Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the Seller, Stratham Place Hld., LLC in the sale of Stratham Place Apartments in Greenville, SC. The multifamily property sold for $2,750,000 ($30,556/Unit) to Bywater Development Group out of St. Louis, MO. The buyer, Bywater Development Group, specializes in developing, planning, financing, and implementing transformative affordable housing developments throughout the mid-western and southern regions of the United States.
Stratham Place is a 90-unit apartment complex located at 207 Shaw Street in Greenville, SC. This property is one block off of Poinsette Highway and within one mile of downtown Greenville. Stratham Place was built in 1955. The units are heated and cooled with wall mounted heat pumps. Tenants are responsible for electricity and water and sewer are master metered. This complex consists of two and three-bedroom units. The two-bedroom units are approximately 700 square feet and the three-bedroom units are approximately 1400 square feet. All of the buildings are wood framed construction with brick siding and flat roofs.
Ben Yelm, of Marcus and Millichap represented the seller in the sale of Cedarcrest Village in Lexington, South Carolina.
Cedarcrest Village is a 14,300 square foot shopping center located at 955 East Main Street in Lexington, South Carolina. The subject property was built in 2008, has excellent visibility from the street, and has 96 parking spaces. The property has access at the signalized intersection of Library Hall and Main Street as well as Swartz Road. Cedarcrest Village Apartments, a 300 unit 2007 construction complex, shares the same signalized intersection. In addition the property has strong traffic counts of 26,000+/- vehicles per day. The property has a nice mix of local tenants including Eastern Buffet, ReMax, Carolina Cocktails, and One Stop Shipping. All leases are triple net and have built in rent increases. The center was 75% occupied.
Lowe Enterprises Investors (“LEI”), in joint venture with a foreign investment client, has acquired the Hampton Inn & Suites Charlotte-Arrowood Road, located at 9110 Southern Pine Boulevard in Charlotte, NC and the 110-room Hampton Inn Columbia Northeast-Fort Jackson, located at 1551 Barbara Dive in Columbia, SC.
Hampton Inn & Suites Charlotte-Arrowood Road – The 100-room Hampton Inn & Suites Charlotte-Arrowood Road is located in the growing I-77 corridor area of Charlotte and near the Charlotte Beltway as well as Interstate 77. The property enjoys proximity to many of the area’s major employers, including Microsoft, Xerox, Siemens, GE, Walmart, Novant Health and Rockwell Automation, as well as the popular Carowinds Amusement Park. Built in 2000, the property features a fitness center, business center, onsite convenience store, complimentary shuttle, complimentary breakfast and pool.
Hampton Inn Columbia Northeast/Fort Jackson – The 110-room Hampton Inn Columbia Northeast-Fort Jackson is located near both Interstate 77 and Interstate 20 in Columbia approximately four miles from Fort Jackson, the U.S. Army’s largest training base. The property is also near several of the area’s major employers including Security Finance, Blue Cross and Blue Shield of South Carolina and Life Care Center of Columbia. The hotel features a fitness center, business center, complimentary breakfast and pool.
LEI will invest $3.6 million in capital improvements to the properties, including upgrades to building exteriors, public spaces and guestrooms. Terrapin Investments and Management will continue to operate both properties.
The S.C. Ports Authority drives $13.6 billion worth of annual economic activity in the Midlands, according to a new study released today at the agency’s monthly board meeting at the Michelin tire plant in Lexington.
The study by the University of South Carolina’s Darla Moore School of Business also found business at the state’s ports account for nearly 48,000 jobs in the region and $2.6 billion in annual labor income.
Additionally, the manufacturing economy, which represents the primary user base of Port facilities, represents 8.2% the economy in the Midlands regions, said Joey Von Nessen, research economist at USC.
“Although the Ports statewide $53 billion impact is substantial, these economic benefits are felt strongly in the Midlands region, where the Ports impact translates into over 48,000 high-wage jobs,” Von Nessen said during a presentation at Michelin’s tire manufacturing facility.
Although the ports are about 100 miles from Columbia, their proximity helps support “ongoing development of export-oriented industry clusters, particularly in advanced manufacturing,” Von Nessen said. “This is helping to expand the local manufacturing base … into a sizable industry footprint.”
Columbia real estate developer LandTech has announced plans for a 27-acre subdivision just outside of Irmo.
The community, called Regatta Forest, will feature a collection of 75 residential home sites at the intersection of River and Regatta roads on a large peninsula which extends deep into Lake Murray near the dam. The neighborhood is being developed using Low Impact Development (LID) guidelines, a sustainable, green community developmental concept.
“LID is a new approach to land development and storm water management that helps protect water resources,” said Jim Anderson, head of LandTech construction management. “Its benefits are reduced impacts on wetlands, streams and lakes, enhanced water quality, restoration of ground water systems and preservation of open space.
Bruce Yandle, Clemson University alumni distinguished professor emeritus of economics, expects the Federal Reserve to “nudge up the interest rate just a bit at its December meeting.” He said that between now and 2018, the nation will see real gross domestic product growth between 2.2% and 3.0% followed by “a slowing economy, an old-fashioned credit crunch,” in late 2018.
