Archive for April, 2012

Apr
30

A Little Background on Columbia’s Whole Foods Deal

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The first time Lyle Darnall met with Whole Foods executives, it was 2004. They all piled into an SUV and drove through Forest Acres.

When they arrived at a site across from Richland Mall, they sat silent for several minutes before Whole Foods co-owner A.C. Gallo said it was time to go. “He was trying to get the feel of the site, the feng shui,” said Darnall, managing director with Edens, a Columbia-based developer and manager of East Coast shopping centers, speaking last week to a group of Leadership Columbia alumni.

That deal fell through, but Darnall and other executives kept the company’s ear for the next eight years until conditions were right – from a site with the proper feng shui (a system of positioning buildings for the best energy flow) to proving that Columbia was a town with a “foodie network.”

READ MORE HERE

Categories : Columbia
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Apr
26

Greenville, NC Student Housing Sold

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The 503-bed University Suites, located at 2200 University Suites Dr. in Greenville, has sold for $15.5 million. The property serves Eastern Carolina University.

Alan Meetze and David Hudgins of Drucker & Falk’s Newport News, Va., office represented University Suites at ECU LLC, the seller, in the transaction. The buyer was 2200 University Suites. Realco Capital Partners acquired the property earlier this year. It is managed by Campus Apartments.

Categories : North Carolina News
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Apr
24

US: New Home Sales Up 7.5% over March 2011

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Sales of new single-family houses in March 2012 were at a seasonally adjusted annual rate of 328,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.1 percent (±20.7%)* below the revised February rate of 353,000, but is 7.5 percent (±19.6%)* above the March 2011 estimate of 305,000.

The median sales price of new houses sold in March 2012 was $234,500; the average sales price was $291,200. The seasonally adjusted estimate of new houses for sale at the end of March was 144,000. This represents a supply of 5.3 months at the current sales rate.

Categories : National News
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Apr
23

Spartanburg’s Wildewood Apartments Sold

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The 369-unit Wildewood Apartments, located at 350 Bryant Rd. in Spartanburg, has sold for $6.4 million. Tony Bonitati, John Gray and Kay Hill of Greenville, S.C.-based NAI Earle Furman represented the seller in the transaction. Bowman Investments, the buyer, plans to invest $1 million to renovate the property and rebrand it as Woodland Park Apartments.

Vesta Equity, LLC, a Sarasota based private lender, funded an 18-month, $5.2 million bridge loan for the acquisition and renovation. The property was bank-owned and purchased in an REO sale. The property was 80% occupied at the time of the sale. The loan included a $1 million hold back reserve for renovations. Vesta worked diligently with the Sponsors to close the loan only ten days after receiving the request. David Borge of CBRE secured the loan.

This loan marks Vesta’s first transaction in South Carolina. Vesta is actively seeking additional senior and mezzanine loan opportunities in the Southeastern United States and Texas.

Categories : Spartanburg
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When Reis releases its Q1 2012 statistics, Greenville’s office market will show up  among the five biggest winners based on markets with the largest basis point change in vacancy rate from Q4 2011 to Q1 2012.

Categories : Greenville
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Apr
20

Greenville’s Residential Recovery Continues

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Michael Dey views the 63 percent year-to-date increase in Greenville County residential building permits as Economics 101 — supply and demand.

“There’s an insufficient amount of existing homes on the market to meet current demand so new homes are being put on the market to meet that new demand,” said Dey, executive vice president of the Home Builders Association of Greenville. “As demand continues to go up, which we expect it will, the amount of activity will increase as well.”

Building permits for the Upstate as a whole rose 23.1 percent from first quarter 2011 to the same period this year, and 26.3 percent from fourth quarter 2011 through the first three months this year, according a quarterly trend report from Knoxville-based The Market Edge.

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Apr
19

New Apartments Coming to Greenville CBD

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A new residential apartment complex coming to downtown Greenville could help alleviate some of the demand for downtown rental options.

Tom Croft, the Croft Co. Inc. owner, plans to build between 98 and 110 units at 121 Rhett St., which sits next to the Riverplace mixed-use development on Camperdown Way, developed by Hughes Investments. The complex will have a pool, exercise facility, rooftop terrace, club room and the potential for a few retail spaces along Rhett Street. The residential component is not contingent on retail.

The apartment complex will mainly have one- and two-bedroom options, with some three-bedrooms mixed into the plans.

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Apr
19

Mount Pleasant Upholds Big Box Restrictions

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The town Planning Commission upheld limits on “big box” retailers Wednesday night after it heard from more than a dozen people who supported keeping the restrictions.

The residents said they feared scrapping the prohibition would pave the way for large retailers on The Gregg Tract across from Town Centre and possibly in other locations. “It’s changing the character of Mount Pleasant. We don’t want any more big box stores,” said Amy Hardee.

