A public hearing scheduled for Tuesday will focus on a plan that could add 600 homes to Tega Cay, along with land for business and recreation uses. Windhaven would be a planned development pulling together nine properties, most in unincorporated York County, some already inside the city. The properties, north of Gold Hill Road, total more than 75 acres. Most of the property would be annexed.
The initial proposal had up to 680 new homes. Changes to the plan after the city Planning Commission reviewed it this week would cap the number of homes at 600. The commission doesn’t offer formal recommendations until after public hearings. The plan would set aside 20 acres for the city to develop for recreation uses, a site for a future school and up to eight acres of commercial property. The residential uses will vary.
“It’s a mix of residential uses,” said Susan Britt, city planning and development manager. “It could include single-family attached, townhomes, patio homes.”
The Tega Cay City Council will meet with the Planning Commission at 6 p.m. Tuesday at the Glennon Center. A public hearing will be held on the proposal.
Phillips Edison Grocery Center REIT II, Inc. is pleased to announce it has acquired the junior boxes at North Pointe Plaza in Charleston, South Carolina.
The junior boxes, which total 50,000 square feet and are occupied by AC Moore and Dollar Tree, are located within the 323,996 square foot North Pointe Plaza property that the Company purchased last year. With this acquisition, the Company assumed full control over the leasing and property management of the entire center and its diverse merchandise mix. Anchored by Walmart Supercenter, the market’s leading grocer, North Pointe Plaza also features a variety of other leading national and regional concepts including Rooms To Go, Dollar Tree, Sally Beauty Supply, Advance America, Petco and Liberty Tax Service. Conveniently positioned at the intersection of Ashley Phosphate Road and Rivers Avenue, North Point Plaza is situated in a high traffic area with 103,000 vehicles passing daily.
The sale was part of a two-property acquisition, and the sales price was not provided.
One of the largest, most-talked-of commercial spaces along Upper King Street — the former Morris Sokol furniture store — has been sold for $22.5 million. Charleston-based investment and development firm Vanderking LLC, managed by Frederick Simon and Michael Shuler, partnered with Greenwich, Conn.-based Wexford Capital to buy the building last week through a joint venture called Vanderking 510 LLC.
The buyer said the development plan for 510 King St. is under evaluation. The building has around 50,000 square feet of space. “We are extremely excited to participate in the continued evolution of Upper King Street through the development of one of Charleston’s most prominent and important locations,” Frederick Simon of Vanderking LLC said in a news release.
Former store owner Joe Sokol, 83, decided to close the 94-year-old store in the summer of last year. Speculation around what will go into the space, which is both an iconic site and a prime piece of downtown real estate, has been ongoing since. The furniture store was opened by Sokol’s father, Morris, in 1929 after he emigrated from Poland. Sokol began working there full time in the 1950s and eventually took over operations at the retail shop.
Investors are diving into the U.S. industrial market, chasing after a property type that’s having one of its best recovery cycles on record because of the never-ending need for more e-commerce distribution space. However, with strong performance come higher prices, a trend that’s pushed some firms out of the market and may eventually shrink yields if demand cools down.
Last year the U.S. industrial sector registered net absorption of 238.6 million sq. ft., a high water mark for the sector for net absorption gains, according to a recent report from real estate services firm Cushman & Wakefield. Further, the national vacancy rate dropped for the 23rd consecutive quarter in the last three months of 2015, to about 7 percent, the longest streak of net occupancy growth in more than two decades.
The national development pipeline remains strong, with 180.5 million sq. ft. under construction, and 172.4 million sq. ft. delivered in 2015, according to an official statement from Jason Tolliver, head of industrial research for the Americas at Cushman. Supply still isn’t catching up with demand, he noted.
“Based on active tenant requirements, an indicator of future leasing velocity, there is a robust pipeline of pent-up demand,” Tolliver said. “With current and projected demand from active tenant requirements double the amount of speculative construction now under way, demand will likely exceed supply for at least one more year as domestic fundamentals and industrial occupancy drivers remain strong.”
