Inland Real Estate Income Trust, Inc. announced today the acquisition of the 311,313-square-foot Coastal North Town Center in North Myrtle Beach, South Carolina, located approximately 123 miles north of Charleston. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase of the property on behalf of Inland Income Trust.
“We’re thrilled to add the newly constructed Coastal North Town Center to Inland Income Trust’s growing portfolio. Anchored by a 49,098-square-foot Publix, this center aligns with our strategy to acquire high quality grocery-anchored retail assets,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “This well-located shopping center provides access to a host of restaurants, clothing retailers and necessity-based services to the 16 million consumers that visit Myrtle Beach each year.”
Constructed in 2014, Coastal North Town Center is located at Highway 17 and 11th Avenue. The shopping center is well-situated in a high-traffic retail row that draws approximately 33,880 consumers within a five-mile radius.
Coastal North Town Center was 93.47 percent leased, as of the acquisition date. In addition to Publix, tenants include Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Mattress Firm and a variety of restaurants.
The Leisure Investment Properties Group of Marcus & Millichap has announced the sale of Dunes West Golf & River Club, located in Mount Pleasant, SC, according to Steven Ekovich, First Vice President, National Managing Director and Director of the National Golf Division of the Leisure Investment Properties Group.
Terence Vanek, an investment advisor with the Leisure Investment Properties Group, had the exclusive listing to market Dunes West on behalf of the seller, John Wieland Homes and Wheelock Street Capital. Headquartered in Atlanta and recently acquired by Pulte Group, Wieland ranks among the country’s 100 largest homebuilders and is a leading builder of luxury homes in Atlanta, Charleston, Charlotte, Nashville and Raleigh. Wheelock Street Capital is a private real estate investment firm headquartered in Greenwich, CT, and manages $1.4 billion of cumulative equity capital.
Mr. Vanek also procured the buyer in the sale of the facility, Jim Feeney, who entered the Charleston golf market 15 years ago with the purchase of Snee Farm Country Club. 12 years later he purchased Rivertowne Country Club, and now has added Dunes West Golf & River Club to his portfolio of golf offerings.
Dunes West Golf & River Club is one of the most recognizable and well-reviewed semi-private courses in Charleston, South Carolina. The 18-hole championship golf course is considered a masterpiece of traditional golf design, steeped in the history and beauty of the South Carolina low country and highlighted by a charming clubhouse overlooking Wagner Creek with spectacular views.
Multi Housing Advisors recently arranged the sale of two apartment communities located in the Triad Region of North Carolina in two separate transactions: 192-unit Spring Forest at Deerfield and 294-unit Chesterfield changed ownership for $27.1 million.
MHA’s Charlotte office team representing the sellers included Marc Robinson, Jordan McCarley and Watson Bryant.
Cottonwood Residential sold Spring Forest at Deerfield to Peak Capital. Located at 100 Willow Brook Court, the community features one-, two- and three-bedroom floorplans. The property features units ranging between 850 and 1,443 square feet and rent prices between $715 and $1,054, according to Yardi Matrix data.
Brown Investments sold Chesterfield to an undisclosed buyer. Located at 3411 Old Vineyard Road, the property features two- and three-bedroom floorplans. According to Yardi Matrix, unit sizes range between 882 and 1,057 square feet with rents between $595 and $810. Community amenities include a swimming pool, two laundry facilities and 610 parking spaces.
“As the Triad continues to expand its economy, embracing industries as diverse as aerospace, bioscience and logistics, the multifamily market remains steady,” said Robinson in a prepared release. “Investment capital has taken notice as Triad job growth remains positive and rent growth healthy.”
Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, SC Apartments, LLC, in the sale of Windwood Apartments, an 80-unit value-add property located at 208 Windwood Drive in Pickens, SC. The multifamily property sold for $1,900,000 and was 84 percent occupied at the time of sale. This transaction brings their division’s 2016 sales volume to more than $20,000,000. NAI Earle Furman’s Multifamily Division previously represented this property in 2013 when Windwood Apartments was sold to SC Apartments, LLC for $941,000.
“We are pleased to be the market leaders in Multifamily transactions in our area, while at the same time staying active in sales and development throughout the Carolinas,” said Tony Bonitati, NAI Earle Furman Shareholder and Multifamily Division Broker. More than 500 of the units sold this year by NAI Earle Furman’s Multifamily team are slated for some form of renovation, including Windwood Apartments. The property’s new owner, DHP Real Estate, based in Greenville, SC, has plans for both interior and exterior improvements to the property.
