Apr
17

Greenville CBD Mixed Use Development Sold

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100-east-greenville-sc-100-east-downtown-apartment-homes100 East, the downtown Greenville mixed-use development at 100 E. Washington St. that consists of 48 apartment units and approximately 6,000 square feet of retail space, has sold.

Tony Bonitati, Kay Hill, and Bern DuPree of NAI Earle Furman’s Multifamily Division arranged the transaction on behalf of the buyer, 100 East Venture LLC. The seller, DPG Pazdan Greenville LLC, was not represented in the sale.

100 East, a rental loft community designed by McMillan Pazdan Smith Architecture and constructed in 2012, is situated one block east of Main Street in the heart of downtown, behind the Wells Fargo Center. It consists of 18 studio units, 12 one-bedroom units, and 18 two-bedroom units and bookends the South Spring Street parking garage.

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Categories : Greenville
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Apr
17

Calkain Releases Net Leased Report

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A counter-intuitive trend marked cap rate movement in the first quarter of 2018. While the expectation in a period where the number of ground lease increased and double-net leases decreased might bring cap rate compression, rates actually expanded by 2.7 basis points (bps) in Q1. Overall, it’s still a fairly neutral shift. Posting the largest changes for the quarter were the automotive and casual dining sectors.

Download the report by clicking on the image below.

Calkain 1Q 2018

Categories : National News
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Apr
17

Greenville Area CRE Transactions

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gville

  • Guy Harris, of Spencer/Hines Properties, facilitated the lease between Green Barns of America and Ronald and Wilma Quinlan of 16,250 square feet of industrial property at 1040 Canaan Road in Roebuck.
  • Guy Harris, of Spencer/Hines Properties, facilitated the lease between Carolina Smoothie and Publix Supermarkets of 1,500 square feet of retail space at 9815 Commons Drive in Huntsville, N.C.
  • Tim Satterfield of Coldwell Banker Commercial Caine represented Kelestatio LLC (Landlord) in the leasing of a +1,800-square-foot retail/restaurant space at 253 Magnolia St., to Badmon LLC doing business as Burrito Hub (Tenant).
  • Greenville, South Carolina: Hunter Garrett and John Staunton of NAI Earle Furman represented the tenant, Builders Wholesale Flooring LLC, in leasing a 12,500-square-foot industrial space at 228 Pelham Davis Circle from Binkley Enterprises LLC.

Source: GSA Business Report

Categories : Greenville
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Apr
17

NAI Avant Closes ±20,791 Square Foot Industrial Sale

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gilbertNAI Avant has announced the sale of ±20,791 square foot of warehouse space at 4335 Augusta Highway in Gilbert, South Carolina. Senior brokers Nick Stomski, SIOR and Rob Lapin represented the seller, Branning Property Management, LLC. Robertson Family Holdings, LLC purchased the property for $935,000.

The property features two buildings, totaling ±20,791 square feet of office and warehouse space, on ±5.45 acres of land. Building 1 consists of ±8,991 square feet of professional office space while Building 2 consists of ±11,800 square feet of office and manufacturing/lab space.

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Apr
17

Vista Capital Management Awarded Management Contract

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VistaCMVista Capital Management Group has announced that it has been awarded management of three multifamily communities totaling 400 units. The communities, Cameron Courts Weldon Heights, Linwood Terrace, and Mountain View, are located in Gastonia, North Carolina. Formerly public housing properties, Vista Capital will oversee their conversion to low income housing tax credit communities.

While already established in Hendersonville, Vista Capital is proud to expand their reach further into North Carolina with the addition of these 400 units in Gastonia. Managing a portfolio in excess of $250 million, Vista Capital Management provides property and asset management services throughout the Southeastern and Mid-Atlantic regions of the United States, including South Carolina, North Carolina, Virginia, Maryland, and Indiana.

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Apr
17

136 Year Old Mill Could Become Cybercenter

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CyberworksIt’s somewhat ironic: One of the best glimpses into Augusta, Ga.’s future can be found at a 136-year-old textile mill.

The mostly shuttered Sibley Mill in the city’s historic Harrisburg section is where a group of high-tech investors are working through the initial phases of a $150 million plan to develop a multi-use complex called Augusta Cyberworks.

