Integra Realty Resources is seeking a senior commercial appraiser for the Greenville, SC office. Responsibilities include appraising general commercial properties, as well as maintaining good working relationships with clients. Candidate must be a certified general appraiser, as well as comfortable in Microsoft Windows environment and proficient with Word and Excel. Experience with Argus is a plus, but not required. Assignments are located primarily in South Carolina with periodic travel as required. Compensation plan will be based upon experience, but features competitive fee split, health and dental insurance, and education/dues reimbursement.
The office has access to most data sources, including Real Capital Analytics, Reis, Loopnet, Smith Travel Research, STDB and statewide CoStar access. In addition, Integra has a national comparable database.
Please forward confidential cover letter and resume to: Michael Dodds, MAI, CCIM at firstname.lastname@example.org
The business of marine transport here at the nation’s fourth-largest container port is a study in numbers.
Thirty-one oceangoing container vessels berth at the nearly 10,000-foot-long Garden City terminal each week. More than 8,000 trucks arrive and depart from the terminal daily. Garden City handled 3.3 million 20-foot containers last year, over 10 percent more container cargo than in 2013, and a record.
There are other numbers that are just as vital to this growing business, but not nearly so visible. Hidden behind the green curtain of Georgia pine forest that surrounds the terminal are 45.3 million square feet of logistics, storage and distribution centers, according to the Georgia Ports Authority, the terminal’s owner and operator.
“The link between the terminal and the distribution centers is essential to our operations,” said Curtis J. Foltz, executive director of the Georgia Ports Authority. “Our competitiveness is based on efficiency and connectivity, making sure products don’t sit around. The real estate developments are a partnership that makes expanding trade here possible.”
Colliers International’s Chuck Salley, SIOR, Dave Mathews, SIOR and Sam Myers represented the buyer, Reger Holdings LLC., in the sale of three properties totaling $10.4 million: 805 Victory Trail Road, a 208,800 square foot industrial facility located in Gaffney, SC; 227 Browntown Road, a 117,260 square foot industrial property located in Bishopville, SC; and 1400 Atlas Road in Columbia, SC, a 35 acre industrial complex consisting of 7 buildings with a total size of 230,000 square feet.
Reger Holdings is a real estate investment company with extensive experience in developing value-added projects, reinvigorating properties and projects that have fallen behind the demands and needs of the current market. Reger Holdings’ portfolio contains 3,800,000 square feet consisting of 29 buildings across 13 counties in the state of South Carolina.
Reger Holdings, with the help of its brokerage team at Colliers International South Carolina, has leased approximately 1.4 million square feet of industrial space to 27 different companies that employ more than 650 workers.
SCE&G has sold its former customer service/office building in downtown Columbia to an undisclosed buyer for an undisclosed amount.
Utility spokesman Eric Boomhower said Tuesday the deal is expected to be final during early summer, at which time details will be made public.
The 32,000-square-foot, three-story building at Lady and Marion streets has a market price of at least $1 million and a bid was accepted in mid-February, the spokesman said.
It has been on the market since early October. SCE&G has owned the structure, a few blocks from Main Street, since 1970, Boomhower said.
SCE&G customers have been paying their bills and meeting with utility customer representatives since January at a new building on Flora Street off Assembly Street near the abandoned Capital City Stadium.
Griffin Capital Corporation announced today, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the “REIT”), the closing of the 61,200 SF, Class “A,” single-story, light manufacturing building in Concord, North Carolina, on March 9, 2015.
The Property is leased by Owens Corning Sales, LLC a subsidiary of Owens Corning, Inc. (the “Company”) and serves as one of its key manufacturing operations supporting production of multiple products for its customers worldwide. The Tenant leases 100 percent of the Property and has been in occupancy since 2000. Over this period, the Company has invested significantly in maintaining the facility as a world-class operation. The Company is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. The Company has a Standard and Poor’s investment grade credit rating of ‘BBB-’. The lease has 9.8 years remaining with no contraction or cancellation options.
Thomas Boulware, VI, CCIM and Dexter Rumsey, IV, both senior brokers with NAI Avant’s Charleston office, recently arranged the sale of ±0.70 acres located at the intersection of Rose Drive and Brighton Park Boulevard in MeadWestvaco’s Nexton development in Summerville, SC. Boulware and Rumsey represented the seller, MWV-Parks of Berkeley, LLC, in the transaction valued at $825,000.
The parcel was purchased by CPM Federal Credit Union and will be developed as a ±3,400 square foot full-service branch scheduled to open in 2016. Markus Kastenholz with CBRE represented the buyer in the transaction.
Starbucks Corp. remains highly bullish on expansion. In remarks at the company’s annual shareholders meeting, the coffee giant revealed that over the next five years it plans to open 3,500 locations in its Americas region and 8,000 new stores in foreign markets. And just in case you were wondering … Starbucks noted that Shanghai has more Starbucks stores than any other city in the world in which it operates.
Speaking at the meeting, Cliff Burrows, group president of the Americas and Teavana, said the past year has been “a tremendous year for growth (for Starbucks) – in fact probably the best.”
“We are currently at just over 14,000 stores across the Americas and that number will grow by 3,500 over the next 5 years,” Burrows said.