“Bringing much needed improvements to an older property keeps affordability, but adds to a quality lifestyle” said Bonitati. “It is exciting to see the much-needed new apartment development in our downtown, but we also take pride in transactions that involve improving older properties in the Upstate.”
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Midwest based individual in a 1031 Exchange.
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant new construction Family Dollar located at 3211 Old McDuffie Road in Augusta, GA for $1,490,000.
The newly constructed Family Dollar is located at the signalized intersection of Old McDuffie Road and Barton Chapel Road. There are approximately 50,000 people living within a three mile radius of the property. The property is located approximately seven miles south of the Augusta National Golf Club.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Midwest based individual in a 1031 Exchange. The seller was a Southeast based real estate development company.
The new Family Dollar lease is for fifteen years and expires September 30, 2031. The absolute triple net lease features no landlord responsibilities and a 10% rental escalation in the primary term. The lease features 10% rental escalation in each of the six 5-year renewal option periods.
Key takeaways for the report
- The vacancy rate for the Greenville, SC retail market is declining as retailer interest throughout the market remains strong.
- Asking rental rates are climbing as new product delivers and demand for space is robust.
- Downtown Greenville remains the focal point of the market for many retailers, but the suburban submarkets are also welcoming significant activity.
- The market’s outlook is positive and will likely see continued growth.
A list of recent sales was posted in the Charleston’s The Post and Courier. Read it HERE
NAI Avant senior brokers Jeff Hein, SIOR and Roger Winn recently represented the seller, Centrum Drive, LLC, in the sale of their ±9,029 square foot (SF) freestanding office building. Located at 110 Centrum Drive in Irmo, the property is near the rapidly developing intersection of Broad River Road and Kennerly Road. The building is a part of Dutch Fork Business Park, a fully developed business park located less than one mile from I-26. The majority of the buildings in the park are of similar construction and occupied with a combination of office and warehouse distribution users.110 Centrum Drive, purchased by IMCS Holdings, LLC consists of ±6,305 SF of office space and ±2,724 SF of heated and air conditioned warehouse space.
Sears Holdings announced its latest round of store closings as it continues to look for ways to cut expenses and return to profitability after five years of losses.
The embattled retailer, which has been steadily shrinking its physical portfolio over the last few years, will close 68 Kmart and 10 Sears stores this summer. (See list of locations at end of story.) In February, Sears warned it would speed up the closing of unprofitable stores.
The chain said the new store closures come after comprehensive evaluation of the company’s store portfolio that took into account historical and recent store performance, and the timing of lease expirations. All of the Sears stores and nearly all of the Kmart stores will close in late July. Two Kmart stores will close in mid-September.
“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” said Edward S. Lampert, chairman and CEO of Sears Holdings. “We’re focusing on our best members, our best categories and our best stores as we work to accelerate our transformation.”
Dick’s Sporting Goods and Academy Sports + Outdoors have submitted letters of interest to buy some of the assets of Sports Authority Inc. that will go on the block in a bankruptcy auction, according to Reuters.
Modells Sporting Goods is also reportedly interested in some of the assets of the chain, which filed for Chapter 11 bankruptcy protection in early March.
The bankruptcy auction will determine whether Sports Authority will be sold off in pieces, or if its creditors will hold on to it and try to find a buyer for its entirety.
On Thursday, Sports Authority was granted approval from the court to push back the planned auction from April 25 to May 16 amid “substantial” interest from several potential bidders. Nearly all of the chain’s assets—its stores, intellectual property and website —are on the block.
Residents in the lakeside community of Chapin were adamant last week about not wanting a proposed affordable housing development in their town, but the project is just one of several proposed for the Midlands area.
The Chapin project calls for a 48-unit low-income apartment complex, but residents have said they don’t want apartments of any kind in their town. Approximately 150 people spoke out against the development at a town hall meeting on April 6 saying the development would put too much strain on the town’s infrastructure and schools.
In addition to the controversial Chapin project, three development projects proposed for the Irmo area and one proposed in Columbia are among 42 applications pending before the state Housing Finance & Development Authority. Developers from Columbia and the Atlanta area have requested tax credits for their projects through the Low-Income Housing Tax Credit Program (LIHTC).
