Archive for July, 2012

Jul
31

Lancaster Shopping Center Sold

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Ziff Properties has purchased the 180,194-square-foot Lancer Shopping Center for $4.4 million. The property is located at 1256 Highway 9 Bypass West in Lancaster. Ziff Properties has plans to spend approximately $450,000 on capital improvements within the first 18 months of ownership. Lancer Center is approximately 80 percent occupied by anchor tenants Bi-Lo, Big Lots, Citi Trends and Badcock Furniture. Other tenants include Its Fashion and Hibbett Sporting Goods.

Ziff Properties was self-represented by Christian Chamblee. Paul Holder of Avtex Commercial Properties also represented Ziff Properties in the transaction. Steve Shields and Mike Burkard of CB Richard Ellis represented the seller, Safeway Group.

Categories : Lancaster
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Jul
30

Myrtle Beach Hampton Inn Sold

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Taking the deed in an all-cash transaction, Raleigh Krishna LLC is planning to invest $1.8 million into upgrading the 122-room Hampton Inn in Myrtle Beach, S.C.

The seller, Cane Patch Associates of Myrtle Beach, was represented by Anthony Falor and Andrew Kern, managing directors for Atlanta-based Rockwood Real Estate Advisors.

Located at 620 75th Ave. in the Grand Dunes area, the five-story hotel will continue to carry the Hampton Inn flag. The asset, built in 1995, is situated within blocks of the beach and close to the Carolina Opry, theaters, golf courses, restaurants and shopping.

Categories : Myrtle Beach
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Jul
30

Apartments Enticing Banks Back into Lending

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The thaw in bank lending for commercial real estate appears to have quickened a bit in the second quarter based on comments from bank executives in their earnings conference call.

It is not a unanimous movement back into CRE lending as several of the larger banks are still working through mounds of distressed assets and many are still in cost-cutting mode. However, a number of others have decided the markets are ripening and the time is either right to return to CRE lending, or is fast approaching to do so.

Interest in multifamily properties is leading the comeback, but many bank executives said that is just the jumping in point and not the sole purpose for getting back into lending.

READ MORE HERE

Categories : National News
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Jul
30

LW Hospitality Advisors Releases Report

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Below please find a link for the LW Hospitality Advisors YTD Q2 2012 Select Major U.S. Hotel Sales Survey which includes single asset hotel trades greater than $10 million that are not part of a portfolio transaction.

LINK TO PDF REPORT

Categories : National News
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Jul
25

Historic Columbia Building to be Renovated

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The Brennan Building – the oldest building along Main Street, reportedly built circa 1870, and home to the legendary Capitol Cafe from 1911 to 2002 – is getting a makeover.

First Citizens bank, a decade after purchasing the building at 1210-1214 Main St., has finally begun restoration of the historic structure, planning to re-use it for retail, office and meeting space. The restoration comes at a critical time for Main Street, which has seen resurgence in the past year with the location of Mast General Store, a new Nickelodeon Theater, Tapps Art Center and other developments that are bringing new life to the old street.

Bank officials declined to be interviewed for this story, but confirmed in an email that work had begun to preserve “its unique architectural design” and would take about 12 to 18 months to complete.

READ MORE HERE

Categories : Columbia
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Jul
25

Charlotte Apartments Sold for $205,555 per Unit

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Crescent Resources has completed a record-high sale in the state for a multifamily property, collecting $74 million or $205,555 per unit for the 360-unit Circle at South End and its 8,000 square feet of prime retail space.

CBRE represented Crescent Resources in the sale. Dallas-based Sarofim Realty Advisors was Crescent Resource’s equity partner.

Circle at South End opened in May 2009, the first 100 percent smoke-free development in Charlotte. It was accorded LEED Silver certification in 2010. It also was selected for a merit award as Green Project of the Year by Multifamily Executive magazine and won a 2010 recycling competition of Charlotte-based Waste Management Concierge.

READ MORE HERE

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Jul
25

Planned Vista Hotel has Opposition

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Columbia City Council gave initial approval July 17 to a new six-story hotel in the Vista over the protests of other downtown hotels and some neighbors.

At 67 feet, the proposed Hyatt Place would be higher than surrounding buildings, which are about 50 feet tall. The only taller building in the historic Vista would be the Adluh flour mill.

However, there are no height restrictions in the area; development must simply be reviewed to make sure it will fit the area’s character. That bothered some neighbors who showed up to speak against the project. “I think it’s going to mess up the sightlines a bit,” said Steve Hinson, who lives in the Vista. “We just feel like it kind of sticks out like a sore thumb.”

The surrounding site was developed by the Miller-Valentine Group, which cleaned up the former gas plant site with help from a federal brownfields grant. In 2010 the group turned the historic Columbia Supply building next door into its headquarters and the Jason’s Deli space.

