Archive for October, 2011

Oct
21

Easley Publix Anchored Center Sold

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Phillips Edison — ARC Shopping Center REIT Inc., a publicly registered, non-traded REIT  has acquired two shopping centers with a combined 150,243 square feet of space located in Georgia and South Carolina. The Company acquired Southampton Village, a 77,956 square foot Publix-anchored shopping center located in Tyrone, Georgia and Centerpoint, a 72,287 Publix-anchored square foot center located in Easley, South Carolina. Both Southampton Village and Centerpoint were constructed in 2003, and the Publix supermarkets at both locations are on long-term leases through 2023. The total purchase price for the two centers was approximately $15.2 million.

Both shopping centers benefit from their close proximity to growing United States metro areas. Southampton Village is located in suburban Atlanta, Georgia, which is the ninth-largest metro area in the United States and serves as the population, employment and transportation center of the Southeast. Centerpoint is located just 13 miles east of Greenville, South Carolina and, as part of the Greenville-Spartanburg-Anderson metropolitan statistical area, benefits from a population of approximately 1.4 million residents.

Categories : Greenville
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Oct
21

Like Trains? This House is for You

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Click on photo for article.


Categories : Humor
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Oct
20

Charlotte Industrial Building Sold

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Mt. Pleasant, S.C.-based Ziff Properties has purchased the 60,000-square-foot Maplecrest Industrial Center, located at 2905 Westinghouse Blvd. in Charlotte, for $2.3 million. The buyer was self-represented by Christian Chamblee and Shaun Payne. Rob Speir of Colliers International and Brad Cherry of Jones Lang LaSalle represented the seller.

Categories : Charlotte
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Oct
20

Wal-Mart Express Coming to Downtown Columbia?

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Columbia City Council has sold the Capital City Stadium on Assembly Street to an Atlanta-based development firm with strong ties to Wal-Mart Stores Inc.

Bright-Meyers LLC will pay $1 million for the 5.97 acres next to the Olympia neighborhood. That same company also has plans to buy land around the stadium, including the parking lot owned by SCANA, according to several city officials. A SCANA spokeswoman declined to identify the buyer because the sale is not final.

The contract for the stadium was contingent upon two things: the sale of the adjacent land and zoning that would allow a shopping center.

READ MORE HERE

Categories : Columbia
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Oct
20

Charleston Realtors Hold Commercial Forecast

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Experts in the Charleston-area commercial real estate market are forecasting improvements for the coming year. Based on indicators in the multifamily, retail, industrial and office segments of the industry, these experts are optimistic about the future of the region.

The Charleston Trident Association of Realtors’ Commercial Investment Division held its annual Commercial Real Estate Market Forecast this morning at Trident Technical College in North Charleston.

In the multifamily sector, Todd Wigfield of Greystar Real Estate Investment Co. noted that the rental market is predicted to further improve, as the demand for properties far outpaces new supply and vacancy drops from 6.7%, currently, to a predicted 5.7% in 2015.

READ  MORE HERE

Categories : Charleston
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Oct
20

Blythewood Industrial Building Sold

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NAI Avant announced Tuesday that Spirax Sarco has bought a 35,800-square-foot industrial office building and warehouse in Blythewood to serve as its future home. NAI Avant, which brokered the sale of 1101 Carolina Pines, represented the seller, ALD Thermal Treatment Inc. The deal was valued at $1.95 million, NAI Avant said.

One of Spirax Sarco’s four training centers in the United States is in Blythewood. The northeast Richland County community also serves as the U.S. headquarters for the company, based in Cheltenham, United Kingdom.

Spirax Sarco specializes in developing controls for the efficient use of steam, air and other fluids for industrial and commercial users.

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LOOPNET LISTING HERE

Categories : Columbia
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Oct
14

Q3 Foreclosures Down Over 18% Across S.C.

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Foreclosure numbers fell statewide during the third quarter of 2011 compared with the same period in 2010, continuing a trend from midyear, according to a market report released today.

Every major market in South Carolina saw a decline in foreclosure numbers in the third quarter, according to RealtyTrac’s U.S. Foreclosure Market Report. The Upstate, Lowcountry and Midlands all saw double-digit declines from 2010 to 2011.

RealtyTrac said that the downward trend in South Carolina mirrors national numbers but that more foreclosures could be coming after lenders get past paperwork problems related to streamlining the foreclosure process. South Carolina’s foreclosures were up 2.76% compared with last quarter, and national numbers were up 0.35% compared with last quarter.

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Categories : South Carolina News
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Oct
14

Colliers Releases Columbia Office Market Report

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Landlords willing to reduce rents or fix up their office buildings are landing tenants in the Columbia market, according to a market report released Wednesday by Colliers International.

The report, which surveyed rental activity for the third quarter of 2011, found that the leasing volume “was largely among existing tenants relocating to take advantage of market conditions.”

The continued downsizing of state government largely offset any new growth, the report added, noting that in the past 18 months the market has turned in a lackluster performance in absorbing 26,086 square feet of office space.

“Landlords who had the ability to aggressively pursue tenants with lower rental rates and those landlords which made capital investments to improve their properties have experienced the greatest amount of leasing volume,” the report said.

