NAI Avant recently facilitated the sale of a ±14,900 square foot industrial building located at 2207 Mechanic Street in North Charleston, SC. The building sits on ±1.52 acres of land. It is centrally located on the Charleston Peninsula directly off of Rutledge Avenue exit, near all local port terminals. The building is visible from I-26.
Dexter Rumsey, Senior Broker with NAI Avant’s Charleston office represented the seller, Mechanic Street Holdings, LLC, in the transaction valued at $1,370,000.
Ziff Properties, Inc. today announced the acquisition of Matthews Festival Shopping Center, a 127,817-square-foot retail center ideally located at the corner of E. Independence Boulevard and Matthews Township Parkway in Matthews, NC. The property was acquired for $8.150 million. National and regional tenants include Big Lots, Miracle Ear, Springleaf Financial, Merle Norman Cosmetics, Tequilerias and Tamarind Fine Cuisine of India. Ziff Properties plans to renovate the center and is in various stages of discussion with several new tenants. Bryan Wyker of The Providence Group represented Ziff Properties in the acquisition and will continue to work on repositioning efforts along with Alex Kelly of Tribek Properties.
Director of Acquisitions and Chief Operating Officer, Christian Chamblee says, “Our business revolves around neighborhoods and furthering the importance of each of our shopping centers to the community. With its current occupancy levels and opportunities for enhancement, Matthews Festival is an ideal fit.”
The hotel industry in the United States is back into a construction mode. According to Lodging Econometrics, the U.S. development pipeline included 4,038 hotels with 507,221 rooms at the end of the second quarter. That’s an increase of more than 20 percent in both properties and rooms over the second quarter of 2014.
Nearly 70 percent of rooms in the development pipeline are either under construction (146,743 rooms) or will start construction within the next 12 months (198,506).
“There’s no question there’s more construction going on,” said Chris Nassetta, president and CEO of Hilton Worldwide Holdings, during a second-quarter earnings call with analysts. “Not just in hotels, but across the board there’s more infrastructure spending going on. You’re also seeing construction in other areas of real estate and home building is picking up.”
During the second quarter, Hilton approved 24,000 new rooms for development, and the company’s development pipeline included 1,510 hotels with more than 250,000 rooms. A little bit less than half the rooms in the Hilton pipeline are in the U.S.
Congratulation to Hance Jones with Carolinas Retail Partners on winning the two tickets. Enjoy the game.
Hoopers Creek Storage, a 20,550 net rentable square foot self-storage facility located in Fletcher, North Carolina, was sold in August and commanded a sales price of $1,295,000. The facility features 153 standard and climate units along with RV, boat and trailer parking on 3.95 acres.
Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the property. The buyer, a private North Carolina investor, formed an LLC for the purpose of acquiring the facility.
Hoopers Creek Storage was opened around 2005. The facility consists of three self storage buildings. Amenities include drive-up and climate controlled units, security cameras, computerized gate entrance, and a rental office with retail supplies.
Continental Realty Corp. has acquired Avana at Carolina Point in Greenville for $51.75 million.
Baltimore-based Continental Realty Corp. is a commercial real estate investment and management company. Avana at Carolina Point is a 346-unit apartment complex at 201 Carolina Point Parkway. Constructed in 2010, the complex was previously owned by Greystar Real Estate Partners and joint venture partner Lubert-Adler.
“Avana at Carolina Point satisfied each value-add criteria in our evaluation and analysis process. The apartment community was purchased for below replacement costs and is in excellent physical condition with a diverse amenity package for its residents,” said J.M. Schapiro, CEO, Continental Realty Corp. “In order to add significant value to this asset, CRC intends to invest in unit upgrades as well as expanding the fitness room and improving the clubhouse and resident amenities.”
Wheeler Real Estate Investment Trust, Inc. has announced that the Company has acquired three properties located in North Carolina from a family-owned group. The Company acquired the properties on August 21, 2015 using a combination of cash and debt for a combined acquisition value of $15.3 million, or $89.38 per square foot.
