The vacancy rate for parking garages in Columbia’s Central Business District (CBD) was 29.02% at mid-year 2014, down from 33.29% the previous year. This decrease in parking availability reflects the tightening CBD office market which was 88.19% occupied at midyear 2014. City owned parking facilities reported a vacancy rate higher than those of the private sector with vacancy rates of 31.30% and 27.19%, respectively.
Berkeley Capital Advisors has announced the sale of Chatham Downs, an 80,110 SF grocery anchored retail center located at 88 Chatham Downs Drive in Chapel Hill, North Carolina. The Center is anchored by a 48,756 square foot Harris Teeter and a 16,800 square foot Town & Country Hardware store. It is within five miles of Governor’s Club and the planned Booth Mountain residential development. The sales price was not disclosed.
Rob Carter, Alex Quarrier, and David Webb represented the sellers, Shiner Capital Partners and Lat Purser & Associates, in the transaction of the property, which sold to a 1031 exchange buyer.
Thank you to the fourteen real estate professionals that have subscribed this month to the free daily updates. I welcome your feedback on what type of information you would like to see more of on SCREnews.com.
Also, please let me know if I can assist with your commercial appraisal needs. Integra Realty Resources has 67 offices nationwide, including six in the Carolinas.
Cassidy Turley has released a report with evidence that development activity is picking up across the country. Growth in the value of construction underway has been in the double digits for almost 30 consecutive months and, in some sectors, has topped 65%. This report details activity by market and industry type, and from a local perspective, includes data on Charlotte and Raleigh. Click on the report below to download the PDF of the 42 page report.
Atlanta-based Brand Properties LLC applied for a land development permit for a 245-unit multifamily development on Market Point Drive off of Woodruff Road.
Built on 12.31 acres behind The Point shopping center, the development will include seven residential buildings, as well as a clubhouse, community pool, fitness center, leasing office and green space.
Representatives from Brand Properties could not be reached for comment.
Multifamily Executive reports: Cap rates in the U.S. apartment sector reached historic lows in H1’14 as competition fueled the major markets, specifically in New York, Boston, Washington, Los Angeles, Northern California, and Seattle.
“There is so much capital pouring into those big six markets that even if many investors are concerned about valuations, there are plenty of investors still competing fiercely for those properties that the investors with concerns have passed on,” says Ben Thypin, Director of Market Analysis at Real Capital Analytics (RCA), a global data and analytics firm focused exclusively on commercial real estate.
Cap rates fell to 4.4% in H2’14, a percentage that equaled the historic low established in H2’06, RCA reported in US Capital Trends – Apartment 2014 Mid-Year Review. Yields for mid/high-rise properties reached 3.9%, surpassing 2013 lows. Overall, cap rates for garden and mid/high-rise properties were below 6.5% and 5%, respectively.
Multi Housing Advisors (MHA) has brokered the $11.4 million sale of Brannon Park, a 299-unit apartment community in Greensboro, North Carolina, and the $8.39 million sale of The Brittany, a 214-unit community in Burlington, North Carolina. Marc Robinson, Jordan McCarley, and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions.
“The Triad region continues to attract investment capital with its stable economic base and growing population,” Robinson said.
Blue Valley Apartments, Inc., an affiliate of Ocwen Financial, sold The Brittany, located at 706 Huffman Mill Road, to Harvest Investments, a Connecticut-based investment partnership. The community, built in 1973, includes a playground, swimming pool, tennis and basketball courts, a dog park, laundry facility, and fitness and business centers.
San Diego-based Pacifica Cos. purchased Brannon Park, located at 3822 Mizell Road, from VTT Management, a Boston-based private investment firm. The property, built in 1984, includes a playground, swimming pool, fitness and business centers, and basketball and tennis courts.
Cushman & Wakefield | Thalhimer has announced the sale of a 1.4 million square foot industrial property known as WestPoint Home located at 19320 Airbase Road in Wagram, North Carolina. The Scotland County site included a warehouse and production facility, an active water and wastewater treatment plant, a modern four boiler steam plant, and timberland.
Cascades Tissue Group purchased the 1,438,571 sq.ft. property, situated on nearly 1,000 acres, and will immediately begin to upfit the facilities for a tissue plant. As a North American leader in the recovery, manufacturing and converting of green packaging and tissue paper products, the company will make a $55 million investment and create 68 new jobs. The total annual capacity for the new converting plant will be approximately 10 million cases on six converting lines, with the capacity to produce various tissue products including bathroom tissue, kitchen towels, paper napkins and hand towels for both the away-from-home and consumer products markets
Warren M. Snowdon, SIOR of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller, WP Properties Wagram, LLC.
