Charleston Developer Acquires Beachfront Golf Course
South Street Partners, a Charleston development enterprise renowned for its design and development of Kiawah Island, has recently purchased a large beachfront property in Georgia’s Golden Isles. The company has partnered with the global management firm TPG to acquire The King and Prince Beach & Golf Resort.
The terms of the deal remain confidential, but this acquisition sees South Street Partners and TPG purchasing the iconic St. Simons Island property from Mississippi-based MMI Hospitality Group, ending MMI’s nearly 45-year ownership stint.
South Street’s already impressive portfolio, including assets like Palmetto Bluff near Hilton Head Island, is complemented by this new acquisition. Chris Randolph, a partner at South Street, expressed his excitement about the venture stating that “both the resort and golf club complement[s] our existing portfolio of exceptional assets located in high-growth, southeastern markets.”
Property Details
The King and Prince Resort provides direct access to the beach and extends across almost six acres. It offers a diversity of amenities including bars, restaurants, sport courts, pools, and around 10,000 square feet of meeting area. A 142-key structure constitutes the main hotel, along with an 18-hole golf course located a few miles north.
Future Plans
Although MMI’s management will continue to operate the golf course, the new owners have announced their plans to upgrade the common areas and guest rooms. Over the next few years, they expect to introduce these enhancements and relaunch the resort.
Additional Charleston Developer Investments
In other investment news, Blaze Capital Partners, another Charleston-based firm, has reportedly purchased The Aspens Verdae, an active adult community in the Upstate. The 159-unit community was built in 2022 and is at a convenient location, just a 15-minute drive from the heart of downtown Greenville.
The intriguing partnership formed between Blaze Capital and the Swiss firm Partners Group led to this acquisition. Public land records indicate a purchase price of $33.25 million.
Reasoning behind this investment was explained by Chris Riley, co-founder and managing partner of Blaze. He declared that this acquisition and the associated commitment to growing an active adult portfolio signifies their dedication to the Greenville market. Riley believes that “the 55+ housing segment stands to benefit from exceptional fundamentals as Baby Boomers continue to seek more attractive forms of housing that offer a compelling alternative to traditional homeownership.”
Portfolio Expansion
Blaze’s Sunbelt portfolio’s main focus areas are multifamily developments, active-adult housing, and built-to-rent single-family homes. The firm recently acquired the mid-rise Lector 85, a 254-unit apartment complex in Tampa, Florida, in line with their ongoing expansion strategy.
Local Industry Leases
Wraps Ink Graphic Solutions, a vehicle wrap company with clients across North and South Carolina, has recently leased industrial space totaling 4,000-square feet at 7360 Cross Country Road in North Charleston. Their services cater to an extensive client base, including Caribbean Jerk Cuisine, Safe Bet Fire Protection products, and GiGi’s Street Treats, among others.
Moreover, the wellness firm Premier Health & Wellness LLC will soon relocate to Mount Pleasant. The business has committed to a lease for an office spanning 2,013-square-feet in the East Cooper Medical Center.
