Archive for January, 2012

Jan
31

Greenville Bi-Lo Center Sold

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The 55,038-square-foot Stanford Court, anchored by BI-LO and CVS/pharmacy, has traded. Located at 3220 W. Blue Ridge Dr. in Greenville, the property is situated immediately south of a Wal-Mart Supercenter. The Mansour Group of Marcus & Millichap represented the seller, a private developer. A private investor purchased the retail property. According to Loopnet, the center was built in 1996.

Categories : Greenville
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Jan
31

7-Eleven Buying 55 Sam’s Mart Stores in Carolinas

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7-Eleven Inc. is under contract to acquire 55 Sam’s Mart stores in North and South Carolina. The closing is penciled for February.

Sam’s Mart is being advised by Robert L. Valentine of Trefethen Advisors LLC. Garth K. Dunklin of Wishart Norris Henninger & Pittman is the seller’s legal counsel.

The deal marks 7-Eleven’s return to the greater Charlotte market, which it exited in 1988 following a 24-year run. The deal with Sam’s Mart LLC is part of the Dallas-based chain’s accelerated growth strategy, which resulted in the opening of 650 stores last year in the U.S. and Canada.

READ MORE HERE

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Jan
31

NCREIF Timberland Index Rises Slightly In 2011

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The National Council of Real Estate Investment Fiduciaries (NCREIF) has released fourth quarter 2011 results of the NCREIF Timberland Index. The fourth quarter 2011 Timberland index reported a total return of 0.51%, comprised of 0.56% income and a (0.05%) capital appreciation return. This compares to a (0.35%) total return in the third quarter and (0.79%) in the fourth quarter 2010. For the year, Timberland returned 1.57%, a nice contrast to 2010 and 2009 when returns were (0.15%) and (4.75%), respectively.

Unfortunately, capital appreciation remained negative for the fifth time in six quarters. On the bright side, this was the smallest drop in value since the first quarter 2011 and the third best quarterly appreciation return in the past three years. Until the economy grows at a faster pace and the housing market improves, the timber returns will have difficulty showing strong positive results. The increase in multi‐family construction is helping the market and single family starts are up slightly, both those factors should help returns eventually.

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Categories : National News
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Jan
30

Charleston Luxury Condo Plan Approved

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New condominium projects have been scarce in Charleston in the wake of the housing market meltdown, but a plan to develop 49 units that would sell for nearly $800 per square foot — that’s $800,000 for a 1,000-square-foot home — received final approval from the city’s Board of Architectural Review last week.

The building planned at the corner of Calhoun and Concord streets near the S.C. Aquarium would also include a high-end 70-room hotel, a restaurant, spa and shops. Pre-sales could begin in a few months.

The project is part of the Concord Park redevelopment plan.

Categories : Charleston
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Jan
30

Columbia’s Richland Mall Seeks Rezoning

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The owners of Richland Mall in Forest Acres hope new zoning will help spur development at the retail center. But don’t expect it to be all retail.

“We’re gearing up to a redevelopment plan that will hopefully bring the mall alive,” said Don Taylor, a principal in Century Capital Group, which bought the perennially troubled mall almost two years ago and is working to develop a master plan.

New zoning could open that plan up to a variety of uses. A new fine arts center already is setting up shop, and plans to open Thursday with dinner and a show.

Previous zoning at the mall was tied to a failed plan to change its name to Midtown at Forest Acres and turn the mall inside out.

READ MORE HERE

Categories : Columbia, Uncategorized
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Jan
30

New Retail Development Planned for Mount Pleasant

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The heart of town when it comes to shopping could be getting a lot bigger.

A developer envisions putting nearly 400,000 square feet of commercial, retail and restaurants across from Towne Centre, creating an estimated 260 full-time jobs. The firm said it is under contract to buy 40 acres along U.S. Highway 17 known as the Gregg Tract. There, it would locate a $35 million complex that it projects would generate $235 million in annual sales.

The Planning Commission is scheduled to consider Henrich Properties’ application to develop the Gregg Tract on Feb. 22. The firm seeks business zoning for the property, which is now zoned for residential use.

The application does not identify specific businesses that would occupy the shopping center. A traffic analysis in the document assumes they include a home improvement superstore and a discount club. Lowe’s is located across the street in Towne Centre. Home Depot has yet to come to Mount Pleasant, which also does not have a Costco or Sam’s Club.

READ MORE HERE

Categories : Charleston
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Jan
30

Apartments to Replace Rock Hill Woolworth Site

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It has been more than 20 years since the last cash register sale at the F. W. Woolworth store on Main Street in Rock Hill.

Now, the Rock Hill Economic Development Corporation – owners of the building – the city, Nova Capital and the Tuttle Company are poised to announce a giant cha-ching – a $4.8 million deal to tear down the former five-and-dime store and replace it with a multi-story apartment development.

You’ve read this story before. From the day the iconic merchant closed, there have been front-page stories in The Herald about someone doing something at Woolworth, and the result would be one giant step toward a vibrant downtown Rock Hill.

Some wanted to bring restaurants to the space. Others wanted to turn it into a museum. Others envisioned a courtyard of shops and eateries. In all cases, the result was more people, which would spur even more redevelopment downtown.

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Categories : Rock Hill
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Jan
26

US: New Residential Home Sales Decline in December

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Sales of new single-family houses in December 2011 were at a seasonally adjusted annual rate of 307,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.2 percent (±13.2%)* below the revised November rate of 314,000 and is 7.3 percent (±16.6%)* below the December 2010 estimate of 331,000.

