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Ares Management Corporation Acquires Development Site From Crosland Southeast & FCP For $16.5M

Property Image
SOLD
$16,500,000
Hunter Barron
John Gavigan
Travis Anderson

South Carolina

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Development Site16 SF
Sold 01/13/2026
the dealplayerscompscontact
Property Image
SOLD

Ares Management Corporation Acquires Development Site From Crosland Southeast & FCP For $16.5M

8918 Charlotte Highway

See Similar Deals
Development Site16 SF
Sold 01/13/2026
Hunter Barron
John Gavigan
Travis Anderson
the dealplayerscompscontact
Contact now

Summary

SOUTH CAROLINA
Asset Type:Development Site
Price Per Square Foot:$1,031,250
Total Square Footage:16 SF
Transaction Type:Sale

Ares Management Corporation purchased a development site located at 8918 Charlotte Highway in Fort Mill, SC. The sale price for the 16.4-acre site was $16.5 million, equating to $1,006,098 per square foot. The asset is designated for the development of 400 apartments with vertical construction expected to begin soon and completion anticipated in the first quarter of 2027.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $16,500,000
  • Address: 8918 Charlotte Highway
  • Market: Fort Mill, SC
  • Square Footage: 16.4 acres
  • Price Per Square Foot: $1,006,098
  • Buyer: Ares Management Corporation
  • Seller: Crosland Southeast & FCP
  • Brokers: Travis Anderson, Hunter Barron & John Gavigan - JLL

This acquisition is part of a larger 130-acre mixed-use development that will also include retail spaces and townhomes, reflecting a collaborative effort with Crosland Southeast and FCP in the planning and execution of the project.

Players

John Gavigan
JLL
John Gavigan
3 deals$45M volume
BROKER
Hunter Barron
JLL
Hunter Barron
5 deals$72.1M volume
BROKER
Travis Anderson
JLL
Travis Anderson
8 deals$516.7M volume(704) 526-2806
BROKER
FCP
FCP
SELLER

Details

SOLD
IMAGE: 01/13/2026 ADDRESS: 8918 Charlotte Highway MARKET: Fort Mill, SC ASSET TYPE: Development Site BUYER: Ares Management Corporation SELLER: Crosland Southeast & FCP BROKERS: Travis Anderson, Hunter Barron & John Gavigan - JLL SALE PRICE: $16,500,000 SF: 16.4 ~ PPSF: $1,006,098 NOTE: Ares Management acquired a 16.4-acre site at The Exchange at Indian Land for $16.5 million, planning to develop 400 apartments with vertical construction starting soon and delivery expected in Q1 2027. The project, part of a larger 130-acre mixed-use development including retail and townhomes, is a joint effort with Crosland Southeast and FCP.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$880,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$58,621.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$78,218.42
Annual Debt Service$938,621.01