Thursday, the Town of Summerville’s Design Review Board preliminarily approved plans for a Spinx gas station on the Heritage Square site.
With boarded windows and weeds growing around the building, it doesn’t look very inviting right now. Heritage Square has been virtually vacant and deteriorating for 15 years. Palmetto State Armory owns the land and will occupy some 30,000 square feet of the existing space. The business will encompass an 18 lane shooting range, sell ammunition and sell other outdoor living equipment.
“The Palmetto State Armory will be a destination,” Mayor Bill Collins said. “People will come from 50 to 75 miles.” A spokesman for the company says they are looking for both national and local retailers to fill the additional space on the site.
National Health Investors has bought eight retirement communities from Health Care REIT for $476 million.
The newly acquired portfolio has 1,671 units in Florida, Georgia, North Carolina and South Carolina. The properties are the Brightwater facility in Myrtle Beach, S.C.; Lakes at Litchfield in Pawley’s Island, S.C.; Cascades Verdae in Greenville, S.C.; Summit Hills in Spartanburg, S.C.; Homestead Hills in Winston-Salem, N.C.; Ridgecrest in Mt. Airy, N.C.; Marsh’s Edge in Saint Simons Island, Ga.; and Osprey Village in Amelia Island, Fla. NHI plans to expand some of the communities.
Before the acquisition, NHI owned 173 properties in 30 states. It invests in senior housing, skilled nursing facilities and hospitals as well as other facilities. National Health Investors is a real estate investment trust based in Murfreesboro. The seller, Health Care REIT, is based in Toledo, Ohio.
The Greenville, S.C., office of Grandbridge Real Estate Capital, recently closed a $27,350,000 first mortgage loan secured by Drayton Mills Loft Apartments in Spartanburg, S.C. Senior Vice Presidents Bill Mattice and Phillip Cox originated the transaction.
Built in 1902, the mill will house 279 one-, two- and three-bedroom luxury apartments and maintain the two water towers used when the mill was in service. The property is roughly one mile from Spartanburg’s downtown district.
“Ms. Sherbert and her team have put a tremendous amount of time and thought into the design and selection of materials for the project. They have been very intentional throughout the process that the finished product honors the history of Drayton Mills, and the thousands of employees who worked there. The Grandbridge FHA/HUD team, led by Tim Duncan, worked diligently to blend federal historic tax credits, as well as South Carolina historic mill tax credits, with our FHA/HUD 221(d)(4) construction-to-perm loan product that offers a 40-year fixed rate loan term. This extended loan term is consistent with Ms. Sherbert’s vision of Drayton Mills continuing to be a fixture in the Spartanburg community for years to come,” Mattice said.
Underground Atlanta, the at-times revered and reviled shopping mall in the heart of downtown, has a new owner, The Atlanta Journal-Constitution has learned.
Atlanta Mayor Kasim Reed is expected to announce Wednesday that a developer from South Carolina is under contract to purchase the nearly 12-acre property for $25.75 million, and plans to convert the multi-tiered subterranean shopping complex into mixed-use development with a grocery store and above-ground apartments. T. Scott Smith, President and CEO of Mount Pleasant-based WRS Inc., has confirmed to The AJC that he expects to close on the deal in mid-2015 with hopes to begin construction by 2016 at the latest.
Reed’s office also confirmed that the mayor will speak about the deal on Wednesday.
Smith, whose work in the Southeast has largely consisted of suburban commercial development, said he was attracted to Underground because of its proximity to MARTA, Georgia State University, new development and government offices filled with potential tenants. “We’re right at ground zero of Atlanta,” he said, rattling off the following figures: “We’re at a MARTA station which brings 70,000 people a day. Next to a university that has 32,000 students. You have 110,000 people who work downtown everyday.”
Charleston, SC – Drayton Calmes, principal at Norvell Real Estate Group, LLC, recently represented the buyer, Marshall Bridge Capital, LLC, in the $1,515,000 sale of an 18,500SF office/warehouse building located at 3445 Buffalo Avenue, North Charleston. The building is 100% to HD Supply. Charlie Moore of Carolina Commercial represented the Seller.
Greer, SC – Drayton Calmes, principal at Norvell Real Estate Group, LLC, recently represented the buyer, an undisclosed 1031 investor, in the $6,087,000 sale of 14,550 SF Walgreens on 1.67AC located at 1232 Wade Hampton Blvd, Greer, SC. The seller was Centennial American Properties.
Addison Townhomes, which includes 53 townhomes located at 104 Watson Road in Taylors, SC has been sold. The community was 96% occupied at the time of sale, and although it was originally built in 1978, the interiors and exteriors were completely renovated over the last two years. It sold for $3,204,204, or $60,457 per unit. The Buyer was Two Bridges Asset Management, LLC, out of Brooklyn, NY, and they were represented by Tyler Flesch of Red Drum Capital.
