sold_sign_postcardDallas-based Westmount Realty Capital has announced  the sale of Logistics Pointe/Charlotte located at 2401 Nevada Blvd. and 12520 General Drive in Charlotte. The buyer was a joint venture partnership between LRC Opportunity Fund and New York Life Real Estate Investors. Logistics Pointe is a 1.1 million square foot industrial/distribution complex of five buildings that sits on 66.3 acres within close proximity to major traffic arteries of I-77, I-485, I-85 and the Charlotte/Douglas International Airport.

Westmount Realty Capital originally purchased the property in June 2006 from the lender, a year after Winn-Dixie filed for Chapter 11 bankruptcy protection and closed its southeastern U.S. distribution center as well as about 40 of its Charlotte-area supermarkets. The facilities, some dating back to as early as 1973 and which had been vacant since February 2005, include a freezer building of 209,316 square feet, 191,239 square feet of refrigerated space, a truck maintenance facility, a 30,000 square foot office building, and approximately 650,000 square feet of rail-served dry warehouse/distribution space.

Upon acquisition, Westmount rebranded the then vacant property as “Logistics Pointe” and converted the facility from a single-tenant property to a multitenant use. Through remarketing and rebranding, Westmount was able to raise the facility’s occupancy from zero to over 90 percent leased at closing. Among the major tenants are Americold, West Logistics, Otto Environmental Systems, United Natural Foods (Albert’s Organics) and Provide Commerce (Pro Flowers, Shari’s Berries).

Westmount was represented in the transaction by Cushman & Wakefield|Thalhimer’s Capital Markets team consisting of Chris Norvell, SIOR, Bill Simerville, and Scot Humphrey, as well as industrial specialists from Thalhimer’s Charlotte office, Lane Holbert, CCIM, SIOR and Eric Ridlehoover.

Categories : Charlotte
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elliott davis decosimo logoFrom our friends at Elliott Davis Decosimo:

Application Deadline January 30, 2015

Legislation in South Carolina enacted in 2011, which became effective January 1, 2012, created an exemption from property taxes applicable to certain transfers of commercial real estate. The exemption is not available for all properties and is determined by an evaluation of a number of factors. Generally, if the property qualifies, it could be assessed at a 25% discounted value as of December 31 of the year of the transfer.

The purchaser of the property must apply for the exemption.The application process is relatively straightforward, as the statute only requires the purchaser to notify the county tax assessor that it intends to claim the exemption. The applicant is not required to make any calculations to determine if the property qualifies before applying; all calculations will be performed by the assessor. Various counties have established their own guidelines for the form of the notification.

If you have any specific questions or need assistance evaluating your eligibility to secure a reduction in your assessed value of commercial real estate, please contact your tax advisor at your earliest convenience.

Categories : South Carolina News
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FD megerIt’s the end of an era for Family Dollar Stores Inc. The Matthews-based discount retailer’s shareholders voted Thursday morning in favor of an $8.5 billion merger with Dollar Tree Inc.

“With this vote we are closing an impressive chapter for Family Dollar and beginning a new exciting chapter,” Family Dollar CEO Howard Levine said this morning.

The cash-and-stock transaction could close in March. It is valued at approximately $76.50 per share. Family Dollar shareholders will receive $59.60 per share in cash. The remainder, roughly 20 percent, will be paid in Dollar Tree stock.

The total is up from the initial bid of $74.50 per share because Dollar Tree’s shares have continued to trade higher since the proposed merger was announced in late July. The price also represents a nearly 32 percent premium from the $58.04 that Family Dollar’s shares were trading at the day before the deal was announced. Family Dollar’s stock closed at $75.55 on Wednesday.

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Categories : National News
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two soldProgress Student Living announced today it has sold two luxury student housing communities that it developed recently in North Carolina and Georgia. The buyer of both properties is Phillips Acquisitions, based in Santa Barbara, California. The transaction was brokered by CB Richard Ellis’s National Student Housing Group in Dallas. The transaction price was not disclosed.

Sold in portfolio transaction were Progress910, a 168-unit complex with 528 bedroom/bathroom suites near the UNC Wilmington in Wilmington, N.C.; and Monarch301, a 180-unit complex with 546 bedroom/bathroom suites near Georgia Southern University in Statesboro, Ga. Each property is currently 97% leased.