The plan would transform the hulking industrial property and the adjacent King Mill into offices, apartments and a 20-megawatt data center to power the city’s growing digital economy.

“There is nothing like this here in Augusta,” said Charles Johnson, the CEO of IT firm EDTS and a partner in Cape Augusta Digital Properties, the developer of the Cyberworks campus.

EDTS, which provides remote network and cybersecurity services, is Cyberworks’ first tenant. The 72-employee company moved into 32,000 square feet of renovated space in the mill’s old cotton warehouse last summer.

READ MORE HERE

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Apr
17

Texas Roadhouse Ground Lease Sold

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berkeley capBerkeley Capital Advisors has announced the sale of the Texas Roadhouse Ground Lease in Aberdeen (Pinehurst Area), NC for $2.03MM. Located at 1301 North Sandhills Blvd., Texas Roadhouse had 10 years remaining on the lease at time of sale. The 1.22 acre site is improved with the 6,150 square foot Texas Roadhouse restaurant, which was built in 2012.

Steve and Ransome exclusively represented the seller in the transaction.

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Apr
16

Investor Interest in Self Storage Remains High

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Self Storage Tucson Arizona

Self Storage Tucson Arizona

Institutions continue to invest in self-storage assets, paying high prices for properties and partnering on new developments.

“There’s been tremendous activity from high-end, institutional-level capital that is entering or attempting to enter the space,” says Brian Somoza, managing director with JLL Capital Markets. “That’s been driving a fair amount of acquisitions.”

Developers plan to open new self-storage properties totaling millions of square feet in 2018. New customers are expected to rent up most of this new space, keeping average occupancy rates high and property incomes strong. With fundamentally strong demand, institutional investors keep paying high prices for properties even though buyers may take longer to close deals and are buying less than they did in 2016.

READ MORE HERE

Categories : National News
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Mar
01

S.C. Hotels Post Strong Occupancy and RevPAR Figures

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hotelStatewide revenue per available room increased 2.2% in December 2017 for S.C. hotels and grew 4.6% for the year, the S.C. Department of Parks, Recreation & Tourism said Wednesday.

RevPAR, as the tourism impact indicator is known, stood at $43.12 in December. The annual increase outperformed both national (3%) and South Atlantic regional (4.6%) averages.

State parks also saw a revenue increase in December and for the year. Compared to a fall/winter of 2016 affected by Hurricane Matthew, state parks revenue rose 18% in December and 18.3% year-to-date. Compared to revenue averages, the yearly increase was closer to 4%.

Three of the state’s major airports ended 2017 with year-to-date increases in deplanements, led by Myrtle Beach International Airport’s 16.7% jump. Myrtle Beach saw a 21.9% deplanement rise from December 2016 to December 2017.

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Feb
28

New Apartments Proposed for Bluffton

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mayewater“Wilkinson Way” in Bluffton doesn’t exist — yet.

But it’s a developer’s preferred and proposed street name that would lead to a yet-to-be constructed apartment complex off Bluffton Parkway, southwest of the intersection of Red Cedar Street.

The complex, dubbed Vantage Pointe Apartments at Bluffton Park, has been proposed by Bluffton Park Apartments, LLC and Bluffton Park D-2, LLC, both of which are registered to Realtor and developer David Staley, founder and president of Main Street Realty on Hilton Head Island. According to Town of Bluffton Planning Commission documents, the development — if approved — would be a “110-unit multi-family” complex.

The proposed street names — others include Crowder Court and Vantage Court — will be discussed at this week’s Bluffton Planning Commission meeting.

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Feb
28

Cantor Fitzgerald Acquires Fort Mill Office Building

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daimlerCantor Fitzgerald Investors, LLC has announced its purchase of the Daimler Building, a 150,164 square foot, Class A office building at 2477 Deerfield Drive in Fort Mill, South Carolina. CFI, together with a public, non-traded real estate investment trust it sponsors, acquired the asset for $40 million. Daimler Trucks North America has occupied the building since 2008 as the sole tenant and recently extended its lease through 2028.

The property is located in the Charlotte, North Carolina metro region and serves as the east coast operational hub for Daimler Trucks North America. Charlotte continues to be one of the most attractive, fastest growing markets in the United States, known for its high pay, low expenses and attractive quality of life.

