NAI Avant senior industrial broker, Nick Stomski, SIOR, recently consummated the lease of ±184,453 square feet of industrial warehouse space in the Carolina Pines Industrial Park in Blythewood, SC. Husqvarna, the outdoor power products manufacturer, has leased the entire Class “A” LEED certified speculative building within the industrial park. Husqvarna intends on utilizing the facility as a regional distribution hub for their parts warehousing need.
Carolina Pines Industrial Park is located at the interchange of I-77 and Hwy 21 and consists of ±115 developable, contiguous acres. The Park is strategically located near three major interstates and can also be reached by four major seaports as well as rail service provided by Norfolk Southern.
A Dallas development company has backed out of plans to buy The Greenville News property, the newspaper reported today. Trammell Crow Co.’s withdrawal from the purchase contract leaves a co-developer saying he will pursue a planned project at the South Main Street site that includes a hotel, condominiums, apartments, offices and a theater.
Brody Glenn, president of Centennial American Properties, a co-developer of the planned Camperdown project, had previously said work could possibly begin this summer.
Greenville Mayor Knox White said today in an email: “The project will move ahead with the local development team, Centennial Properties. I have great confidence in their ability to make the project even better for downtown.”
In The Greenville News report today, Dave Neill, the newspaper’s president and publisher, said Trammell Crow exercised its right to terminate the contract to purchase the almost 4-acre site. The contract signing was announced in August. Neill said other parties have expressed an interest in buying, but he declined to identify them.
> Office space continues to be absorbed throughout the Columbia office market, which ended the second quarter of 2015 with the lowest vacancy rate in over half a decade.
> The average asking rental rate for office space in Columbia, SC increased for a tenth consecutive quarter, reaching historically high levels.
> Some tenants are opting for suburban office space as options in the Central Business District remain limited.
> Employment is growing throughout the Columbia, SC MSA with office-using employment surpassing pre-recession levels.
At the ICSC 2015 RECon in Las Vegas, Colliers International | South Carolina’s JP Scurry, CCIM, and Scottie Smith were announced as the winners of the 2014 Most Originated Multi-City Assignments Award. The award was given by the Colliers International Retail Group, a national group of brokerage professionals within Colliers who specialize in retail brokerage.
Scurry and Smith were also recipients of the 2014 Most Multi-City Assignments Generated Award from Colliers International | South Carolina. As a global enterprise with thousands of brokerage professionals, Colliers International encourages and sees a staggering amount of assignments generated and executed from and between their associates.
Scurry and Smith attribute their win to their client-first attitude. “We develop a strong connection to our clients and work to understand and help develop their real estate strategy across all the markets that they operate or want to operate in. The multi-city assignment award is a nice recognition of the platform that we use to help our clients achieve success across a broad geographic footprint,” said Scurry.
Added Smith, “The true reward for us is when our clients seek our guidance and assistance in entering new markets. We take a lot of pride in serving our clients’ needs and helping create and execute real estate strategies to make their business as successful as possible. Our business is about well-crafted strategies and the relationships with other Colliers professionals that help us execute those strategies.”
Scurry, a Vice President of Colliers International South Carolina, and Smith, a Brokerage Associate, are members of the Colliers International Retail Services Team.
On Thursday, construction crews were in the process of leveling an area by Oak Street to develop some prime real estate in downtown Myrtle Beach. The lot is being developed into an affordable, low-income housing complex for people in Myrtle Beach.
A representative for the developer confirmed it will be affordable housing, an option for people who have jobs and want to live downtown but can’t quite afford steep close-to-the-beach prices.
The complex is going to be called Carolina Oaks Village. It was the first week construction crews broke ground working to clear all the overgrown land and trees so that they can bring in the equipment and put up the buildings and pave the parking lot. The plans also include a community building for the people who will live there. The representative for the developer said it will take a year to finish the complex.
Businesses next door said the lot has a tendency to attract homeless people who set up camp, and sometimes hang around business parking lots. On top of the lot being an eyesore, that’s one reason they fully support development.
From Wall Street’s perspective, an interest rate hike this year from the Federal Reserve is pretty much a done deal. Many investors say Fed chief Janet Yellen will set the stage for a coming hike, perhaps as early as September, when the Fed breaks from its two-day meeting Wednesday.
The coming rate hike is getting a lot of attention, due to the fact rates now are pegged at a historic low of around 0%. Low rates have been cited as a big reason why stock and bond prices have rallied to record highs. Add in fact the last time the Fed hiked rates was in June 2006 — nine years ago — and it’s clear why investor anxiety is on the rise.
“We expect Yellen to continue setting the stage for the start of the Fed’s tightening cycle later this year,” UBS economist Drew Matus told clients in report.
Matus says the market is now pricing in “a bit more than 75% chance” of a rate hike at the Fed’s September meeting.
Statewide hotel occupancy and average daily room rates were both up in March, which led to a nearly 10% increase in revenue per available room — known as revpar — according to the S.C. Department of Parks, Recreation and Tourism.
Revpar in the Greenville and Grand Strand areas increased more than 15% in March, the most recent data released by the department, while North Charleston, Rock Hill and the Walterboro-Hardeeville areas were up 10%.
In March, hotel revpar statewide was $63.16; year to date, the average was $48.93, the department said.
Smith Travel Research forecasts statewide occupancy growth for much of the summer. Occupancy rates are predicted to hit 73.9% in June and 75.4% in July, a 2.7% and 1.4% increase, respectively, from the same months in 2014. In August, the company predicts the rate will be 69.5%, which is the same as August 2014, according to the department.
