From The Daniel Island News
Business Briefs - September 12, 2013
By Jennifer Johnston
Sep 11, 2013 - 8:54:21 AM
East Shore Athletic Clubs sold to Raleigh-based
O2 Fitness, the largest independent fitness company in the Southeast, has purchased East Shore Athletic Club’s (ESAC) 12 greater Charleston facilities, including the one at 295 Seven Farms Drive on Daniel Island. The acquisition is part of the Raleigh, North Carolina-based company’s aggressive expansion throughout the region.
“We are thrilled to welcome Charleston’s East Shore Athletic Club into the O2 Fitness family,” states O2 Fitness CEO and College of Charleston alum Michael D. Olander, Jr., who founded the fitness outfit in 2002. “We’re looking forward to serving the Charleston community and helping members reach and exceed their health and fitness goals. We believe in the potential of the Charleston market and look forward to continued growth there.”
ESAC owner Kent Jordan purchased a single gym location in Mount Pleasant 11 years ago, and since that time it has expanded to over 300 employees in one dozen locations across the tri-county area. As to why Jordan chose to sell to O2 Fitness, he states, “I am also involved in commercial real estate and other businesses here in Charleston, and decided it was time to focus on other interests.”
Jordan was introduced to Olander a few years ago, and had industry familiarity with O2 Fitness. After working through the transaction for the past 15 months, Jordan assures, “I think the two organizations are a great match. There is no better or more professional operator in the industry, and I am very happy to have O2 Fitness taking ESAC to the next level.”
Rather than rebranding the Charleston gyms immediately, O2 Fitness plans to redirect those funds to club enhancements and renovations. “East Shore Athletic Club is a well recognized and respected brand in Charleston and has been the recipient of numerous ‘best of’ awards and recognitions over the years. We look forward to building on this success,” observes Olander. Over the next four months, more than $1 million will be invested in new equipment, new carpeting, fresh paint and plasma televisions throughout the clubs, as well as an expanded line-up of programming, including more group exercise classes, new bootcamps, and functional training areas. East Shore Athletic Club members will also receive two complimentary personal training sessions as part of the changeover.
Talison Row developer sells DI apartment complex to Trade Street Residential
Daniel Island’s multi-family development, Talison Row, has a new owner. Developer Spectrum Properties Residential sold the apartment complex to Trade Street Residential, a fully-integrated owner and operator of high-quality apartment communities located primarily in the southeastern United States, for approximately $48 million.
Talison Row is a 274-unit luxury one-, two-, and three-bedroom apartment community located at 480 Seven Farms Drive. The residences feature high-end appointments, and the complex features 20,000 square feet of amenities, including a salt water pool with adjacent fireplace and grilling area, private cabanas and sun bathing lawn, an expansive clubhouse, community garden, private covered parking, yoga studio, game room, 24-hour fitness room, and outdoor gourmet kitchen. The development has received an "Award for Excellence" from the Urban Land Institute.
"Talison Row is a unique addition to our high-quality portfolio and expands our footprint in the Charleston market, which boasts strong economic and employment fundamentals and limited new supply," stated Michael Baumann, Chief Executive Officer and Chairman of Trade Street Residential. "This acquisition reflects our ability to source premier apartment communities at attractive cap rates and a discount to replacement cost. We look forward to applying our proven leasing and operating platform to increase occupancy and generate attractive margins."
According to Trade Street Residential Chief Investment Officer Ryan Hanks, the Talison Row property is complete in terms of development, and no changes arising from the purchase will be apparent to existing or prospective residents. Trade Street Residential owns 17 properties throughout the Southeast and Texas, and is headquartered in Aventura, Florida with offices in Charlotte, North Carolina.
Stephen McClure, President of Spectrum Properties Residential, indicated that the company was not necessarily seeking a buyer for the Talison Row, stating of the transaction, “It was not our intention, but our plans changed due to favorable market conditions.”
Spectrum Properties Residential is also the developer of the planned Simmons Park 270-unit apartment community. McClure indicated that the project is moving forward at its location adjacent Simmons Park between River Landing Drive and Pier View Street, and that the developer plans to hold this asset upon completion.
Nearly 2,000 SF office space sold at 126 Seven Farms Drive
Will Sherrod of Lee & Associates represented Regions Bank in the sale of 1,963 square feet at 126 Seven Farms Drive, Suite 150, in Daniel Island. Lee & Associates’ Pete Harper represented the buyer, Beresford Creek Holdings, LLC.
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