Eller Capital Partners and affiliate PEG Capital Management have recently sold a Charlotte multifamily community to an out-of-state investor. The property in question was Forest at Chasewood Apartments, which sold for $12.8 million.
Located at 1600 Chasewood Drive, Forest at Chasewood Apartments features 220 units with studio, one- and two-bedroom apartment floorplans. Community amenities include a resort-style swimming pool, carwash center, two laundry facilities and resident activity program. It was built in 1985.
“The Forest at Chasewood is located in an area of Charlotte that has undergone significant revitalization over the last few years,” said Daniel Eller, president & CEO of Eller Capital Partners. “We acquired the property at a time when its operations were distressed and we were able to very quickly improve and optimize the performance. As return-driven investors, the timing is right for us to sell, but I have no reason to believe that either the property or the Monroe Road corridor will do anything but continue to improve over the next few years.”
This property is the second Charlotte apartment community that Eller Capital Partners has sold in the last few months. In August 2015, it sold Laurel Walk Apartments on Providence Road for $7.38 million to a Los Angeles-based multifamily real estate investor.
According to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are now more than 7,000 units under construction and another 5,000 units proposed throughout the Triangle.
The most active submarket is Wake-Central, where more than 2,400 new units are under construction. This submarket also has the highest vacancy rate at 9.8%. Vacancies are expected to remain relatively high in Wake-Central as new development projects continue to come on line.
The overall vacancy rate has improved to 6.5%. Demand was strong with over the last six months. Supply growth slowed over the same time period, due in part to the demolition of three older communities where new developments are now planned.
The average rental rate for an apartment in the Triangle is now at $1,007 per month or $1.048 per square foot.
A 36-year-old single mother of two with a $15-an-hour retail job and no health insurance has only $137 per month after paying for rent, bills and groceries she picks up at a food bank.
A 48-year-old, HIV-positive single woman, attending college and looking for permanent housing, cannot afford to pay all of her bills and prescriptions, even after receiving a Social Security disability check and help from an organization with her rent.
And four first-year teachers at the same school, whose average salaries are $34,400, have to work second and third jobs to get by. Statistically, two of them won’t return to teach in Beaufort County next year.
Those are three real-life examples of the need for more affordable housing, representatives from the Lowcountry Affordable Housing Coalition told Beaufort County Council last week. Coalition members said they hope to partner with council to create affordable housing opportunities throughout the county.
It’s hardly a new concept, coalition facilitator Deborah Johnson said. In the county’s 2010 Comprehensive Plan, one of the key priorities is ensuring affordable housing for all residents.
As more student housing projects come to Uptown Greenville, some people are concerned there could soon be too much student housing.
Sidewalk Development is building a new $32 million student and market-rate apartment complex along Dickinson Avenue which Greenville city councilmember P.J. Connelly said is a “win-win” for the developer and the city. “It’s a good project, and I think it’s going to help out that area over on Dickinson Avenue,” Connelly said. “I know when I first came to school here 10 years ago, there wasn’t anything on Dickinson Avenue.”
There also wasn’t as many student apartments as there are now which are spread out across the city. Most of the new housing projects are centered around Uptown including The Boundary at West End.
With more projects coming to the area, property manager Chelsey Harper said she’s ready for the competition. “I don’t think it will really affect us much,” Harper said. “It will probably affect those who are on the perimeter, on the outskirts of Greenville.”
Holliday Fenoglio Fowler, L.P. (HFF) announced today that its Carolinas investment sales team has closed the $16 million sale of North 540 Distribution Center, a 235,308-square-foot, Class A, fully-occupied distribution center in Raleigh, North Carolina.
HFF senior managing director Chris Norvell, formerly of Cushman & Wakefield Thalhimer, represented the seller, a partnership between Meridian Development Group and Singerman Real Estate, LLC, in the sale of the facility to Chicago-based Hamilton Partners.
