Archive for December, 2010

Dec
28

Retail Sales Rise a Solid 0.8% in November

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– NumberNomics

As we approach Christmas we find clear cut evidence that the economy is finally gathering momentum. While there have been many pieces of good news lately, one that stands out is the retail sales report that was released this past Tuesday. Not only did sales rise a solid 0.8% in November, but there were upward revisions to September and October as well. Indeed, in the past three months retail sales have been growing at a torrid 13.9% pace. It doesn’t ever get much faster than that. In addition, the cut in the payroll tax, which will be a part of the budget package passed by Congress before Christmas, will add about 0.5% to GDP growth next year.

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Categories : National News
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Dec
27

What’s Happening on Columbia’s Main Street?

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– The State

Will 2011 be the year Columbia’s Main Street, particularly the 1600 block between Taylor and Blanding streets, turns the corner?

City leaders have spent more than a decade and millions of dollars trying to revitalize Main Street, which has long been pegged as a retail destination. But the upcoming year will bring a series of projects and programs that promise to spark new life in the old shopping district.

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Categories : Columbia
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Dec
27

Columbia’s Garners Ferry Marketplace Retail Center Sold

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Moffat Realty Advisors has brokered the sale of Garners Ferry Marketplace in Columbia S.C – a 24,493 sf retail shadow center located next to Walmart on Patterson Rd. South Coast V LLC, a SC based retail fund acquired the property for $2.5M. Garners Ferry Marketplace LLC of Indianapolis was the Seller.
Categories : Columbia
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Dec
27

Charlotte Malls Staying Healthy With Occupancy Rates Over 90 Percent

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– Charlotte Observer

Most Charlotte-area malls have made enough money from tenants to comfortably pay their mortgages despite a deep recession and record joblessness that sapped consumer spending, an Observer analysis shows.

The malls have been bustling with shoppers during the holiday rush. The buildings also have kept the vast majority of their stores occupied, generating steady rent to stay current on their commercial loans, the most recent loan data show.

Three of the area’s four major malls – Carolina Place, Concord Mills and Northlake Mall – reported occupancy rates above 90 percent. Generally, that’s considered the cut-off point for a healthy mall.

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Categories : Charlotte
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Dec
24

Happy Holidays from SCREnews.com

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Categories : Uncategorized
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Dec
23

Long-Term Acute Care Hospital in Augusta Sold As Part of Portfolio

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Healthcare Trust of America (HTA) has acquired four long-term acute care hospitals (LTACH) in Georgia, Florida and Texas for $102 million. Each property is leased to and operated by Select Medical Corp. The assets include Select Augusta LTACH, a 71,900-square-foot, 80-bed facility in Augusta; Select Orlando LTACH, a 48,598-square-foot facility in Edgewood; Select Tallahassee LTACH, a 46,682-square-foot, 29-bed facility in Tallahassee; and Select Dallas LTACH, a 50,530-square-foot, 60-bed facility in Carrollton. Additional terms of the transaction were not released.
Categories : Augusta
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Dec
22

Former Greer Hospital Facility Sale Finalized

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– Spartanburg Herald Journal

The city announced Tuesday that it has finalized the sale of the former Allen Bennett Memorial Hospital campus — a property valued at $6 million — for $1.4 million to a Washington, D.C.-area real estate firm whose owner has ties to Spartanburg.

Cardinal Real Estate CEO Garrick Good, a Union native whose mother and grandmother live in Greer and who lived in Spartanburg in the early 1990s while working for the United Way, says plans now include housing for 18 independent seniors, 110 residents in assisted living and another 32 in an Alzheimer’s/memory care unit. A partnership agreement with the U.S. Veterans Administration — the agency initially approached as a potential campus buyer — calls for 25 rooms to be set aside for disabled or homeless vets.

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Categories : Spartanburg
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Dec
22

Greenville Area Apartment Occupancies on the Rise

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– GSA Business

The occupancy rate for the Greenville-Spartanburg-Anderson area apartment market remained relatively unchanged over the past six months. The occupancy rate improved to 91.4%, and occupancy rates have been on an upward trend since May 2009, according to Real Data.

This trend is due in part to the lure of renting over home ownership as well as the lack of new development, said the Charlotte, N.C., based real estate research firm.

