Archive for December, 2012

Dec
28

Demand for Off-Campus Housing to Remain High

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Campus Crest Communities provided valuable insight on trends impacting the student housing industry earlier this week at their 2012 Investor Day held in the NYSE boardroom. The company also shined some light on their strategy for success since their October 2010 IPO, when Campus Crest joined American Campus Communities and EdR in the student housing REIT arena. While the firm is still the new kid on the block, the sheer demand for purpose-built off-campus student housing is a recipe for continued portfolio growth.

The meeting opened with a presentation by Michael Gallis, principal at Michael Gallis & Associates, a strategic planning and design firm. Gallis’ research presented a very bullish case on the drivers behind student housing demand, pointing out there are 13.5 million students currently enrolled in four-year undergraduate programs at large public institutions, which is 62.6 percent of all four year enrollments. Of those 13.5 million only 34 percent (or about 4.35 million) live on campus. That leaves 68 percent, or 9.16 million, living off-campus.

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Categories : National News
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Dec
28

Rock Hill’s Market on Cherry Road Sold

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Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today Kevin T. Fryman represented the seller in the sale of The Market on Cherry Road, a 132,547-square-foot anchored shopping center in Rock Hill, South Carolina. The purchase price could not be disclosed.

The Market on Cherry Road shopping center is located at 2349 Cherry Road on 14.19 acres. Built in 1968 and renovated in 1998, the property is anchored by Office Depot, Big Lots and Anna’s Linens. Approximately 95% of the occupied square footage is leased to national and regional tenants including Anna’s Linens, Big Lots, Office Depot, It’s Fashion Metro/CATO, Kool Smiles, Acceptance Insurance, Check ‘n Go, Cricket Wireless, HoneyBaked Ham, Lebo’s Shoe Store, Payless ShoeSource, Signs Now, StaffMasters and Subway.

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Categories : Rock Hill
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Dec
28

Greer Inland Port Construction Set to Begin

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The S.C. State Ports Authority board authorized the port’s CEO and CFO to borrow no more than $30 million to develop, build, operate and maintain the inland port in Greer. The loan’s rate can’t exceed 5% and should be paid over at most 20 years, the board said at its last meeting of 2012.

The port is moving quickly on its inland port in Greer, ports staff said, and it expects to open Sept. 1. Crews will begin moving earth during the second or third week of January, and the inland port’s design is almost complete.

The ports authority announced plans earlier this year to build the S.C. Inland Port, linking the Port of Charleston to Greer by Norfolk Southern rail. Manufacturers throughout the Upstate and the Southeast are likely to use the facility, Ports authority CEO Jim Newsome previously said.

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Categories : Greenville, Greer
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Dec
24

Happy Holidays from SCREnews.com!!

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Categories : Uncategorized
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Dec
24

Aiken Sam’s Club to Open in 2013

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Retail giant Wal-Mart said that its Sam’s Club store, currently in an early phase of construction to the Westside of Aiken, should be opening in 2013.

One of the largest retail constructions in the area, the membership-only retail warehouse club owned and operated by Wal-Mart Stores Inc. hopes to have its doors open in around a year’s time, according to the company.

“The project is on target, and we hope to be able to open late next year,” said W.C. Wertz, divisional director of public affairs and government relations for Wal-Mart, on Thursday. “We’ll have a more specific date in a few months.”

Plans for the store show an approximately 139,000-square-foot wholesale warehouse and a six-pump gas station. The site will be accessed from two entrances with dedicated turning lanes. These changes to the roadway are now visible to motorists heading to Georgia on U.S. Highway 1.

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Categories : Aiken
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Dec
23

Charlotte’s Office on the Park Sold

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Raleigh’s Paragon Commercial Bank has agreed to purchase the 16,427-square-foot Office on the Park building in Charlotte on Morrison Boulevard in SouthPark, according to real estate sources, and the bank has listed its current office space at Piedmont Town Center as available for sublease.

The two-story, Class-A building is at 6337 Morrison Blvd., next to the Specialty Shops on the Park. It is currently occupied by UBS Financial Services Inc., but UBS is slated to relocate its SouthPark branch to the SouthPark Towers on Fairview Road in January.

H.C. “Smoky” Bissell, chairman of The Bissell Cos., and Alice Harney own the property and listed it for sale with Cassidy Turley earlier this year. The asking price for the building is $5.75 million, according to listing materials.

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Categories : Charlotte
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Dec
19

Spartanburg – High Risk for Mortgage Fraud

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Interthinx, a leading provider of comprehensive risk mitigation solutions for the financial services industry, has released its quarterly Mortgage Fraud Risk Report covering data collected in the third quarter of 2012.