North 540 Distribution Center is located at 3401 Gresham Lake Road in the North Raleigh submarket. The facility is situated on 13.3 acres near the interchange of U.S. Highway 1/Capital Boulevard and Interstate 540, which provides direct access to Interstates 95, 40 and 85, all major distribution corridors in the Southeast. The facility features 30’ clear heights, 40’ by 40’ column spacing, 23 dock-high doors, 170’-180’ truck court depths and approximately 23,000 square feet of office space. Substantially renovated in 2014, North 540 Distribution Center is 100 percent leased to DHL, Express Foods, Ranpak Corp. and Tiger Direct.
Ben Yelm and Andrew Margulies, with Marcus and Millichap, recently closed two retail centers in the Carolinas.
1. Clayton Village in Clayton NC: Closed 1/15/16 for $5,493,629 at a 7.84% cap rate. The property was anchored by Food Lion and Family Dollar. It is 61,620 square foot, and 92% leased. It sold to an out of state investor.
2. Corner Shoppes of Parklane in Columbia, SC: Closed 1/14/16 for $1,050,000 at a 8.69% cap rate. The property was unanchored, and tenants include Cricket Wireless, Kabato Japanese Restaurant, and Hair Quality. It is 10,908 square feet, and was 89% leased. It sold to an out of state investor.
Home sales in the Myrtle Beach area were up 15.6 percent for 2015, a continuation of steady increases over previous year sales that suggests the Grand Strand real estate market remains on steady ground.
Sales statewide were up nearly 11.7 percent, and 12 percent for the entire coastal Carolina region, which Realtors hope will carry over into 2016.
Nick Kremydas, CEO of South Carolina Association of Realtors, said “sustainable” is the word to define their hopes for this year.
“Overall, Realtors are pretty optimistic about the new year and don’t want the roller coaster ride of the 2000s, but we’re expecting a normal, solid, real estate market with healthy gains and healthy sales,” Kremydas said.
“Builders are starting to build again, prices continue to climb, days on the market continue to shrink, and that is almost exclusively tied to the limited inventory we are dealing with in our state,” Kremydas said.
Fort Knox Self Storage, a 118,986-square-foot facility in Greensboro, N.C., was recently sold. The property at 1900 E. Bessemer Ave. sits on nearly 8 acres. It has 865 interior units, 107 of which are climate-controlled, 51 interior parking spaces and 38 outdoor parking spaces.
Brett R. Hatcher, an investment specialist in the Marcus & Millichap Columbus, Ohio, office, represented the buyer and seller with assistance from Raj Ravi, regional manager for the company’s North Carolina, South Carolina and South Virginia offices.
Cushman & Wakefield announced today the sale of the Accenture Credit Services Building, a 60,447 square foot, single-tenant building in Charlotte, NC, to a private investor. Rob Cochran and Jared Londry of Cushman & Wakefield’s Charlotte Capital Markets Group represented the seller.
The Accenture Credit Services Building is a Class A, single-story office building that features high-density parking and work areas. The building is located at 8336 Forest Point Boulevard, near the interchange of Interstate 77 and Interstate 485 within the prestigious Forest Park development. Forest Park is comprised of eight attractively designed office buildings and several hotels and restaurants.
“With more than six years of lease term remaining with a top tier tenant, the Accenture Credit Services Building presented investors with the opportunity to acquire a Class A asset with an above-market parking ratio and a secure income stream in a rapidly improving submarket,” said Mr. Cochran.
“This offering attracted significant interest from a broad range of investors who were focused on the term and tenant credit and the quality of the physical asset,” said Mr. Londry. “Investors realized that buildings with high-density features like the Accenture Credit Services Building are in short supply and high demand.”
In the skyscraper game, the developing world is running away with the headlines.
Global capital fuels the race, while the press and web forums drum up rabid enthusiasm. Structural topping-out gets its own ceremony in some cities across the world.
The Council on Tall Buildings and Urban Habitat (CTBUH) is the closest thing to an authority on skyscraper rankings, the final arbiter of what constitutes ‘structural’ versus ‘architectural’ height. We defer to their standard in the list that follows.
Where the construction timetable is fuzzy we’ve gone for the best visual evidence on sites like Skyscraper City. But yes, speculation is involved.