Starbucks is opening a new smaller, take-away only footprint especially focused on meeting the demands of customers in urban locations during the morning peak. The first Express location is scheduled to open in the company’s second quarter, in New York, with four additional stores on tap by year end, now open in Manhattan.
PRG Real Estate, a leading multifamily real estate investment and management firm, announced the acquisition of The Falls Apartment Homes, located in northwest Raleigh, North Carolina.
The Falls is a 396-unit garden-style apartment community located in what Forbes magazine reported as the second fastest growing city in the United States. The property is about 5 miles north of North Carolina State University, home to 35,000 students and 8,000 full time employees. Constructed in 1987 as The Players Club, a singles community, we look to take The Falls back to its roots as a “hip modern community” suited for today’s young professionals and Millennials. The Falls’ proximity to North Carolina State University’s campus and just a 15 minute commute to Research Triangle Park, downtown Raleigh, and the RDU Airport make it an excellent location for students and post-grads alike.
The Falls will undergo a massive $5.8 million capital improvement plan which will transform both the interior and exterior of the property. At $14,000 per unit, this will be the largest rehab in PRG history. Stainless steel appliances, faux granite counters and brand new 42” espresso colored cabinets will replace the dated euro-style cabinets and laminate counters. Exterior improvements include residing the buildings with Hardi-board, adding a dog park, resurfacing the pool deck and all new property signage. The most thrilling project is redesigning the enormous, outdated clubhouse with a modern lounge area, media room, billiard area and 1,500 square foot state-of-the-art fitness center.
Richardson Properties, a private real estate investment company based in Greensboro, is working with Charleston, S.C.-based Kassinger Development Group to develop a “$40+ million,” 266-unit luxury waterfront complex in the Charleston area.
The Sweetwater community will offer apartments with a range of floor plans, as well as an 18-room boutique-style inn and a grand event lawn. Other amenities will include boat parking, a boat ramp, kayak and canoe launch and community docks.
Sweetwater is a 50-acre property located across from Daniel Island, about 15 minutes from downtown Charleston. The upscale community is expected to see its first buildings completed in early 2016. Charleston-based Sweetwater Construction is the contractor.
As bid-up pricing results in lower returns, especially in prime office markets, investors are turning to a new strategy, according to Transwestern’s Gary Nussbaum. That is, they’re becoming more opportunistic, buying buildings with substantial or total vacancies.
It’s not only the lower returns on stabilized assets that have motivated investors to accept more risk—and, often, pay higher prices on vacant, nearly vacant or soon to be vacant office properties, writes Nussbaum, Chicago-based managing director, investment services. They’re also finding more debt sources willing to lend on opportunistic deals.
“In order to increase their returns, some lenders have been willing to finance the acquisition of vacant buildings, offering interest-only, debt fund financing at 65% loan-to-value” as well as providing 100% of the cap-ex funding, Nussbaum writes in a special report. Interest rates, meanwhile, have been as aggressive as sub-6%. “Terms are improving because more debt sources are loaning on these non-core assets.”
The owners of Classic Golf Group’s three courses did not have their properties listed for sale last year, but they were quietly shopping them in the Myrtle Beach golf market – quite unsuccessfully.
“You had a few low, really insulting offers that really weren’t offers,” said Ed Jerdon, a partner in the courses.
Then the owners were contacted by Jane Zheng, the Keller Williams Myrtle Beach Realtor who represented the Chinese family that had purchased their former course, Black Bear Golf Club, earlier last summer. She had a new group of investors from China who might be interested in their properties.
After a short period of negotiation, Jerdon’s group sold the Founders Club of Pawleys Island, Indian Wells Golf Club and Burning Ridge Golf Club in September for about $11 million – much more than anyone else in the market was willing, and in many cases able, to pay.
“As far as selling a golf property now it depends on the purchaser, whether they can even get financing,” Jerdon said. “The Chinese, they came with cash … and they continue to buy.”
The U.S. lodging industry will continue to achieve very strong growth in rooms revenue per available room (RevPAR) during both 2015 and 2016 according to the recently released March 2015 edition of PKF Hospitality Research’s (PKF-HR) Hotel Horizons®. The report further predicts that the composition of the factors driving the RevPAR is starting to shift with record-setting occupancy yielding ground to growing average daily rates (ADR).
“In 2015, RevPAR growth will be achieved by healthy increases in both occupancy and ADR, similar to the pattern we have seen since 2011,” said R. Mark Woodworth, senior managing director of PKF-HR. “However, beginning in 2016, we are forecasting that ADR gains will be the dominant, if not sole, driver of RevPAR growth through 2019.”
For 2015, PKF-HR is forecasting a 1.9 percent increase in occupancy, combined with a 5.3 percent rise in ADR, for a 7.3 percent boost to RevPAR. In 2016, the increase in occupancy is projected to slow down to just 0.6 percent, but the pace of ADR growth is forecast to improve to 6.3 percent. The net result will be a 6.5 percent gain in RevPAR next year.
Barnes & Noble, Family Dollar, JCPenney, Office Depot and Staples are among the ten companies closing the most stores, according to 24/7 Wall St.
To identify the companies closing the most stores, 24/7 Wall St. reviewed large U.S. retailers that have announced store closings for 2015, or that are in the process of multi-year plans to reduce their physical footprints. Company earnings, store and employee counts, as well as other financial information came from the companies’ SEC filings.
Some of the 10 retailers closing the most stores can be senn HERE.