Archive for March, 2012

Mar
31

Strong Tourism Season Projected for Hilton Head

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As spring break ushers in this year’s tourist season, local hospitality industry leaders are bracing for a busy summer, buoyed by encouraging recently released statistics.

People are not only staying in Hilton Head Island hotels more often, but they’re spending more money when they do, according to a report from the Smith Travel Research firm. The key statistic is the revenue per available room generated by area hotels in the past six months, says Susan Thomas, vice president of the Hilton Head Island-Bluffton Chamber of Commerce’s Visitor and Convention Bureau.

That figure, which takes into account hotels’ occupancy rates and average daily room rates, was up 23.7 percent for the past six months compared to the same period the previous year

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Mar
30

Spartanburg Industrial Building Sold

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A 50,000-square-foot industrial building, located at 4250 Orchard Park in Spartanburg, has sold for $1.7 million. The building is fully leased to Spartan Foods of America and serves as its corporate headquarters and primary production facility.

Drayton Calmes and Frank Norvell of Charleston, S.C.-based Norvell Real Estate Group represented the seller in the transaction. San Francisco-based Redland Group, the buyer, was self-represented.

ADDITIONAL PROPERTY INFO HERE

Categories : Spartanburg
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Mar
30

Beaufort Prepares to Annex Commerce Park

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The Beaufort City Council Tuesday night unanimously put the gears in motion to annex, buy and rezone a 167-acre Commerce Park near the Marine Corps Air Station.

Beaufort Mayor Billy Keyserling called the decision “…a bold decision, a historic decision, an important decision.” Final consideration and votes on the Commerce Park purchase and annexation are scheduled for Tuesday, April 3 at 7 p.m.

Officials tell us current owners of the Commerce Park parcels petitioned their land to be annexed into the City limits. At the same time, City Council approved on first reading the purchase of the Commerce Park for $1.85 million – less than what the property had been appraised at last year. The contract with SCBT bank calls for the deal to close within 60 days.

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Categories : Beaufort
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Mar
29

CoStar: Lodging Sales Surge

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The U.S. lodging industry, benefitting from two years of sporadic recovery, should continue to enjoy gains in occupancy and pricing power through 2014, with rising profits luring greater levels of investment, according to a series of hospitality reports and outlooks released over the last few days.

PKF Hospitality Research, LLC predicted this week that revenue per available room (RevPAR) for U.S. hotels will rise 5.8% in 2012, the result of solid annual gains in occupancy and average daily room rates (ADR).

“Ever since the first quarter of 2010, growth in lodging demand has greatly exceeded the supply increase,” reported R. Mark Woodworth, president of PKF-HR.

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Categories : National News
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Mar
29

New Stores Opening at Broadway at the Beach

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About 10 stores and a couple of new attractions will open at Broadway at the Beach in time for the busy summer season, including another general store, shoe shops and a sandwich and cupcake eatery.

A new nightclub, Rodeo Bar & Grill, already has debuted in the former Blarney Stone’s space in Celebrity Square, and Bodies Revealed, a popular traveling exhibit, will return in June for a second summer. And Backstage Mirror Maze will open this week next to Landry’s.

It’s unclear when the IMAX 3-D Theatre, which closed in November to undergo a renovation and aimed to reopen in the spring, will return.

“We continue to move forward to reopening, however an exact date has not yet been set. We hope to have more information for you very soon,” Steve Hunt, the theater’s general manager, said in an email.

READ MORE HERE

Categories : Myrtle Beach
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Mar
29

Student Housing on Columbia’s Main Street?

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The 21-story Palmetto Center could be the newest home for USC students. A Chicago company is proposing private dorms for the building, which has remained empty on Main Street since SCANA Corp. moved its 900 employees to Cayce in 2009.

Core Campus, a limited liability corporation from Chicago, has applied for a zoning change from the city of Columbia for the building at 1426 Main St. The variance would allow the company to convert the building into student apartments at a density of more than 150 people per acre, to include about 700 parking spaces in an adjacent garage, according to the zoning request.

Billy Way of Grubb & Ellis/Wilson Kibler, the broker for the building, declined comment. Efforts to reach an official of Core Campus were not immediately successful Monday.

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Categories : Columbia
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Mar
28

Bull Street Rezoning Gets Conditional OK

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The disputed rezoning of the Bull Street property received a qualified first approval Tuesday night from Columbia City Council.

The 6-0 vote came after a two-hour public hearing in which council heard resident after resident express concern that the proposed rezoning plan cedes too much control of the property to Hughes Development Corp. of Greenville. Councilman Daniel Rickenmann did not attend because he is on vacation.

Despite developer Bob Hughes’ assurances that City Council, the Planning Commission or the city’s planning and development staff would retain control over the big construction decisions in the 181-acre neighborhood, council gave Hughes the first of two votes.

