They all tell us a part of the story. That is what the Fed does. It looks at everything. An FOMC meeting can perhaps be likened to a jury that must use the “preponderance of evidence” to reach a Lookingverdict.at the evidence, we conclude that the economy has slowed from what it was at the beginning of the year. But it is in no danger of falling into a recession. A significant number of new jobs are being created every month. The 3.7% unemployment rate is still well below the Fed’s estimate of full employment, which is about 4.0%. Consumers are still spending. Manufacturers are still boosting production.
SLIFER
Stephen Slifer can be reached at www.numbernomics.com
Interest rates to climb in coming months
(Illustration/File)
CRBJ
But at every step of the way — from the sample to the universe and then to seasonal adjustment — there is error. Do not ever rely on any single indicator as evidence of truth. To determine what is happening in the labor market, look at payroll employment, civilian employment, the unemployment rate, initial unemployment claims, the ADP employment report, the employment
Write: Ross Norton, Editor SC Biz News 35B Cessna Court Greenville, S.C. 29607
The
The fact that 786,000 of them started to seek employment in August is as puzzling as the earlier declines. If we lump it all together, the unemployment rate for August at 3.7% is a shade higher than the 3.6% rate that existed three months earlier. That seems to make a certain degree of sense.
For example, the employment data surge in the months leading up to Christmas and then decline sharply in the first couple of months of the following year. Similarly, when school lets out in May, teaching jobs decline, but teachers return to work a couple of months later. To publish dramatic changes in employment in those months makes no sense, so the Census Bureau adjusts the data for what typically happens in those months.
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One can try to explain why so many people suddenly started to look for jobs in August. In June and July, the labor force allegedly declined by 353,000 and 63,000 respectively. That left economists scratching their heads looking for reasons why people suddenly stopped looking for jobs at a time when the unemployment rate was at a 50-year low rate of 3.5%.
We expect GDP growth of 1.5-2.0% in the second half of this year, which is roughly in line with the economy’s estimated potential growth rate of 1.8%. The economy has slowed, but not enough to bring inflation down to the 2.0% mark. Arguably, the Fed needs a recession to make that happen.
from the CPI, the PPI, and the PCE deflator are all at least double the Fed’s 2.0% target. But there are hints that the inflation rate is slowing.Commodity prices have fallen in the past couple of months. That will help. But keep in mind that labor costs represent about two-thirds of any firm’s overall cost and they are not included here. Wages seem to be rising rapidly. Some economists have noted that average hourly earnings rose 0.3% in August. That is slower than in other recent months. However, average hourly earnings have risen 5.2% in the past year. But the Atlanta Fed’s “wage tracker” has risen 6.7%. That is far more troublesome. So which to believe? If you are the Fed, you want to see a slowdown in wages, but a single month of data for average hourly earnings is not going to convince it that anything has changed. The preponderance of evidence suggests that wages are rising far more rapidly than is consistent with a 2.0% inflation rate.
slow the economy and bring the inflation rate back to the 2.0% mark. That is because the Fed needs the funds rate to be higher than the inflation rate. Its own quarterly forecasts tell you that is the case. In the longer run, the Fed believes that the funds rate needs to be 2.5% to be consistent with a 2.0% inflation rate — i.e., it needs a positive real funds rate of 0.5%. Even if it raises the funds rate to a range of 3.0-3.25% later this month, that will not be the case. The inflation rate is somewhere between 4.5-6.5%. Rates will continue to climb until such time as the real funds rate becomes positive.
It is tempting to look at the 0.2% increase in the unemployment rate in August to 3.7% as a sign of emerging weakness in the labor market. That would be a serious mistake. It came about because the labor force surged by 786,000 in that month. The economy created 442,000 jobs. The remaining 344,000 have not yet found jobs.
On the inflation front, every measure
Viewpoint
Fed will raise rates at its meeting later this month. Most likely is an increase of 0.75%. But whatever happens, interest rates will climb significantly higher in the months ahead. The Fed has told us that. Pay attention!
People seem surprised when the Fed says that rates must move significantly higher to
Email: rnorton@scbiznews.com
There is no truth in economics. Every economic indicator is derived from a relatively small sample. The results of the sample are then blown up to represent the universe. Once that is done, the data are “seasonally adjusted,” which is supposed to take into account changes that typically occur in that month.
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