Archive for October, 2012

Oct
26

Laurens Strip Center Sold

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A 100% occupied, 11,000 square foot retail center located at 908 East Main Street in Laurens, SC  has sold for $1 million. The anchor tenants are  Goodwill and Alltel. Kyle Putnam of Greenville-based Colonial Commercial represented the seller and Graham Worsham of Colonial Commercial represented the purchaser.

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Oct
25

Charleston’s Faber Centre Sold

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Holder Properties announces the sale of Faber Centre, a four-story, 97,000 SF class A office building in North Charleston to LAF Brothers Properties, LLC.

Faber Centre was developed by Holder Properties in a joint venture partnership with Durlach Associates. The property is located in The Executive Park at Faber Place, off of I-526. The office building is ENERGY STAR certified and features first class interior improvements. Currently, Faber Centre is 94 percent leased to multiple, regional and national tenants. Tenants include: Suntrust, Pulte Homes, Charleston County Economic Development, Cigna, Metlife, Jacobs Engineering, Walgreens, Deltacom, Tek Systems, Progressive, Finkel Law, And Regus.

Colliers International represented the seller and buyer in the transaction. Durlach Associates will continue to manage and lease Faber Centre on behalf of LAF Brothers Properties, LLC.

Categories : Charleston
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Oct
25

Charleston Retail Vacancy Down to 7.7%

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Retail real estate space decreased in the third quarter with a net absorption of 85,900 square feet in the Charleston metro area, according to a report by Lincoln Harris.

More than 84% of all activity in the retail market this year took place during the third quarter with national retailers including Badcock Furniture, Garden Ridge, Jo-Ann Fabrics and Crafts, and Hobby Lobby opening their first locations in the Charleston area.

Goose Creek has the largest percentage of available retail space with a vacancy rate of 10.2%. North Charleston is close behind with 9.68% of retail space available for rent.

READ MORE HERE

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Oct
25

McGraw-Hill: Construction to Increase 6% in 2013

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The construction industry next year will continue its slow climb out of a long and deep recession, but the recovery is unsteady and remains vulnerable to factors such as the cloudy federal fiscal picture, according to McGraw-Hill Construction’s 2013 forecast, which was released at its annual Outlook conference in Washington, D.C., on Oct. 24.

McGraw-Hill Construction (MHC) predicts that total construction starts will rise 6% next year to $483.7 billion, as a continuing rebound in housing and private nonresidential building outweighs weakness in institutional building and public works markets. (ENR is part of MHC.)

That gain would follow an estimated 5% increase for 2012, but it still would be well below 2007’s $641-billion and 2008’s $559-billion totals.

READ MORE HERE

Categories : National News
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Oct
25

Grand Strand Home Sales Up

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Grand Strand real estate sales jumped during the third quarter, a reflection of how sales continue to increase, particularly for single-family homes, and an indication that people are still interested in relocating to the area, according to local Realtors.

Single-family home sales rose 17 percent July through September compared to the same period last year, according to the Multiple Listing Service. Condo sales rose 10 percent July through September compared to the same three months last year, according to the MLS. Cash sales of houses and condos make up 46 percent of all sales, which is down from 48 percent last year, but still holding strong, said Tom Maeser, a real estate analyst for the Coastal Carolinas Association of Realtors.

“A lot of positive things are happening,” he said. “People still want to buy here. Investors are finding cash to continue to buy, and new construction is up.”

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Categories : Myrtle Beach
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Oct
24

Charlotte’s Wesley Village Apartments Under Contract

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Subsidiaries of KBS Legacy Partners Apartment REIT Inc have entered into an agreement to acquire Wesley Village, an apartment complex containing 301 apartment units on 14.8 acres of land in Charlotte, NC.

The purchase price of Wesley Village is approximately $45.8 million plus closing costs.

Wesley Village is adjacent to the Central Business District (CBD) and consists of 301 apartment units, encompassing 308,377 rentable square feet. Wesley Village was constructed in 2009 and is currently 92% occupied.

KBS intends to fund the purchase of Wesley Village with proceeds from a mortgage loan and proceeds from its ongoing initial public offering.

Categories : Charlotte
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Oct
23

New Hotels Coming to Charleston

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The boon of new hotels planned around Marion Square in downtown Charleston continues.

One of the latest accommodations in the works is an eight-story, 50-room hotel over parking at 141 Calhoun St. Plans for the site, which is next to Trio Club, come before the city’s Board of Architectural Review on Wednesday.

The hotel would sit across the city park from another proposed eight-story hotel at the former Charleston County site on King Street. That long-delayed project can now begin construction since its developer and the city prevailed over preservationists last week in a state Supreme Court decision over the height of the structure.

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Categories : Charleston
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Oct
23

Carolinas Attracting Senior Housing Developers

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Senior housing developers might find a new construction sweet spot in the Carolinas in 2013, if favorable demographics, lower barriers to entry, and growing consumer preference are any indication.

The Carolinas are two states with fairly healthy economic conditions and good demand, according to Charles Bissell, MAI, of Integra Realty Resources’ Seniors Housing & Health Care Specialty Practice. “We’re hearing a lot of developers talking about projects in the Winston-Salem, Raleigh-Durham, and Charlotte metro areas,” he says.

Neither North nor South Carolina are covered by the National Investment Center for the Seniors Housing & Care Industry’s market area profiles (NIC MAP) for construction versus inventory data, which ranks at 1.99% for MAP31 (the top 31 market area profiles) as of the third quarter of 2012.