OTO Development in Spartanburg is building a Marriott brand AC Hotel that will be a gateway to the city’s west end, with 2,000 square feet of flexible meeting space, 114 rooms and an outdoor pool. The 10-story hotel will have a rooftop bar and terrace.
The developers and area officials announced the hotel name Monday at Indigo Hall in downtown Spartanburg. A September 2017 opening is planned, and 35 people will be hired for the hotel staff and food and beverage venues.
David M. Schwarz Architects of Washington, D.C., will collaborate with McMillan Pazdan Smith on the design.
Corry Oakes, CEO of OTO Development, said in a statement: “Throughout Europe, AC Hotels are located in the heart of vibrant cities. Spartanburg has a mix of an energetic community and a growing contingent of global corporate travelers. The AC brand is the perfect addition to the city.” Oakes said OTO Development has been in the hospitality business more than 20 years and has developed more than 525 hotels nationwide.
Greensboro, N.C.–based Bell Partners sold eight properties in a $140 million transaction, the company recently announced. The properties include 1,679 units and were sold to Hudson Capital Acquisitions, Somerset Partners, and Summit Multifamily Group.
Bell will continue to manage the three properties purchased by Hudson Capital Acquisitions, which are located in North Carolina. The four communities sold to New York–based Somerset Partners, which are in Little Rock, Ark., will be managed by Somerset Apartment Management. The last property in the transaction, Watergate, also in Little Rock and purchased by St. Louis–based Summit Multifamily Group, will be managed by Trinity Multifamily.
This transaction will continue to fuel Bell’s acquisition activity. So far, the company has purchased three new communities in Austin, Texas; Raleigh, N.C.; and Denver, for a total of $356 million. The push for acquisitions in larger markets is part of the company’s strategy to focus its investment portfolio in specific markets, Jon Bell, president of Bell Partners, said in a news release.
Trinity Capital Advisors has announced its latest development project: Faber Plaza, a Class-A office building in North Charleston’s Faber Place submarket. The Charlotte-based real estate development and investment firm is partnering with Charleston’s Durlach Associates on the project.
The 125,000 SF building is located at 4400 Leeds Avenue, at the entrance to The Executive Park at Faber Place and Leeds Park with immediate access to I-526 and I-26. Designed by award-winning LS3P Architects, Faber Plaza will be column-free with floor to ceiling glass. Construction will be complete in April 2016. Choate has been hired as general contractor. Rob Cochran and Jared Londry with DTZ’s Carolinas Capital Markets Group sourced the equity in the transaction on behalf of Durlach and Associates.
The Faber Place submarket is 95% leased, and currently home to several key businesses and organizations in the region, including The Charleston Chamber of Commerce, Charleston County Economic Development, Boeing, Regus, Pulte, Comcast, Lockheed, and Select Health.
Durlach Associates and Richard Morse of Palmetto Commercial Properties are marketing the building for lease. Trinity Capital and Durlach Associates are planning a groundbreaking ceremony for late July.
Berkeley Capital Advisors has announced the sale of John Street Market, a 13,888 SF retail center located in Matthews (Charlotte MSA), North Carolina. Located in attractive Matthews, NC, a submarket of Charlotte, the center benefits from strong demographics of 56K people within 3 miles and an average household income of $99K. Located 11 miles south of uptown Charlotte.
The center is situated on 1.61 acres and was built in 2008. According to Loopnet, the net operating income is $224,457, and the asking cap rate was 8.5%.
Rob Carter, Alex Quarrier, David Webb, and Rad von Werssowetz represented the seller.
A California-based investment firm has bought the Meridian, a 17-story office tower on Columbia’s Main Street.
The 334,075-square-foot tower is one of six Class A office buildings that Hertz Investment Group, headquartered in Santa Monica, Calif., acquired from Newton, Mass.-based Equity Commonwealth, for $417.5 million.
Three of the properties are in Birmingham, Ala., and the other two buildings are in New Orleans, La., and Greensboro, N.C. Purchase prices of the individual properties were not announced.
“This portfolio of properties represents a significant opportunity for a number of reasons, including an acquisition price to acquire Best in Class assets significantly lower than Class A construction costs,” said Judah Hertz, chairman of the Hertz group. “The properties were acquired from a public REIT that decided to exit the region, which allowed us to enter vibrant, key cities in the Southeast and own properties with a diverse tenant mix.”
A small, less than an acre parcel at the corner of East Main Street and Dave Lyle Boulevard may become the site of apartments.
On Monday the Rock Hill City Council will consider selling the land for $525,000 to the developers Lat Purser and Associates of Charlotte and The Tuttle Co. of Rock Hill.
The two companies plan to build apartments at the former Woolworth site, now called 139 Main.
When contacted Friday, Skip Tuttle declined to comment on the pending purchase of the site at Main Street and Dave Lyle Boulevard.
According to information in the council packet, Lat Purser and The Tuttle Co. intend to build apartments at the site which is adjacent to the Black Street parking deck.
Mount Pleasant-based Origin Development Partners LLC and members of the Kassis family have acquired Exchange Street Properties LLC’s portfolio of five properties in Charleston.
The portfolio includes approximately 30,000 square feet at 5 Exchange St., 2,900 square feet at 12 Exchange St., two surface parking lots on Elliott Street and one surface parking lot on Prioleau Street. The sale price was not disclosed.
The law office of Womble Carlyle Sandridge & Rice LLP will continue to occupy 5 Exchange St. for office space and 12 Exchange St. for conference space.
Origin Development Partners LLC is a real estate development and strategic acquisition firm. Affiliates of the firm and members of the Kassis family acquired the portfolio.