David Meek noted that the town has two Walmarts, a Kmart and a Lowe’s. “It is a protection for us. We don’t need more development in our backyard,” said Ted Summerford.

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Categories : Charleston
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Apr
18

Multi-Family Transactions Down from 4Q 2011

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Preliminary first quarter 2012 multifamily property sales data indicate that transaction velocity decelerated from the rapid pace observed during the fourth quarter of 2011.

After recording more than 360 U.S. apartment sales valued at $10 million or more during the fourth quarter of 2011, total sales closed during January, February and March probably declined by one-third or more. The average price of a unit traded in the first quarter of 2012, increased, however, rising 5 percent from $122,400 in the fourth quarter of 2011 to $128,600 during the first quarter of 2012.

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Categories : National News
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Apr
18

Greenwood to Get New Retail Center

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Greenville-based Carolina Holdings Inc. began construction on The Shops at Westwood located on the Highway 72 Bypass in Greenwood.

The developer acquired the former Hollywood Video on the Highway 72 Bypass and demolished it. The new building will include an Aspen Dental office and a Mattress Firm retail store.

The design architect for the project is Greenville-based McMillan Pazdan Smith. The project is being constructed by Caldwell Constructors, with construction financing being provided by GrandSouth Bank. The civil engineering services are being provided by Hall Engineering.

READ MORE HERE

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Apr
13

Charleston Federal Building to Become Hotel

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The Mendel Rivers Federal Building — a large vacant office building near Marion Square — is set to get new life as a luxury hotel. The downtown building, located at 334 Meeting St., will become the Hotel Dewberry, the first hotel under the Dewberry Capital brand.

The building will be renovated into a 155-room luxury hotel by McMillan Pazdan Smith in association with Reggie Gibson of Gibson Guess Architects and By Others Ltd. Dewberry Capital bought the property in 2008 from the General Services Administration for $15 million.

The hotel will feature a rooftop spa, pool and fitness center. It will be LEED-certified and is expected to open by fall 2013. The building’s marble and brick exterior is expected to remain largely unchanged. The building was commissioned by former President John F. Kennedy in the 1960s.

MORE INFORMATION ON THE BUILDING HERE

Categories : Charleston
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Apr
12

Spartanburg Apartment Complexes Sold

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A joint venture between New York City-based The Praedium Group and Chartwell Holdings has acquired the 496-unit Haven at Oak Forest and the 204-unit Haven at North Town in Spartanburg, for $36.9 million. Haven at Oak Forest is located at 200 Health Ln., and Haven at North Town is located at 458 N. Church St. Amenities at both properties include a swimming pool, clubhouse with full Wi-Fi access, a fitness center, playground, nature walking trails, community car wash and grilling areas. Blake Okland of ARA’s Charlotte, N.C., office represented the seller in the transaction.

Categories : Spartanburg
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Apr
11

12,000 Acres of SC Forestland Sold

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American Timberlands Co., a land investment management firm, has purchased approximately 12,000 acres of forestland in three S.C. counties. The purchase, made on behalf of the company’s American Timberlands Fund II LP, comprises three tracts in Edgefield, Jasper and Kershaw counties.

The company manages approximately 60,000 acres of forestland in South Carolina, including 20,000 acres in Horry County purchased in 2008. It has offices in Columbia and Pawleys Island.

The recent transactions are the first acquisitions for American Timberlands Fund II LP, which closed in December 2011 and expects to invest as much as $100 million in forestland in South Carolina and adjoining states, the company said.

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Apr
10

Medical Office Sector Poised for Growth

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The medical office sector has historically performed well—even during the recession—and this year should be no exception, according to analysts who say indicators point to a year of increasing activity.

Such predictions come even as providers of healthcare face some daunting headwinds, including uncertainty about the impact of President Barack Obama’s proposed healthcare package and the status of Medicare and Medicaid in a time when cuts to government spending are likely. But these concerns are not likely to discourage investors who recognize the many upsides of medical office space.

“We’re just seeing more and more investors being attracted to the space because of the stability of the product type,” says Chris Bodnar, head of the Denver-based healthcare capital markets group for CB Richard Ellis.

READ MORE HERE

Categories : National News
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Apr
10

Charlotte Office Market Slow to Recover

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Layoffs in the financial industry, coupled with supply-side pressures, will weigh on Charlotte’s office market recovery, though corporate relocations will drive improvements in the core.

This according to the Marcus & Millichap Market Forecast for Charlotte, which can be read in its entirety by clicking on the Full Screen button at the bottom of the SCRIBD document below.

Employing over 35,000 workers in Charlotte, Bank of America and Wells Fargo will continue to restructure in 2012. Additionally, speculative development of 550,000 square feet will come online in the Ballantyne Corporate Park less than 40 percent pre-leased this year. The uptick in supply, accompanied by soft tenant demand, will increase metrowide vacancy to an eight-year high.

READ MORE HERE

Categories : Charlotte
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