Yandle anticipates the interest rate will increase slightly because of a strong employment report in the Southeastern region, specifically in what he called Charlanta, the area between Charlotte and Atlanta. Yandle gave his remarks at the fourth annual Dixon Hughes Goodman Greenville Executive Briefing Series at the Marriott on Tuesday.
“If the Fed raises the federal funds rate, over which they have some control, they will, in a sense, be endorsing what the market already has done,” Yandle said. “But of course intervening events, such as the Paris tragedy, could affect what the market sees in the way of interest rates, but I’m sort of betting that this time we will see that move up for the first time since the great recession.”
Yandle expects real GDP growth of 2.2% to 3% in 2016.
The Country Club of South Carolina is for sale.
An Ellis Maples designed 7,062-yard, 18-hole golf course with a fully stocked pro shop and practice facilities touted as the largest in Florence top the list of amenities. Six lighted Har-Tru clay tennis courts – two with stadium seating — a fitness center accessible around the clock, a junior Olympic-sized swimming pool and a kiddie pool are selling points aimed at the sports-minded crowd. Duffers Bar & Grill, the Grille Room and the Palmetto Room offer ascending levels of dining formality, and the grand ballroom, with teak flooring and a stage, can host weddings and special events.
Hilda W. Allen Real Estate Inc. of Adel, Georgia, is in charge of selling the property, which includes a 28-acre parcel situated along the golf course’s 11 th hole.
Potential buyers have already shown interest, Allen said Monday, and the property has been seen by a few parties. The listing price has not been disclosed.
“It’s a sealed-bid offering,” Allen said. “We don’t have a listing price.”
She didn’t characterize the current climate for golf courses as a buyer’s market, but thinks the economy has improved to a certain extent.
Monmouth Real Estate Investment Corporation has announced the acquisition of a new 330,717 square foot industrial building located at 4690 Global Avenue NW, Concord, North Carolina. The property was acquired on Friday, November 13, 2015, at a purchase price of $31,975,897 and is net-leased for 10 years to FedEx Ground Package System, Inc., a Delaware corporation. The building is situated on approximately 59.4 acres. The cap rate was not reported.
Michael P. Landy, President and CEO, commented, “We are very pleased to add this brand new Class A built-to-suit FedEx distribution center to our portfolio. This large 59.4 acre property is ideally situated right off of Interstate 85. The Charlotte MSA is a prime center for logistics and distribution facilities as well as the second largest banking center in the U.S. FedEx continues to experience substantial growth as a result of the on-going migration to e-Commerce.”
6Kettler and the Stillman Group have purchased two apartment properties in Charleston, S.C., from Fairfield Paces Watch LLC and Fairfield Waverly LLC for a combined $58.55 million. Altogether, the properties total 472 garden apartment units.
The portfolio is made up of the Paces Watch Apartments in Mount Pleasant with 232 units, and Waverly Place Apartments in North Charleston with 240 units. The apartment communities are near downtown Charleston.
“We are going where there’s growth, and the Charleston market has outperformed,” Kettler CEO Robert C. Kettler said. “The submarkets around Charleston where Paces Watch and Waverly Place are located are experiencing significant economic expansion. This is a strategic push into the Charleston market.”
he joint venture plans both through interior and exterior upgrades at both properties. Before the transaction Fairfield managed Paces Watch and Waverly, whereas now Kettler Management will provide management services for both. The transaction was brokered by Dean Smith and John Heimburger from the Charlotte Office of ARA, a Newmark Company.
SRS Real Estate Partners has brokered the sale of a newly constructed, 41,369-square-foot Walmart Neighborhood Market located at 2003 E. Greenville St. in Anderson. The store is situated at the northwest corner of Greenville Street and Reed Road directly across the street from AnMed Health Medical Center. The store is new, with a 20-year primary term and four 5-year options with rent increases.
Kyle Stonis, Pierce Mayson, and John Topping, Jr. of SRS’ Atlanta office represented the seller, Cypress Equities, in the transaction. The buyer, VEREIT Inc., was self-represented. The purchase price was undisclosed.
Many Lowcountry renters now must let a computer determine what their new or renewed leases will cost them.
And there’s usually no way of telling what the outcome will be.
That’s because many local apartment offices are following an industry trend by switching to algorithm-based leasing software that calculates the price of a unit based on a number of factors — and the rate can unexpectedly peak and valley, particularly in southern Beaufort County.
“Prices change daily,” said Dorna Davani, leasing consultant with Chartwell-owned The Lakes at Myrtle Park in Bluffton. Chartwell also owns The Lakes at Edgewater.
Both apartment complexes recently started using YieldStar, a popular revenue management software by Texas-based RealPage that calculates the rate of an apartment based on a number of factors, most significantly supply and demand in the local market and current and future occupancy rates.
NAI Avant Senior Investment Broker Dail Longaker recently represented Legare Legacy, LLC in the sale of their ±.85-acre unimproved commercial lot located at 1310 – 1320 Senate Street. The prime lot, in the heart of the Central Business District, sold for $1,775,000. The buyer was Park7 Group, although details of their plans for the site are unknown.