Archive for December, 2011

Dec
27

Historic Winnsboro School to get New Life

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The Mount Zion Institute hasn’t seen a student for 20 years and it shows. There are dozens of broken windows and a leaky roof.

For the last couple of months, there’s been a drive underway to address those problems at the historic property in Winnsboro. But as of last week, supporters of that effort have a new reason to feel optimistic about their chances of success.

It comes courtesy of a Midlands artist who has made quite a name for himself, both in South Carolina and around the globe. And what he has in mind is turning this place back into a school. A place for art education. His name is Dru Blair. From a studio and school located northwest of Columbia, Blair specializes in dramatic renditions of military technology, portraits and products.

He uses a painting technique so precise, it’s sometimes hard to believe the picture you’re seeing is not a photograph.

Last week, Blair told Winnsboro Town Council members he wants to create an art college at Mount Zion.

READ MORE HERE

PS – Please take a moment to check this out. Yes, my mother is helping to drive the redevelopment and I attended kindergarten at Mount Zion…..it is still a great story. You can follow the redevelopment, and even make a donation to help, by clicking  HERE .

Michael Dodds

Categories : Winnsboro
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Dec
23

Lancaster Wal-Mart Store to Sell for $14.65M

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Cole Credit Property Trust III, Inc. has agreed to acquire the Wal-Mart building in Lancaster, SC for $14.65 million, the company reported Wednesday.

The 208,470 square foot building is occupied by Wal-Mart Real Estate Business Trust via a lease that expires in 2019. Wal-Mart pays $1.094 million in annual base rent, or $5.25 per square foot.

Wal-Mart is the sole occupant of the fully-leased building, which is adjacent to the University of South Carolina Lancaster.

Categories : Lancaster
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Dec
22

Equity One to Sell Three SC Shopping Centers

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Equity One Inc. entered into an agreement to sell 36 shopping centers for $473.1 million to Blackstone Real Estate Partners VII.

Three shopping centers are located in South Carolina with two in Bluffton and one in Greenville. In Bluffton, the shopping centers sold are the Belfair Towne Village and Belfair II where Kroger and Stein Mart are the anchor tenants. The Milestone Plaza, in Greenville, also will, be sold in the deal.

Equity One intends to use the proceeds from the sale to reduce debt, fund its redevelopment pipeline and use it in future acquisitions. Closing is expected to occur in the fourth quarter of 2011.

Equity One estimates the transaction will result in a net impairment loss of approximately $32 million to $36 million in the third quarter of 2011, which includes about $17 million related to unamortized debt discount costs on mortgages to be assumed by the buyer.

Categories : Uncategorized
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Dec
21

Chapel Hill Retail Center Sold

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The Rams Plaza shopping center property in Chapel Hill has been sold to a trio of investors from Charlotte, New York and Florida that plan to make at least $1.5 million in renovations and improvements to the aging property.

The Kalikow Group of Westbury, N.Y., through a newly formed joint venture partnership with Argus Properties of Miami, paid $13.25 million for Rams Plaza to the property’s former owner, Madison Marquette of Washington, D.C.

Madison Marquette had paid $13.1 million for the property in 2007 in a deal that also included the purchase of the University Mall property in Chapel Hill. Rams Plaza was built in 1982 at 1728 Fordham Blvd., and is anchored by a Food Lion grocery store, the Bailey’s Pub restaurant and a CVS pharmacy store. The property has 113,557 square feet of space and was 94 percent occupied in the third quarter, according to Triangle Business Journal’s quarterly Space survey.

READ MORE HERE

MORE INFO ON RAMS PLAZA HERE

Categories : Raleigh
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Dec
20

SC Realtors Revises Columbia Market Data

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Residential home sales in the Greater Columbia market were up 12.9% in November — not down by 70% as previously reported, according to statistics revised by SC Realtors.

The association reported Monday that it had uncovered “a serious error concerning the closed sales for the Greater Columbia market,” which were released in its monthly report last week and published Dec. 16 by the Columbia Regional Business Report. The revised report shows residential closings for Columbia totaled 491 units — not 123 — compared with 435 closings for November 2010. The result was an increase of 12.9% for the month of November compared with the same month in 2010, the association reported.

