Folks who have trouble finding a parking spot in downtown Charleston can now buy one. A local real estate company is selling parking spaces on East Bay Street for $98,000 apiece.
“You can’t get a loan on a parking space, so you have to come up with the cash,” Jennifer Davis of Domicile Real Estate Brokerage, says. “There’s so little parking in Charleston and to have your own spot is terrific.”
Davis says businesses, developers and individuals are buying them. The owner even gets his or her name plate that shows they own the spot. Davis has an answer for critics who say the price is too steep: “I’d say how many times have you been around the block looking for a space?” Davis says the buyers believe the parking space is a good investment in a great location.
“You own it for life, you pay taxes on it and you can leave it in your estate. You have it forever,” she says. Davis says initially there were about 50 parking spots for sale in the lot on East Bay Street, but now only seven are available.
According to Real Data, the Myrtle Beach area’s vacancy rate has improved to 7.7% over the past year. Demand was strong during this time period with the Highway 501 submarket recording the highest renter gains. In the area, there are three communities currently under-construction and two communities proposed. Rental rates increased by 5.8% over the past twelve months, pushing the current average monthly rent up to $859.
With a forecast of continuing healthy demand, occupancy rates should remain in the 92%-93% range. Rent growth will slow but also remain healthy.
SparrowHawk Holdings-PowerOne LP is pleased to announce the acquisition of a three building, 1.33 million square foot portfolio in North Carolina from an entity controlled by GE. The portfolio is comprised of Class A bulk warehouse and distribution facilities and is 100% leased to strong credit tenants listed on the NYSE, including Proctor & Gamble, Sonoco Display and Packaging and MWI Veterinary Supply, Inc. (soon to be acquired by AmerisourceBergen).
The properties are strategically located in North Carolina’s Piedmont Triad (Greensboro, Winston-Salem and High-Point), a region well known for its pro-business fundamentals and strong growth, and are within one mile of Proctor & Gamble’s manufacturing facility at Browns Summit, slated for a $100 million expansion.
The acquisition was completed in partnership with Pure Industrial Real Estate Investment Trust, an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets and trades on the TSX.
Newmark Grubb Wilson Kibler, a leading real estate services firm, is pleased to announce the recent sale transaction of 230,000 square feet and 35 acres at 1400 Atlas Road in Columbia, SC. The site is made up of multiple industrial buildings and includes furniture and mattress retailer American Freight and the South Carolina operation of Insurance Auto Auctions.
Jeremy G. Wilson, CPM, CCIM, George McCutchen, CCIM, SIOR and George Meetze of Newmark Grubb Wilson Kibler represented the Seller, 1400 Atlas Properties, LLC. The Buyer is Reger Holdings of Buffalo, NY.
Arzan Wealth Limited, a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, has announced that it has advised a consortium of investors on the $127 million acquisition of the global headquarters building of Lenovo’s Enterprise Server Division at Research Triangle Park, in Raleigh North Carolina, USA.
The 67 acre campus featuring a lake, nature preserve, jogging trails, and recreation area, includes two recently renovated office buildings totaling 445,484 sq ft and a 39,952 sq ft mixed-use office/ laboratory building currently under construction. The major renovations during 2014 involved an investment of more than $100 million by Lenovo and the seller.
The Property was originally developed in 1995 & 1998 for Ericsson, and has functioned as a recognized corporate center for nearly 20 years. The property is 100 per cent leased to Lenovo Inc. the operating entity for Lenovo Group Limited, under a 13 year triple-net lease agreement, with a 2.6 per cent fixed annual rent increase and two five year options to extend the lease.
Spartanburg City Council voted unanimously Monday to approve an incentive package for OTO Development’s plans to build a hotel on the west end of downtown.
The investment of at least $18 million is expected to bring a select hotel of at least 100 rooms to West Main Street on the parcel now occupied by Event Rentals.
Council’s decision was made over the objections of owners of the Spartanburg Marriott, Andy Cajka and Jimmy Gibbs of SMR Hospitality II, who asked council not to favor the OTO project over their plans to construct a hotel directly behind the Marriott hotel. Council has said it would continue to honor its agreement with Cajka and Gibbs from April 2014, in which the city gave 3.3 acres behind the Marriott, (valued at $900,000) to SMR Hospitality II in exchange for $1 and a development of at least $7 million. That agreement didn’t include infrastructure improvements or tax incentives.
Cajka told council that he and Gibbs would welcome another hotel, but that council shouldn’t place a moratorium on incentives for a future hotel.
Cushman & Wakefield | Thalhimer is pleased to announce robust activity in the first month of 2015. The firm’s ten Virginia, North Carolina and South Carolina offices completed 132 lease transactions totaling over 1,019,000 square feet and a transactional value of over $87,196,000 during the month of January – a 174% increase in lease volume over January 2014 performance.
In addition, Thalhimer executed 20 sale transactions in the month of January totaling over 1,892,000 square feet and over $136,116,000 in sales volume – a 153% increase in sales volume over January 2014 performance.
DTZ, a global leader in commercial real estate services, announced today that Quinn Management has sold 2198 and 2130 Wilkinson Boulevard to Titan Electric Company Inc. Charlie Ripple from DTZ’s Charlotte Industrial brokerage team represented the seller.
Titan Electric purchased 2198 Wilkinson in order to expand its current Charlotte location and will occupy the building, which totals 25,095 square feet. The adjacent building, 2130 Wilkinson, a 5,032 SF industrial warehouse is currently occupied by Fastenal, which will continue to occupy the building. Andy Burch with Ford Realty Company represented Titan as the buyer’s agent.
