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.
Are Chick-fil-A and another Walmart coming to Hilton Head Island?
Developers want to build a 7-acre shopping center at Palmetto Bay and Target roads, according to a proposal submitted to the town. The center will include a grocery store, a gas station and two other stores. Few additional details about the shopping center were revealed Monday.
The engineer who filed the plans, Larry Barthelemy of Hanahan, declined to disclose who is developing the site. He said he didn’t know what grocery or retail stores were planned. Barthelemy’s plans, filed Oct. 3, show Marietta, Ga.-based Crown Development Group as the developer.
On Crown’s website, a June 26 site plan for the shopping center shows a Walmart Neighborhood Market in the space reserved for a grocery store. A Chick-fil-A is pictured as one of the stores in the center. No tenants are listed for the six-pump gas station and the other store.
Passco Companies, LLC has acquired the 244-unit Class A multifamily community Vinings at Laurel Creek for $30.9 million. The newly constructed community, which was completed in 2013, is located at 3434 Laurens Road in Greenville, S.C..
According to Goodman, Vinings at Laurel Creek is in close proximity to downtown Greenville, and is also adjacent to two of Greenville’s newest business and technology parks, including Clemson University’s International Center for Automotive Research (CU-iCar), as well as the Millennium Campus Business Park.
Vinings at Laurel Creek features one-, two- and three-bedroom floor plans with nine-foot ceilings, breakfast bars, wood-style laminate flooring, walk-in closets, laundry rooms and other modern touches. The community also features modern amenities, with a beach-entry resort style pool, indoor-outdoor clubhouse, cyber café, dog park and fitness center.
I wanted to make readers aware that Integra Realty Resources – SC has been working in the Asheville, North Carolina market on a regular basis. Four of our appraisers are certified general licensees in North Carolina, and we enjoy working that area. Please keep us in mind for your commercial appraisal needs in western North Carolina.Michael Dodds, MAI, CCIM Senior Managing Director
NNNet Advisors Releases the Q3 2014 Single Tenant Net Lease Report. Click on the report below to download it.
Clemson University’s ongoing $96 million core campus project, which will demolish and replace three major buildings in the middle of the school’s campus, has a 2016 completion date, according to the project’s architecture firm.
The 700-bed project will include 179,000 square feet of residential space, 76,000 square feet of dining space and 5,000 square feet of academic space for a total 260,000 square feet.
The facility will be used as the new home for the 400-student Calhoun Honors College and will include central lounge space, study rooms, a library space, a grand hall and two classroom spaces, according to the university’s project page.
The project was approved by Clemson University’s Board of Trustees and the S.C. Budget and Control Board earlier this year, and is part of the university’s 20-year housing master plan, which includes replacing aging buildings that are functionally or financially obsolete.
Talk to any green building expert and he or she will tell you that high-performance buildings—those that save energy and water—can be built with modest or no increases in cost. And the list of benefits for doing so is long: lower utility bills for owners and tenants, healthier work environments, and a more valuable asset for owners (and investors), among other positives. So what’s stopping high-performance buildings from becoming the norm?
For those unfamiliar with this debate, stubborn barriers exist. In the commercial sector they include split incentives, short investor hold periods, a knowledge gap, and others—you can find out more about these barriers in the first chapter of IMT & MIT’s (yes, you read that correctly) Guide to Energy Efficiency Finance for Cities.
A key barrier in the residential sector is proper appraisal. An inherent part of real estate is internal valuation (as in, hands rubbed together eagerly: how much is my building worth?). Real estate appraisers are in a critical position to translate an owner’s hard work on green upgrades into hard currency and developers and owners need to work more conscientiously with appraisers to highlight the value of energy-efficient features.
Thousands of new homes planned for Greater Charleston. Fifteen thousand new residents each year. Low vacancy rates for retail, office and industrial buildings.
That all adds up to the Charleston region being on the cusp of a time of new construction for commercial properties, according to the latest Commercial Real Estate Market Forecast from the Charleston Trident Association of Realtors.
“Growth” appeared to be the takeaway word from the annual look ahead.
“I think you will continue to see growth,” said Margaret Brockinton, president of Carolina Retail Property, who focuses on the retail sector. “The market is robust, to say the least. We are running out of property. All areas are having a good bit of activity.”