Archive for August, 2011

Aug
31

Kroger Announces Purchase Of Shelter Cove Mall

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The Mall at Shelter Cove on Hilton Head Island has a new owner with a new plan to try to revitalize the languishing shopping center.

A real estate affiliate of The Kroger Co. purchased the 42-acre property and 300,000-square-foot mall Aug. 10 for about $17.3 million, almost $7 million below its assessed market value, according to online Beaufort County property records. The company and a developer have discussed plans to tear down much of the mall and add a grocery story and apartments, according to a town official.

“The Mall at Shelter Cove is the perfect location for Kroger’s first store on Hilton Head Island due to its centralized location and ease of access from anywhere on the island,” said Glynn Jenkins, director of communications for Kroger’s Atlanta Division, which includes South Carolina. “We look forward to bringing to life this property’s full potential in a manner that serves residents and visitors.”

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Categories : Hilton Head Island
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Aug
30

PKF August 2011 Lodging Insights

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Categories : National News
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Aug
29

Velocity of Seniors Housing Portfolio Sales Accelerates

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Sales of seniors housing portfolios are heating up as owners of multiple properties find it an opportune time to exit the market while buyers seek to expand their holdings. Take, for example, two large recent portfolio sales arranged by broker Mark Myers, senior vice president in the Chicago office of Marcus & Millichap Real Estate Investment Services.

Myers, along with Christopher Hyldahl of the firm’s West Los Angeles office, negotiated the $123 million sale of a property portfolio that consists of six seniors housing campuses in Indiana. The seller was BAI of Indiana, a private, family-owned investment partnership. The buyer was Five Star Quality Care, a publicly traded seniors housing owner and manager based in Newton, Mass.

Another recent sale, brokered by Myers, for $27.65 million featured a portfolio of nine nursing homes in Iowa and Nebraska, representing the first eastward push by California-based buyer, the Ensign Group Inc.

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Categories : National News
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Aug
29

Parking Rates in Columbia’s CBD Remain Stable

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Monthly parking rates for parking garages in Columbia’s Central Business District remained stable at mid-year 2011 with a median rate of $85 per month for reserved spaces and $65 per month for non-reserved spaces, according to the most recent survey by Colliers International.

Available surface parking continued to be an affordable alternative to garage parking at mid-year 2011 with a median rate for surface parking of $50 per month.

The vacancy rate for parking garages in Columbia’s Central Business District was 39.94% at mid-year 2011, while garages adjacent to Main Street properties realized a lower vacancy rate of 30.26%, Colliers said. The difference in vacancy rates can be attributed to both an increase in demand for parking along Columbia’s Main Street and higher vacancies in the two city-owned garages in the Vista, Colliers said.

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Aug
29

Columbia’s Killian Road Becoming Auto Dealership Hot Spot

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McDaniels Automotive Group has relocated its Acura dealership to a new store at 501 W. Killian Road and plans next month to move its Mazda VW franchise into a building next door. McDaniels also will be moving its recently acquired Subaru dealership into the former Acura store at 6409 Two Notch Road.

With the opening of the Acura and VW Mazda stores and the acquisition of the Subaru franchise, McDaniels plans to add at least 40 full-time jobs to the current staff, the group said Friday. McDaniels is the latest dealership to open auto stores in the vicinity of the Killian Road interchange on I-77 in northeast Richland County.

“The growth of the area to the northeast has warranted these popular brands and our investment in facilities and additional employees, and we wanted to do this right,” said Bill McDaniels, group president.

Honda, Kia and Toyota dealerships already are in the area and a Lexus dealership is nearing completion.

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Categories : Columbia
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Aug
28

HOA’s in Need of Cash Sue Banks to Force Foreclosures

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Members of the Vintage East Condominium Association in Miami Beach got tired of waiting for JPMorgan Chase & Co. (JPM) to foreclose on unit 9, so they sued the bank in February to take control of the property.

In June, more than four years after the owner stopped making payments, a judge ruled that JPMorgan lost its claim to the $144,000 mortgage. The apartment is now on the market for $87,500, and the association may stave off insolvency with proceeds from the sale and a new owner who pays monthly dues, said Jane Losson, a board member at the complex. Four of the 11 other owners at the property are also behind on dues.

“I find it an outrage that the bank had decided to do nothing and the other owners got stuck,” Losson, who’s had her Vintage East condo since 2004, said in a telephone interview. “If we get this unit sold, we’ll have a little money.”

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Categories : National News
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Aug
26

New Tenants Announced for Columbia’s Village at Sandhill

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Academy Sports + Outdoors is opening a 69,000-square-foot store in Northeast Richland’s Village at Sandhill today.

The new retailer is just the first of several new stores that will be opening at the Village in coming months, including accessory store Versona and Pet Basics, according to developer Alan Kahn.

“We’ve had a real upturn in leasing,” said Kahn, who said he is close to deals with two other tenants, each in the 7,000-square-foot range.

Once Academy opens, Kahn expects even more retailers to turn an eye toward the sprawling retail center. Already, 700,000 cars a month drive through the center, and Academy’s arrival should boost significantly that number, he said.

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Categories : Columbia
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Aug
26

427,000 SF of Distribution Space Sold in Charlotte

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EastGroup Properties has spent $22.35 million to add two properties to its Charlotte-area portfolio, nudging its investment in the market to more than 2.2 million square feet.

