Jul
15

Investors Bet On Retailing in Greenville

By
Out-of-state firms own about 36% of county’s commercial property

July 15, 2008

By Angelia Davis – Greenville News

The current economic slowdown has not deterred out-of-state investors from buying into the Greenville retail market.

A local real estate company said the county is, instead, seeing more investment from outside the market and the trend is expected to continue.

Brian Reed, research manager for Greenville-based Grubb & Ellis / The Furman Co., calls it “a product of the increase in capital that has been available over the past few years for commercial real estate.”

He said more investors are looking for healthy markets and Greenville is viewed as a place where the real estate market “hasn’t been turned on its head by speculation.”

“When you couple that with the healthy residential growth this market has enjoyed over the past decade and the expectation that the growth will continue, we can only expect outside investment to increase going forward,” he said.

Out-of-state investors currently own 36 percent of the retail inventory in Greenville County.

Crosspointe 08 A LLC, in care of GDA Real Estate of Englewood, Colo., purchased Crosspointe Plaza on Woods Crossing Road in May, according to Greenville County records. The 72,978-square-foot plaza’s tenants include Circuit City and Jason’s Deli. Toys R Us store is owned separately.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=/20080715/BUSINESS/807150336/1003
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BLOG NOTE:
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Brian and the Grubb & Ellis team do a great job of tracking the trends in the Greenville area. Please check out their market survey links on the right site of this blog page.
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MBD
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