Financing Arranged for Piggly Wiggly HQ in South Carolina
Thorofare Capital provided a joint venture led by Insite Properties with $16.28 million in first mortgage debt for the acquisition, renovation and stabilization of an 84,468-square-foot office complex in Charleston, SC. The financing is secured by Albemarle Point Center, and features a 73,356-square-foot, four-story office building, which has served as the corporate HQ for Piggly Wiggly since 1999.
The 100%-leased Class A property located at 176 Croghan Spur, which was acquired from Chicago-based J.L. Woode, Ltd. for $21.5 million, also includes an 11,000-square-foot single-story flex building. A portion of the loan proceeds will be used to re-tenant approximately 30,000 square feet of office space that comes available when Piggly Wiggly vacates.
Thorofare’s Elliott Young originated the financing. Bethesda-based Phillips Realty arranged the financing on behalf of Insite Properties and its joint venture partner Eastern Federal Corporation.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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