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The appetite for fast food restaurants continues with sales of such properties on pace again this year to exceed more than $1.2 billion as they did last year. Those amounts top the combined totals for 2010 and 2011.
In the latest major acquisition, Centre Partners, a leading middle market private equity firm, acquired Captain D’s Holding Corp. a leading national chain of 521 seafood-themed fast-casual restaurants in 26 states. Terms of the private transaction were not disclosed.
Captain D’s senior management team will own a significant stake in the business and continue to serve in their current roles. The seller was Sun Capital Partners Inc.
In another notable set of deals that closed just before this past Thanksgiving, an entity affiliated with New York-based American Realty Capital Trust V Inc. purchased and leased back at least 18 Youngstown, OH and Cleveland-area Burger King restaurants for a total of $28.66 million, averaging $1.59 million per eatery.
Monday evening the Board of Architectural Review met on whether to approve the design of Courier Square. It’s a massive mixed-use development proposed at Meeting and Columbus Streets near the new Bi-Lo in downtown Charleston. The board decided a few changes will need to be made before the project can go any further.
The proposal could be a game changer for that area.
Patrick Price works with the Prime South Group, a real-estate development company located in the heart of all of the development in the Upper King Street area. Price said, “It’s one of the best streets in my opinion in America,”
The Upper King area includes land at the corner of Meeting and Columbus Streets. The intersection could soon be transformed into two buildings consisting of apartments, office and commercial space, and a parking deck.
UPDATE – Congratulations to Jared R. Londry, with Cassidy Turley in Charlotte. He responded first and will receive the tickets.
I have two tickets to the ACC Championship football game this Saturday between Duke and Florida State. E-mail me at firstname.lastname@example.org if you would like them. The first to email gets them. I can email them to you and you just print them out. Thank you for following SCREnews.com
Michael Dodds, MAI, CCIM
Seniors housing occupancy rose 30 bps in the third quarter of 2013, marking a halfway point in the metric’s recovery since the recession’s lows. While it increased in both primary and secondary markets during the quarter, the secondary markets pulled the overall seniors housing occupancy level up to 89.7%. Occupancy rose in both the independent living and assisted living segments, increasing 20 bps for IL properties and 40 bps for AL properties in the third quarter, according to the NIC MAP® Data and Analysis Service, 3Q2013. Occupancy remains the lowest in freestanding memory care properties, at 85.0%, and highest in combined independent/assisted living properties, at 90.3%.
Annual growth in effective rents for South Carolina’s Greenville/Upstate apartment market came in at a modest 1.6% in 3Q 2013. That’s quite a shift in general momentum for a place that had been one of the country’s top achievers among secondary metros, with annual rent growth previously running at an average of more than 4% since the middle of 2010.
When that sort of performance result registers you always wonder whether it’s a big-picture inflection point in the pattern or just a one-off odd number. From MPF Research’s perspective, the latter, one-off scenario appears more likely, given that nothing really seems to have changed in the factors that are Greenville’s key apartment market drivers.
Occupancy in the metro remains in good shape. A rate between 94% and 95% has been normal here for the past couple of years, and the 3Q reading came in toward the high end of that range at 94.8%. A lot of the Upstate area’s vacancies are found in the outlying Spartanburg County market, where occupancy – now at 92.1% — has tended to hover 200 to 300 basis points below the metro norm for quite a while.
Centennial Holding Co. purchased the Long Creek Club and Longview apartment complexes in the Northlake area as well as The Paddock at Springfield apartment community in Fort Mill. The firm has rebranded the Northlake complexes under its Century brand as Century Northlake, and the Fort Mill community has been renamed Century Springfield Meadows.
John Porter, a partner at Charter, says the company chose to sell the properties because it’s developing three new communities in Charlotte, Fort Mill and Mooresville.
The firm expects to deliver a 250-unit complex near the intersection of Ervin Road and N.C. Highway 150 in Mooresville in the spring, and it plans to break ground in the first quarter for a 300-unit complex near the intersection of North Tryon Street and Pavilion Boulevard in Charlotte. In the second quarter, Charter will kick off a 330-unit complex near the intersection of Dave Gibson Boulevard and S.C. Highway 160 in Fort Mill.
Greenville developer Paul C. “Bo” Aughtry III this morning released a rendering of the building that will house the hotel, if things go as planned.
The development site at the intersection of the Reedy River and River Street is being used as a surface parking lot now.
The hotel, scheduled to open in 2016, will have restaurants on the roof and in the lobby, as well as banquet space and board rooms overlooking the river across from the Peace Center, according to Aughtry’s company, Windsor/Aughtry Co.
The year-to-date figures for residential transactions through October showed that both pending sales and closed sales were up 13.5 percent.
“I wouldn’t call it a recovery anymore; I think we’re back into a normal market,” said Kristyne Shelton, the Board of Realtors’ association executive. “People understand that it’s a good value to buy a home, and it’s a smart investment to buy a home. Sometimes, in the under $100,000 category, you can buy a house for cheaper than you could rent it.”
The year-to-date median sale price of $141,500 was down 4.4 percent.
“We have a large inventory of houses in the above $400,000 price range, and that is a hard category make a sale in,” Shelton said. “When you don’t sell those big houses, that drives the median price down.”
In its Metro Monitor for September, Brookings examines the 100 largest U.S. metro areas for four key metrics:
- gross product
- home prices
Those indicators are studied at the depths of the recession, during the recovery, and where they stand currently. Brookings then ranked the cities based on improvement in each of those categories.
When it comes to rebounding from its lowest point, Charleston ranked No. 9 in GDP improvement, gaining 17 percent from the third quarter of 2009 to Q3 2013. It ranked 12th in job creation, gaining 9 percent from Q4 2009.
Main Street is about to experience an unprecedented restaurant boom, spurred on by the promise of about 850 University of South Carolina students moving into the former Palmetto Center tower, which will triple the number of residents on the street.
Ten new restaurants – from Mediterranean and Ethiopian to Cajun and new Southern – have opened in the past month or will be opening soon.
The openings are building on the momentum for Main’s revitalization that started two years ago, when country-cool retailer Mast General Store opened in the former Lourie’s menswear building at the corner of Main and Taylor streets.
It seems, after decades of start-and-stop redevelopment efforts, Main Street finally has arrived. “Ten new restaurants is more than just good news, it’s mind blowing,” Columbia Mayor Steve Benjamin said.
The project, on U.S. 378 two miles west of I-20, is among the biggest developments ever in the steadily growing town of 18,000 residents and perimeter around it.
“It’s a sea change for our community and for the center of Lexington County,” said Randy Halfacre, the town’s mayor and president of the Greater Lexington Chamber of Commerce.
Transformation of the 70-acre sawmill site, once a local landmark, will occur in stages, developer Tony Berry of Rock Hill said. A long-awaited multi-screen cinema and 234-apartment complex are “both a definite,” but plans for about 16 stores and restaurants are unsettled, he said.
With the third quarter results in, all signs point to continued incremental improvement of the Charlotte office market. Vacancy rates have fallen to a four-year low and investment sales activity continues to strengthen as new capital sources enter the market.
On the economic front, unemployment in Charlotte continues to lag behind some other North Carolina cities at 9.5 percent, but the city is experiencing positive economic movement in other measures, particularly single-family housing and retail sales.
For some long-term perspective, the labor force in Charlotte has grown 22 percent during the past 10 years, nearly three times the national rate. Additionally, in August, the population of Mecklenburg County reached 1 million people. With a population of approximately 2.3 million, Charlotte maintains its position as the largest MSA in the Carolinas.