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Categories : Columbia
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Mar
28

Tijuana Flats Looking to Expand in Carolinas

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Tijuana Flats Burrito Co., which occupies spaces of 2,000 square feet to 2,500 square feet in urban areas and mixed-use, power, regional and strip centers, is looking to open 45 locations in Florida and the Carolinas over the next three years, according to DealMakers.net.

The restaurant’s typical lease runs 10 years with two, five-year options, according to the site. Matthew Livingston in the firm’s Maitland, FL office is the company’s contact person for its expansion plans.

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Mar
28

Global Hotel Transactions Outlook Released

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According to the latest GHN Transaction Report, Hotel transaction volumes are expected to hold steady in 2012.

DOWNLOAD THE REPORT HERE

Categories : National News
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Large commercial real estate deals are already benefiting from changes to South Carolina’s property tax laws approved in 2011, while the impact on second-home sales has been limited.

“The projects that we have on the drawing board wouldn’t be on the drawing board” if the law hadn’t changed, said John Darby, president of The Beach Co., which has several large projects under way.

The tax changes created an exemption for commercial properties, a category that includes second homes, that greatly reduces property tax increases that can kick in when properties change hands.

READ MORE HERE

Categories : South Carolina News
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Mar
26

Columbia: Trader Joe’s to Forest Drive?

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Trader Joe’s appears to be headed for the former Columbia Athletic Club site on Forest Drive.

Contractor Bradford Building Co., out of Birmingham, Ala., is asking for bids from subcontractors to refurbish the building for the grocery store, project manager Ben Dobbins confirmed.

The quirky grocery store with a fanatical following — based on its cheap store brands and unique products, including “Two-Buck Chuck” wine that costs $2.99 — has been looking for a site in the Columbia area for months, local developers have confirmed.

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Categories : Columbia
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Mar
23

Charlotte Office/Retail Property Sold for $14.5 Million

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An affiliate of Gulfstream Capital Partners, LLC has sold Tranquil Court in Charlotte, NC to LRC Opportunity Fund.

Patrick Gildea and Ryan Clutter of CBRE’s Carolinas Investment Properties Group represented the seller on this transaction, which closed this week. The Charlotte Business Journal reports the asset traded for $14.5 million.

Tranquil Court is a 100 percent leased, 61,918 square foot, Class A office and retail building along Selwyn Avenue in Myers Park. The building delivered in 2010, and was subsequently leased to a variety of local and regional tenants.

“We are seeing a tremendous amount of capital chasing core, stabilized assets in strong secondary and tertiary markets as investors seek stronger yields than those being offered in primary markets.” said Gildea. “The Tranquil Court sale is one example of a number of recent transactions that prove Charlotte has returned to the radar of investors on a national scale.”

Categories : Charlotte
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Mar
23

Laurens Strip Center Sold

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A Cato-anchored shopping center, located at 900 E. Main St. in Laurens, has sold for $1.45 million. The 17,480-square-foot retail property functions as a Wal-Mart shadow center and is home to Cato, Sally Beauty, Springleaf Financial, Advance America and Palmetto Bank.

Craig Stipes and Matt Covington of CBRE’s private capital group represented Wells Fargo’s OREO department in its sale to an Austin, Texas-based private capital buyer.

Categories : Laurens
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Mar
23

Bankers: Carolinas Housing in “Excellent” Shape

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The residential real estate market could be stabilizing, with pockets of the country starting to see home prices appreciate, according to executives with Wells Fargo Home Mortgage.

Conditions in the Carolinas’ housing market, meanwhile, are “excellent” and “very solid,” they also said.

Around 100 local Realtors gathered at Regal Cinemas Stonecrest Thursday to listen to Wells Fargo executives talk about the housing market and ways they could improve business in 2012. The event, called CineMeeting, was broadcast in real time to 100 movie theaters across the country. The goal of the event, the bank’s fifth annual telecast, is to educate and inspire agents, organizers said.

The Observer also spoke with two bankers before the presentation to get their feel for the regional and local markets.

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Mar
22

300,000 SF Industrial Building in Duncan Leased

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Grice Hunt and Ford Borders, SIOR of NAI Earle Furman, LLC recently represented Perrigo Company in leasing approximately 300,000 SF industrial space located at 110 Hidden Lake Circle in Duncan. The company is relocating and expanding from a location at the SC Technology and Aviation Center (SC-TAC) in Greenville.

Perrigo Company is a leading global healthcare supplier headquartered in Michigan, with additional U.S. operations in South Carolina, New Jersey and New York.

“The industrial sector of the market continues to build momentum approaching the 2nd quarter of the year. This expansion and relocation is a great example of how companies are regaining strength and confidence in a steadily recovering economy. We are optimistic about the industrial market remaining stable as the strengthening economy continues to drive demand for industrial space,” Grice Hunt commented on the transaction.

Categories : Greenville, Spartanburg
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