Carrols Restaurant Group, Inc. today announced that on September 18, 2014 it exercised its right of first refusal to purchase 30 BURGER KING® restaurants in eastern North Carolina under the same terms and conditions of an existing purchase and sale agreement between the sellers and an unrelated third party. The total purchase price is approximately $20 million payable in cash at closing, and the assets to be purchased include 12 fee-owned properties. The Company anticipates that subsequent to closing it will market and enter into sale/leaseback transactions for 10 of the fee-owned properties for total estimated proceeds of $13 million to $14 million.
The University of South Carolina ended up the surprise high bidder for 300 acres of clear-cut riverfront property in U.S. bankruptcy court Thursday, after a nearby mining company decided not to ante up.
USC plans to put in intramural playing fields, a practice golf course and other amenities for students on the flood-prone land — perhaps by next school year, said Russ Meekins, director of the USC Development Foundation.
Early in Thursday’s daylong hearing before Judge David Duncan, it was clear that Vulcan Materials Co. had backed off the expected bidding war with USC for the land just a quarter-mile from its Columbia quarry. Meekins was surprised by the turn of events, he said.
He came to court expecting an auction for the property behind Gamecock Park, a tailgate destination off Bluff Road. Then he was informed Vulcan was sticking with its original $3 million bid, which USC had bested by $250,000.
Whole Foods Market will open its first Augusta store later this month.
The grocer’s grand opening of its new 41,000-square-foot store will be Tuesday at the Washington Crossing shopping center on Washington Road. Sneak-peak preview tours will be available to shoppers Friday and Saturday.
The store will feature a nine-hole putting green, patio, coffee bar, a large cheese selection and more, according to a press release.
“We are as excited as the community is to be able to announce our opening date,” Whole Foods Market Augusta Store Team Leader Nourredine Dahak stated in a press release. “We look forward to opening our doors in a few short weeks, bringing a fun, new and healthy grocery store option to our neighbors and team members here in Richmond County.” Whole Foods, a natural- and organic-food retailer, was founded in Austin, Texas, in 1980. Locations include the United States, Canada and the United Kingdom.
Click on the photo below to download the report.
A drive-in movie theater is planned to be built on a 67-acre site near the Columbia Metropolitan Airport. Martin Murray and Joe Barth paid $350,000 for the property at 1420 Old Dunbar Road in West Columbia, according to NAI Avant.
“The new owners plan to develop the property into a drive-in movie theater, the first one built in our local community in nearly 25 years,” the commercial real estate company said in a press release announcing the sale.
According to Cinema Treasures, about 360 drive-in theaters are operating in the United States, down from some 4,000 in the 1960s.
Barth also is the owner of Highway 21 Drive-In, a two-screen theater just off U.S. 21 about 1.5 miles from Marine Corps Air Station Beaufort. The Beaufort theater opened in 1978. It closed in 2003 and reopened in 2004.
Click on the photo to download the PDF of the report.
Calkain Companies continues its expansion efforts by announcing its newest presence in North Carolina and South Carolina. Patrick Nutt, Managing Partner has begun servicing developers and investors in the Charlotte, Research Triangle, Asheville and coastal markets. Chris Koepenick, Associate Director, has joined Calkain to spearhead the firm’s efforts in the South Carolina market.
Chris Koepenick serves as Associate Director with Calkain Companies and is based out of the company’s newly formed Charleston, South Carolina office. Chris, formerly with Lee & Associates, is a 12 year commercial real estate professional and specializes in net lease investments throughout the Palmetto State. Chris has executed hundreds of transactions representing landlords, tenants and investors. In November, 2007 Chris earned his CCIM designation.
Patrick Nutt is a proven performer and leader within the global net lease investment market and is broadening his scope of geography into North Carolina. An eight year veteran of Calkain Companies, Patrick is a sought after professional and speaker on single tenant related topics. Patrick has acquired his North Carolina Brokerage license in order to continue to service his expansive group of extremely loyal clients that are now working in the Tar Heel State as well as to establish relationships with local net lease professionals.
A Rock Hill CPA firm is planning a $3.5 million office and retail building in the Riverwalk mixed-use center in Rock Hill.
The building, which will have a view of the Catawba River, will also be the new headquarters for the 17-employee Bernard N. Ackerman CPA firm. The firm’s president, Bernie Ackerman, says he hope his building and another commercial building at Riverwalk will spur other commercial activity at Riverwalk.
“Riverwalk will be the apex of York County,” he says in a telephone conversation this morning. That particularly applies to his firm, which has clients in Charlotte, Fort Mill, Lancaster County and York.“It puts us right in the middle,” he says.
Construction starts on the 18,000-square-foot building next week, and Ackerman is planning a celebration for the completion of the building on about Aug. 1, 2015. Simon & Watson Construction Inc. of Fort Mill will serve as general contractor for the facility.
