Lodging Partners, LLC, a member of Hotel Brokers International, is pleased to announce they have arranged the sale of the Comfort Inn North Myrtle Beach, South Carolina. The 60-Unit, two-story Comfort Inn North Myrtle Beach is very well located within a short distance of major area attractions and had several rebranding opportunities. The Hotel, which sold for the $2,750,000 asking price, was acquired by an affiliate of Riviera Point Development Group and will be managed and operated by Coakley & Williams Hotel Management Company. The new ownership group has plans to reposition the property to a Country Inn & Suites in the fall of this year.
Ford C. Barton, Principal of Lodging Partners, LLC, exclusively represented the seller, an affiliate of locally-based SHIV Properties, on this transaction. “This was our second engagement on behalf of SHIV Properties, and we’re delighted to have structured for them a very successful exit at the full asking price in the sale of this asset,” noted Ford Barton.
Even with the economic uncertainty following the United Kingdom’s decision in a referendum last Thursday to leave the European Union, Europe’s loss could be South Carolina’s gain in the long term.
Although the U.K. is the state’s fifth-largest trading partner, with $2.8 billion in goods exported there last year, according to the S.C. Commerce Department, the recent boom of foreign investment is likely to absorb any short-term economic shock. And as the U.K. extricates itself from the 27 remaining members of the EU, South Carolina is well-positioned to benefit later on, both from renegotiated trade deals and as a stable place to invest.
“The thing about South Carolina is that there is a lot of momentum from significant investment, from foreign and domestic companies,” said David Cuda, the director of corporate solutions at the South Carolina office of global commercial real estate firm Colliers International.
German automaker BMW announced a billion-dollar investment in its Upstate plant in March, and Volvo selected South Carolina for its first American factory last year, investing $500 million in a facility in Berkeley County.
“These investments don’t just stop,” Cuda said. “I think it’s a good thing, because this momentum could help us carry through whatever ripples come out of this.”
The fact that South Carolina’s primary exports are agricultural products, aircraft, automobiles and automotive parts, particularly tires, could be an advantage.
According to reports from Colliers International and CBRE, the industrial property market, much like the office and retail markets, remains tight in the Upstate.
Over the first quarter of 2016, the total vacancy for industrial and flex space hovered at just more than 7%, and net absorption was just over 1.6 million square feet for the second consecutive quarter, according to CBRE estimates.
“While current speculative development speaks to the health of the market, the demonstrated success of new development in the present cycle could inspire a new round of speculation,” said Brian Reed, CBRE research manager, in a statement.
Colliers reported the total vacancy rate held steady due to new space being delivered vacant and that the flat rate “does not accurately depict robust interest and activity in the market.”
According to Colliers, industrial speculation construction in the Upstate includes:
- 545 Brookshire Road in Spartanburg County, a 240,020-square-foot speculative building being developed by Beacon Partners.
- Flatwood Industrial Park, a 363,000-square-foot industrial building being developed by Johnson Development Associates.
- Building 1 at Logue Park, a 110,000-square-foot building in Greenville County, is complete and was developed by Cothran Properties.
- Wingo Park in Spartanburg County — Becknell Industrial completed a 175,000-square-foot building at the park.
An upscale apartment community whose amenities include boat access to the Augusta Canal is set to open next year at the Village at Riverwatch, bringing a residential component to the high-profile retail-office zone.
InterMark Development LLC, a multifamily real estate company based in metro Atlanta, said it plans to break ground on the 260-unit complex on 22 acres of canal-front property just north of the Riverwatch Cinemas in early August.
InterMark principal Joe Mackey said the development, known simply as Riverwatch Apartments, will raise the bar on what is considered a “class A” in the local market.
“There are a lot of terms used to describe high-end apartments,” he said. “But most of them don’t do what we do justice.”
Mackey said the community will have all the features normally found in modern luxury communities – a resort-style pool and a clubhouse complete with a fitness center and cybercafe – in addition to unique amenities such as a bocce ball court, a dog park, a fitness trail that skirts the property’s perimeter and elevators in each building.
