Archive for August, 2010

Aug
31

Savannah Apartment Market Snapshot

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More than one-fourth of the region’s apartments have been built in the past four years pushing the vacancy rate ever higher. However, during the past year, the development pipeline slowed considerably allowing the vacancy rate to begin to recover from 13.7% as of July 2009 to 12% as of July 2010. Demand was at its highest level in over six years, which also made a significant impact.

The market added over 800 new units in the past year and only two communities are currently under construction in the region. There are four additional proposed projects, however, developers have put many of these on hold until market conditions improve. The Bluffton and Savannah-West submarkets have been the most active in terms of new development. Many communities continue to offer concession in reaction to higher vacancy rates. Same-store rents fell again last year resulting in a lower overall average rent of $778.

“The lack of new development will allow the vacancy rate to continue to improve into the coming year, however, long term recovery will be dependent on how quickly the overall economy rebounds from the economic downturn” reports Kelly Reddecliff, a multi-family analyst at Real Data.
Categories : Bluffton, Savannah
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Aug
30

Charleston O’Reilly Auto Parts Store Sold

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NAI Avant has brokered the acquisition of a freestanding 7,225 square foot store leased to O’Reilly Auto Parts that is located on Ashley Phosphate Road in Charleston. NAI’s James Harrison represented the undisclosed buyer, which purchased the property for $1.25 million. The seller’s name was not disclosed.

According to Loopnet:

– 20 year NN lease; landlord is only responsible for roof, structure and general liability insurance
– Contract Rent: $96,000 (13.29/sf) Years 1-10; $101,868 (14.08sf) Years 11-20
– lease commencing July 2009
– located on 1.03-acre site with concrete parking lot
Categories : Charleston
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Aug
30

South Carolina Apartment Markets Strong According to REIS

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REIS shows Columbia and Charleston as “winners”
in analysis of effective revenue per unit changes.
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Aug
30

Proposed Charleston Hotel to Have Contemporary Look

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– The Post and Courier

A hotel first proposed for upper Meeting Street more than three years ago should begin to take shape by year’s end, bringing a contemporary landmark to that end of the visitor district.

Tara Group, a Charlotte-based hospitality business, plans to build a five-story lodging at Meeting and Wolfe streets on land it purchased in 2006 for $2.5 million. This time, the group’s proposal skirts the Burris Discount Beverages property that stalled its previous attempt when a tenant on the liquor store land refused to release its lease.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Aug
30

Long-Stalled River Development Soon May Begin In Columbia

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– The State

A four-year push to build a $30 million-plus residential development near Columbia’s stretch of the Broad River has been on hold as developers struggle with the tanking economy, local politics, federal grants and worries over financing.

But now, the first phase of the public-private venture known as the Village at River’s Edge — just off River Drive north of downtown — may be on its way to getting built.

“We should start construction of the 60 ‘green’ units that HUD and the Columbia Housing Authority are funding for us probably in mid-October,” said developer Jonathan Pinson of the project on which he once partnered with attorney Steve Benjamin before Benjamin became Columbia’s mayor.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Columbia
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Aug
26

Dollar Stores Rival Wal-Mart – Here’s Why

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– walletpop.com

An article on BNET earlier this year suggests that, despite the best efforts of retailers like Aldi and Walmart to entice lower-income consumers to spend more in their stores, dollar stores are proving a worthy rival.

People who started shopping at Dollar Tree and 99-cent Only Stores out of necessity, are continuing to frequent them even as the country emerges from the recession. Consumers seem to be buying more everyday needs such as food, dish soap and paper towels in dollar stores and they drop by more often.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Aug
26

Mount Pleasant Home Sells for $1,069 per Square Foot

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– Post and Courier

That stately, Southern-style plantation home overlooking Charleston Harbor from the mouth of Shem Creek now beams as the town’s most expensive residence.

The 7,015-square-foot house recently sold for $7.5 million to a Michigan family, according to county property records.

That works out to about $1,069 on a per-square-foot basis.

The five-bedroom property, built in 2003, is on Haddrell Street in the town’s Old Village neighborhood. It boasts a dock, luxury-level finishings and a saltwater pool that spans nearly the length of the house.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Aug
26

New Grocery Store Opens in Upstate South Carolina

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– WYFF News

On Wednesday morning, hundreds of people stood in a large huddle waiting for the new Save-A-Lot grocery store to open up in West Union.

The new food store promises to offer up to 40 percent savings on food compared to conventional grocers.

Dwayne Goodwin, president and CEO of the Goodwin Group Holdings, LLC told WYFF News 4 “With Save-A-Lot, one of the key components is a lower cost model. So instead of trying to carry inventory of 40,000 SKUs, like in conventional store, we kind of do the 80-20 rule.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Oconee County
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Aug
25

Snapshot of the Retail Market in Columbia, SC

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Categories : Columbia
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Aug
24

Student Housing Makes the Grade with Investors

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– National Real Estate Investor

As college students across the nation head back to school this month, both anxious and eager over the challenges and adventures to come, student housing owners and operators are feeling confident about their business.

The student housing sector has performed better than all other commercial real estate sectors during this economic downturn. And that outstanding performance has enticed new investors to direct money into student housing. Both institutional and private investors have identified the sector as one in which they want to place capital.

For example, industry sources say New York City-based Cantor Fitzgerald has $250 million to $400 million to invest in the sector, while student housing REIT American Campus Communities Inc. (ACC) is eyeing roughly $500 million in acquisitions for 2010.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Categories : Humor
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Aug
23

120,000 Square Foot Warehouse Changes Hands In Rock Hill, S.C.

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Cleveland-based Weston has sold a 120,000-square-foot warehouse to Guy M. Turner Inc. for $1.8 million. The asking price was $2,880,000. The property was built in 1977 and is located at 2724 Commerce Drive in Rock Hill’s Weston Commerce Center.

Piedmont Properties/CORFAC International’s Lester Osborn and A. Scott Hensley represented Weston in the transaction. CB Richard Ellis’ Frank Larsen and Steve Lowe represented the buyer.
Categories : Rock Hill
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Aug
20

Greenville Eyes State Incentives to Lure Office Tenants Downtown

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– The State

Beyond streams of leisure seekers in downtown Greenville are acres of empty office space, a void that’s raising concerns about the city’s economic stability and spurring an all-hands-on-deck effort to lure tenants.

More than 22 percent of downtown’s 3.4 million square feet in office space was available in the second quarter, according to CB Richard Ellis/The Furman Co.

That compares to 15.8 percent in Columbia and 10.8 percent in Charlotte, according to the firm’s second-quarter reports for each market.

The city, downtown owners and economic development groups have joined forces to market the property, in part by using a local firm that’s creating virtual tours to seed interest.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Greenville
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Aug
20

Boring Friday Morning? Watch the Boeing Plant Being Built

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Click on the photo to go to the webcam

Categories : Charleston
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Aug
20

July Hotel Room Sales, Occupancy Rate Continue Upward Trend in Charleston

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– Charleston Regional Business Journal

July’s occupancy rate at Charleston County hotels averaged 82% in July, a gain of 14% from the same month in 2009.

The total number of hotel room nights sold countywide increased 15% over last year, according to the latest report on the lodging industry from the College of Charleston’s Office of Tourism Analysis, prepared for the Charleston Area Convention and Visitors Bureau.

For the second consecutive month, hotel room rates showed a small uptick compared to 2009 rates. Room rates were up 1.2% on average in July, at $116.33, following a 1.4% gain in June.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : Charleston
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