Flagship Healthcare Real Estate Fund has acquired Harnett Health Medical Park, an 18,623 square-foot medical office building located at 803 Tilghman Drive in Dunn, North Carolina.

This is the eighth investment for the Flagship Healthcare Real Estate Fund, a private equity real estate fund affiliated with Charlotte, NC-based Brackett Flagship Properties, LLC.

Built in 2012, Harnett Health Medical Park is adjacent to Harnett Health’s 101 bed Betsy Johnson Hospital, founded in 1937. The building is fully leased by Harnett Health with tenants that include Dunn Medical Services, WakeMed Cardiology, and Harnett Health’s Wound Center. Harnett Health Medical Park benefits from its proximity to Betsy Johnson Hospital, which is owned by Harnett Health and managed by WakeMed Health, an 884-bed private, not-for-profit healthcare system.

“We’re excited to purchase Harnett Health Medical Park and look forward to working with the hospital and practices in this first class medical office facility,” said Russell Brown, Brackett Flagship Properties’ Vice President of Investments. “We believe that the property is ideally located across from Betsy Johnson Hospital and well positioned to serve the needs of the community.”

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Greenville, SC  is one of three metro regions across the South, including Nashville, Tenn., and Atlanta, that Under Armour is considering, according to industrial real estate executives familiar with the roughly 2 million-square-foot project. Atlanta Business Chronicle and sister publications Baltimore Business Journal, Memphis Business Journal and Nashville Business Journal also confirmed Under Armour’s interest in the Southeast.

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The long awaited date for when work will begin on The Outlet Mall of Georgia at Augusta has been set. Ben Carter Enterprises announced it will break ground on the 70 acre shopping center in December. The outlet mall will be next to Cabela’s and Costco and it’s scheduled to open in the spring of 2016.

The announcement came after the company reached an agreement with the owners of Georgia Theater Company, who agreed to reposition a 14-screen complex with a full service restaurant to accommodate the outlet mall.

“They said we’ll break ground once we hit a certain percentage of leases in hand,” said Walter Sprouse, Executive Director of Augusta Economic Development Authority.

The fashion mall will include top tier retailers that will put people to work. Sprouse said, “Somewhere in excess of a thousand jobs. We’re talking about 800 thousand sq ft of retail space, which is bigger than some towns.”

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Land has been cleared and plans submitted for a grocery store on 14 acres near Furman University. The site, scrubbed of trees after weeks of grading, sits at the corner of Old Buncombe and Duncan Chapel roads, across from Holmes Bible College and a Publix-anchored shopping center.

Cypress Equities out of Dallas has proposed to build a 41,000-square-foot grocery store with six fuel pumps and a kiosk, according to plans filed with Greenville County.

Steve Armstrong, senior project manager for the development firm, said he couldn’t disclose the name of the retailer, though a grand opening for the project is set for early next year.

County planners and the Planning Commission have already agreed to rezone the site, as did County Council’s Planning and Development Committee earlier this month. The more intense commercial zoning was approved over the concerns of several nearby residents and members of the county’s Historical Preservation Commission who want to see an old graveyard on the property preserved.

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Categories : Greenville
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A new high-end, low-density subdivision is part of the vision for a portion of land recently sold by the Carolina Children’s Home in Forest Acres, some of the last remaining undeveloped land in the area.

Midlands real estate investment group H & M Real Estate Holdings LLC purchased 26 acres between Sunnyside Drive and Beltline Boulevard – just off Trenholm Road and not far from Richland Mall – from the Children’s Home for $2.9 million in May.

The new owners’ plans include building single-family homes on a portion of the land and an assisted-living facility on the remainder, according to Forest Acres City Administrator Mark Williams. Last month, the Planning Commission approved a conceptual subdivision plan for the property.

The planned developments would not disrupt the character or traffic flow of the existing neighborhoods, said H & M partner Randy Jones of R. Leon Jones Realty.

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Categories : Columbia
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The Raleigh/Durham/Chapel Hill Triangle has captured national attention as a powerhouse of innovation and economic growth for many years, winning a steady stream of accolades for growth, technology, entrepreneurial drive and quality of life. So it comes as no surprise that while some parts of the country are still limping along in what has been the longest and most tepid recovery in recent memory, the Triangle is booming.