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Dec
21

Parcel at Columbia’s Village at Sandhill Sold for Express Oil Change Center

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Colliers International has brokered the sale of 0.59 acres situated within the Village at Sandhill in Columbia. The buyer, Providential Real Estate, plans to develop the fourth Columbia location for Express Oil Change & Service Center on the site. Tripp Bradley of Colliers represented the buyer. The seller was Kahn Development.
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Express Oil Change currently has locations on Sunset Boulevard and Garners Ferry. It is renovating a building located at 267 Harbison Blvd. for its third location.
Categories : Columbia
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Dec
20

InnPlace Suites in Columbia Sold

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Hodges Ward Elliott’s Select Service Division represented ING Clarion Partners as the exclusive advisor in the sale of the InnPlace Suites Columbia, South Carolina to North Carolina-based Suite Development, Inc. for an undisclosed price.

The sale was an all-cash transaction, the property will undergo renovations, and be repositioned with Affordable Suites of America.

“Smaller transactions will continue to be financed and closed, especially with the financial strength and experience of the Buyers we introduce to opportunities,” said Anthony A. Falor, Managing Director of Hodges Ward Elliott’s Select Service Division, who handled the transaction.

The two-story, 128-room property is located along Interstate 126 near downtown Columbia, South Carolina and Fort Jackson.
Categories : Columbia
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Dec
20

Hughes to be ‘Master Developer’ for Columbia’s Bull Street Redevelopment

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– scbiznews.com

Bob Hughes, a Greenville developer who has been a key player in that city’s renaissance, is set to become the “master developer” for the 165-acre Bull Street tract that he agreed to buy from the S.C. Department of Mental Health for $15 million plus a share of future profits.

The contract signed by the two parties on Thursday is a virtual roadmap of the years-old efforts by Mental Health and the city of Columbia to get the maximum value out of the property for the state agency and make it a continuing asset to the state capital’s economy.

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LINK TO ARTICLE HERE

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BLOG NOTE:

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I have had the opportunity to work with Bob Hughes on several occasions over the years. I can tell you that the Bull Street property is in good hands. His past developments were done in a first class manner, I fully expect that this one will be done the same way.

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Michael B. Dodds, MAI, CCIM
Categories : Columbia
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Dec
20

Surfside Beach is Seeking New Tenant for Pier Restaurant Space

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– The Sun News

Surfside Beach is preparing for a lack of bids, but hopes to start the new year with a new tenant for its pier restaurant space.

“To get that behind us would be great for 2010,” Mayor Allen Deaton said.

The town has unsuccessfully put the space out for bid twice before, but at 10 a.m. Tuesday, it will open a third round of bids from prospective tenants. Surfside Beach purchased the pier in 2008. Officials said the town was legally required to put public property up for bid to make sure it was getting the best price for the space.

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Categories : Myrtle Beach
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Dec
16

Kohl’s to Open Store in Charleston’s West Ashley Area

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– The Post and Courier

Kohl’s is looking to set up shop in West Ashley.

Two independent sources confirmed Tuesday that the Wisconsin-based department store chain has plans to open a third store in the Charleston area next fall.

Kohl’s remains mum on its local expansion plans, saying in a statement that it does not comment “on real estate speculation.”

Ohio-based Developers Diversified Realty, which recently started renovating the former Walmart in Ashley Crossing Shopping Center at Glenn McConnell Parkway and Magwood Road, said on its website that it “is currently putting together plans to redevelop this shopping center, which includes splitting up the vacant Walmart store for Kohl’s and additional junior anchors.”

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Categories : Charleston
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Dec
15

Anderson Ruby Tuesday Restaurant to be Converted to Verizon Store

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Greenville, S.C.-based RealtyLink has acquired a restaurant pad site in Anderson. The 5,234-square-foot building, formerly a Ruby Tuesday, is located along Clemson Boulevard within the North Hills Commons shopping center. RealtyLink plans to convert the restaurant building into a freestanding Verizon Wireless retail location. Interior demolition and shell renovation will begin soon with a targeted opening in the second quarter of next year.
North Hills Commons is a 333,149-square-foot retail property. Anchors at the center included Michaels, PetSmart, Lowes and Target.
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Dec
15

Charleston Region’s Home Sales down 25% in November from Last Year

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– Charleston Regional Business Journal

November home sales in the Charleston region totaled 588, a drop of 25% from last year, when an initial deadline for the federal homebuyer tax credit inflated sales volume.

Although volume was off, the November 2010 median sales price jumped 10%.

That’s because sales last year were concentrated in the lower, first-time buyer price range, according to officials with the Charleston Trident Association of Realtors, who released the monthly data on Friday.

“We expected to see sales volume down in this quarter compared to last year,” said Rob Woodul, the 2011 president for the local Realtors group. “Sales are no longer being supported by the appeal of the tax credit, so it’s not surprising that sales decreased.”

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Categories : Charleston
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