Apr
18

Friday Architectural Humor

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Categories : Humor
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Dan Batten represented the Seller, Twenty First Properties, Inc., in the sale of approximately 119,452 SF on 10 acres located at 2453 King Street Extension in North Charleston, SC. The buyer was represented by Caldwell Commercial.

Dunston Powell, Principal of Carolina Commercial, LLC represented the Seller, Moneyline Properties, LLC, in the sale of 3.48 acres of Retail Land on Highway 17-A in Summerville, SC. The buyer was represented by Brent Case with Caldwell Banker Commercial

Dunston Powell represented the Buyer, Moneyline Properties, LLC, in the purchase of 6,600 SF Restaurant Building on approximately 1.12 acres located at 1100 Asheville Highway in Spartanburg, SC. The Seller was represented by Andy Hayes with Spencer/Hines Properties.

Dunston Powell represented the Buyer, LMB Investments, LLC, in the purchase of 0.95 acres located at 840 Coleman Blvd in the Town of Mt. Pleasant, SC. The Seller was represented by Joyce Beach with CBRE.

Dunston Powell represented the Buyer, Moneyline Properties, LLC, in the purchase of approximately 2,000 SF Car Wash on 0.50 acres located at 3310 North Main Street in Anderson, SC. The Seller was represented by John D. Gray, Jr. with NAI Earle Furman, LLC.

Dunston Powell represented the Buyer, L. Douglas Kirkman, Jr., in the purchase of 10,458 SF on 0.56 acres located at 268 Coleman Blvd. in Mt. Pleasant, SC. The Seller was represented by Mark J. Marenakos with Southern Real Estate, Inc.

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Upper King Street’s first boutique hotel soon will rise.

A 54-room, four-story accommodation to be billed as the King Hotel will be built on a vacant lot at 583 King St. The hotel site is across the street from the twin Hyatt hotels and Midtown mixed-use facility that have been under construction since late last year.

The project will be headed by Trey Sedalik, a managing partner of locally based Prospect Real Estate Partners, and business partner Daniel James.

Sedalik said he’s confident the hotel will stand apart from the slew of accommodations planned for the area.

“The Hyatt project will transform the area much like Charleston Place did to the 200 block of King Street in the late ’80s,” Sedalik said. “We’re excited to be part of renewing a once-neglected area in an antebellum city known for preserving its charm and Southern hospitality.”

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Categories : Charleston
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The region’s outdoor retailing market is about to get hotter, as Bass Pro Shops said Wednesday it will locate a store in the Upstate, putting it squarely in competition with Cabela’s, which opened a store in Greenville this month.

It will be a 120,000 square-foot facility at Interstate 85 and State 101 and will open in 2016.

Karen Edwards, a senior instructor in the Department of Retailing at the University of South Carolina in Columbia, said it’s no surprise Bass Pro and Cabela’s would target the Upstate, given local residents’ penchant for the outdoors and a recovering economy.

“You’ve got the economy rebounding,” Edwards said. “You also have a major trend in cultural values as health, fitness, conservation. Those all go to into play with the strength of the movement for the outdoor-type retailing. It’s a huge market.”

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Categories : Greenville, Spartanburg
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Categories : National News
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A 192-unit apartment property in Goose Creek recently sold for $3.4 million, according to Raj Ravi, regional manager of Marcus & Millichap Real Estate Investment Services’ Charleston office.

Michigan-based Princeton Management, a property management company, bought the property, according to the local leasing office and Princeton’s website. Princeton Management did not return phone calls from earlier this morning.

Princeton Management owns and manages six other apartment communities in the state, all of which are in Greenville.

Marcus & Millichap Real Estate Investment Services, a national real estate investment services firm, sold Spring Hill Apartments on behalf of the seller, an undisclosed financial institution.

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Categories : Charleston
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The sprawling Philip Morris site in Concord has sold after sitting vacant for several years since the cigarette manufacturing plant closed.

It remains unclear how the new owner, Victory Industrial Park, will use the plant, though the buyer said in a statement that the “company or companies that will occupy the site is/are in the field of clean-tech infrastructure.”

“After many years, we have received word from Altria of the sale of their former Philip Morris property to Victory Industrial Park,” reads a statement from the City of Concord. “The thousands of acres of land and millions of square feet of buildings should play a crucial role in the development of new jobs in Concord. The City of Concord looks forward to working with Victory Industrial Park in the future.”

Victory Industrial Park also released a statement confirming its purchase of the 2,023-acre site for $68.5 million.

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Categories : Charlotte
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Categories : Uncategorized
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Apr
14

Would You Pay $98,000 for a Parking Space?

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It’s rectangular in shape and can carry a six-figure price tag common for some luxury vehicles.

But there’s no engine, and the only tires are those that roll across it.

A reserved parking space is a strengthening part of the real estate market in downtown Charleston, providing pricey relief for motorists who might otherwise circle city blocks for on-street parking in some densely populated areas.

On-street parking spaces often are at a premium on the city’s narrow streets, which are flanked by historic buildings and homes that were built long before the first automobiles rolled off assembly lines. Some recent sale listings for a single parking space in private parking lots in downtown Charleston have neared $100,000.