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Oct
23

SC Named Second Best Place to do Business

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Citing a strong business and labor climate, editors of a national site consultant magazine ranked South Carolina second overall as a place to do business. Area Development magazine noted reports of $3.4 billion worth of investments in new and expanding businesses announced in 2011 among reasons for awarding South Carolina the runner-up slot behind top-ranked Texas.

Manufacturing is also on the upswing in South Carolina as total exports grew 21% during the year, the editors said.

South Carolina moved up from its fourth place ranking in 2011.

“I could say South Carolina’s value is our business-friendly environment or our full service approach to companies big or small, new or existing. And this would be true,” S.C. Commerce Secretary Bobby Hitt said in commenting on the Area Development article.

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Categories : South Carolina News
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Oct
23

US: Retail Development on the Rise

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In spite of retail developers’ predictions that new project pipelines won’t grow until 2014, it looks like the market will see a healthy amount of new construction next year. The CoStar Group, a Washington, D.C.-based research firm that tracks all types of retail properties, forecasts that new retail completions will total 52 million sq. ft. in 2013. The figure would constitute only a third of average annual completions for the 2006-2008 period, but will still be more than double the 20 million sq. ft. expected to be delivered in the current year.

Projections from researchers at Marcus & Millichap Real Estate Investment Services, a Calabasas, Calif.-based brokerage firm, are slightly more optimistic. They expect to see 60 million sq. ft. of new retail space delivered in 2013.

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Categories : National News
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Oct
23

Emerging Trends in Real Estate Released

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“This is our recovery,” Jonathan D. Miller, principal author of the report, said when the Emerging Trends in Real Estate forecast was presented at ULI’s Fall Meeting in Denver. “It’s a recovery, but anchored in considerable uncertainty,” Miller said. He cited Europe’s economic troubles, a slowdown in China, and the “fiscal cliff” looming in the United States. But the forecast says modest gains in leasing, rents, and pricing will extend across U.S. markets from coast-to-coast and improve prospects for all property sectors.

According to survey participants, despite a slower-than-normal real estate recovery track, U.S. property sectors and markets will register noticeably better prospects as compared with last year. Recent job creation should be enough to increase absorption and push down vacancy rates in the office, industrial, and retail sectors, helped by the limited new supply in commercial markets. Robust demand for apartments should hold up, survey respondents indicate, even as new construction ramps up – and even the housing sector makes progress in most regions. Additionally, improving fundamentals should help with rents and net operating incomes, building confidence about sustained growth and strengthening recent appreciation.

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Categories : National News
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Oct
23

$80 Million Outlet Center Planned for Charlotte

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Adding a new destination to the Queen City marketplace, Tanger Factory Outlet Centers Inc., Childress Klein Properties and Steele Creek LP plan to develop an $80 million outlet center in Mecklenberg County.

The development site sits at the Steele Creek Road interchange of Interstate 485, just eight miles southwest of uptown Charlotte. There is room to expand the 350,000-square-foot outlet center by 50,000 square feet down the road. The initial phase is penciled for a 2014 delivery.

Steele Creek was created by Sarah Belk Gambrell, a Charlotte civic leader who will be developing ancillary uses around the outlet center.

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Oct
23

Emerging Trends in Real Estate® 2013 on Charlotte

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The following is an excerpt from the Emerging Trends in Real Estate 2013 publication: 

“Going into secondary markets, but only with safe bets—Charlotte.” The interest in Charlotte’s investment, development, and homebuilding prospects posted significant improvement compared with 2012 results. Mostly understood as a big banking and financing town, this market has continued to expand, with a variety of businesses relocating to Charlotte for its high quality of life, low cost of business, and world-class international airport. Since 2011, 37 companies have moved to the area, creating more than 8,000 jobs. From the last peak through 2013, Charlotte is forecast to add nearly 30,000 jobs, making it one of the stronger secondary markets to watch. Businesses are not the only thing coming to Charlotte: net migration as a percentage of population is expected to be 1.5 percent in 2013, and forecasts show a 2.5 percent increase in households. Even with these growth numbers, some interviewees still have concerns: “Charlotte is subject to what banks do,” and “We see Charlotte as a risky metro in spite of a relatively strong economy, due to its dependence on two large banks.”

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Oct
22

Reis: Apartment Performance Slowed in Q3

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The apartment sector has lost some of the momentum that it showed earlier in the year, according to a recent third-quarter report from Reis Inc., while the office and retail sectors remained sluggish.

“We are starting to see the first indications of a bit of fatigue in the apartment market,” said Ryan Severino, senior economist with Reis. “We’re not seeing the vacancy compression that we once saw.”

The national vacancy rate inched down from 4.7 percent to 4.6 percent, the slowest rate of improvement since the recovery began in early 2010, according to the report.

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Categories : National News
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Oct
22

Columbia Student Housing Site Purchased

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Columbia developer Ben Arnold has completed the purchase of the properties needed to construct a proposed 600-bed student housing project at Blossom and Huger streets.

On Friday, CBRE-Columbia announced the sale of the former CMC Construction Services warehouse at 500 Huger St. Keith Moore represented the purchaser, Arnold Realty Co., in the transaction. “CBRE-Columbia was crucial in identifying the availability of this adjoining property and assisting in the negotiation and purchase of the site,” said Ben Arnold, principal of Arnold Realty Co.

This property was the final piece of the puzzle for the new student housing project near the University of South Carolina. This parcel adds 1.6 acres to the development, bringing the total development site to 4 acres.

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