“The Addison Townhomes transaction mirrors the turnaround story of the Greenville multifamily market. Once a thriving community in the late 1970’s, Addison fell on hard times during the last downturn. After being completely renovated in 2012 by our locally based sellers, the property once again became a destination community with nearly 100% occupancy,” said Tony Bonitati, multifamily broker at NAI Earle Furman.
Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the Seller, CRESOF Addison, LLC, in the sale.
Dozens of Augusta Road residents attended a community meeting Monday night at Augusta Road Baptist Church where plans were unveiled for a redesigned Lewis Plaza and a new, upscale, two-story Harris Teeter grocery store.
Harris Teeter is once again entering the Greenville market after leaving several years ago. The company was purchased in January 2014 by Kroger Co. but maintains the Harris Teeter brand with headquarters in Matthews, N.C.
“We wanted a one-of-a-kind store to re-enter the Greenville market,” said a Harris Teeter representative, adding that the Augusta Road area was missing a “first-quality grocery store.”
“When this location was first considered by Harris Teeter, they said it was a special location and they wanted to make it the best grocery store not just in Greenville but in the whole state,” said Rajeev Bhave, architect at Matthews, N.C.-based Arcons Design Studio.
Apparently the OpenComps website has been around since 2006, but I have not used it. You can learn more about the comp sharing website HERE. Here is their tag line
I would like to hear from those of you that have used this site, and I will post some of the feedback on SCREnews.com. Send your comments to mdodds@SCREnews.com.
Michael Dodds, MAI, CCIM
Click on the report below to download.
About 1,450 property assessment appeals have been submitted out of 65,000 taxable pieces of property countywide, Orangeburg County Assessor Jim McLean reported to county council on Monday. McLean said a 2 percent appeal rate is considered a low rate during a reassessment year.
Those who appealed their assessments will receive a corrected bill within a few weeks. If someone overpays their taxes, a refund will be made. The deadline to pay taxes remains Jan. 15.
The appeal period ends Dec. 29. Those who want to appeal are asked to submit a tax map number, reasons why the appeal is being made, the taxpayer’s assessment of the property’s value and a signature. If you need assistance in appealing commercial property taxable values, please email dale.stigamier@IntegrityREA.com.
Annual effective apartment rent growth reached 4.7 percent in November, the strongest of 2014 to date and the highest since August 2011, reported Axiometrics, Dallas.
The figure represents the seventh-highest rent growth since Axiometrics started reporting monthly in April 2008.
“The rate of increase bucks usual fourth-quarter trends, when rent growth either decreases or increases only slightly, confirming the strength of the apartment market in 2014,” said Axiometrics Senior Vice President Jay Denton.Denton said annual effective rent growth between October and November decreased from 3.0 percent to 2.7 percent in 2013.
November’s year-to-date effective rent growth of 5.0 percent keeps 2014 as the apartment market’s strongest post-Great Recession year.
Though the national occupancy rate continued its typical seasonal decline in November, it remained nearly 95 percent–the highest recorded in any November since Axiometrics began reporting monthly in 2008. Occupancy has now exceeded 94.0 percent for 31 straight months.
Macon Lovelace, Senior Broker with NAI Avant’s brokerage team, recently represented the buyer of 1640 Litton Drive in Lexington, SC. Sorinex Exercise Equipment purchased the ±71,000 square foot industrial building from Royalty Holdings I, LLC.
This building will be a new manufacturing and distribution center for Sorinex, who produces high quality, institutional grade exercise equipment for professional and personal use. Sorinex also plans to employ over 40 people from the community.
Grubb Properties and New York Life Insurance Co. are under contract to purchase the 525 North Tryon office building in uptown Charlotte, according to real estate sources.
The 19-story building was listed for sale by its owner, Parkway Properties Inc., in October and is one block over from the 336-unit SkyHouse Uptown apartment tower, which Grubb is developing with Novare Group and Batson Cook Construction.
The developers recently purchased the City Center Inn property next door to the SkyHouse project and plan to start work on a second apartment tower next year. Grubb Properties is also working to bring a grocer to a site on that same block.
The motel will be torn down this month, and the developers are sponsoring a “motel demolition party” this evening at the 525 North Tryon building along with Parkway Properties, neighborhood association Friends of Fourth Ward and Charlotte Center City Partners.
Charlie Moore, principal and broker-in-charge of Carolina Commercial, LLC, brokered the sale of 21.51 acres of land at 4475 Betsy Kerrison Parkway on Johns Island. Carolina Commercial represented the Seller in the transaction and Jackie Walker with Carolina One represented the Buyer.