READ MORE HERE

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Jul
25

US: New Residential Sales Figures Released

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Sales of new single-family houses in June 2012 were at a seasonally adjusted annual rate of 350,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.4 percent (±12.4%)* below the revised May rate of 382,000, but is 15.1 percent (±16.7%)* above the June 2011 estimate of 304,000.

The median sales price of new houses sold in June 2012 was $232,600; the average sales price was $273,900. The seasonally adjusted estimate of new houses for sale at the end of June was 144,000. This represents a supply of 4.9 months at the current sales rate.

Categories : National News
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Jul
25

More Tenants Head to Columbia’s CBD

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Two years ago, Shelly Spell opened a map in her rural Michigan hometown, closed her eyes and pointed. When her finger landed on Columbia, she packed her bags and moved. She didn’t know that she had her finger on a spot that was about to undergo a transformation that would converge with her dream of opening a restaurant.

Earlier this month, Spell, with the help of three silent owners, became general manager of the newly opened Chelsea’s Restaurant at 1734 Main St.

It is the latest in a spate of new openings taking place along Main Street since the opening of Mast General Store more than a year ago.

READ MORE HERE

Categories : Columbia
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Jul
24

Chinese Construct Hotel In 48 Hours

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Categories : Uncategorized
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Jul
24

Myrtle Beach Water Park Planned

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Splishing and splashing out of the ocean may soon be easier for residents and visitors on the north Strand. North Myrtle Beach is moving forward in adding a water park at the new sports complex slated for opening in 2014.

City spokesman Pat Dowling said the council gave approval to the design about a month ago and is now in the process of negotiating a land lease agreement with private developers planning to construct the facility.

The combination of the sports complex and the thrill of the water park are a package that officials in North Myrtle Beach hope stimulate the economy year round.

READ MORE HERE

Categories : Myrtle Beach
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Jul
24

Rock Hill Sam’s Club Draws a Crowd

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It is an all too common conversation for developer Warren Norman. Rock Hill, he is told, “would be a better place if we had …”

Usually the blank is filled in with the name of a specialty retailer or restaurant – one with an operation in Charlotte or other “name” city.

Too often, Norman already knows the answer. He has already talked with the company about coming to Rock Hill and has been told it doesn’t want to “cannibalize” its Charlotte franchise. It is content for people to travel a few miles north, confident that they will retain their customers despite the inconvenience.

Often, Norman sees the conversation as a challenge and calls the businesses people want.

READ MORE HERE

Categories : Rock Hill
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Jul
24

Greenville’s Carolina Crossing Apartments Sold

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Carolina Crossing apartments (156 Units)at 702 Edwards Road in Greenville, SC recently sold for $3,200,000.

Mark Boyce of Marcus & Millichap in Charleston and Deme Mekras of the Miami office represented the seller and Mark Boyce represented the Buyer. Both buyer and seller were out-of-state.

FROM LOOPNET:

Carolina Crossing was built in 1967. The units are all electric and equipped with central heat and air. Unit amenities include fully equipped kitchens, patio/balconies, and separate dining rooms. Tenants are responsible for electricity. Water and sewer are master metered.

This property consists of seven, two story buildings. The property offers a unit mix of 64 one bedroom / one bath units, 52 two bedroom / two bath units, 28 two bedroom / one and a half bath units, 11 three bedroom / two bath units, and 1 four bedroom / two bath unit. All of the buildings are wood framed construction with brick siding and mansard roofs. Community amenities include pool, laundry facility, and optional storage units.

Categories : Greenville
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Jul
20

Net Leases Cap Rates Continue to Fall

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In spite of predictions to the contrary, average cap rates for net leased retail properties compressed another 25 basis points from the first to the second quarter of 2012, according to a new report from The Boulder Group, a Northbrook, Ill.-based firm specializing in the single tenant net leased sector. Retail was the most favored asset class among net lease investors, while cap rates on office properties rose 25 basis points and on industrial properties six basis points, to above 8 percent.

Also, the bid-ask gap for retail assets has narrowed by six basis points, to 26 basis points in the second quarter.

READ MORE HERE

Categories : National News
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Jul
20

Apartments Proposed for Daniel Island

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An application for approval of a four-story, 267 unit apartment complex slated to be built at 211 River Landing Drive, in the open fields adjacent to the fire station between River Landing Drive and Pier View Street, was deferred last week by the City of Charleston Design Review Board by a 4-2 vote in order to give residents additional time to review the project and to meet with the developer.

In addition to the residential units, the project also provides for 6,000 square feet of retail/office leasing space, 440 parking spaces in a covered parking garage and on the street, and two parks.

The project, called Simmons Park, is being developed by Spectrum Properties, the same developer of the Talison Row apartments currently under construction just beyond Bishop England High School at the end of Seven Farms Drive.

READ MORE HERE

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