The Jackson, Miss.-based REIT has deployed $15.35 million on the 300,000-square-foot Ridge Creek Distribution Center in the southwest submarket and $7 million on Lakeview Business Center in the city’s northern tier. “The acquisition prices of Lakeview and Ridge Creek are both below replacement costs,” said David H. Hoster II, president and CEO. The REIT’s local portfolio is 94.5 percent leased.

EastGroup, with a penchant for clustering properties, owns a bulk distribution center close to the Ridge Creek building, which is fully leased to two tenants. The new owner is predicting a first-year stabilized cash yield of 7.6 percent. The center delivered in 2003.

Lakeview Business Center is a fully leased 127,000-square-foot building. There are three tenants in the building, developed in 1996. The buyer is projecting a 7.2 percent first year cash yield.

Categories : Charlotte
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Aug
26

IREM Study Finds Multifamily Expenses Down, Rents Up

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For the owners of rental apartments, expenses have generally gone down, while gross rents are up, according to a new study by the Institute of Real Estate Management. The study, which the Chicago-based organization undertakes every year, analyzes operating income and cost figures for 3,059 multifamily rental properties representing over 645,000 units in the United States and Canada.

The study found that total expenses for three of four conventional rental apartments categories—including garden; low-rise, 25-plus units; and elevator—dipped between 1 percent and 1.7 percent in 2010 compared with the prior year, while those for the remaining category, low-rise buildings with 12 to 24 units, rose a mere 1.3 percent. At the same time, gross possible rents last year for two of the four buildings rose 0.5 percent and 2.6 percent, respectively, from the year earlier, with the two remaining building types experiencing year-over-year declines of 0.2 percent and 2.1 percent, respectively.

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Categories : National News
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Aug
26

More Private Student Housing for Columbia?

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USC students might have a new, privately constructed dormitory that would be within walking distance of campus if plans for the project are completed.

The Capstone Companies is in the early stages of building a $40 million to $60 million, 300-unit complex at the blighted Palmetto Compress building, a onetime cotton warehouse that stands four stories along Blossom Street just east of campus near the USC baseball stadium, the company and city officials said.

The two- to four-bedroom units would have a parking garage that would hold 600 to 1,200 vehicles depending on how many of the units have four bedrooms. City law requires one parking space per bedroom, said Krista Hampton, Columbia’s planning and development director.

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Categories : Columbia
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Aug
25

North Charleston Strip Center Sold

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Real Capital Analytics reports that the Shoppes at Centre Pointe at 4958 Center Pointe Drive in North Charleston has sold. The 100% occupied, 10,000 square foot building has tenants including Verizon, Rita’s Italian, Sprint, Mattress Source, and Sanno Express.

The sales price of $2,600,000 equals $260 per sf. Loopnet shows that the asking price was originally $3.1 million in May 2010 and was reduced to $2.8 million in November 2010. No cap rate was reported.

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Aug
25

Integra Again Named to Inc. 5000 Fastest Growing Companies List

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Integra Realty Resources, Inc. has been named part of the 2011 Inc. 5000, Inc. magazine’s annual ranking of the fastest-growing private companies. This is the company’s second consecutive year appearing on the list.

The 2011 Inc. 5000 list measures revenue growth from 2007 to 2010. To qualify, companies must have been founded and generating revenue by March 31, 2007. Additionally, they had to be based in the United States, privately held, for profit, and not a subsidiary or division of another company.

2011 recipients also include ideeli, Spirit Airlines, Honest Tea, and Dunkin Donuts, to name a few.

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Aug
25

More Homes Coming Soon to Lake Wylie

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With the door seemingly shut on the patio home project within Shoppes at the Landing off S.C. 49, a new plan could welcome new residents home soon.

York County Council last week passed the second of three required readings for a major change for Patio at the Landing. Fewer patio homes – single-family homes geared toward singles or empty-nesters – at a higher price point along Channel and Mill Pond roads will be replaced, following final approval, with more townhomes at a reduced price.

Before the unanimous council vote Aug. 15, the rezoning request joined another from Rock Hill in passing the county zoning committee.

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Categories : Rock Hill
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Aug
24

Hilton Head’s Mall at Shelter Cove Sold

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Real Capital Analytics is reporting that the Mall at Shelter Cove, at 24 Shelter Cove Lane on Hilton Head Island sold earlier this month. The mall contains 256,187 square feet, with tenants including Saks Fifth Avenue, Belks, GAP, Ann Taylor and Talbot’s. Built in 1988, the mall is reportedly 87% occupied.

The sales price was approximately $22.5 million ($88 per sf) and the buyer was Blanchard and Calhoun. Cap rate information was not provided.

Categories : Hilton Head Island
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Aug
24

Strong Demand, Tight Supply Strengthen Case for New Apartment Development

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Investors continue to prefer U.S. apartment buildings over most commercial properties, even commercial office space, as total multifamily sales volume jumped nearly 80% in the second quarter over the same perioud last year.

Although still just a fraction of its mid-2007 peak, the nearly $15 billion in sales in the quarter brought total investment for the first half of 2011 to $24.5 billion, according to CoStar Group data.

The average per-unit price of apartment properties reached $88,500 in the quarter — the highest since the third quarter of 2008, said CoStar Global Strategist Michael Cohen during CoStar’s Mid-Year 2011 Multifamily Review & Forecast.

Meanwhile, strong renter demand continues to push down apartment vacancy rates and nudge up rents. With capitalization rates for existing properties seeing strong compression in some high-flying markets, larger multifamily developers have responded by starting to ramp up their development pipelines with new projects.

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Categories : National News
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