Cardinal Plaza, a 50,000 sq. ft. grocery-anchored retail center located in Henderson, North Carolina, was built in 2000. The property is 84% leased and key tenants include Food Lion and Family Dollar. The Company purchased the property from Cardinal Plaza, LLC, an entity controlled and owned by members of the Barnett family. The acquisition value was approximately $4.4 million, or $88.00 per leasable square foot.
Franklinton Square was opened in 1999 and is a 65,336 sq. ft. grocery-anchored retail center located in Franklinton, North Carolina. The property is 88% leased and key tenants include Food Lion and Family Dollar. The Company purchased the property from Franklinton Square, LLC, an entity controlled and owned by members of the Barnett family. The acquisition value was approximately $5.0 million, or $76.87 per leasable square foot.
Nashville Commons, built in 1998, is a 56,100 sq. ft. grocery-anchored retail center located in Nashville, North Carolina. The property is 100% leased, with Food Lion as an anchor tenant. The Company purchased the property from Nashville Commons, Square, LLC, an entity controlled and owned by members of the Barnett family. The acquisition value was approximately $5.9 million, or $105.17 per leasable square foot.
Similar to previous quarters, tourism, job creation and subsequent residential growth continued to drive development and strengthen the Charleston retail market throughout the second quarter of 2015. The market maintained its trend in a positive direction with an overall decrease in vacancy and increase in rental rates. Charleston continued to gain prestige, national and international recognition as a top-notch tourism hub. The area gained yet another accolade recently when Travel + Leisure named Charleston the best city in U.S. and Canada for the third time in a row. Tourists are not the only ones taken by Charleston’s charm, however, as interest from National retailers continues to grow, new tenants emerge and others announce plans to join our thriving market. The low to non-existent vacancy rates allowed Landlords to keep the upper hand this quarter, especially in the downtown market and King Street corridor.
Suburban markets also performed well, showing strength and growth as developments moved forward and interest from new and national tenants remained high. Large, mixed-use developments such as Nexton, Carnes Crossroads, and Ingleside Plantation are underway along the I-26 corridor to accommodate the area’s growing population. These developments are subsequently attracting large-scale retailers, such as Bass Pro Shop, to announce openings nearby.
Florence-based SpringBridge Development LLC today announced plans to build a Courtyard by Marriott hotel in SCANA’s Otarre Point Development in Cayce.
Located near the interchange of Interstate 77 and Interstate 26, the hotel will be a part of a growing corporate hub that includes SCANA headquarters, Amazon fulfillment center, Nephron Pharmaceuticals, the Cayce Tennis and Fitness Center, and a 70,000-square-foot Lexington Medical Center facility.
Construction of the hotel is expected to begin this year with opening planned for the fourth quarter of 2016.
The hotel will feature 100 rooms, a bistro with a full service bar, 683 square feet of meeting space, an indoor pool, a fitness room, a business center, a market pantry, a guest laundry room, and an outdoor patio with a fire pit and a grill.
Net industrial absorption has outweighed new space completions for five straight years following the recession, particularly in the big-box segment, resulting in a significant drought of available space in many major markets at mid-year 2015.
Craig Meyer, president of industrial brokerage division with commercial real estate services firm JLL, says the expected 171 million sq. ft. of industrial space scheduled to be completed this year will not meet the 219 million sq. ft. of anticipated absorption. The supply imbalance will likely continue into 2016, he says.
“Construction deliveries have been minimal this cycle, and are under the historic norm,” Meyer says. “New deliveries as a percentage of the nation’s existing stock averaged 0.7 percent per year over the last seven years. This compares to the 20-year average, since 1996, of 1.4 percent per year.”
