Archive for September, 2011

Sep
30

So is Columbia Getting a Trader Joe’s or Not?

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Could Columbia land a Trader Joe’s?

All signs indicate the popular low-cost grocery chain is taking a serious look at the Midlands. The famously tight-lipped company, however, gives its pat answer that Columbia is not in its “two-year plan.” So does that mean Columbia will not get a Trader Joe’s in the next two years?

“There’s always a chance something could change,” spokeswoman Alison Mochizuki said.

Mochizuki would not confirm whether or not Trader Joe’s has been scouting sites in the Columbia area. But commercial brokers say they have been talking with the company famous for its cheap store brands and unique products, such as “Two-Buck Chuck” wine.

Robin Dial at the Dial, Dunlap and Edwards real estate firm said he has pitched the former Adluh Flour warehouse in the Vista to the company. He said he is in casual talks with Trader Joe’s officials but not serious negotiations. The site, with just 52 parking spaces, could have parking issues, though, and might be a better fit for a smaller retail operation mixed with offices, he said.

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Categories : Columbia
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Sep
30

Charleston Apartment Occupancy Jumps 300 Basis Points

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Vacancies have reached near-record lows for the Charleston-area apartment market, according to data released this week by a multifamily market analysis company.

Carolinas Real Data reported that over the past six months, the Charleston vacancy rate for multifamily real estate has improved by nearly 3 percentage points. The company said the submarkets recording the lowest vacancies are Mount Pleasant and James Island.

“Although there was no new supply added to the Charleston apartment market over the past six months, there was an increase in development activity,” the Real Data report said.

The report said units are under construction in the Mount Pleasant and Goose Creek submarkets. Commercial and residential construction of all kinds has been depressed since the recession.

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Categories : Charleston
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Sep
29

PKF U.S. Hotel Forecast: Optimism Among Pessimism

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Despite news of persistent high levels of unemployment and waning consumer confidence, PKF Hospitality Research (PKF-HR) has increased its forecast of revenue growth for U.S. hotels in 2011. According to the September 2011 edition of Hotel Horizons®, PKF-HR forecasts that rooms revenue (RevPAR) for U.S. hotels will rise 7.2 percent in 2011. This is a more optimistic projection than the 6.9 percent RevPAR growth rate published in the June 2011 edition of Hotel Horizons®.

Categories : National News
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Sep
29

Columbia Subdivision Getting Back on Track

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Hammers and nails are flying again in Shandon Square, an in-town Columbia neighborhood that was pummeled by the recession. But the $500,000 price tags on homes in the neighborhood have been slashed in half as Irmo-based Mungo Homes begins to build the half-finished community that it took over late last year.

The signs of life for the neighborhood, on Woodrow Street at Millwood Avenue, also are a case study of the housing-market crash and its slow climb back to a “new normal.”

Gone are the days of wine cellars. Also, gone are some old lenders. Instead, what’s working today is experience and lower prices.

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Categories : Columbia
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Sep
29

Rock Hill Galleria Undergoing Renovations

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The Rock Hill Galleria is undertaking a renovation, affecting one major mall tenant, several smaller retailers and even Santa Claus. The mall announced Tuesday it has moved five stores so J.C. Penney can double its space. “This will be a turning point for the mall,” said Anita Clark, Galleria associate general manager.

The investment should allow the mall to attract more customers and possibly national retailers, she said. Rock Hill is long overdue for a bigger J.C. Penney store, J.C. Penney manager Darleen Todd said. Customers have been asking for more choices.

For some items, the only option local staff could offer was ordering the items online and making customers wait a week for delivery.

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Sep
29

Two Charlotte Retail Centers Sold

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Greensboro, N.C.-based Bell Partners Inc. has sold Cotswold Village and the Terraces at SouthPark for a combined $85 million. Beachwood, Ohio-based DDR purchased the properties from Bell. Cotswold Village, located at 300 S. Sharon Amity Rd., is anchored by Harris Teeter, Marshalls and PetSmart. It also includes tenants like Bath & Body Works, Starbucks and Ulta. The Terraces at SouthPark, located at 4717 Sharon Rd., houses tenants including SunTrust Bank and FedEx/Kinko’s.

Categories : Charlotte
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Sep
27

Greenville’s Milestone Plaza Sold

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Milestone Plaza on Pelham Road in Greenville was one of 36 shopping centers in the Southeast and Maryland sold by Equity One Inc. for $473 million to Blackstone Real Estate Partners VII. The 89,721-square-foot shopping center is anchored by Bi-Lo. Other tenants include Ruby Tuesday, Advance Auto, Great Clips, Allstate and RadioShack.

The other shopping centers sold as part of the Blackstone acquisition are predominately located in the Atlanta, Tampa, Fla., and Orlando, Fla., markets, with additional properties located in North Carolina, Alabama, Tennessee and Maryland.

The portfolio generated net operating income of approximately $35.4 million for the 12-month period ended June 30 and was 91% occupied, Equity One said.

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MORE ON MILESTONE PLAZA HERE

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Sep
26

NNN Fresenius Medical Care Sold in Columbia

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Chris Orr of Charlotte, N.C.-based Romans Properties has brokered the $2.14 million sale of a 10,520-square-foot office building, located at 2125 Adams Grove Rd. in Columbia. Orr represented the seller, Rea Investments, in the transaction and procured the buyer, Chicago-based Brauvin Real Estate.