The median sales price of new houses sold in December 2011 was $210,300; the average sales price was $266,000. The seasonally adjusted estimate of new houses for sale at the end of December was 157,000. This represents a supply of 6.1 months at the current sales rate.

An estimated 302,000 new homes were sold in 2011. This is 6.2 percent (±3.6%) below the 2010 figure of 323,000.

Categories : National News
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Jan
25

PKFC: Hotel Spas Lag Industry Recovery

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The great recession appears to have been harder on hotel spa operations than on hotels themselves. According to a new study released by PKF Consulting USA (PKFC), hotel spas experienced deeper declines in revenues and profits than did hotels, as measured by RevPAR, in 2008 and 2009 and also are taking longer to recover. While the hotel industry began to improve in the second quarter of 2010, hotel spas did not show signs of a rebound until 2011. The good news is that spa revenues are expected to continue to grow and even outpace hotel RevPAR changes over the next few years as the economy improves and personal income levels begin to rise.

Because hotel spa services are often perceived as a luxury, the changes in hotel spa revenue since 2006 are not surprising. In the prosperous years of 2006 and 2007, the annual change in unit-level hotel spa revenue was comparable to the changes in RevPAR. However, concurrent with the economic recession, spa revenue declined at a greater pace than other hotel revenue sources in 2008 and 2009, and did not post a year-over-year increase in 2010 as was observed for RevPAR.

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Categories : Uncategorized
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Jan
25

Baptist Easley Constructing $8M Medical Complex

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Baptist Easley Hospital broke ground today on a 32,000-square-foot medical complex in Powdersville at the corner of Highway 81 and McNeely Road, near the intersection of highways 153 and 81.

The $8 million facility will be anchored by MD360, an urgent-care center operated by Greenville Hospital System University Medical Center. This will be the fourth MD360 for GHS, joining locations in Greenville, Greer and Simpsonville.

The Steadman Hawkins Clinic of the Carolinas, Proaxis Therapy and specialty surgeons from GHS will also have space at the Medical Center of Powdersville. Baptist Easley is a joint venture of GHS and Palmetto Health of Columbia.

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Categories : Greenville
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Jan
24

Abbeville County to Renovate Former Hospital

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Moss & Associates of Greenville and Uldrick Builders of Greenwood broke ground on two adaptive reuse-renovation projects for Abbeville County to consolidate offices and create an expanded library.

The construction costs for both projects will total approximately $3.27 million, which has been secured by Abbeville County through Recovery Zone Economic Development Bonds.

The first project will convert the former Abbeville Hospital, 901 W. Greenwood St., into a new administration office complex for the county. The second project will convert a portion of the former Winn-Dixie supermarket at 1407 Main St. into the new main branch of the Abbeville Public Library.

The projects, undergoing interior demolition since the beginning of January, are scheduled for completion by November 2012.

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Categories : Abbeville
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Jan
24

Columbia Office Market Strengthening

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Columbia’s CBD office sector is on the verge of becoming a landlord’s market. So says David Lockwood, senior vice president of leasing for Colliers International South Carolina Inc., who expects that in 2012 owners of downtown office buildings will offer fewer concessions than the previous 12 months as vacancies fall and rents rise.

“Tenants just aren’t going to be able to find the deals that were out there a year or 2 years ago,” said Lockwood during a 30-minute webinar hosted by Colliers on Monday that focused on office leasing and employment trends in greater Columbia.

In contrast, however, Lockwood fully anticipates rental rates in Columbia’s suburban office market will fall as landlords pull out all the stops to land tenants. “Suburban landlords will become even more aggressive,” said Lockwood. “They’ll offer more concessions, and they’ll offer more TI (tenant improvements), and that has a short-term degrading effect on the market by lowering the average rental rates.”

READ MORE HERE

Categories : Columbia
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Jan
19

Beech Lake Apartments in Durham, NC Sell for $19.7M

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Palatine Capital Partners has sold the 345-unit Beech Lake Apartment complex in Durham, NC to a joint-venture between Westdale Properties and Lubert-Adler for $19.7 million.

Palatine acquired Beech Lake for $15,600,000 in September 2009 through a joint-venture with Somerset Partners.

“We substantially improved Beech Lake’s physical condition, and were able to grow rents by more than 11% during our hold period,” said Alex Hurst, founder and Managing Partner of Palatine Capital Partners in a statement. “We are actively looking to expand our apartment portfolio, with a particular focus on ground-up development in the Southeast and mid-rise properties across the country.”

MORE ON THE COMPLEX HERE

Categories : Raleigh
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Jan
17

PKF Hotel Horizons® Market Update: January 2012

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Mark Woodworth, President of PKF Hospitality Research, and Jack Corgel Ph.D., Senior Advisor to PKF Hospitality Research and Robert C. Baker Professor of Real Estate at Cornell University, discuss five reasons for optimism in 2012.

Categories : Uncategorized
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Jan
16

Augusta’s The Groves Apartments Sold

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QR Capital, LLC has acquired The Groves Apartments, a 132-unit apartment community situated on 11.5 acres in North Augusta. Built in 1977, The Groves Apartments consists of 19 two-story residential buildings. QR Capital plans to complete approximately $600,000 in renovations in 2012. Meridian Management Group is the on-site property manager. Robert Stickel of Southeast Apartment Partners brokered the transaction and BB&T provided financing on the deal.

Categories : Augusta
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