Archive for September, 2012

Sep
27

Columbia’s Meridian Building Sold for $180/SF

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A Massachusetts real estate investment trust has bought the Meridian Building, a 17-story office tower in downtown Columbia.

CommonWealth REIT paid $60 million for the class A office building at 1320 Main St., according to a deed transfer filed Sept. 18 in Fulton County, Ga. The building’s developer, Holder Properties, is based in Atlanta.

The 333,000-square-foot Meridian Building is the second major real estate deal in the Central Business District in the past week.

READ MORE HERE

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Sep
27

Cayce Site Purchased for Family Dollar

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Rob Lapin, a member of NAI Avant’s Senior Brokerage Team, recently brokered the sale of .85 acres located at 2442 Charleston Highway in Cayce, SC. The purchaser, Red Development Partners of Charlotte, NC plans to development a Family Dollar Store. Lapin represented the seller in the transaction valued at $260,000.

Categories : Columbia
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The 3rd quarter 2012 PwC Real Estate Investor Survey™ has been released. A few highlights include:

  • Capitalization rates in all property types decreased with the exception of net leased properties
  • Warehouse property cap rates had the greatest change – a decrease of 20 basis points
  • Apartment cap rates – already the lowest of all categories remained virtually the same

I can’t provide specific data from the report, as the PwC police contacted me a couple of years ago when I did. The report isn’t as good as when Peter Korpacz was involved, but it is still a quality report.

Michael Dodds, MAI, CCIM

Categories : National News
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Sep
27

Rock Hill Industrial Property Sold

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Weston Inc. has sold a 318,000-square-foot industrial property for $5.15 million to Rock Hill Commerce LLC. The building is located within the Commerce Drive Industrial Park at 2751-2805 Commerce Drive in Rock Hill. The building is 58 percent occupied by two tenants. Lester Osborn and A. Scott Hensley of Piedmont Properties/CORFAC International represented the Cleveland-based seller. This is the third building within the Commerce Drive Industrial Park that Piedmont Properties has sold on behalf of Weston Inc. Osborn and Hensley also completed the sale of the other two buildings, both 120,000 square feet, in 2010 and 2011.

Categories : Rock Hill
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Sep
25

Two Greenville Area Industrial Properties Sold

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STAG Industrial has purchased two warehouse and distribution facilities, located near Greenville, for $26 million. The properties total 787,380 square feet and are fully leased with an average lease term of 4.5 years. The buildings include a 474,000-square-foot building, which is primarily leased to L. Perrigo Co., and a 313,380-square-foot building, which is leased to Arvato Digital Services.

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Sep
20

Publix Expands into North Carolina

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Publix Super Markets on Wednesday said that it had signed a lease for its first store in North Carolina, and would establish a Charlotte-based division for further growth in the Tar Heel State.

The 56,000-square-foot store, to be located in Ballantyne, N.C., is tentatively planned to open in early 2014, Publix said.

Industry watchers had long anticipated Publix would expand into North Carolina, particularly after the retailer opened two stores in South Carolina this year on the outskirts of Charlotte. The Ballantyne store will be located around six miles from the newly opened Publix store in Indian Land, S.C.

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Categories : Charlotte
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Sep
20

Greenville’s Crossroads Apartments to be Renovated

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Davis Property Group, LLC, a Greenville based real estate development, investment and consulting firm specializing in multifamily properties, has acquired the Crossroads Apartments on Cleveland Street in Greenville. Davis Property Group will begin work immediately to renovate the property.

According to reports, the seriously deteriorated property constructed in 1971, has suffered from deferred maintenance, chronic rent delinquency, and high levels of ongoing crime. Beginning in late September, construction crews will begin work to overhaul the development. Due to the extensive renovations, Davis Property Group does not intend to renew existing  leases.

Austin Knapp, development manager at Davis Property Group, said “that current plans anticipate preleasing to begin in February 2013, with new move-ins expected as soon as late spring 2013. Renovations will provide new residents with completely renovated interiors and exteriors as well as amenity upgrades that include a newly constructed clubhouse, pool cabana, fitness center and dog park.” The City Kids Child Development Center, also located on the Crossroads Property, will be renovated as well.

Categories : Greenville
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Sep
20

Spartanburg’s Timberlane Apartments Sold

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The Timberlane Apartments, located at 106 Kensington Drive in Spartanburg, SC has sold for $3,050,000. The all cash transaction reflects a sales price of $33,152 per unit for the 92 unit complex. The complex includes one, two and three bedroom units up to 1,185 square feet.