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Categories : Columbia
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Oct
13

New S.C. Manufacturers to Bring Construction ‘Explosion’

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Recent commitments by big industrial companies such as Boeing, Bridgestone and Continental to build or expand in South Carolina could have a hefty economic impact beyond the manufacturing jobs they will create.

In one of the few truly bright spots for the near-term future of the state’s depressed real estate market, developers expect they will have to add industrial buildings over the next several years to meet demand from suppliers expected to follow the larger industries.

“These are major organizations that are coming and setting foot in our state,” said Bill Smith, CEO of Red Rock Developments in Columbia. “With these major announcements come suppliers.”

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Oct
13

Kiawah Development Plan Angers Environmentalists

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Dolphins feed in the inlet along Captain Sam’s Spit by corralling menhaden in the shallows or onto the bank and leaping after them to feast.

The spit is a feeding ground where pelicans and any number of other shorebirds gather. The teardrop-shaped cape of sand and dunes past Beachwalker Park on Kiawah’s Island’s west end is one of the last undeveloped dunes-and-maritime forest stretches around, a prized scenic getaway for boaters and beachcombers.

Developers also like the land, which they say would be a prime location for a new 50-home community. Environmentalists worry about incremental steps that could push the development proposals to reality.

First, developers wanted a half-mile-long concrete seawall along the inlet bank. Then they wanted a shorter, underground steel wall through Captain Sam’s Spit itself. Now, they want a community dock on the Kiawah River.

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Categories : Charleston
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Oct
11

Report: U.S. Mall Vacancy Rate at 9.4%

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Vacancies at U.S. regional shopping malls rose to 9.4% in the third quarter (ended Sept. 30), according to property-research firm Reis, Reuters reported. It represents the highest level since Reis began publishing the data in 2000, and was up from 9.3% in the second quarter.

Landlords’ asking mall rents rose to $38.81 per square foot in the third quarter, up from $38.77 in the previous three months and $38.72 a year earlier, according to Reis.

Vacancies at community and neighborhoods centers were 11%, unchanged from the second quarter, and slightly up from last year’s 10.9%. Rent averaged $16.54 per sq. ft., including any landlord concessions, down from $16.58 a year earlier and unchanged from the second quarter.

Categories : National News
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Oct
11

Charleston Residential Real Estate Market Improving

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The number of homes for sale across the region dipped to a five-year low in September, while sales volume increased by double-digits for the third straight month, the Charleston Trident Association of Realtors said Monday.

While the inventory of homes for sale locally is still roughly double what it was before the housing market overheated — nearly 8,000 are on the market now versus around 4,000 in 2004 — the report shows steady improvement in market conditions.

When there is a glut of homes for sale and the supply far outstrips demand, it takes longer to sell those homes and it’s harder for home-sellers to get the price they are asking. As the housing bubble peaked there were 11,879 homes for sale in Berkeley, Charleston and Dorchester counties, in the spring of 2008.

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Categories : Charleston
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Oct
11

Spartanburg Fresh Market to Relocate to Former Cinema

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Greensboro, N.C.-based gourmet grocery chain The Fresh Market Inc. apparently is seeking new digs for its east-side store. According to Spartanburg County property records, the company has signed a lease on the former Converse Cinema 6 building at 1200 E. Main St. in the Converse Plaza shopping center.

A proposal in the lease shows The Fresh Market’s plans to raze the 20-year-old theater in order to make way for a new 19,000-square-foot building.

The Fresh Market would not comment on Thursday.

In 1990, The Fresh Market opened its only Spartanburg store at 141 Fernwood Drive in the Fernwood Center, a year after the center was purchased for $1.2 million by local developer George Dean Johnson Jr.

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Categories : Spartanburg
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Oct
10

Former North Myrtle Beach Golf Course For Sale Again

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The former Robber’s Roost golf course in North Myrtle Beach is up for sale again after the developers that shepherded through a master plan to reinvent the property fell victim to the economic downturn.

The property’s original owners, Tiente Limited Partnership and Burgess Investments Group Family Limited Partnership, took back possession of the property after foreclosure late last year and are now actively marketing the roughly 100 acre property that has thousands of feet of frontage on U.S. 17.

The property will likely sell as three separate pieces, though the owner would prefer to sell it all together, said Macon Lovelace, a broker for NAI Avant, who is marketing the property.

“It’s just more likely that in today’s development environment that you have two different types of developers that go in there,” he said.

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Categories : Myrtle Beach
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Oct
10

$150M Hardeeville Mixed Use Development Planned

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A Hilton Head developer plans to invest $150 million in a mixed-use development in Hardeeville that once built out will employ about 600 people.

Gateway Development Partners and local officials from the city of Hardeeville and Jasper County announced plans Friday for a 300-acre, three-phase project called Gateway Crossing. The development is planned for a site off Interstate 95 at Exit 5 on Frontage Road and U.S. 17.

Charles Washington, director of operations/marketing sales for Gateway, said the majority of the land is owned by Gateway and that they hope to break ground by mid-2012 on the 413,000 square feet of commerical and residential space that will be built out in three phases over seven to eight years.

Washington said the project is a private-public partnership and that the city of Hardeeville and Jasper County officials have been instrumental in making the vision become reality.

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Categories : Hardeeville
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