Cushman & Wakefield Charlotte Managing Director Rob Cochran, Director Jared Londry and Associate Nolan Ashton, and Campbell Walker and Ridr Knowlton of Lincoln Harris represented the seller.

Categories : Charlotte, Rock Hill
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Feb
27

Second Inland Port Shows SC’s Logistics Prowess

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port craneThe South Carolina Ports Authority expects its second inland port, in Dillon, South Carolina, to open in April, a facility slated to support growing intermodal cargo volumes between the Port of Charleston and markets throughout the Carolinas, the Northeast, and the Midwest. The upcoming event will reflect South Carolina’s growth in logistics investments and freight movement.

SCPA first announced consideration of an inland port in Dillon in April of 2016, and that probably shouldn’t have come as a huge surprise, given the success of its first facility, Inland Port Greer, which opened in 2013. The Dillon announcement was followed in short order by a market studies, a proposed terminal layout and initial design phase, permitting and equipment requisition processes, and the award of construction contracts.

Inland ports have become increasingly important in managing the movement of containers to and from ocean ports. The idea is to transport container cargo by rail to an inland location, away from the port, for further processing and distribution. When it comes to exports, inland ports are used as staging areas for cargo containers making their way to ports. Besides mitigating port congestion, inland ports, because they promote the use of intermodal rail connections, represent a more environmentally friendly alternative to trucking containers to and from terminals. They also provide relief to beleaguered highway networks.

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Categories : Greenville
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Feb
27

Greenville Apartment Development Sold

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beacon ridgeCBRE Capital Markets facilitated the sale of Beacon Ridge Apartment Homes, a 144-unit value-add multifamily property at 5 Crystal Springs Road in Greenville. Located just off Interstate 385, less than two miles from Haywood Mall, the property is close to downtown Greenville and the Greenville Health System Patewood Medical Campus.

Philadelphia-based PRG Real Estate acquired Beacon Ridge. CBRE’s Kevin Kempf, Parker Yates, David Lansbury, and Phil Brosseau represented the seller, Charlotte-based Grubb Properties, in this transaction.

Built in 1988, the property is situated on 9.6 acres and was 96 percent occupied at the time of sale. Amenities include a 24-hour fitness center, expansive pool and sundeck, multiple grilling stations, clubhouse, business center, picnic areas, and dog park.

Categories : Greenville
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Feb
26

Spartanburg Assisted Living Facility to be Sold

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invernessA Spartanburg-based assisted living community is changing hands in a $10 million acquisition.

LTC Properties Inc., of California, announced this week that it’s entered into a real estate joint-venture relationship with an affiliate of Affinity Living Group to acquire The Inverness at Spartanburg, an 87-unit assisted living and memory care community, according to a statement from LTC.

The community will be operated by an affiliate of Hickory, N.C.-based Affinity Living Group under a triple-net lease.

Affinity, which operates 92 assisted living, memory care and independent living facilities in eight states, is a new operating partner for LTC, the statement said.

SOURCE

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Feb
26

CCP Commercial Real Estate Acquires Charleston Building

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sold_stamp redCBRE Capital Markets facilitated the sale of Foxbank Industrial Park, a 201,500-square-foot manufacturing and distribution facility in Moncks Corner, just north of Charleston. Located at 2550 U.S. Highway 52 in Berkeley County, the property is home to anchor tenant Sea Fox Boats, the nation’s leading manufacturer of value-driven saltwater boats. CCP Commercial Real Estate acquired the property.

“Foxbank Industrial Park is located within a diversified and growing Charleston-area economy that includes tourism, automotive, aerospace and boat manufacturing, defense contracting, and the Port of Charleston-related commerce,” said Gildea, executive vice president at CBRE Capital Markets. “The investor appetite for industrial investment in the Charleston area is robust, with limited opportunities available in today’s market.

 

The functional manufacturing and distribution complex is situated on more than 30 acres and features 25-35 foot clear heights, 10,280 square feet of office space, ample power infrastructure, existing bridge cranes, 18 oversized ground-level doors, and an expansive outside storage area.

CBRE’s Patrick Gildea, Bob Barrineau, Brendan Redeyoff, and Matt Smith represented the seller, JL Woode, in this transaction.

Categories : Charleston
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