Archive for November, 2012

Nov
20

Apartment Investment Market Strengthening

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The occupancy rate for multifamily apartment units in the Midlands is tightening and investors are re-entering the market, according to a third-quarter marketing study issued by Colliers International. Growth in jobs and enrollment at the University of South Carolina are helping to attract investors, the commercial real estate firm reported.

Overall, apartment occupancy has increased 1.8% since January to 93.5% through the end of the third quarter, Colliers reported. The average monthly rent, meanwhile, increased 1.3% since the end of the second quarter, and is up 3.7% for the year. The area’s average monthly rent of $756 has been relatively flat since 2009, the report said.

“It is, however, projected that rental rates will improve during the next year as occupancy rates rise,” the report said. Sales of multifamily units are up as investors re-enter the market, Colliers said.

READ MORE HERE

Categories : Columbia
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Nov
19

REIT Buys Charlotte Industrial Properties

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Liberty Property Trust has acquired three industrial properties in Shopton Ridge totaling 375,918 square feet for $16 million.

The newly acquired buildings are located at 4835, 4925 and 5033 Sirona Drive in Charlotte, with immediate access to I-485, I-85 and I-77, and are located within two miles of Charlotte Douglas International Airport. The industrial assets have 30-foot ceilings and Interstate access. Combined, the buildings are approximately 88 percent leased.

Liberty’s 375,918 square foot acquisition includes:

  • 4835 Sirona Drive offering 127,759 square feet and is currently 78.1% leased. Tenants in the building include Sirona Dental and Nippon Express USA.
  • 4925 Sirona Drive offering 128,159 square feet and is currently 100% leased. Tenants include Houston Wire & Cable and DHL Global.
  • 5033 Sirona Drive offering 120,000 square feet and is currently 86.8% leased. Tenants include Cort Furniture, TricorBraun and AMT DataSouth.
Categories : Charlotte
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Nov
14

7-11 Acquires 12 NC Stores

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 7-Eleven Inc. has finalized the purchase of 12 stores in central North Carolina from Fast Track Inc.

The seller, J.C. Faw of Wilkesboro, NC, has turned over a portfolio of stores in Elkin, King, Lexington, Thomasville, Kernersville, Lewisville, Clemmons, Winston-Salem, Hamptonville, Claremont, Statesville and Union Grove. Remodeling and rebranding will get underway later this month, with the transition to be completed by mid-February.

The Fast Track real estate is close to the 55 Sam’s Marts that Dallas-based 7-Eleven acquired earlier this year. The buyer is on track to open 970 new 7-Eleven locations in the U.S. and Canada this year.

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Nov
14

Hilton Head Mall Design Approved

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A Hilton Head Island panel unanimously endorsed drawings Tuesday for a redesigned Mall at Shelter Cove that would include a “village” of small, single-story shops and cafes leading to Broad Creek.

Developer Blanchard & Calhoun provided the public with its first glimpse of drawings depicting the new mall, which will replace the existing enclosed mall. “The architectural character will have a Lowcountry village quality,” said Mark Baker of Wood + Partners Inc., an island landscape-architecture firm working with Blanchard & Calhoun on the project.

The town’s Design Review Board voted 5-0 to endorse the plans. Final approval is expected in January, pending a more detailed review of landscaping, lighting, floor and site-development plans, according to town urban designer Jennifer Ray.

READ MORE HERE

Categories : Hilton Head Island
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Nov
13

Greenville CCIM Event This Week

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If you are going to the CCIM social event this week in Greenville, SC be sure to participate in the BMW Performance Driving School program on Thursday – you will not be disappointed. The price is very reasonable. I did the one-day program four or five years ago and had a great time.  Call Jordan Mancini if you haven’t already signed up – (803) 772-5206. Tell her you saw it on SCREnews.

DRIVING SCHOOL INFO HERE

COOL YOUTUBE VIDEO HERE

Have fun!

Michael Dodds, MAI, CCIM

Categories : South Carolina News
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Nov
08

Charlotte Apartments Sold for $152,159 per Unit

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KBS Legacy Partners Apartment REIT, Inc. has closed on its $45.8 million purchase of the 301-unit Wesley Village apartment complex.

The property, which is 93 percent occupied, is on nearly 15 acres in the Wesley Heights neighborhood, near the intersection of Freedom Drive and Thrift Road. The seller was an affiliate of Wood Partners.

“The KBS Legacy Partners team has identified and acquired several well-performing assets with solid growth potential, and Wesley Village is no exception,” W. Dean Henry, chief executive of KBS Legacy Partners Apartment REIT, says in a statement.

Categories : Charlotte
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Nov
08

Seneca Industrial Building Sold

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Sanders Moving & Storage recently purchased property in Seneca for its warehousing needs. William M. Sanders of Sanders Moving & Storage, an Anderson-based moving and storage company, purchased a 135,910-square-foot industrial property on 14 acres at 1 Jacobs Road. The building is a former machine tools/parts manufacturing plant built in phases between 1959 and 1990. The building is in good condition for its age and has been cleaned out with all machinery removed. It has 15′ ceiling heights and nine dock doors according to a Loopnet listing.

Sanders bought the property from Seneca Realty Inc. for $589,500, or $4.34 per square foot.

Cushman & Wakefield — Thalhimer, a commercial real estate firm, handled the sale negotiations on behalf of the seller.