Indeed, it’s hard to find a metric that shows the region as anything less than thriving. The unemployment rate declined sharply over the past year, down over 2 percentage points from the first quarter of 2013 to 5.1 percent in April 2014, and the region has been adding jobs — more than 26,000 nonfarm jobs in the past four quarters and 7,700 in March 2014 alone. As a result, the region’s industrial market is rapidly accelerating.

Raleigh-Durham has consistently placed in the top 10 fastest growing MSAs since 1980, and the Triangle’s industrial market is primarily geared toward providing goods and services for the burgeoning local population, ensuring that demand for institutional-grade industrial product remains strong. This dynamic has also created a tendency toward a high degree of diversification, and both factors contributed to partially insulating the local warehouse market from the severe corrections suffered by national and regional distribution hubs during the recent economic downturn.

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Jul
17

Pointe West Apartments Sold for $34,062/Bed

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San Diego-based Pierce Education Properties L.P. has purchased Pointe West, a 480-bed, 144-unit community west of the University of South Carolina campus in Cayce.

The firm paid $16.35 million in its July 1 acquisition of the student housing community, which was built in 2003. Pierce buys, owns and manages collegiate residential properties. Memphis, Tenn.-based EDR was the seller in the transaction.

Pointe West features two- and four-bedroom units, modern appliances, leather furniture and private balconies, as well as a private washer and dryer in each unit. Property amenities include a pool, sundeck, hot tub, fitness center, Internet cafe with coffee bar, sand volleyball and basketball courts, on-site hiking trails linking to riverfront pathways and picnic style areas with grills.

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Categories : Columbia
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Jul
16

MHA Brokers Four SC Apartment Complexes

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Multi Housing Advisors (MHA) has recently brokered four multifamily sales in South Carolina for a total of more than $39 million.

“The offerings received tremendous investor interest and illustrate that investor demand for multifamily assets in the Southeast is very strong,” Robinson said.

Details are the deals are below:

  • Covenant Capital acquired the 246-unit Century Forest, located in Greenville, South Carolina, from Centennial Holding Company, LLC for $19.3 million. Century Forest, constructed in 1985, includes a swimming pool with a sundeck, a fitness center, tennis courts, a car-care facility, and picnic and grilling areas.
  • PRG Real Estate sold a two-property portfolio in Spartanburg, South Carolina, comprised of The Corners Apartments and Magnolia Townhomes, to Graycliff Capital for $10 million. Both assets were constructed in 1974. The Corners Apartments comprises 176 units and Magnolia Townhomes includes 98 units.
  • Hudson Capital purchased the 120-unit Fox Run, located in Camden, South Carolina, for $9.79 million. Pulliam Investments sold the property, constructed in 2002. Amenities include a fitness center, laundry facility and swimming pool.

Marc Robinson and Jordan McCarley of MHA’s Charlotte, North Carolina, office represented the sellers of the properties.

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Colliers International’s Chuck Salley, SIOR and Dave Mathews, SIOR completed the sale of three industrial properties totaling nearly 500,000 square feet for $7.75 million. The properties include:

  • 2 Business Parkway located in Lugoff, South Carolina, consists of 164,000 square feet and sold for $3.4 million.
  • 220 Commerce Drive located in Greenville, South Carolina, consists of 162,400 square feet and sold for $2.35 million.
  • 2630 Highway 15 located in Sumter, South Carolina, consists of 172,863 square feet and sold for $2 million.

Salley and Mathews represented the buyer, Reger Holdings, LLC, in the purchase of the three properties. Colliers’ Givens Stewart, SIOR and Richard Jackson of the Colliers International Greenville, South Carolina office represented the seller of 220 Commerce Drive in the Greenville, South Carolina.

 

Categories : Columbia, Greenville, Sumter
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Jul
16

Why Order Commercial Appraisals from Integra?

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Recently, Integra’s corporate headquarters completed a client satisfaction research effort that was performed by an independent research firm. In summary, here is what our clients had to say about IRR:

  • 94% of our clients tell us that they are satisfied; and nine out of ten of these clients say they are “very” or “extremely” satisfied.
  • 72% of our clients say that they have referred IRR to their friends and colleagues.
  • IRR has earned a Net Promoter Score of 57, which is significantly higher than the average net promoter score for a top-100 brand business to business company (the average is 35).

In short, we found that the majority of our clients are satisfied with the appraisals we prepare, and that our clients likely to recommend our company and services to a friend or colleague.