As some speculative construction comes online in the market, demand exists for more to be built to keep pace with industry needs, according to several commercial real estate firms.
“Charleston activity and interest is clearly on the increase and outperforming the national economy. … Speculative building is seeing renewed signs of life with two projects under consideration,” according to Cushman & Wakefield Thalhimer’s second-quarter industrial report.
The first half of 2014 saw a resurgence in activity for the industrial warehouse sector. Increasing business at the Port of Charleston and from Boeing South Carolina is attracting more suppliers, manufacturers, warehousing operations and logistics firms to the region, which puts pressure on industrial inventory, the firms said.
An increase in port traffic and the refrigerated cargo segment spurred setup or expansion of operations in Charleston by Lineage Logistics, Agro Merchants Group and New Orleans Cold Storage, all cold-storage facilities.
The vision Fort Mill leaders have for downtown continues.
Main Street should have a new restaurant by the end of the year. Jason Cloud, formerly of Cloud Nine Martini & Tapas Bar in Baxter, plans to open the new eatery at 213 Main St., most recently home to United Artisans. “We’re a month or two from getting going,” Cloud said.
Plans include a 2,000-square-foot deck in the grassy area between the restaurant and bandstand that used to be Tony’s Pizza, which was destroyed by fire in 2007. Cloud thinks opening could happen in two months, but town and historic review board approvals are still needed. Restaurant names are still being discussed.
“We’re still working on that,” Cloud said. “We’ve still got a few names in the air.”
The menu will include burgers, salads, health food options, milkshakes and other items. Cloud expects a different offering from neighboring Local Dish, and that the two restaurants can feed off each other. The new restaurant could help achieve the town’s goals of bringing people downtown – and keeping them there.
S.L. Shaw & Associates, Inc. is developing a 12,000 square foot Office & Retail building on Daniel Island, South Carolina. The two-story Class A building will be located on the 0.44 acre parcel on River Landing Drive between Sermets Restaurant and Sinclair Law Firm. The property is located within walking distance of Daniel Island’s Town Center, including shopping, dining, banking and grocery opportunities with occupancy in Fall 2015.
The property will feature Office & Retail opportunities from 1,500 square feet and up, fulfilling an immediate need for more well positioned Office space on the island.
Daniel Island-based Bridge Real Estate Advisors has been selected as the property manager and leasing company for this development. “125 River Landing offers smaller suites which is in high demand and the building reinforces the traditional feel of Charleston’s coastal town with double wrap around porches, high end finishes and an outdoor courtyard,” said Alan Blom, Broker in Charge of Bridge Real Estate Advisors.
The 2014 National Apartment Association’s Income & Expenses Survey is complete. The report presents data from garden and mid-rise/high-rise properties, and is further segmented by individually metered and master-metered utilities. Survey data is presented in three forms: dollars per unit, dollars per square foot of rentable area and as a percentage of gross potential rent (GPR).
A total of 3,698 properties containing 966,296 units are represented in this year’s report. Data was reported for 3,366 marketrent properties containing 906,562 units and 332 subsidized properties containing 59,734 units.
Check out the 2014 National Apartment Association’s Income & Expenses Survey Executive Summary.
Downtown Columbia is headed for a parking crunch – growing pains for a rapidly redeveloping Main Street that has attracted hundreds of new residents, workers and businesses in recent months.
The situation has the city scrambling to find a way to accommodate the people it has worked so hard to attract to the corridor for more than a decade. The city spent a record $1.7 million in parking discounts to attract The Hub, a new 850-bed student housing high-rise that opened last month, according to internal city of Columbia communications obtained by The State newspaper. But the influx of students and young professionals is limiting access and increasing parking costs for the employees of at least one business.
Ultimately, the parking issue might be more of a matter of readjusting to the new level of activity downtown, said Tom Prioreschi, owner of Capitol Places, a downtown apartment rental company headquartered along Main Street with hundreds of tenants in place.
Prioreschi was one of the first developers to take a chance on Main Street in the late 1990s. Redevelopment was painfully slow until about three years ago when Mast General Store opened, spurring a rash of restaurants, retailers and residents to move to the street.
The architectural drawings for a major Greenville development are being reviewed, and the submitting firm says that with anticipated approval, construction will likely begin this fall.
The Stone Avenue/Main Street development plans by McMillan Pazdan Smith Architecture were submitted for permitting on Aug. 11. Officials with the firm say they are getting pricing from the contractor.
“Barring any unforeseen delays, the Beach Company would like to start construction as soon as they can … likely October or November,” they said.
The design firm said a neighborhood meeting is being planned for either Sept. 10 or Sept. 11 regarding development on the other side of Rowley Street. Councilwoman Amy Ryberg-Doyle will be sending out a notice once the meeting date is set inviting neighborhood residents to attend.