CBRE Announces $28.95 Million in Acquisition Financing for Two-Building Industrial Infill Portfolio in Charleston, SC

(Photo of 4750-4760 Goer Drive courtesy of CBRE.)

CBRE arranged a $28.95 million loan for the acquisition of Charleston Infill Portfolio, a two-building industrial portfolio totaling 307,492 sq. ft. in Charleston, South Carolina.

Brian Linnihan, Mike Ryan, Richard Henry, and JP Cordeiro with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, Miami-based COFE Properties, which purchased the property for $48.25 million.

Nuveen provided the 5-year fixed-rate, full-term interest only loan.

The portfolio includes two, Class A front-load industrial facilities that are 100 percent leased:

4275 Arco Lane is a 60,640-sq.-ft facility built in 1995. It features 16’ clear heights, 75’-110’ truck court depths, and only 20% office finish. The property is leased to seven tenants, including Carrier Enterprises and Perfect 10 Distribution.

4750-4760 Goer Drive is a 246,852-sq.-ft. facility built in 1979. It features 24’ clear heights, 90’-128’ truck court depths, and only 10% office finish. The property is leased to 11 tenants, including the College of Charleston and Beers Millwork.

“The portfolio’s irreplaceable infill location and mark-to-market opportunity enabled the borrower to source favorable debt terms,” said Linnihan, a vice chairman with CBRE in Atlanta. “We’re pleased to have helped our client secure financing that aligns with its overall investment strategy.”

Situated in the North Charleston submarket within Interstate 526, the facilities provide direct access to I-26, US 52, and the Charleston International Airport.

They are only 10 miles from the Port of Charleston, the 6th busiest U.S. container gateway.

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

City Council Unanimously Appoints Jim Crosland as Cayce City Manager

Members of Cayce City Council unanimously voted to appoint Interim City Manager, former Assistant City Manager, and former Assistant Director of the Cayce Department of Public Safety Jim Crosland, as Cayce’s new city manager.

He has more than 26 years of state and local government experience.

A South Carolina native, Crosland served in the United States Coast Guard before earning his associate and bachelor’s degree in criminal justice.

As an assistant director with the Cayce Department of Public Safety, now the Cayce Police Department, Crosland served at every level of law enforcement: canine officer, narcotics detective, patrol sergeant, police instructor, and assistant director over the department.

He is also a graduate of the 265th Session of the FBI National Academy for Executive Leadership, a certified public manager, and a graduate of the SC Economic Development Institute.

Prior to his years with Cayce, he was a corrections officer and member of the Narcotics Team with the Lexington County Sheriff's Department.  

Michael Conley will serve as deputy city manager alongside Crosland.

Conley has more than 18 years of experience across South Carolina in zoning, planning and development.

Prior to coming to Cayce, Conley was the assistant county administrator of Kershaw County.

IRS Increases Standard Mileage Rate for Business Use In 2025

The Internal Revenue Service announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. 

Optional standard milage rates are used to calculate the deductible costs of operating vehicles for business, charitable and medical purposes, as well as for active-duty members of the Armed Forces who are moving. 

Beginning Jan. 1, 2025, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 

* 70 cents per mile driven for business use, up 3 cents from 2024.

* 21 cents per mile driven for medical purposes, the same as in 2024.

* 21 cents per mile driven for moving purposes for qualified active-duty members of the Armed Forces, unchanged from last year.

* 14 cents per mile driven in service of charitable organizations, equal to the rate in 2024. 

The rates apply to fully-electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles. 

While the mileage rate for charitable use is set by statute, the mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile.

The rate for medical and moving purposes, meanwhile, is based on only the variable costs from the annual study. 

Under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.

And only taxpayers who are members of the military on active duty may claim a deduction for moving expenses incurred while relocating under orders to a permanent change of station. 

Use of the standard mileage rates is optional. Taxpayers may instead choose to calculate the actual costs of using their vehicle. 

Taxpayers using the standard mileage rate for a vehicle they own and use for business must choose to use the rate in the first year the automobile is available for business use.

Then, in later years, they can choose to use the standard mileage rate or actual expenses. 

For a leased vehicle, taxpayers using the standard mileage rate must employ that method for the entire lease period, including renewals. 

Check Out Gift Cards Before You Buy Them

Doing some holiday shopping?

Federal Trade Commission officials say here’s a type of gift card scam to look out for: scammers can get the gift card number and PIN before you buy the card.

So if gift cards are on your holiday shopping list, FTC officials say keep reading.

Scammers sometimes tamper with gift cards in store displays. They might remove the protective stickers from gift cards or even scratch off the back.

That way, they can steal the card numbers and PIN. With those numbers, a scammer can get any money you put on a gift card — even if they don’t physically have the card.

They just wait for you to load money on the card and — poof! — it’s gone.

If you’re buying gift cards this holiday season:

Check for signs of tampering. If it looks like someone scratched off the back of a gift card or removed any stickers, tell a cashier or manager. Scammers might tamper with gift cards in batches, so if you see something suspicious on one card, consider looking at a different store.

Pay by credit card if you can. You get the most protections when you pay with a credit card. If you run into problems and file a chargeback, your credit card will investigate and you might get your money back.

Keep copies of the gift card and store receipt. If the gift card doesn’t work or doesn’t have any money on it, the number on the card and store receipt will help you report to the gift card company. The sooner you report, the better. You can also report fraud to the FTC.

Report gift card scams at ReportFraud.ftc.gov. Learn more about this and other gift card scams at ftc.gov/giftcards. 

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