“Progress 910 and Monarch 301 are among the top off-campus housing options for students at UNCW and Georgia Southern,” said Andrew Weddle, a principal with Progress Student Living who helped develop, operate and sell both properties. “Each is located close to campus, is well-built, and offers a full slate of amenities that are popular with student renters.”

Progress910 consists of three four-story residential buildings located on a 16-acre site at 316 Marlboro Street in Wilmington. Apartments are also available in two- and three-bedroom-suite floor plans. Among the property’s amenities are an outdoor, resort-style pool with poolside cabanas; a 24-hour, state-of-the art fitness center; an activity room with a fireplace, lounge areas, and billiards and ping-pong tables; and a secluded cybercafé and study lounge.

Monarch301 is located on a 10-acre site at 816 S. Main Street in Statesboro. It consists of four interconnected four-story buildings with fully furnished apartments available in one-, two- and four-bedroom-suite floor plans that feature 40-inch, flat-screen televisions; high-speed Internet connections; private patios or balconies; and full-size washers and dryers. Property amenities include an outdoor, resort-style pool with poolside cabanas; a lighted sand volleyball court; a sunken fire pit with circular seating; outdoor hammock gardens; a clubhouse with a coffee lounge and game rooms; barbecue grilling areas with picnic seating; and a 24-hour fitness center with a private exercise room.

Categories : Wilmington
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Up down real estateThe Pee Dee Realtor Association says 2014 was another recovery year and the housing market has shifted from being “drastically undersupplied to approaching equilibrium.”

The market assessment was included in the association’s report on Tuesday of December real estate numbers. Pee Dee Realtor Association President Sandy Gaskins said she is looking forward to a strong 2015 in the housing market.

“I’m looking forward to 2015 because the Fannie Mae and Freddie Mac will be offering 3 percent down payment mortgages that will really help first-time homebuyers,” Gaskins said. “We’ve been told mortgage rates will go up but right now is a really great time to buy a house.”

In the Pee Dee market, the median sales price of homes rose to $134,000, up almost 2 percent more than in December of the previous year. The biggest drop was in pending home sales, 58 percent, with new listings also down slightly. Inventory increased to 1,448 units.

Categories : Florence
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sears closing soonSears, the nearly 130-year-old retailer that arguably invented big-box shopping, is deconstructing parts of its still-imposing real estate portfolio in ways that could make a profound impact on the U.S. retail landscape.

Sears Holdings Corp., formed from a merger with Kmart a decade ago that consolidated some 3,500 stores across the two banners, operates fewer than half that many stores today, following a few waves of closures. Chairman, CEO and controlling shareholder Edward S. Lampert says the company is cashing in part of its real estate treasure trove as a means of helping support the remaining stores.

And he dismisses critics who say the move is too little, too late. Meanwhile, industry experts mull over the value of the remaining properties and their potential reuses. “Sears real estate is a valuable asset, with tremendous potential for the right tenant in the right location,” said Matt Hammond, director of retail brokerage at Tustin, Calif.–based Coreland Cos. But “only 25 percent of Sears locations are in ‘A’ markets.”

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Categories : National News
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Jan
20

Ziff Properties Announces Transactions

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ziff-properties-logoZiff Properties, Inc. has announced that its 2014 acquisition and disposition transaction volume is $61.9 million, which includes fifteen properties having a total square footage of 1.23 million.

Acquisitions include Decker Village Shopping Center, Shoppes at Seven Hills, Ashley Self Storage, Shops at River Market, Terraces at University Place, and East Brainerd Shopping Center.

Dispositions include Shops at Berwick Marketplace, Franklin Shopping Center, The Marketplace at Southern Shores, Chicago Laundry Basket, Murchison Building, Smith Creek Center, and a Charlotte flex portfolio made up of Arcade Square, Rubin Business Centre II, and Coffey Creek Business Park.

Fourteen of these fifteen properties are located in the Southeast in MSAs including, but not limited to, Atlanta, Charlotte, Columbia, Charleston and Chattanooga.

Categories : Charleston
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Jan
20

New CRE Data Provider in the Carolinas

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RealMassiverealmassive, the first data provider to deliver open access to the commercial real estate industry, today announces the launch of the Charlotte, Greensboro/Winston-Salem and Raleigh-Durham marketplaces. The addition of these markets brings the current coverage on RealMassive’s platform to over 2.6 billion square feet.

