Storage 2000 and Storage Central, a four property storage and RV portfolio, with over 383,000 rentable square feet and over 2,540 self storage units, has commanded a sales price of over $100 per RSF. Multiple offers were received for this institutional grade portfolio which sold in early October.
Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the portfolio.
Storage 2000 opened in 2000 and continuously expanded through the early 2000s. Storage Central located in Raleigh, NC opened in 2010 as an RV and Boat Storage Center. It offers fully enclosed boat and RV storage along with other amenities attractive to RV owners. Additionally, traditional climate and non-climate self storage units are offered and the facility was recently expanded.
This portfolio was comprised of 30 buildings on over 30 acres with Storage Central and Storage 2000 (Cayce) offering additional expansion opportunities. Amenities include drive-up and climate controlled units, enclosed RV and Boat Storage, security cameras, computerized gate entrance, rental office with retail office and onsite move in trucks. Two additional facilities, located in Fredericksburg, VA and Stafford, VA were sold in the sale.
Wal-Mart is opening a 41,000-square-foot Neighborhood Market early next year on a 14-acre site at the corner of Old Buncombe and Duncan Chapel roads.
Neighborhood Markets typically employ 95 people, according to an emailed statement by Amanda Henneberg, Wal-Mart senior manager of communications for public affairs and government relations.
Dallas-based Cypress Equities applied to rezone the site earlier this year, proposing a 41,000-square-foot grocer chain on the property, which has 800 feet of frontage on Old Buncombe Road and 500 feet of frontage on Duncan Chapel Road.
HLC Equity, a national real estate investment holding group and property manager, today announced the sale of the 192,000-square-foot Wal-Mart Supercenter located at 3812 Liberty Highway in Anderson, South Carolina. The tenant, Wal-Mart Stores, Inc., currently occupies the property with 13.7 years remaining on its triple-net lease.
Situated in one of South Carolina’s largest retail corridors, equidistant from the Atlanta and Charlotte metropolitan areas, the property is part of a 330,000-square-foot shopping center that includes a Sam’s Club and a 5,000-square-foot strip center.
HLC Equity acquired the Wal-Mart Supercenter as a strategic investment asset because of the area’s financial stability, the tenant’s long-term commitment and the Anderson retail corridor’s dominant presence along Interstate 85 between Atlanta and Charlotte.
Within a three-mile radius of the building, there is more than 10 million square feet of commercial space, including the 625,000-square-foot Anderson Mall. Dick’s Sporting Goods, Staple’s and Kohl’s are directly adjacent to the Wal-Mart Supercenter.
The sustained performance of the U.S. commercial real estate industry is expected to continue in 2015, fueled by improving fundamentals and robust investor appetite, in both domestic and foreign arenas, according to Emerging Trends in Real Estate 2015, co-published by PwC US and the Urban Land Institute (ULI).
“Unlike previous reports and previous cycles, we are seeing sustained growth,” said Mitch Roschelle, partner, U.S. real estate advisory practice leader, PwC. “In the past several years, we reported that real estate market participants’ main fears revolved around the uncertainty with the economy. Now, the trepidation in their eyes has more to do with the ability of the growing real estate markets to adapt to a series of mega trends impacting society and the global economy. These mega trends include accelerating urbanization, demographic shifts and the impact of distributive technological advancements.”
The outer reaches of the West End are poised to see the redevelopment of an historic Greenville property when construction begins on loft apartments in a cotton warehouse on Green Avenue.
Greenville-based TRV Development says it is transforming the old E.W. Montgomery Cotton Warehouse into 60 apartment-style lofts, ranging from about 600 to 1,300 square feet, with open ceilings and exposed brick walls. The warehouse is about a half-mile from Fluor Field and a few blocks west of Greenville High School.
Plans show multiple efforts throughout the two-story development to preserve the site’s historic aesthetic, including the former warehouse and office entryways, original hardwood floors, painted brick and exposed wooden beams and frames.
The Elements, City Lofts, as it is listed in plans, will feature amenities such as a clubroom, pool and cabana, and covered parking in the rear. The company says particular focus has been put on environmental sustainability, such as solar panels to heat water and the common area.
As moving season kicks into high gear, renters have many factors to consider in their decision-making process when searching for an apartment. Apartments.com recently conducted a national survey of more than 2,500 renters to help get a better understanding about why people rent, as well as gain insight into what it would take to motivate them to move immediately, and which specific aspects of renting are the most important when choosing where to live.
As a result of high demand for rentals, the incentives and special offers apartment communities offer to renters have decreased dramatically in recent years. Back in 2009 when the vacancy rate was at a 23-year high, The Wall Street Journal reported “some landlords are showering flat-screen TVs, cash, rent cuts and other incentives on tenants to encourage them to renew their apartment leases.” There is a sharp contrast today, as concessions and incentives are nonexistent in some hot rental markets.