Ziff Properties, Inc. has announced the acquisition of Clemson Central Storage, a 52,081-square-foot self-storage facility in Central, SC, adjacent to Clemson University’s campus. The property was purchased for $3.8 million. Ziff Properties plans to add an additional 33,600-square-foot building near the front of the property consisting of 238 storage units and a new management office. The finished product will be a Class A climate and non-climate controlled self-storage facility.
Ziff Properties’ Chief Operating Officer and Director of Acquisitions, Christian Chamblee says, “Proximity to Clemson University’s campus and extremely high barriers to entry made this property attractive for investment. We are excited to set our expansion plans into motion and provide the Clemson community with a Class A storage facility.”
Developers continue to add modern multifamily units to cities across the Midwest. And these new units? They’re getting smaller.
According to RENTCafe, the average size of apartment units completed in 2016 has fallen to 934 square feet. That’s the smallest average size for new-construction apartment units since 2006, when the average size stood at 1,015 square feet. Overall, the average size of all U.S. apartment units is 889 square feet, according to RENTCafe.
However, there is one Midwest city in which new apartment units tend to be larger, Omaha. Omaha ranked ninth on RENTCafe’s list of cities with the biggest new-construction apartment units. The average size of a new studio in Omaha is 477 square feet, while a one-bedroom comes with an average of 758 square feet of living space. RENTCafe.com found that the average new-construction two-bedroom unit in Omaha boasts 1,090 square feet of living space.
The city with the largest newly built apartments was Atlanta, with two-bedroom units here averaging 1,125 square feet of living space.
And the city with the smallest average apartment units? That would be Tucson, Arizona.
The area around Bluffton’s Buckwalter Place continues to develop as a new Alzheimer’s and dementia residential care facility is planned to open there by next year.
Nashville-based Memory Care America is preparing to break ground on a 44,000-square-foot assisted living community on Bluffton Parkway. The proposed facility would sit on an 89-acre site just south of Buckwalter Place, a commerce park that is home to the national headquarters of eviCore.
eviCore, a managed health care benefits firm formerly known as CareCore National, is one of Beaufort County’s largest employers and anchors the growing Buckwalter Place area.
The planned Memory Care America facility would offer 64 beds for patients with Alzheimer’s disease and other memory-related challenges. “It is designed and built to feel just like a home,” Memory Care America’s vice president of marketing Ricky Perkins said Friday.
But unlike most homes, the rooms will include features — from handrails with lights and motion sensors to refrigerators with glass doors to help residents remember to eat and drink —specially designed to make life easier for patients, he said.
An 8,384-square-foot home in downtown Charleston sold for $7.51 million earlier this month, according to a news release from William Means Real Estate, which represented the seller.
The James Simmons House, located at 37 Meeting St., was built in the 1760s by Charleston attorney James Simmons and still retains its original Georgian-era floor plan with a central hall and four flanking formal rooms, the news release said.
William and Nancy Longfield sold the house to Robert and Melissa Smith on June 14, the title transfer document says.
It was the second-most-expensive property sale on the peninsula, behind only the $7.7 million sale of the Colonel John Ashe House, located at 32 South Battery, in July 2015.
“This house is a historic gem in the heart of downtown Charleston,” Lyles Geer, a broker with William Means Real Estate, said in the release. “The rare architecture, beautiful gardens and storied past make this house a classic Charleston home.”
Berkeley Capital Advisors has announced the sale of the Urban Cookhouse in Irmo, SC for $1.52MM, as a modified pre-sale to satisfy a 1031 tax exchange. Located at 1072 Lake Murray Blvd., Urban Cookhouse had a new 10 year lease at time of sale. The 5,000-square-foot space was once home to Atlanta Bread Co. Atlanta Bread Co. closed in May 2014 after just two-and-a-half years of operation at the location.
Urban Cookhouse features menu options made with ingredients from local farmers and cooks its meats on Big Green Egg grills. They currently operate ten other restaurants in the Southeast, spanning from Alabama to North Carolina.