When choosing an appraiser for your valuation needs, it is very important to choose a reputable firm with a proven track record of satisfied clients. Not only will this instill confidence that you will be receiving a quality appraisal report, but this also shows that the appraiser is active in your area, which means that they will have a best data available to prepare an accurate valuation.

Please let me know if I can assist with your appraisal needs in the Carolinas.

Michael Dodds, MAI, CCIM

Categories : INTEGRA NEWS
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The Expansion Index from Reed Construction Data is a 12 to 18 month “look ahead” at the construction marketplace. It indicates whether a location’s construction volume is expected to expand or shrink in the upcoming 12 months. The data is all commercial, non residential data, with vertical markets such as retail, medical, government, education, etc. included. A value of 1.0 or better indicates an expanding market. A value of 1.0 or less indicates a contracting market. The Expansion Index is updated monthly, with the chart below representing data from July 2014 by MSA in the Carolinas. I will try to post this data monthly going forward.

Be sure to e-mail this post and chart to your contacts or co-workers that would find it useful by clicking on the red e-mail button at the bottom of this post.

 

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Jul
16

Bluffton Holiday Inn Express Sold

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Banyan Investment Group and Investra Investments have formed their second joint venture this year to purchase the 112-room Holiday Inn Express & Suites in Bluffton. The hotel features 1,250 square feet of meeting space, a business center and seasonal outdoor swimming pool.

The hotel is located six miles from Hilton Head, 25 miles from Savannah and 90 miles from Charleston. The joint venture purchased the asset from Veritas Hospitality Group, a division of the Stafford Cos. Loxi Hospitality provided advisory services in the transaction.

Categories : Bluffton
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Jul
15

Charlotte Apartment Rent Growth at 2.2% Last Quarter

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Like most spots across the country, metro Charlotte turned in an impressive apartment rent growth performance during 2nd quarter 2014. Effective rents for new leases climbed 2.2% during the three-month period.

That was quite a turnaround from the stats seen a little earlier, as pricing declined a tiny bit during late 2013 and early 2014. Furthermore, 2Q’s rent growth proved very broad, with rates up meaningfully in every product niche and across all neighborhoods.

Important to Charlotte’s upturn in pricing momentum is that operators now appear to have regained some confidence, after previously worrying that a burst of completions would prove more than the market could handle.

Increased deliveries, in fact, have been met with strong demand, so occupancy remains in healthy shape, and there’s been no real damage done to performances within the already-existing stock. The mid-2014 occupancy figure came in at an even 95% overall, leaving available product concentrated mostly in the brand new properties moving through the initial lease-up process.

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Categories : Charlotte
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Jul
15

E-Commerce Driving Industrial Demand

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E-commerce is already dominating the conversation when it comes to industrial real estate development. However, a white paper from Prologis makes it clear that we ain’t seen nothin’ yet.

“Forecasters, such as Goldman Sachs, anticipate that online sales will continue to rise at double-digit rates for the foreseeable future,” according to the Prologis report, titled “Inside the Global Supply Chain: E-commerce and a New Demand for Logistics Real Estate.” McKinsey and Forrester Research, among others, have estimated that the online share of the retail sector “will rise to the mid-teens during the coming decade, up from less than 10% today,” the report states. “We see several themes emerging that will shape e-commerce and logistics real estate for the foreseeable future.”

One of these themes is organization. “As aggregate e-commerce demand comprises the constituent e-commerce companies, considering decision-making of individual customers provides a roadmap for the future,” according to the Prologis report. “High industry growth suggests to us that distributors will increasingly favor facilities proximate to their end customers.”

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Categories : National News
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Jul
15

Interest High in Remaining Carolina Forest Land

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More and more developers are circling around the last 1,500 acres of undeveloped land in Carolina Forest, and the possibility grows daily that the Grand Strand will get a clear picture of what the bustling area will look like at build-out.

The remaining 1,491 acres are available in four parcels ranging from 200 acres to 516 acres and from residential to commercial in use.

Stepped-up marketing of the property is not widely known around Horry County, but some who hear about it predict there could be a growth spurt soon as developers seek to build ahead of the expiration of a 20-year development agreement with Horry County.

Others say more growth can only increase the pressure for better roads in Carolina Forest and connections to the rest of the Grand Strand, more attention to schools the increased population will need and the significant and growing political power to get the roads and the schools its residents want.

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Categories : Myrtle Beach
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