Archive for April, 2012

Apr
09

Gastonia Apartments Sold for $6.25 Million

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Capstone Apartments Partners has arranged the $6.25 million sale of the 176-unit Bluffs at Northwoods, an apartment complex located at 1850 Yellowstone Ct. in Gastonia. Amenities include a clubhouse, pool, fitness center, tennis courts and laundry center.

Brian Ford and Beau McIntosh of Capstone’s Charlotte, N.C., office represented the seller, Willamette Property Holdings, in the transaction. The buyer was a private investor.

Based upon information in this LOOPNET LISTING, the capitalization rate was 9.9%. The property is 94% leased and the asking price was $6.9 million

Categories : Charlotte
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Apr
09

Spartanburg Industrial Building Sold for $9.1 Million

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Stag Industrial Inc. announced today that it acquired a $9.1 million warehouse and distribution facility in Spartanburg.

The facility includes four buildings and 409,600 square feet of space. It is currently leased to Louis Dreyfus Commodities Cotton Storage LLC, a subsidiary of Louis Dreyfus Commodities LLC. Louis Dreyfus Commodities Cotton Storage LLC is involved in the storage and distribution of agricultural cotton and has four years remaining on its lease.

Categories : Spartanburg
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Apr
09

N. Charleston to Redevelop Retail Center

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The city of North Charleston is sinking millions of dollars into trying to revive the old Shipwatch Square shopping center that has been moribund for years.

Mayor Keith Summey acknowledges the risks — and the unprecedented nature of the city’s foray into the world of commercial real estate.

But he said the city had little choice but to take the reins after its 15 years working with private developers didn’t pan out.

He said luring a grocery store — and a mix of other activity — is too crucial to the future health of the city’s struggling southern neighborhoods, where residents now face long bus trips or hefty cab fares to shop for food.

READ MORE HERE

Categories : Charleston
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Apr
05

Apartment Vacancies Decline to Lowest Rate Since 2001

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Apartment vacancies in the U.S. fell to their lowest level since 2001 as home seizures and a growing pool of young adults forming households boosted rental demand, according to Reis Inc. (REIS)

The vacancy rate fell to 4.9 percent in the first quarter from 6.2 percent a year earlier, the New York-based property- research company said in a report today. It was only the third time since Reis began gathering the data 31 years ago that the rate was less than 5 percent.

Renters are competing for a tightening supply of units as more homeowners are displaced by foreclosures, stricter mortgage-lending standards block purchases and young people move out on their own. In the three months ended March 31, 7,342 apartments became available, the fewest number of completions since Reis began publishing such data in 1999.

READ MORE HERE

Categories : National News
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Apr
05

U.S. Apartment Market’s Revenue Grew 1.1% in Q1

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The U.S. apartment market has experienced 1.1 percent of revenue growth in the first quarter, with the national occupancy edging up 0.2 percentage points to 94.9 percent and effective rents for new leases climbing 0.9 percent.

“An improving economy and still-limited loss of renters to home purchase are helping spur apartment demand,” said Greg Willett, vice president of MPF Research, a division of North Texas-based RealPage Inc. “At the same time, deliveries remain very limited by historical standards.”

The Q1 report shows annual revenue growth climbed 5.8 percent while occupancy rose 1.2 percent and effective rents increased 4.6 percent.

READ MORE HERE

Categories : National News
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Apr
04

Charlotte Self Storage Facility Sold

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Penny Pinchers Self-Storage, a 49,688 square foot self-storage facility at 124 Dorton St in Charlotte, NC, has sold for $1.025 million.

Michael A. Mele, a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group, Allen Smith, a vice president investments in the Charlotte Uptown office; and associate Stacey Gorman in the Atlanta office, had the listing to market the property on behalf of the seller, a limited liability company. The buyer is a private investor.

The self-storage facility was built in 1974 and renovated in 2008. It has 334 self-storage, non-climate controlled units and 19 units for RV/boat parking. These units range from 50 to 600 square feet. The asset currently has a 77 percent physical occupancy.

Categories : Charlotte
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