The Charlotte industrial market closed 2014 in strong form, with net absorption totaling 2.2 million square feet, which is nearly 1 million square feet about historical averages. With industrial rents continuing to trend upward near an average of $4.50 per square foot (NNN), the Charlotte market should continue to see additional transactions of this nature.
Berkeley Capital Advisors has announced the sale of Wallace Commons Small Shops in Salisbury, North Carolina. The shops are located right off I-85 and shadow anchored by the newly built Wallace Commons, featuring a Belk, Kohl’s, Hibbett Sports, Olive Garden, and Longhorn Steakhouse.
The shops are newly constructed and are 100% occupied by nationally recognized, credit tenants FastMed and Sleepy’s with new 7 and 10 year lease terms. The sales price was not disclosed, but according to Loopnet, the asking cap rate was 6.5%.
David Webb, Rob Carter, and Alex Quarrier of Berkeley Capital Advisors represented the Seller of this transaction
According to CBRE, increased trade, industrial production, employment and consumer consumption in the U.S. combined to drive the largest full-year Industrial investment total since 2007.
Total investment volume in U.S. industrial properties totaled $54 billion in 2014, a 13 percent climb over the prior year. If industrial investment continues to rise at the pace set in 2014, the 2015 volume will reach the prior peak of $61 billion, set in 2007.
The year closed with a very active quarter for industrial property investment, in terms of sales volume. The $16.1 billion of industrial property investment in Q4 2014 reflected a 6.3 percent gain over the year-earlier quarter. The quarter’s total was also the highest sales volume since Q3 2007 and the third highest in the past 14 years.
“The U.S. industrial market is firing on all cylinders. The low cost of energy and a strong dollar are contributing towards increased business investment, production, employment and consumer consumption. These diverse sources of growth have combined with local economic factors to generate demand for industrial space not seen since before the financial crisis,” said Jeanette Rice, Head of Investment Research, Americas, CBRE.
TD Bank announced today that it provided nearly $6 million to developer The Hampstead Group for the renovation and rehabilitation of 100 multi-housing units in the Ashley River area of Charleston. The loan carries a five-year term with a 25-year amortization and was completed by Lori Swan, vice president, commercial relationship management at TD Bank.
The credit will be used to renovate the apartment units at Palmilla Parkside, previously known as St. Andrews Gardens, to provide housing for moderate-income residents. The original apartments, located next to St. Andrews Park, were built in the 1970s as low-income housing and recently fell into extreme disrepair. As part of its planned remodeling, Hampstead will include energy-efficient windows, plank flooring, stainless steel appliances and other upgrades in this community. Palmilla Parkside is one component of a multi-use development, which includes another 228 apartment units in an adjacent complex. Construction began in January 2015 and is expected to be complete within the next 15 months.
“TD Bank continues to invest in multi-housing projects that enhance communities and create access to quality housing in the Lowcountry,” said Michael Renault, Regional Vice President for TD Bank in Charleston. “We feel strongly that residents should have access to affordable, safe housing and look forward to working with Hampstead as they build on this vision in Charleston.”
Beacon Partners has purchased two industrial buildings off Westinghouse Boulevard for $8.6 million.
The Charlotte firm bought a 105,600-square-foot building at 10708 Granite St. for $6.6 million and a 67,200-square-foot building at 9701 Brookford St. for $2 million. The Granite Street building will soon have a 25,600-square-foot vacancy. The deals add to Beacon’s existing 2 million-square-foot industrial portfolio in southwest Charlotte.
“Beacon continues to focus on growing our industrial portfolio throughout the Carolinas with a particular emphasis on the southwest submarket of Charlotte,” says Tim Robertson, Beacon’s director of industrial leasing.
Pete Pittroff of JLL represented the seller of the Granite Street building, and Peter Bergen of Bergen Realty represented the Brookford Street seller.
Lee & Associates Charleston’s R. Milton Thomas, III, CCIM, SIOR represented the Seller, Summerville Industrial Park, Inc., in the $3,400,000 sale of a 50,000 SF industrial building on 14.5 acres located at 2490 W. 5th North Street in Summerville, SC. The purchaser was Pierce Hardy, LP.
It is a 50,000 SF warehouse with dimensions of 160′ x 315′ with a 24′ eave height. Building has a single interior row of columns spaced at 26’4″ which allows for a flexible layout. Roof structure is 24 gauge CXP galvaume standing seam roof. Roof has 12 roof ventilators in addition to two end wall fans. There is a 4 bay positive draining truckwell and 1 drive in door. Building is fully sprinkled. The building was available for lease at a rate of $2.95/sf over a year ago.
Vista Capital Management Group selected to serve as the management agent for six (6) apartment communities totaling 660 units.
American International Group (AIG) selected Vista Capital Management Group as Agent for Jamestown Pointe, 134 units located in Greenville, SC; Canaan Pointe, 120 units located in Spartanburg, SC; and Brookside Pointe, 120 units located in Travelers Rest, SC.
Additionally, Mercy Housing of Atlanta, Georgia, awarded Vista the management of Mulberry Court Apartments, 42 units located in Greenville, SC.
TCG Development of Greenbelt, Maryland selected Vista to serve as management of the Jobbers Overall Apartments, 44 units located in Lynchburg, VA.
Mattoni Group of Miami, Florida awarded Vista the management of the Reserve at Hillcrest, 200 units located in Spartanburg, SC.