Prices vary greatly depending on factors such as proximity to the business district and well-heeled residential enclaves including the French Quarter.

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Categories : Charleston
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Anybody who’s anybody in the up-and-coming Charleston tech industry knows that it’s OK to drink beer in the office after, like, 2 p.m.

That’s the main thing we took away from a recent whirlwind tour of the Holy City’s swankiest office spaces, many of which featured complimentary bars for their employees.

With the advent of Dig South upon us, including today’s Space Walk tour of offices, we thought it would be a good time to scope out our city’s most compelling variations on the boring old cubicle.

These offices made us envious. They gave us ideas to pitch to our bosses. They made us want to bring our dogs to work.

CLICK TO SEE PICTURES OF THESE COOL OFFICES

Categories : Charleston
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Apr
10

Equus Acquires Three Raleigh Apartment Complexes

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Equus Capital Partners, Ltd. (Equus) announced today that its affiliates have acquired a three property multifamily portfolio located in Raleigh from a joint venture between Silver Companies and McCann Realty Partners. The communities, known as Laurel Oaks, Laurel Springs and Hunters Glen, total 466 units and were 96 percent occupied at the time of closing. Madison Apartment Group, L.P. (Madison), the multifamily operating arm of Equus, will manage the communities for the firm.

Hunters Glen is the largest of the three properties and is located in the Central Raleigh submarket. The 180 unit garden style community has been renamed Madison Hunters Glen. The property includes a mixture of one and two bedroom apartments with recently upgraded kitchens and bathrooms. Onsite amenities consist of a pool, a dog park, tennis courts and sand volleyball court. The property offers easy access to I-40 and I-440, providing connections to downtown Raleigh and North Carolina State University.

Situated just eight miles away, Laurel Oaks is a 164 unit garden style community that also includes a mixture of one and two bedroom apartments with onsite amenities including a pool, grilling areas and tennis courts. The property is located in the Northwest Raleigh submarket .

Laurel Springs, the smallest property in the portfolio with 122 units, is located 3 miles from Laurel Oaks and offers a mixture of large one and two bedroom apartments with onsite amenities including a pool and grilling areas. The property is located in the North Central Raleigh submarket .

 

Categories : Raleigh
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Apr
09

Columbia City Council Passes Bull Street Ballpark

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wistv.com – Columbia, South Carolina |

Categories : Columbia
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Apr
09

Duncan’s Culpepper Landing Apartments Sold

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Marcus & Millichap Real Estate Investment Services has announced the sale of Culpepper Landing, a 192-unit apartment property located in Duncan, SC. The asset sold for $6,500,000.

Mark Boyce, Robert Sheppard & Jonathan Smith, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a Virginia limited liability company.

Culpepper Landing is located at 201 Culpepper Landing Drive in Duncan, SC. Culpepper Landing is comprised of 192 units and consists of 16 three story buildings. The property has a mix of 2 and 3 bedroom units. There are 108 two bedroom and 84 three bedroom units. All have fully equipped kitchens and spacious living areas. Water is master metered. The property was built in 1998 and was 97% occupied at the time of sale.

 

Categories : Greenville, Spartanburg
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Apr
08

Verdae to Develop 100 Acres on Laurens Road

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Verdae Development Inc. will redevelop 100 acres between Laurens Road and Woodruff Road with a planned mixed-use project that includes 70 acres of residential space, 30 acres of retail space, a new park and a Swamp Rabbit Trail extension. The project is expected to generate $100 million in capital investment.

Verdae Development President and COO Rick Sumerel said at a Tuesday news conference attended by dozens of community leaders that the former Sam’s Club and Best Buy stores on Laurens Road will be demolished. He said the Laurens Road commercial corridor will be overhauled, with a “more urban, pedestrian-friendly design,” with utility lines relocated underground, new streetlight systems and major changes in the roadside frontage. Sumerel said the project has been planned for years.

“We are now at the point where we can actually begin to further define the land plan, working with the city, and we hope in the next few months to be in a position to actually start marketing and attracting other tenants,” Sumerel said. “We believe this initial phase will result in a capital investment of $100 million. We have not done the math on what that is going to create in terms of jobs.” Sumerel said there are not yet any prospective new tenants.

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Categories : Greenville
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Apr
08

MeadWestvaco to Sell 50,000 East Edisto Acres

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For the first time, MeadWestvaco Corp. is selling some its East Edisto land.

The East Edisto region master plan calls for at least 75% of the 72,000 acres to remain permanently rural. MeadWestvaco plans to sell approximately 50,000 of the total acres over the next five years for rural uses, said Ken Seeger, president of the MeadWestvaco Community Development and Land Management Group. The remaining 22,000 acres will be used for a planned community.

The land in the East Edisto Rural District can be used for timber, hunting, farming, civil, or recreational uses, as well as for low-density, rural developments, Seeger said.

MeadWestvaco has owned this land for more than 90 years. This is the first time it has been for sale to the public. Currently, about 4,000 acres are for sale as different lot sizes, Seeger said.

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Categories : Charleston
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