Steve Horvath and Ransome Foose exclusively represented the seller in the transaction.
New apartment development is booming in the Wilmington market. There are now more than 1,600 units under construction and another 1,600 units proposed, according to the latest report published by Real Data. Demand for apartments in Wilmington has been healthy over the last year.
The average vacancy rate is now 4.6%. Apartments that are one to five years in age have an average vacancy rate of 4.0%, which is good news for developers planning new apartments.
The average rent for an apartment in the Wilmington area has increased to $954 per month, as compared to $907 per month just one year ago.
The Greenville area’s residential real estate market has rebounded from 2007, with strong demand, particularly for homes up to $250,000, outpacing inventory in some communities. Industry executives also said Greenville’s “destination” downtown has become a selling point.
A report for March shows a $9,816 increase in the average purchase price of single-family houses-condominiums-townhouses since March 2007 in The Greenville Multiple Listing Service area that includes Greenville County, Greer and part of Laurens and Pickens counties. The March average sales price is up $27,110 from March 2006.
“The downtown area is what is doing it,” said Nick Sabatine, CEO of the 2,400-member Greater Greenville Association of Realtors and the MLS. Sabatine said 2006 records do not show any sales of more than $2 million but in 2015 and this year there are transactions of $4.85 million, $2.14 million and two at $2.8 million.
NAI Avant senior broker Macon Lovelace recently represented the seller, Lakeland West Capital, in the transaction at 1147 First Street in Columbia, SC. The ±15,200 square foot (SF) industrial building is located in the Columbia Industrial Park just off the Bluff Road exit on I-77. The building sits on ±1.68 acres and is comprised of ±2,800 SF of office space and ±12,400 SF of warehouse space. The building was purchased by E & A Real Estate, LLC for $620,000.
Marcus & Millichap has arranged the sale of a three-property, 881-unit self-storage portfolio located in metro Charlotte, N.C. The buyer, a hedge fund, was also secured by the group.
The properties included in the portfolio are:
- Highway 70 Self Storage, 344 units in Newton, N.C.
- North Cannon Self Storage, 302 units in Kannapolis, N.C.
- Shelby Self Storage, 235 units in Shelby, N.C.
All three facilities are located in Greater Charlotte, within a short distance from each other. With an estimated population of 2,500,000 residents, the Charlotte metro area is the most populous in North Carolina and the sixth largest MSA in the Southeast United States. By 2020, the metro is expected to have a 58.6 percent population growth from 2000.
Columbia is one of only five American cities that is home to both the state capital and the state university. Toss in a pinch of wonderful Southern charm (cuisine included), a lively progressive arts scene, plus the nation’s largest U.S. Army training facility in nearby Fort Jackson and you have a lively stew of ideas, commerce, and adventure.
The Palmetto State’s largest city has always drawn its influences from the coastal Lowcountry and the Blue Ridge Mountains of the Upcountry to create South Carolina’s most diverse architecture. And Columbia’s only getting better with all the new development that’s been going on in the city in the last few years.
Care to see what’s new in the city of Columbia? We have dialed up Google Street View to check in on the latest exciting changes. Join us for a close-up view of the biggest and boldest projects reshaping the Columbia streetscape that have been completed sometime in the last 8 years.
Elliot Calhoun, broker with NAI Avant’s Charleston office, recently facilitated the investment sale of a ±18,035 square foot self-storage facility located at 1719 Signal Point Road in Charleston, SC. Calhoun represented the seller, KALEV, LLC, in the transaction valued at $920,000. The purchaser, Un Altro Elefante, LLC, was represented by Mario Inglese with Petigru Properties, Inc.
According to Loopnet:
120 unit self-storage facility on Signal Point Road, in rapidly growing Folly Road corridor. Currently 75% filled with no marketing and listed at 9% CAP. Manager in place and included in annual NOI of $79,000, but can be replaced. Rents are currently below market and offer additional upside. Improvements include: new roof on main structure, significant landscaping work, new fence/gate, conversion of some inside office space to climate controlled units, and renovation of some distressed units.