Eleventh Hour, LLC
ADDRESS: 2575 Ashley River Road, Charleston, SC
TRANSACTION: Retail Sale by Dunston Powell, CCIM
4881 Rivers, LLC
ADDRESS: 4881 Rivers Avenue, North Charleston, SC
TRANSACTION: Retail Sale by Dunston Powell, CCIM
Phif, LLC/Isabella’s Collection
ADDRESS: 139 Market Street, North Charleston, SC
TRANSACTION: Retail Lease by Dunston Powell
Summerville Office Properties, LLC
ADDRESS: Berlin G. Myers Parkway, Summerville, SC
TRANSACTION: Land Sale by Charlie Moore, CCIM SIOR
ADDRESS: 404 Jessen Lane, Cainhoy, SC
TRANSACTION: Warehouse Lease by Charlie Moore, CCIOM SIOR
Worldwide Technology Holding Co.
ADDRESS: 939 Commerce Circle, North Charleston, SC
TRANSACTION: Warehouse Lease by Dan Batten
Cushman & Wakefield | Thalhimer recently assisted MUSC Physicians in the purchase of Parkshore Centre located at 1 Poston Road in Charleston, South Carolina. Ed Kercher of Cushman & Wakefield | Thalhimer represented MUSC Physicians.
The approximately 120,000 sq.ft. class A office building was purchased for $28.4 million from Parkshore Centre I Limited, an affiliate of Charleston-based real estate firm Durlach Associates, for the relocation of additional administrative support staff from Downtown Charleston.
According to Loopnet, “Parkshore Centre is Charleston’s premier “green” suburban office building offering an impressive lobby, modern, clean offices, abundant free parking, and first class property management by Durlach Associates. Parkshore is Charleston’s first LEED EB certified and ENERGY STAR rated office building. Conveniently located in West Ashley near I-26, Parkshore Centre is highly visible and easily accessible to all areas of Charleston.”
Beaufort renters will soon have a new upscale apartment option with Broad River views. The Parc at Broad River will feature 246 luxury apartments, according to developer Dick Edwards. “We felt there is a market there,” said Edwards, who is based in Georgia.
One-, two- and three-bedroom units will be available to rent, said Willie Wade of Centre Marc Construction, the complex’s general contractor. The project is estimated to cost $30 million.
The complex is just off the Broad River Bridge on Savannah Highway, with 1,200 feet of water frontage, said architect David English. Amenities include a clubhouse with an “upscale” swimming pool area, a pavilion with a firepit, a fitness center, a cyber cafe, a media center and a drive-through mail center, in addition to on-site garages and boat storage.
- Major investments from automotive manufacturers Volvo and Mercedes-Benz were announced during the first half of 2015. Together, the manufacturers will be investing $1 billion and creating 5,300 jobs over the next decade
- Speculative and build-to-suit construction is strong throughout the market.
- Industrial employment in the Charleston-North Charleston-Summerville, SC MSA is at record-high levels, surpassing pre-recession employment of 32,400 jobs.
- Activity is up at South Carolina’s ports. Container volumes at the Port of Charleston increased 14% during the South Carolina Ports Authority’s 2015 fiscal year.
Download the report HERE.
Hotel Development Partners (HDP) and funds managed by the real estate group of Ares Management, L.P. recently announced the purchase of three select service hotels with a total of 248 rooms in North Charleston, South Carolina. The hotels include two carrying the Marriott brand – the Residence Inn by Marriott Charleston North/Ashley Phosphate and the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate – as well as a third that is part of the Choice Hotels portfolio of brands.
Clustered together in an area just 15 minutes from Historic Downtown Charleston, the hotels provide an opportunity for both leisure and business travelers to enjoy on-site amenities as well as access to many businesses, local attractions and several popular local restaurants.
“We are excited to be investing in these three well-established hotel properties with a partner that has both broad local and regional experience as well as a proven track record in managing high-quality hospitality properties,” said Steve Wolf, Partner in the Ares Real Estate Group. “Investments in stable assets that can be further enhanced fit nicely into our longstanding value-add strategy, and we look forward to working with HDP on their repositioning.”
In conjunction with this transaction, Atlanta-based Hotel Equities, which has a joint venture partnership with HDP, assumed management of the three hotels.