Additional information from Loopnet:

  • Fresenius Medical Care has a new 10-year Corporate Lease extension with two, 5-Year renewals. Lease extension commenced January 1, 2010. This NNN Lease includes 2.5% increases every year, including renewal options.
  • This is also is the regional headquarters for Central South Carolina, and has 35 treatment beds
  • Adjacent to Richland Memorial Hospital with easy access to Medical, Retail and other amenities
  • Excellent Credit, BBB Rated

 

Categories : Columbia
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Sep
26

Spartanburg Apartments Sold

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Poinsett Capital Advisors LLC of Greenville has acquired the East Ridge Apartment complex off of North Main Street in Spartanburg. The property was acquired as part of a bankruptcy auction that was responsible for liquidating a portfolio of assets on behalf of several lenders.

Poinsett has partnered with local property management firm N&H Enterprises for the day-to-day management of the real estate.

In addition, general contractor Creative Builders Inc. will renovate the property. Apartments will be updated with new kitchens, bathrooms, and washer/dryer connections.

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Categories : Spartanburg
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Sep
23

After Repairing CRE Damage, Many Banks Re-Entering Lending Arena

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While commercial real estate continues to burden the nation’s 7,522 banks and thrifts that reported results to the FDIC as of June 30, the severity of the CRE-related impairment is gradually decreasing and lending is on the increase.

Overall, banks continued to scale back the total amount of commercial real estate loans on their books. However, most of the drop came from loans for construction and development activities. Banks actually increased lending for multifamily projects over the first quarter by about $1.4 billion.

Significantly too, half the nation’s banks boosted their lending on nonresidential and multifamily properties by $50 million or more in the second quarter of the year.

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Categories : National News
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Sep
22

South Carolina Ranked 4th in Top States For Doing Business Survey

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For the second year in a row, Area Development has conducted a survey of a select group of highly respected location consultants who work with a nationwide client base. They asked the consultants to name their top-5 state choices in 12 site selection categories.

States were ranked in each of the 12 site selection categories based on the number of times they were named as a “top-5” choice by the responding consultants. Next, a top-5 state’s ranking in each of the 12 categories was assigned a weight in accordance with its position in these individual categories. Based on these total weighted scores, Texas is far and away the consultants’ #1 choice for doing business, followed by Georgia, Alabama, and South Carolina (with weighted scores only a point apart), and finally Indiana in the #5 spot. Taking the #6–#10 rankings based on weighted scores are Louisiana, North Carolina, Tennessee, Mississippi, and — surprisingly — California, in that order.

Categories : South Carolina News
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Sep
22

Wilmington-Area Home Sales Up 10.5% over Last Year

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The Wilmington area’s real estate market is like a football game.

“Say, you’re in a game and you’re losing. The other team scores eight touchdowns on you and you score one back. “You are moving in the right direction, but you still have a long way to go.”

Intracoastal Realty agent Ashley Garner borrowed that idea from the National Association of Realtors’ chief economist to describe where residential real estate stands in the Wilmington area.

As we scoot along the bottom of the market, it’s too early to tell whether the last two months of sales figures are any harbinger of better days ahead, Garner said last week.

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Categories : Wilmington
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Sep
22

Outlook Brightens for Outlet Centers

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While economic indicators point to a continued, albeit slow, recovery, unemployment and consumer confidence remain the two main sources of concern for landlords and retailers, noted Cushman & Wakefield’s Richard W. Latella at VRN’s Fall Outlet Leasing & Marketing Conference Monday.

Consumer sentiment fell in August by 19.2 percent year-over-year, and stands just 40 basis points above the low set in November 2008, he noted. GDP growth is expected to total 1.6 percent in 2011, he said, quoting a Wall Street Journal article. Retail sales growth for the year will reach 3.8 percent, according to an ICSC report.

There are other more positive signs of recovery, though. Retail real estate transaction volumes in the U.S. reached $22.1 billion in the first seven months of 2011, marking a 184.4 percent increase over the same period in 2010. Retail cap rates averaged 7.56 percent in the second quarter of this year, according to Cushman & Wakefield, representing a year-over-year decrease of 39 basis points.

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Categories : National News
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Sep
21

Wal-Mart Coming to Pickens

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Rumors that Walmart would be opening a location in Pickens have been flying around town for the last several, but the word became official Thursday afternoon. Walmart’s Pickens location is slated to open sometime in 2013, according to Chris Carlson, with Law Kingdon Architecture. Carlson represented Walmart at a Thursday meeting of the Pickens Board of Architecture Review. The board signed off on the initial site plans during the meeting.

The Pickens Walmart will be located at the intersection of Hwy 8 and Roberts Road on land including the site of the former Norris Ford dealership, Carlson said.

The Pickens location will be a 93,000 square foot store, which will include a 7,000 square foot Garden Center and a full service pharmacy. The store will also include a grocery element, Carlson said. “This one will have between 17,000 – 20,000 square feet of grocery,” he said.

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Sep
21

Mixed Housing News for Beaufort County

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There was good news and bad news for Beaufort County in the S.C. Realtors’ August housing market report released Thursday:

  • Sales in the Hilton Head area rose 21.9 percent in August when compared to August 2010. But they dropped 10.4 percent in the Beaufort area.
  • Median home prices for Hilton Head rose 19.2 percent to $255,000. They dropped 10.2 percent for Beaufort to $180,250.
  • The average numbers of days on the market for Hilton Head dropped 12.8 percent to 110. The number also dropped for Beaufort, by 15.9 percent, to 170 days.

The year-to-date percentage changes from 2010 to 2011, however, were less dramatic:

  • Sales rose 6.7 percent in the Hilton Head area and 1.8 percent in the Beaufort area.
  • The median price was down 2.6 percent to $228,000 for Hilton Head and up 0.1 percent to $179,250 for Beaufort.
  • The average number of days on the market was up 6.8 percent to 140 for Hilton Head and up 17.7 percent to 200 for Beaufort.
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