The Business Narrative: Health Care Change

Aug 15, 2024 09:16AM ● By Donna Walker

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Roper St. Francis Healthcare Will Sell Charleston Hospital Property

Roper St. Francis Healthcare announced its plans on Aug. 10, 2024, to sell the 11.5-acre property where Roper Hospital is located at 316 Calhoun St. in Charleston, South Carolina, to the Medical University Hospital Authority (MUSC Health).

Officials said the transaction won’t be finalized until Roper St. Francis Healthcare relocates hospital operations, anticipated for late 2029, to the Roper Hospital Medical Campus in North Charleston.

The sale comprises three parcels:

• The 900,000-square-foot hospital building.
• The parcel where the medical office building sits, along with the adjacent parking.
• Parking garages on Doughty and Lucas streets.

The purchase sale agreement for this transaction was approved by the MUSC Board of Trustees on Aug. 10, 2024.

“Since Roper Hospital opened downtown in 1856, it is – and always has been – more than a building. We are a close camaraderie of caregivers and teammates who come together every day to heal the community,” said Dr. Megan Baker, chief operating officer of Roper St. Francis Healthcare.

Baker added, “Where and how we operate has consistently evolved to meet the needs of Charleston as it has grown throughout its history, and this transition reflects our commitment to adapting to the changing needs of our community while providing the highest quality of care.”

Officials said the agreement signifies an intent to sell, ensuring that Roper Hospital will remain fully operational and continue serving patients at its current location on the Charleston peninsula until the relocation to North Charleston is complete.

The final sale price will be determined based on a fair market value assessment to be conducted in 2029.

“MUSC and Roper St. Francis Healthcare have both loyally and in parallel served the Charleston community for 170 years. Our shared, long-standing commitment, and rich legacies of caring for and improving health care for the people of Charleston is unique and admirable,” said David J. Cole, M.D., MUSC president.

Cole added, “We look forward to continuing to work collaboratively with RSFH through this transition and into the future.”

The move to the North Charleston campus near Interstates 26 and 526 will mark a significant step in the Roper St. Francis Healthcare 2030 strategic plan to broaden access to quality care and expand the health system’s footprint in the Lowcountry.

From its central location, the Roper Hospital Medical Campus will include a full-service acute care hospital with a 24-hour emergency room, state-of-the-art operating rooms and the latest in technology and design for inpatient care, as well as a medical office building with a vast array of outpatient and specialty care services.

Officials said Roper St. Francis Healthcare is committed to continuing its longstanding legacy on the peninsula, where its first hospital opened in 1856 at the corner of Queen and Logan streets.

Leaders are developing plans and evaluating multiple sites to ensure the area's largest health-care system retains a strong presence on the peninsula.

Officials said Roper St. Francis Healthcare is also committed to working alongside MUSC Health as a community partner to ensure a smooth transition in the coming years.

Baker said the agreement to sell the Roper Hospital property reflects a mutual respect for MUSC Health and a shared dedication to the health of our community.

“We recognize MUSC for its strong academic mission and position as a valuable community partner,” she said. “This plan will help both organizations meet community health-care needs and will advance Roper St. Francis Healthcare’s mission of healing all people with compassion, faith and excellence.”

South Street Partners, TPG Acquire The King and Prince Beach & Golf Resort on St. Simons Island

South Street Partners, a leading private equity real estate investment firm headquartered in Charlotte, North Carolina, and Charleston, South Carolina, and TPG Real Estate, the dedicated real estate platform of global alternative asset management firm TPG, said they have formed a joint venture to acquire The King and Prince Beach & Golf Resort, the largest beachfront resort in coastal Georgia’s Golden Isles.

South Street and TPG Real Estate are acquiring the resort and golf club from MMI Hospitality Group, a Mississippi-based, family owned and operated private investment partnership focused on service industry businesses that initially invested in the property nearly 45 years ago.

Financial terms of the King and Prince transaction weren’t disclosed.

The King and Prince will continue to be operated by MMI Hotel Group, the management division.

Officials said the joint venture will focus on elevating the resort and club offerings, with plans for a comprehensive renovation to rooms and common spaces.

The capitalization is the latest investment by South Street’s inaugural SSP GP Fund I. Breakwater, a Charleston, South Carolina-based hospitality investment, development, and advisory firm served as the exclusive agent to the seller.

Located on St. Simons Island, the 142-key resort campus spans nearly six acres with direct beach access and amenities that include bars and restaurants, resort style swimming pools, and sport courts.

Guests can enjoy an 18-hole golf course at The King and Prince Golf Club, located just a few miles north of the hotel.

The resort offers 10,000 square feet of meeting space, along with a tented lawn for events and celebrations. The property includes developable land and beachfront condos for purchase.

South Street Partners is one of the largest owners and operators of private residential club and resort communities in the United States – including Kiawah Island, Palmetto Bluff, The Cliffs, Naples Grande, Barnsley Resort, Elevation Hotel & Spa and Residences at Salamander.

Founded in 2009, South Street, on behalf of SSP GP Fund I, its institutional joint venture partners and co-investment vehicles, has deployed over $1 billion of equity across resort, residential and commercial properties and has over $2 billion of assets under management.

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world.

Anderson Automotive Group Sells Chevrolet of Easley and Nissan of Greer to MCE Automotive Group

The family owned Anderson Automotive Group on Aug. 12, 2024, announced the sale of Chevrolet of Easley and Nissan of Greer to MCE Automotive Group for an undisclosed price.

The two dealerships were among five acquired by Anderson Automotive from MCE in August 2023.

The sale brings Anderson Automotive’s total Upstate South Carolina dealerships to eight with an employee workforce of approximately 700.

Anderson Automotive President and CEO Michael Anderson said the sale represents an opportunity to enhance the customer experience at the company’s other locations in Greer and Greenville, South Carolina; Asheville, North Carolina, and a new store under construction in Cape Coral, Florida.

A third-generation family-owned business founded in 1955 with a Chevrolet dealership in Creedmoor, North Carolina, Anderson Automotive has nearly 2,000 employees at 17 dealerships across the Carolinas and Florida.

Tenant Expansion Brings 20/21 Business Center in Columbia to Fully Leased

A new lease expansion from an Austin, Texas-based land surveying company, along with 37,681 square feet of new and renewed leases in the past 12 months, has brought 20/21 Business Center in Columbia, South Carolina, to 100 percent leased.

Marie Dieckmann of CBRE in Columbia represented the landlord, Massachusetts-based CB Equities, in each lease transaction.

“We continue to see high demand for flex product as our market experiences residential and industrial growth, but this type of success was driven by an owner that made capital improvements necessary to reintroduce this asset to the market and compete for high-quality tenants,” said Dieckmann, Senior Associate with CBRE.

Located at 6904 N. Main St. in Columbia, the three-building, 98,396 sq. ft. flex office building has been owned by CB Equities since May of 2022 and has undergone a variety of capital improvements to enhance the aesthetic appeal of the property.

Other tenants that recently signed leases at 20/21 Business Center include a pest control company, a construction firm, and an HVAC company.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, Texas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue).

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