Professionals from the firms show below subscribe to the e-mail updates that are sent out each weekday. We have a diverse group of followers including lenders, brokers, developers, contractors, attorneys and engineers. Thank you to all of our followers.
Patrick Square LLC has announced that four additional local businesses will be leasing space in the Patrick Square Town Center. All tenants are planning to open for business this fall in conjunction with the opening of Rick Erwin’s – Clemson.
- Greer State Bank Mortgage has leased a 760 square foot space at 133 Thomas Green Boulevard, Suite 204, Clemson, SC. Art Wray has been named Vice President and Mortgage Loan Officer for this office.
- Alex Vassey, a Certified Financial PlannerTM with Financial Dynamics will open a second location in a 528 square foot space at 133 Thomas Green Boulevard, Suite 201. Financial Dynamics is an independent investment firm providing financial planning and strategies.
- Cheryl Aaron, Esq. of Aaron & Aaron Attorneys at Law will be leasing a 656 square foot space at 133 Thomas Green Boulevard, Suite 202. Cheryl will specialize in real estate law at their newest location in Patrick Square.
- Jacob and Jenny Dean, owners of Jacob Dean Photography, will relocate their office and studio space to 133 Thomas Green Boulevard, Suite 205.
Patrick Square is the first community of its kind in the Clemson Area, a 173-acre traditional development that blends historical architecture and green building in a pedestrian-friendly environment. “Patrick Square continues to attract families and local businesses serving the Clemson area,” said Chris Hodge, Town Center Manager. “We believe that we will continue to see growth as businesses and individuals realize the value and significance of being strategically located in this Traditional Neighborhood Development community.”
As an economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lead time between architecture billings and construction spending.
The American Institute of Architects (AIA) reported the July ABI score was 55.8, up noticeably from a mark of 53.5 in June. This score reflects an increase in design activity, as any score above 50 indicates an increase in billings.
The new projects inquiry index was 66.0, following a very strong mark of 66.4 the previous month.
The AIA has added a new indicator measuring the trends in new design contracts at architecture firms that can provide a strong signal of the direction of future architecture billings. The score for design contracts in July was 54.9.
Construction projects in cities across the country that stalled during the economic downturn now are getting the green light, an indication that the real-estate recovery is spreading beyond a handful of urban areas.
The construction of office buildings, hotels and apartment buildings picked up in New York, San Francisco and Boston several years ago. Now activity is spreading to Atlanta, Chicago, Las Vegas and a number of other cities that are finally seeing a pickup in employment, economists say.
“What’s turning around is businesses are just comfortable enough that…they need to start expanding some of their facilities,” said Kermit Baker, chief economist at the American Institute of Architects. “There’s a lot more optimism out there.”
A year ago in Atlanta, for example, building office towers without tenants wasn’t feasible in much of the city. Developers struggled to fill up towers built just as the recession began. As vacancy rates climbed, some developers defaulted on their construction loans and mortgages on completed buildings. Tishman Speyer Properties surrendered a 20-story tower to creditors.
Savannah-area hotels will continue to see strong growth this year and next thanks to overall improvement in the economy, according to the Georgia Hotel and Lodging Association’s annual forecast. Mark Woodworth, president of Atlanta consulting firm PKF Hospitality Research, presented data on local and national industry trends Tuesday to several dozen hotel professionals at the Embassy Suites downtown.
Occupancy rates for all hotels in Savannah should end the year at 69.1 percent, said Woodworth, up from 66.9 percent last year. He said modest growth is also expected in 2015 at 69.8 percent occupancy.
“The industry has never looked better than it has today,” Woodworth said.
He said looking nationally, by 2015, the lodging industry should see its sixth consecutive year of increasing occupancy, the longest such streak since 1988, as well as its highest level of occupancy since 1995, at 64.6 percent.
On one side sits the Carolina Coliseum, a perfect example of Old USC. Opened in 1968, the coliseum is a source of great memories for many. Elvis Presley played there. Frank McGuire’s Gamecock basketball teams called it home. It’s The Coliseum.
That said, it’s old — 46 years old, and it looks it.
Meanwhile, right next door is the new Moore School of Business facility. It’s the polar opposite of old. With its glimmering glass and bold design, everything about the 252,000-square-foot, $106.5 million Moore School screams “modern.”
Once again, the University of South Carolina is introducing a new building into the City of Columbia’s landscape. As the school has grown — particularly in the past 15 years or so — it literally has changed the way the city center looks, often in profound ways.