Categories : Anderson, Greenville
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Nov
07

SouthPark Office Building Sold for $3.2 million

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A limited liability company managed by Hadi Atri, chief executive of Re/Max Executive Realty, has purchased an 18,500-square-foot office building in SouthPark for $3.2 million.

The fully occupied multitenant building at 2901 Coltsgate Road is the home of Re/Max’s SouthPark office. Tiffany Slayden of Brackett Flagship Properties, represented the seller, T Hall Enterprises I, a limited liability company managed by Thomas J. Hall. The buyer was not represented. Brackett Flagship will continue to manage the property.

The previous sales price, in June 2007, was $3,954,000 ($207.60/SF). It was built in 1993 and sits on a 1.12 acre site. The tax map number is 183-132-10.

Categories : Charlotte
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Nov
07

Congratulations to the New CCIM Designees

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I would like to congratulate the 6 South Carolina real estate professionals who recently earned the Certified Commercial Investment Member (CCIM) designation from the CCIM Institute.

Awarded the designation at the Institute’s business meetings in Las Vegas, were Matt Carter, David H. Seay, Harwood Weatherly, Jr., Glenn Wylie, David Sigmon, and Kyle Putnam.

The CCIM designation is awarded upon successful completion of an intensive analytical curriculum and presentation of a portfolio of qualifying experience demonstrating concept mastery through real-world success. CCIMs are recognized experts in commercial real estate brokerage, leasing, asset management, valuation, and investment analysis.

Congratulations!

Michael Dodds, MAI, CCIM

Categories : South Carolina News
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Nov
06

Fountain Inn Industrial Facility Sold

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Wirthwein Real Estate LLC has acquired a 124,974-square-foot industrial facility, situated on 24 acres at 800 Woodside Ave. in Fountain Inn. The warehouse was built in 1984 with a quality control lab and testing facility. The industrial property also includes compressed air lines and four docks with pit levelers. The buyer plans to use the building to manufacture plastic injection molding for the automotive, rail and appliance sectors.

Shaun Kirchin of Binswanger’s Columbia, S.C. office, along with Doug Faris of the firm’s Charlotte, N.C. office, represented Wirthwein Real Estate in the transaction.

Categories : Greenville
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Nov
05

Barefoot Resort to get More Housing

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The property owners of 64 acres at Barefoot Resort in North Myrtle Beach want to replace a portion of a planned commercial town center with single-family homes and townhouses.

Their proposal reduces the commercial space to 36.24 acres, with plans to develop the remaining 27.86 into residential. Some Barefoot Resort residents said they are not happy about the possibility of shrinking commercial space for additional houses.

If all goes as planned, The Retreat at Barefoot Village would include 81 single-family houses and 50 three-bedroom townhomes on nearly 28 acres. The remaining acres would be a commercial center, to include shops, restaurants, convenience goods and an outdoor entertainment lawn.

READ MORE HERE

Categories : Myrtle Beach
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Nov
05

Are Traditional Grocers in Trouble?

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Today’s grocer market is fiercely competitive, requiring constant innovation to survive, according to panelists from three of the most successful chains—Trader Joe’s, Aldi and Walgreens, which now sells groceries at its pharmacies—at NREI and RetailTraffic.com’s National Net Lease Investment Conference, held in Chicago on Nov. 1 and attended by more than 150 commercial real estate pros.

Although the traditional grocer used to be an anchor store, that situation is rapidly changing, said panel moderator Matthew M. May, president of May Realty Advisors, based in Los Angeles. He noted that even gas station chains like Kroger in California are adding grocery sections to pull in more customers.

“As the economy has gone south, people have been trying to figure out how to spend their almighty dollar and to stretch it people have been shopping around. That’s caused real havoc in the traditional grocery store market,” said Michael F. Mallon, president and principal of Mallon and Associates Inc., a Chicago-based retail real estate firm specializing in grocery stores that is currently a development partner with Aldi.

READ MORE HERE

Categories : National News
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Nov
01

Charlotte’s NASCAR Plaza Under Contract

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Parkway Properties has agreed to buy the 20-story NASCAR Plaza office building for approximately $100 million.

The Charlotte Business Journal reported earlier this month that the Orlando, Fla.-based real estate investment trust had made an unsolicited offer to buy the 390,000-square-foot uptown building as well as the 525 North Tryon building. Parkway acquired the Hearst Tower from Bank of America earlier this year for $250 million.

The NASCAR Plaza building, owned by Trinity Capital Advisors and Rubenstein Partners, is 88 percent leased, with an average in-place rent of $25.61 per square foot. NASCAR has a lease for 139,000 square feet that runs through May 2021, and Chiquita Brands International Inc. signed a lease for about 138,000 square feet this year after deciding to relocate its headquarters from Cincinnati.

READ MORE HERE

Categories : Charlotte
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Nov
01

Job Growth Slowing Apartment Market?

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The U.S. apartment sector posted its smallest vacancy decline in nearly two years, raising the possibility that the strongest commercial real estate category may be succumbing to the sluggish economy, according to real estate research firm Reis Inc.

For nearly two years apartment landlords have been able to boost rents and fill their buildings as Americans, either burned by the housing bust or unable to get a mortgage, turned to renting instead of owning a home.

But rent growth ultimately depends upon significant job growth and rising incomes, and during the third quarter neither have come through.

READ MORE HERE

Categories : National News
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