In year-to-date comparisons, residential sales for the first 11 months of 2011 were down 12.1% to 5,886 units compared to 6,693. The association previously reported sales for the 11-month period were down 17.6%.

Categories : South Carolina News
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Dec
20

Stonecrest Village Shopping Center in Tega Cay Sold

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NAI Avant is pleased to announce that Dail Longaker, Jr., Senior Investment Broker with NAI Avant, recently brokered the sale of Stonecrest Village Shopping Center in Tega Cay, SC. The transaction was valued at approximately $3,850,000.

DETAILS ON STONECREST VILLAGE HERE

Categories : Rock Hill
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Dec
19

Pulte Commits to Build High End Homes in Mt. Pleasant

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The property was artfully landscaped, the community totally mapped out. All that was left was a builder.

Recently, that detail was accomplished. National company Pulte Homes will construct 70 houses at Scotts Creek, a scenic residential layout between Rifle Range Road and the Intracoastal Waterway.

Scott Creek Community LLC, an affiliate of The Beach Company, is the developer. “We are very pleased to attract a top quality, national homebuilder in Pulte Homes to Scotts Creek,” says John Darby, chief executive of 66-year-old Charleston developer The Beach Co. Darby says The Beach Co. is excited about the new executive-style homes that Pulte will be constructing.

The neighborhood can owe its launch to the collaboration of The Beach Co. and Pulte, says Will Cutler, president of Pulte’s Coastal Carolina’s division.

READ MORE HERE

Categories : Charleston
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Dec
19

Supermarket Chain Winn-Dixie to be Sold to Bi-Lo

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The supermarket chain Winn-Dixie is being sold for $560 million to Bi-Lo LLC.

The combined company will have about 690 stores and 63,000 workers in eight states in the southern U.S. Winn-Dixie Stores Inc. will become a privately held subsidiary and its ticker will be removed from the Nasdaq. Each Winn-Dixie stockholder gets $9.50 per share in cash, a 75 percent premium to the Jacksonville, Fla. company’s Friday closing stock price.

Bi-Lo, based in Greenville, S.C., runs 207 supermarkets in North Carolina, South Carolina, Georgia and Tennessee.

Winn-Dixie runs about 480 grocery stores, including approximately 380 in-store pharmacies, in Florida, Alabama, Louisiana, Georgia and Mississippi. It has about 46,000 employees.

The companies said Monday that no store closings are expected and the name Winn-Dixie will remain.

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Dec
16

South Carolina REALTORS® Release November Figures

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South Carolina REALTORS® (SCR) today released its November 2011 statewide market reports. Home prices are one of the most popular barometers of market vitality, yet they only tell part of the story. Soft prices may accompany improvements in other indicators such as purchase demand, absorption reates, seller concessions or market times.

Regional, market-wide prices fell short by not recognizing the mix of homes that close each month, be it weighted toward single-family, lender-mediated or new construction. In addition, price movements often lag changes elsewhere in the marketplace. New Listings in the state of South Carolina decreased 9.9 percent to 6,242. Pending Sales were up 10.0 percent to 3,571. Inventory levels shrank 15.2 percent to 50,352 units, a common trend across the country. Prices were fairly stable. The Median Sales Price decreased 0.7 percent to $149,000. Days on Market increased 3.0 percent to 143 days. Absorption rates improved as Months Supply of Inventory was down 14.3 percent to 12.6 months.

Not only do forces beyond supply and demand affect home prices, but other factors outside of housing serve as inputs into the equation. New job growth and consumer confidence drive household formations which in turn fuels purchase demand and pressures prices. Similarly, when real incomes rise, families can afford more house and move-up buyers become increasingly motivated. To that end, the jobless rate fell from 9.0 percent to 8.6 percent in November — the lowest in 2.5 years.

Categories : South Carolina News
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Dec
16

Greenville’s Vinings at Brookfield Apartments Sold

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Bell Partners has purchased the 224-unit Vinings at Brookfield Apartments, located at 815 E. Butler Rd. in Greenville, for $20.3 million. The property will be renamed Bell Brookfield.