“We are thrilled to provide CRE professionals and tenants seeking commercial space in these three key North Carolina cities with access to RealMassive. Our expansion to North Carolina signifies the intensity of customer need for our products and that we are executing on schedule as we roll out across the country. We continue to improve on our ability to launch markets as we deliver on our mission to give control of CRE data back to the industry,” said RealMassive’s CEO, Joshua McClure.

In addition, the company plans to launch Chicago on Monday, January 26, 2015. The rapid series of market launches is enabled through strong partnerships with leading Commercial Real Estate (CRE) firms augmented by hundreds of researchers spread all over the country, logistically coordinated through a cloud-based framework. The framework was built and tested in the company’s test market of Austin, Texas.

“Transacting business in Charlotte requires a strong team, access to high quality data and the best tools available. RealMassive’s open platform offers a clear advantage over traditional data providers and we look forward to leveraging the technology as we continue to grow throughout Charlotte,” said Daniel Farrar, Managing Partner of Stream Realty Partners.

RealMassive’s platform is packed with innovative technologies in a seamless, beautifully designed interface that is easy to use. In Austin, some of the more popular features include hosted real-time market surveys that enable property owners, brokers and tenants to collaborate throughout the search process; real-time notification when spaces come off the market; custom marketing channels; and CRENow, a service that enables syndication to Twitter and other online channels.

If you would like for them to launch in South Carolina, please contact their communications coordinator at Cassady@blastpr.com.

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Jan
20

Avison Young Releases Charleston Office Report

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avison young logoAll indications are that the Charleston Office Market will have favorable metrics in 2015. 4 of the 5 submarkets measured have lower vacancy rates compared to last quarter, with West Ashley being the only area to plateau. Market wide, the vacancy rate has dipped to a robust $10.1%. Growth in expected across the manufacturing, retail sales, tourism and construction sectors. Meanwhile, employment growth is strong throughout the region, particularly in the IT sector, which is driving up wages, and demand for office space. In the words of University of S.C. economist Joseph Von Nessen, “South Carolina’s economy hit its stride this year (2014), and we expect that trend to continue.” With employment being the primary stimulus of office properties, the results are sure to follow, and are already visible.

On the 4,000-acre master planned community of Daniel Island, 1 Central Island Plaza is under construction. It represents a 75,000 square foot addition to this burgeoning submarket, and follows closely behind the just completed 145,800 square foot expansion of software maker Benefitfocus, which is expanding its workforce by some 1,200 associates. Traditionally a tony residential coastal community, Daniel Island is quickly becoming a major employment center.

DOWNLOAD THE PDF REPORT HERE

 

Categories : Charleston
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Jan
19

Retail Sales Expected to Rise 4.5% in 2015

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shoppingThe outlook for the retail industry looks bright, with lower prices at the pump and decreasing unemployment boding well for consumer spending. Retail sales are expected to rise 4.5% in 2015, which is about one percentage point stronger than 2014 growth, according to a report by Kantar Retail, whose analysis excludes automobile dealers, and gas and food service.

Growth will improve in most channels in 2015, the study notes, but remain skewed toward online gains. Online sales, which account for approximately 10% of total retail sales, are expected to grow 15% this year, same as in 2014, while sales at physical stores are expected to rise 3.6%.

The retail landscape will remain uneven and fragmented with most of the gains driven by younger people. By channel, Kantar sees another year of healthy growth for drug stores as healthcare reform rollout sustains spending from the newly insured.

While online competition will weigh on all specialty stores, the apparel channel will be bolstered by job and income gains. Department stores will lag. The home goods market hinges partly on subsiding price deflation that dampened 2014 growth, according to Kantar.

Categories : National News
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Jan
19

Myrtle Beach Home Sales Set Record

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up_Graph_600x338Pushed by a surge of home sales in December, the Grand Strand set a new record in 2014 for the number of single-family residences sold during the year. Topping out at 5,843, the 2014 total was 500 more than the number sold in 2013, which also marked a record. June set the year’s high volume mark with 581 single-family home sales, a total that then declined through November before ticking up again in December.

“I thought we would be at par (with 2013), maybe slightly better,” said Todd Woodard, president of SiteTech Systems, which generated the statistics.

The growth in home sales stimulates other areas of the economy as well, generating sales in appliances, floor coverings, building materials and other things, said Randy Harrison, owner of Harrison Realty in Surfside Beach.

But the real economic oomph comes from the money paid to people who build new homes, said Rob Salvino, an economist at Coastal Carolina University. “I look at real estate as a sign of how an economy is doing,” he said.

