Archive for January, 2011

Jan
31

Northwoods Marketplace Shopping Center in North Charleston Sold

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– The Post and Courier

Two out-of-state real estate firms teamed up to purchase one of the most expensive items ever sold at Northwoods Marketplace shopping center: the property itself.

Atlanta-based RCG Ventures and New York-based DRA Advisors have purchased the retail center across Rivers Avenue from Northwoods Mall. The former owner, North Charleston Associates, faced a foreclosure lawsuit.

The shopping center, which totals 192,729 square feet, houses big retailers such as Barnes & Noble, Michaels, Old Navy, Best Buy and Big Lots.

RCG Ventures spokeswoman Brittany Stanley didn’t disclose the center’s vacancy rate but said it has several small retail parcels available and room for a bigger tenant in the former Linen ‘N Things space.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

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BLOG NOTE:
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According to Loopnet, the center has 77,783 square feet vacant, or approximately 40%.
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Michael Dodds
Categories : Charleston
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Jan
28

Improved Job Market Will Lift Real Estate

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– scbiznews.com

The winter is over. OK, maybe not officially until March 20, but the worst of the storm that iced much of the commercial real estate market is behind us, according to the annual Upstate Real Estate Forecast presented by CB Richard Ellis The Furman Co.

“Last year we held our event on Groundhog’s Day,” Brian Reed, vice president of client services, told an audience at the Gunter Theatre this morning. “It was somewhat fitting. We looked back, checked our shadow and we were really in for a hard winter. And really that is what kind of happened.”

It may vary from industry sector or property type, but the forecast is for a historic level of growth beginning in 2011 or 2012, Reed said. It will be slow growth, however, but growth nonetheless.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Greenville
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Jan
27

Snapshot: Apartment Supply and Demand Nationally

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Categories : National News
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Jan
25

Net Leased Charlotte Best Buy Sells for $8.5 Million

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The Royston Group has negotiated the sale of a 50,000 square foot single tenant net lease property located in the Charlotte, North Carolina MSA leased to electronics giant Best Buy.
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The building sits on 5 acres of prime retail land and was constructed in 1994 and renovated in 2002. Best Buy signed a 20 year absolute triple net lease on the property in 2003.
Categories : Charlotte
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Jan
25

South Carolina Realtors See a Bottoming Out, Signs of Growth

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– scbiznews.com

The residential real estate market in South Carolina hit bottom in 2009 and there are signs of a small but definite rebound, according to S.C. Realtors.

Both pending sales and the inventory of homes on the markets have reversed the trends of the economic decline as 2010 comes to a close, said Nick Kremydas, CEO of S.C. Realtors.

Some other signs of an end to the steep decline in the market, according to the group’s annual report:

· The median home sale price actually rose slightly from 2009 to 2010, up 0.7% from $148,900 to $150,000. In 2006, the median price was $167,000.

· The supply of homes on the market at year end has leveled off with inventories still high. Statewide, there were 14.3 months’ worth of homes on the market, about the same as in 2009. In 2006, that number was just 5.4.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
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Jan
25

MeadWestvaco’s Impact on Summerville is Significant

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– SCnow.com

Tucked away off U.S. Interstate 26, between the Summerville and Jedburg exits, stands a monument to both speed and size.

Nearly completed in less than a year, the sprawling building has a perimeter of roughly one mile and about 1.1 million square feet of storage space beneath the 40-foot roof. The first half of the mammoth structure was opened about three months ago, when tenant TBC Corp. moved in and began off-loading tens of thousands of tires that will be delivered to its retail stores and other customers. The import giant will be getting the keys to the back end of its new warehouse any day now.

The completion of the distribution center marks the first major local real estate project to spring from the soil under an up-and-coming division of a longtime Lowcountry employer: MeadWestvaco Corp. At the same time, the super-size warehouse is a symbol of the Fortune 500 company’s resurrected real estate ambitions.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Jan
24

Commercial Real Estate GDP Contribution Significant Despite Economic Decline

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I just read an interesting report on the impact of office, industrial and retail development and construction on the U.S. economy. It was prepared by the NAIOP Research Foundation. You can download a PDF copy of the report below.

DOWNLOAD REPORT HERE

Categories : National News
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Jan
24

Hartsville Sues to Recover Planned Hotel Property

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– SCnow.com

A hotel company’s plans to build a new hotel in downtown Hartsville are apparently dead, and the city of Hartsville plans to take legal action to regain the title to the downtown property in the Vista area where the hotel and a restaurant were to have been built.

A lawsuit against D.J. Desai and Balaji II LLC, the company of which Desai is president, will be filed next week, city officials said.