Mark H. Boyce, an Associate in the National Multi Housing Group of Marcus & Millichap represented the seller and the out of state buyer.

Categories : Spartanburg
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Sep
17

Columbia Medical Space Under 10% Vacancy

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The vacancy rate for medical office space fell below 10% for the first time in more than four years, according to a local market report released Thursday by Colliers International.

The overall vacancy rate for the Columbia area fell to 5.86% in the second quarter compared with 12.45% for the same period in 2011, the report said. The second quarter ended with 167,865 square feet of space available for leasing, compared with 356,777 square feet for the same period in 2011. The area has about 2.9 million square feet of medical office space.

Much of the increased leasing activity is attributed to expansion of health care services in the suburban areas of Lexington and Richland counties, the commercial real estate firm said.

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Sep
17

New Boutique Hotel Proposed for Charleston

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The developer of a new hotel proposed for a historic corner on Wentworth Street says it’s a much better use of the property than becoming condos or student-dominated housing. Mark Regalbuto will take his case to Charleston’s zoning appeals board Tuesday seeking permission to build a 42-room inn.

The site at 150 Wentworth is where the McAlister-Smith funeral home had operated for decades before moving to the suburbs in 2006. The lot is also where Christopher Gustavus Memminger, secretary of the Confederate treasury, had lived, though his home was torn down long ago.

Regalbuto wants to raze the 50-year-old funeral building and, in its place, erect a 32,000-square feet boutique-style hotel of about three stories. It will include a guest-only spa, 26-seat restaurant and bar. The hurdle is that the lot is zoned residential, meaning a city variance is needed to build the inn.

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Categories : Charleston
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Sep
13

Cap Rate Trends Since 1995

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Interesting chart from Wells Fargo Securities, LLC

Categories : National News
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Sep
13

Port of Port Royal Back on the Market

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For the third time since 2006, an attempt by developers to buy the Port of Port Royal property has fallen through. Port Royal Town Council learned Wednesday that the Port Royal Redevelopment Group had been unable to secure financing for the $17-million purchase.

The lengthy process to purchase the land will now start over again. The South Carolina Ports Authority released a statement Wednesday saying it will work with the town to “ensure a quick turnaround and sale.” “The property will be immediately prepared for re-marketing, and an updated appraisal will be performed in view of several positive changes on the site that have occurred over the past two years,” a Ports Authority statement said.

Town Council met in executive session after its regular meeting to discuss the implications of the failed purchase.

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Categories : Beaufort
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Sep
13

The Cliffs to Open New Golf Course in 2013

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Gary Player Design and The Cliffs announced today The Cliffs at Mountain Park Golf Course in Travelers Rest is scheduled to open next fall. The Cliffs Club and Hospitality Group Inc., commonly called ClubCo, emerged from bankruptcy late last month under the ownership of Silver Sun Partners LLC. Silver Sun is a partnership between The Carlile Group, Arendale Holdings and SunTx Urbana.

Gary Player Design, which was established by Marc Player in 1983, has completed more than 325 championship courses worldwide.

The Gary Player-designed golf course is expected to have grassing complete over the next several weeks with the course fully operational by the 2013 season.

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Categories : Greenville
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Sep
13

Phase III of Patrick Square Subdivision Underway

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Clemson’s Patrick Square is a traditional neighborhood development (TND) being built to the latest environmental standards. The community will contain more than 400 residences within walking distance of a Town Center filled with shops, restaurants and other small businesses. The Town Center is already home to the Clemson University Osher Lifelong Learning Institute and the City of Clemson’s growing farmers’ market. Patrick Square has seen growing sales since completion of the first model homes in late 2008. Now nearly 70 families call Patrick Square home.

Infrastructure work is now underway for Phase III at Patrick Square with sales of lots 87-112 opening to the general public on September 14th. A few remaining Village home and custom lots in Phase I and II are available for immediate purchase. Single-family Village homes range from 1,482 SF to 2,705 SF with prices starting in the $230,000’s. All homes are EarthCraft Certified for energy efficiency and sustainability.

The 4,000 SF Lake House was completed in July. It features a large social space, billiard room, fitness center, swimming pool, playground, catering kitchen and beautiful views of the stocked lake and nature preserve. Patrick Square also recently completed a pedestrian bridge spanning 18-Mile Creek and connecting to Nettles Park, Clemson’s premier recreational facility.

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Sep
12

Charleston, MUSC Announce $1 Billion, 20-year Project

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Live5News.com | Charleston, SC | News, Weather, Sports

Categories : Charleston
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