Harrison noted that the second-home and retirement market continues to be strong, as it has for the past year. Salvino said he’s seeing strong growth in the area’s health care industry that no doubts affects the health of the housing market.

READ MORE HERE
Categories : Myrtle Beach
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Jan
19

Two More Apartment Complexes Planned for Charleston

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APPROVEDThe local apartment market continues to sizzle.

A 203-unit complex called Proximity is proposed for a 16-acre site off Bees Ferry Road across from Bees Ferry Apartments and not far from the West Ashley Wal-Mart. The nine-building, three- and four-story units are being developed by R.K. Investors of Charlotte. Just 10 of the acres are developable. The rest of the property are wetlands.

Another 27-unit, three-story apartment development called Meritage is planned for Theresa Drive on James Island off Harbor View Road. Theresa Drive Development LLC is the owner, according to document filed with the city of Charleston.

Both projects are scheduled to go before the Design Review Board, which meets Thursday at 75 Calhoun St. at 5 p.m.

The city panel also will consider a two-story office and retail building proposed for 125 River Landing Drive on Daniel Island. The 11,875- square-foot structure is 50 percent preleased, say city documents, which list the property owner as Jeff Birnbaum of S.L. Shaw & Associates.

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Categories : Charleston
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Jan
19

Waypoint Residential Acquires Augusta Apartments

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perimeterWaypoint Residential continues to grow its portfolio focused on communities offering solid rates of return and opportunities for long-term appreciation in value-add plays. The 2011-founded firm announced Wednesday that it had acquired Estates at Perimeter, a 240-unit, Class-A asset located at 50 St. Andrews Dr. in Augusta, Ga., about five miles from the famed Augusta National Golf Club.

“This acquisition is representative of our strategy to grow our portfolio through targeted investments in desirable growth markets with favorable fundamentals,” says Raymond Barrows, COO of Waypoint Residential. “The Estates at Perimeter is a high-quality asset with strong current income and we look forward to leveraging our proven property management platform and operational expertise to create long-term incremental value.”

Built in 2007, the community is 97 percent occupied and features a saltwater pool, 24-hour fitness center, business center, media room, playground and a newly decorated clubhouse. Waypoint plans to apply its value-enhancing property management platform to upgrade the units with new lighting packages, plantation blinds, ceiling fans and faux wood flooring in the kitchens and baths. In addition, amenities will be improved and a pet park will be added at the property.

The Estates at Perimeter is Waypoint’s third acquisition in the state of Georgia. Waypoint also manages The Hamptons at East Cobb in Marietta and Village on the Green Apartments in Atlanta.

Categories : Augusta
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Jan
13

Fort Mill Ross Distribution Center Sold

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ross fort mill saleA Charlotte-based real estate investment management firm has purchased a Ross Stores distribution center in Fort Mill for $14 million, commercial real estate investment firm DTZ said Monday.

The building off Interstate 77 at Exit 88 totals more than 255,000 square feet. The distribution center is 100% leased by Ross, which operates Ross Dress for Less stores.

DTZ represented the seller, which declined to be identified. Property tax records show the previous owner was an affiliate of Aegon USA Realty Advisors, a subsidiary of Aegon Asset Management. The purchaser was Beacon Industrial, a Charlotte-based firm.

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Categories : Rock Hill
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Jan
13

Three Hyatt Place Hotels in the Carolinas Sold

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hyatt place soldHigh Point-based real estate developer BPR Properties has purchased three Hyatt Place hotels — including one in Greensboro — from an affiliate of Hyatt Corp. for $30 million, with plans to renovate the holdings this year.

BPR’s purchase from Hyatt Corp. included the Hyatt Place hotel on Stanley Road in Greensboro, as well as the Hyatt Place Columbia/Harbison in South Carolina and the Hyatt Place North Raleigh/Midtown. The properties have 378 rooms in all.

BPR’s Hyatt deal, which closed in late December, is part of a plan by the company’s president, Birju Patel, to capitalize on hotel acquisitions through a new hospitality capital management company called Piedmont Summit Capital. Patel teamed up with Winston-Salem real estate investors Andy Dreyfuss and Malay Shah to form Piedmont Summit Capital in July 2014. Piedmont Summit Capital holds a minority stake in BPR’s three Hyatt Place properties and intends to buy three or four hotels before the end of this year.

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Categories : Columbia, Greensboro, Raleigh
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