The lawsuit will seek recovery of property — a little more than 2.9 acres — monetary damages and injunctive relief related to the defendants’ breach of promises made to the city under a contract between the city and the defendants, including a promise to build a Hampton Inn & Suites on the site by mid 2010, according to a notice of pending litigation filed by the city with the 4th Circuit Common Pleas Court in Darlington.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Hartsville
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Jan
24

Condos Proposed For Midtown Development in Charleston

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– The Post and Courier

Downtown Charleston’s long-awaited Midtown project, a large undeveloped site dotted with aging buildings, is beginning to show signs of life.

The revitalization project, which would anchor the Upper King Street district, once called for a 235-room luxury hotel and up to 205 condominiums with ground-level boutiques, shops and restaurants along King, Spring and Meeting streets.

The proposal first was put forth by local developer Robert Clement III, who later paired with an Atlanta firm.

Now, a national real estate investor with deep local ties is set to execute the multifamily portion of the project.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : Charleston
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Jan
21

Kimco Acquires Greenville’s Woodruff Shopping Center

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New York-based Kimco Realty Corp. has acquired Woodruff Shopping Center, a 116,000-square-foot center located in Greenville, for approximately $18.4 million. This center is 97% occupied and anchored by Academy Sports & Outdoors and Trader Joe’s.

Trader Joe’s opened in October next to Academy in the former BJ’s Wholesale Club shopping center.

Categories : Greenville
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Jan
20

Port Royal Land Deal Abandoned, Now Back On the Market

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– The Post and Courier

The State Ports Authority’s second attempt to sell its Port of Port Royal property — this time to Charleston developer Ben Gramling — has been torpedoed.

SPA spokesman Byron Miller said the sale contract was terminated Tuesday and that the maritime agency already had contacted the commercial real estate firm NAI Avant to market the waterfront land again.

Miller declined to elaborate about why the deal fell apart.

“The focus now is on re- engaging previously interested parties, aggressive marketing and finding a new buyer for the property,” he said Wednesday.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Beaufort
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Jan
20

Some Sizable Retailers Leaving Charleston’s Citadel Mall

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– The Post and Courier

Every year after Christmas, retailers take stock of store performance and shake off those shops that are dragging down earnings. Some have long-term leases at Citadel Mall that expire at the end of January and have elected not to renew their rental agreements, according to mall spokeswoman Leigh Burnett.

Leaving the West Ashley mall at the end of the month are F.Y.E. , an 8,000-square-foot video and music store near Belk that has been there for more than a decade, and the shorter-term Books for Less near Target, which had a one-year agreement for the 7,900-square-foot space.

Hollister clothing store left the second weekend of January after about seven years, leaving a 6,500-square-foot space vacant.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Jan
18

32,565 Square Foot Office Building in Charleston Sold

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Frank Norvell and Drayton Calmes of Norvell Real Estate Group LLC represented the seller, Corporate Square II L.P., in the $3 million sale of Corporate Square II, 4925 LaCross Road, North Charleston to REVA Charleston LLC.

From Loopnet:
Tenants include Securitas, Hearst Corporation, Carotrans, Family Services and Logisticare. 32,565 SF, 96% occupied multi-tenant office building located in one of Charleston’s most established office parks. Close proximity to new Boeing facility, N. Charleston City Hall, First Federal HQ, Verizon operations center, and numerous restaurants & retail amenities. Built in 1985 on 1.47 acres. Loopnet shows the asking cap rate at 10%.
Categories : Charleston
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Jan
18

Selling Downtown Orangeburg: Revitalization Work Goes On

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– The Times and Democrat

Dead leaves and a brown paper bag rest outside the entrance to the former Soprano’s restaurant at 1128 Russell St. A sign says it serves “A Meal You Can’t Refuse,” but a glance through the window shows the sign is mistaken.

Like its predecessors at the same location – El Rodeo’s and La Pasta Bistro Grill – Sopranos closed shortly after opening its doors. It’s the same further down Russell Street, where a “For Rent” sign hangs outside Sophisticated & Glamorous Fashions.

“Financing has been the main challenge,” Century 21 The Moore Group real estate agent Cal Bruner said. “A lot of franchise-type businesses and companies put a lot of their expansion plans on hold once the financial crisis started.

“We are getting more calls from them about different spaces and buildings. I am optimistic because the calls I have received since the first of the year have been a lot more than I received last year.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : Orangeburg
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Jan
17

Entertainment And Bowling Center Planned for Bluffton’s Buckwalter Place

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– The Island Packet

Developers plan to build a $7 million family entertainment complex, including a 24-lane bowling center, at Bluffton’s Buckwalter Place.

The bowling center — featuring electronic scoring, online lane reservations and video and lighting effects — is planned as the featured attraction of the Bluffton Family Entertainment Center, officials with 2G Business Development and Buckwalter Place announced late Tuesday.

The center will be located on Innovation Drive in the 94-acre mixed-use development and will include a restaurant, sports lounge, snack bar, several party/conference rooms, a courtyard with outdoor seating and a game arcade.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

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