The first 365 by Whole Foods Market stores are slated to open next month. Kroger opened the first Main & Vine in February. Fresh Formats, an Ahold company, debuted bfresh last fall and Fresh Thyme Farmer’s Market, which opened its first store in 2014, is on course to operate 60 units by 2019.
Each of these concepts operates in smaller footprint settings. There’s an emphasis on fresh foods (especially a large selection of produce), along with organic items and artisanal specialties, and price points are rooted in value.
Meanwhile, Google Express launched in February offering same-day delivery of fruit, vegetables, meat and more in select San Francisco and Los Angeles neighborhoods, Whole Foods just confirmed an investment in Instacart and Kroger continues to expand online ordering and in-store pick up.
Amazon’s Prime Pantry and AmazonFresh initiatives are taking a bite out of the food retailing apple, and a growing number of subscription services including Blue Apron, Plated and HelloFresh are angling for a slice of the pie by offering meal-in-a-box solutions.
Anderson: John Powell, CCIM of NAI Earle Furman represented the landlord, AKS Partners, LLC, in leasing to Twisko South, LLC a 3,000 SF retail space at 2102 North Main Street.
Greenville: Hunter Garrett, CCIM, SIOR; Jimmy Wright; Ted Lyerly, CCIM; and John Staunton of NAI Earle Furman represented the landlord, Three J-1, LLC, in leasing to Craft BBC, LLC a 4,560 SF retail space in Woodruff Square.
Anderson: John Powell of NAI Earle Furman represented the landlord, Jimmy Davis, in leasing an 8,400 SF office building at 2001 East Greenville Street.
Pendleton: John Powell of NAI Earle Furman represented the landlord, Donald Hester, in leasing a 4,000 SF industrial building at 111 B Welpine Ridge Road to Blue Collar Cycles.
Spartanburg: Andrew Babb of NAI Earle Furman represented the landlord, Loretta Johnson, in leasing a 2.736 SF office space at 172 East Main Street to Toole Design Group.
Spartanburg: Towers Rice of NAI Earle Furman represented the landlord, Cox LP & Dalton Georgia Carpet Warehouse, Inc., in leasing an 24,000 SF industrial building at 111 Carpet Drive to Classic Woodworks.
Greenwood: Towers Rice of NAI Earle Furman represented the landlord, Hwy 72 Greenwood Associates, in leasing a 4,710 SF industrial space at 2432 Highway 72 to Sizemore, Inc.
Spartanburg: John Staunton and Hunter Garrett, CCIM, SIOR of NAI Earle Furman represented the landlord, PSR Enterprises, LLC, in leasing a 10,000 SF industrial space at 851 Simuel Road to Neffgen Family Stores, LLC.
Greenville: Earle Furman, Keith Jones, and Kelly Sullivan of NAI Earle Furman represented the landlord, WWB3, LLC, in leasing a 7,800 SF industrial building at 101 Woodruff Industrial Lane to Knight Performance Factory, LLC.
Greenville: Keith Jones and Alex Campbell of NAI Earle Furman represented the tenant, EHD Corporation, in leasing 1,511 SF office space at 3 Research Drive from LICAR LLC.
Greenville: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the landlord, Broad Street Office, LLC, in leasing 6,000 SF office space at 110 East Court Street to Parker Poe Adams & Bernstein, LLP.
Germany-based Lidl, now acquiring its first U.S. store sites for a planned roll out of as many as 150 stores in the Mid-Atlantic region, is joining a pitched battle among both established grocers and new players in the U.S. market who are in expansion mode from Southern California to South Carolina.
The competition for a relatively limited number of well-located and development-ready store sites will likely drive up pricing in the near term, according to one institutional shopping center landlord. Lidl, a division of German retailer Schwarz Group that operates 10,000 stores across Europe, is beginning to snap up U.S. properties on the East Coast that meet simple but clear-cut criteria and quick due diligence.
Lidl has so far focused its U.S. expansion in Georgia, South Carolina, North Carolina, Virginia, Washington, D.C., Maryland, Delaware, New Jersey and Pennsylvania. Although the company has declined to say how many U.S. stores it intends to open, sources estimate the chain will open 100 to 150 stores in the Mid-Atlantic region by 2018.