Categories : Greenville
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Dec
16

More Details Released on Columbia’s CBD Wal-Mart

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Twenty-four-hour shopping at Walmart, three junior anchor tenants, up to a dozen smaller shops and restaurants, underground parking, more than 300 bike racks, 774 parking spaces and a stream with pedestrian and bicycle-friendly walkways would be among the features of a proposed shopping center along Assembly Street near downtown Columbia, a developer said Thursday.

If City Council approves the 23-acre project and necessary permits are granted, construction on the $35 million project could begin as early as mid-2013, said Matt Sasser of Bright-Meyers, an Atlanta-based Wal-Mart development partner. The center would be built on the old city-owned Capital City Stadium baseball park and adjoining parcels.

The shopping center could open as early as mid-2014, Sasser said, in sharing site plans for the project with The State newspaper on Thursday.

READ MORE HERE

Categories : Columbia
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Dec
15

PKF U.S. Hotel Forecast Released

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While many hoteliers are feeling angst and uncertainty caused by intimidating macroeconomic conditions, PKF Hospitality Research (PKF-HR) is assertively forecasting the continued recovery of the U.S. lodging industry. How well you do in 2012, however, will vary depending upon the price of your room and where you are located. According to the recently released December 2011 edition of Hotel Horizons®, PKF-HR forecasts that rooms revenue (RevPAR) for U.S. hotels will rise 8.1 percent in 2011, and increase another 6.1 percent in 2012.

Analyzing the performance of U.S. hotels in 2010 and 2011, we have seen the progression of indicators that one would expect during an industry recovery. Occupancy levels increased in 2010, followed by real average daily rate (ADR) growth in 2011. The only surprise has been the pace and magnitude of the surge in hotel demand.

READ MORE HERE

Categories : National News
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Dec
15

Santee’s Jafza Development Gets Boost

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A $12.1 million federal grant will boost Orangeburg County’s development efforts by providing needed road work in Santee, according to Sixth District Congressman James E. Clyburn.

Clyburn announced Monday the county has received a $12.1 million U.S. Department of Transportation TIGER grant to create a southbound access ramp from U.S. Highway 301 to Interstate 95.

The project will also extend Highway 301 from the interchange to the site of the Jafza intermodal distribution center.

“Today’s TIGER grant is an early Christmas present for the State of South Carolina,” Clyburn said in a release. “This project will make a Continental Tire or Boeing aircraft-type project possible for Orangeburg County and the I-95 corridor.” Clyburn previously secured $10.3 million for the work. South Carolina is providing $3 million and Orangeburg County has secured $1 million.

READ MORE HERE

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Dec
15

Florence County Council Questioned Regarding Acquisitions

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 Florence County Council moved one step closer to acquiring land for the site of a new judicial complex, but one county official is crying foul, saying the government grossly over paid for the recently purchased property.

Florence County Treasurer Dean Fowler said that according to tax documents and other county records, the county council authorized spending more than $1.9 million on six properties located along Irby Street and N.B. Baroody Street in Florence valued at just under $130,000.

Fowler claims county council wasted tax payer dollars purchasing the land, pointing to the latest transaction where council shelled out $541,443 for a parcel on N.B. Baroody Street that tax documents value at $45,600; however County Councilman James Schofield said the county has actually saved tax payer dollars by negotiating for properties like the N.B. Baroody parcel and that Fowler’s argument is fueled by misleading figures.

READ MORE HERE

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Dec
13

Homeowners Continue to Overvalue Their Homes

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Despite survey after survey showing that consumers expect home prices to continue to decline next year, most home owners still believe their houses are worth more than what their agents recommend.

Nearly three out of four home owners, 76 percent, believe their homes are worth more than the recommended agent listing price. By contrast, 68 percent of home buyers believe homes are overpriced, according to the latest HomeGain. Thirty-two percent said homes are overpriced by more than 10 percent.

The gap between what sellers expect and what agents recommend has actually grown slightly over the past year even though national median prices have declined about 4-7 percent this year. A year ago, some 73 percent of owners thought their homes were worth more than their agent’s recommended listing price and 69 percent of buyers thought homes were overpriced.

READ MORE HERE

Categories : National News
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