Work is underway on a new high-end apartment complex in Cayce.
Cayce City Council gave final approval on a new apartment complex at the site of the old Tremont Hotel and the Monterey Mexican Restaurant. Easlan Capital is the development company building the new apartments and has already started demolition.
Easlan Capital will be developing 220 higher-end new apartments off Knox Abbott Drive. It will be between the river and Axtel Street next to the Cayce River Walk Park. The area was rezoned to allow multi-family home development. City council approved a second reading of the zoning change at its meeting Wednesday night.
Cayce City Manager Rebecca Vance said that area is the entryway into the city, and they are excited about the new complex coming to help revamp it.
Greystone, a real estate investment and development group, has announced the acquisition of two Midtown Raleigh apartment communities, Atlantic Lynn Lake and Atlantic Millbrook, for $18.4 million.
Located approximately two and a half miles apart, Atlantic Lynn Lake and Atlantic Millbrook were constructed in 1986 and consist of 101 units and 117 units, respectively. Atlantic Lynn Lake provides amenities such as a fitness center, clubhouse, playground and pool, while Atlantic Millbrook offers the same, as well as tennis courts, bike/jogging trails, and BBQ/picnic area.
The properties were purchased from Atlantic Pacific Companies and transitioned to new property management by Greystone Property Management Corporation, which manages thousands of residential real estate units in Florida, Indiana, Louisiana, North Carolina and South Carolina.
As part of its active acquisitions strategy, Greystone seeks out multifamily assets, investing in renovation and improved property management to increase value. Ideal real estate acquisition targets are 1980′s vintage – or newer – and over 200 units in size situated in the Southeast, mid-Atlantic and Midwest.
More evidence of a commercial real estate resurgence in Pensacola, Walmart Neighborhood Market has traded hand in Pensacola. The price for the 42,296-square-foot retail asset was $4.1 million.
Don McMinn and Zachary Taylor, both vice presidents investments in Marcus & Millichap’s Atlanta office, represented the seller, a Tennessee-based developer. Patrick Furlong, associate in the firm’s Seattle office, represented the buyer, a private 1031 investor. Kirk Felici, first vice president in the firm’s Miami office, is the firm’s broker of record in Florida.
“We eventually closed with an all-cash 1031-exchange private investor at a price that was 70 basis better points better than the seller’s expectations,” says McMinn. “The below 5% cap rate set a record at the time as the lowest cap rate for a Walmart Neighborhood Market. We are about to bring two more Walmart Neighborhood Market assets to market, one in Atlanta and one in Charleston.”
CBRE Greenville has announced the recent acquisition of the Viking Warehouse Facility, a 350,000-square-foot warehouse/distribution facility in Spartanburg, by an affiliate of Alliance Partners HSP LLC. Alliance is a private real estate investment company headquartered in Philadelphia. CBRE’s Campbell Lewis represented Alliance.
Comprised of two warehouse buildings on a 28.7-acre site located at 2071 Fryml Drive in Spartanburg County, Viking was formerly home to American Fast Print. In recent years, the property sat mostly vacant.
Alliance plans to invest significant capital to reposition Viking from Class C to Class A condition, according to a statement from CBRE. Renovations will include new lighting, roofing, dock doors, ventilation and paving, as well as adding new access from Fryml Drive. Completion is expected in spring 2015.
Up to 100 students were left homeless Friday after the apartment complex they were told would be open failed to pass inspection, according to city officials and the developer of the private off-campus project.
The students, who originally expected to move into the Clemson Lofts in August, have been staying in hotels around town while the builder worked to bring the apartments up to code. Many of them were told Friday that they had to be out by the weekend, said Clemson psychology major Carley Meadows, who had been staying at Hampton Inn.
“We thought we were going to be homeless at checkout time today,” she said. She was among the lucky 45 students who were able to move into the Lofts after the city, at the last minute, approved temporary occupancy permits for two buildings
More than 100 students who hoped to move into three other buildings were unable to do so because they hadn’t been brought up to code, according to John Hoover, manager of Clemson Lofts.
According to Real Data, demand rebounded for the Charleston area apartment market with a record number of units absorbed over the past six months. As a result, the vacancy rate improved to 5.3%. The overall Charleston market has approximately 3,100 units under-construction and nearly 4,000 units proposed. The Mt. Pleasant submarket is currently the market leader in construction activity. Same-store rents increased over the past six months bringing the average monthly rent to $959.
Demand is anticipated to keep pace with rising supply levels going into 2015. We expect rent growth in the 3-4% range for the coming year as occupancies remain in the 93-94% range.