According to the most recent analysis, overall risk nationwide has decreased by nearly 8 percent to the lowest value observed in the past two years. However, significantly increased levels of fraud risk in Florida pushed it past Nevada and into the top spot for overall fraud risk. Florida also appears on three of the four type-specific top 10 riskiest lists this quarter. Of particular concern is the finding that in Florida, investment purchases have more than three times the level of employment/income fraud risk than purchases for primary residences.

Spartanburg County was identified in the report as being a “high risk” area for mortgage fraud.

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Dec
18

North Charleston Plans Senior Living Development

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The city of North Charleston is preparing for an aging population by selling two parcels of land to create park space, a grocery store and senior living.

In October, the city purchased the former Charleston naval hospital from the federal government via online auction through the General Services Administration. The property at 3600 Rivers Ave. includes the 10-story hospital, barracks and 23 acres of property and was purchased for $2 million.

The city had also purchased and cleared the former Shipyard Square shopping center, at a cost of $4.2 million.

Chicora Gardens Holdings LLC is purchasing the two plots for $9.2 million and could present a plan for development to the city as early as Dec. 20.

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Categories : Charleston
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More than 21,000 shipping containers arrive in the United States on a daily basis. Many of them originate in China, where it is cheaper to build new containers than to ship them back after their maiden voyages. Currently, over 700,000 containers are stockpiled on prime waterfront real estate throughout the U.S. with no use, purpose or method of disposal. But one forward-thinking real estate developer—Three Squared Inc.—is pushing ahead with cargo container residential and commercial construction initiatives, not only finding “homes,” so to speak, for retired cargo containers, but thriving as a company even while the traditional bricks-and-mortar construction industry flounders in the midst of the troubled economy.

Three Squared Inc., a sustainable real estate developer, is currently slated to build over $109 million in projects in the U.S. and abroad over the next two years. The firm, which offers systemized and sustainable construction using shipping containers to create affordable luxury buildings, says that this construction alternative is growing in demand due to its superior cost efficiencies, heightened profitability, minimal building time and an expanding acceptance in the marketplace.

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Categories : National News
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Dec
17

Columbia CBD Wal-Mart Nixed

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After a year of public angst and enthusiasm, Columbia will not have a Walmart store at Capital City Stadium.

The Atlanta-based company that is seeking to develop a retail center around the city-owned baseball park has informed Columbia leaders that the retailing giant is no longer interested in being an anchor tenant.

Matt Sasser, an executive with Bright-Meyers, said Friday that Wal-Mart’s committee that approves new stores rejected the stadium site. “They did take it to committee and it did get turned down,” Sasser said. “I have been telling y’all for over a year that they had never even committed to the development.”

He said he is seeking several other anchor tenants, but declined to identify any. Columbia’s business development director, Fred Delk, said Bright-Meyers sought more than one anchor all along.

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Categories : Columbia
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Dec
17

USC Seeking Private Developers

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The University of South Carolina is seeking proposals from private developers to design, build, finance and operate student housing, parking and an office/academic/research building in its Innovista district west of Assembly Street.

Ed Walton, USC’s chief financial officer, said the early estimate of the cost of the projects is $70 million to $90 million. But he cautioned that part of the process will be to get developers’ estimates on the table and compare them with those based upon the university’s past experience.

The university hosted a meeting for developers on Nov. 15, and had about 75 participants at the meeting.

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Categories : Columbia
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Dec
14

Spartanburg to Offer Retail Rent Subsidies

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The city of Spartanburg is launching a competition for businesses to battle for rent subsidies and fill vacant storefronts on Main Street.

Starting in January, the Main Street Challenge will help three entrepreneurs open new businesses next year by providing a cash incentive of $12,000, or $1,000 each month for the first 12 months, to be used as rent assistance in a downtown location pre-identified by the city and participating property owners.

The winners must agree to sign a three-year lease for occupancy with the property owner, who will provide a street-level storefront space on Main Street.

Details on applying have not been released. After the Main Street Challenge launches in January, a competition committee will review applications throughout the spring, narrowing the entries to 12 semifinalists and then to six finalists. Semifinalists will present detailed business plans to the selection committee, of which three will be chosen winners.

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Categories : Spartanburg
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Dec
14

Greenwood Retail Center Sold

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Greenville-based Carolina Holdings Inc. said Thursday it sold its Shops at Westwood development in Greenwood.

The purchaser and sales price has not yet been released.

Carolina Holdings completed development of the retail center this fall. The property is fully leased to Mattress Firm and Aspen Dental. Carolina Holdings said it will remain as manager on behalf of the new ownership.

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Categories : Greenwood
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Dec
14

Rock Hill Posts Third Best Job Growth Figures

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Rock Hill posted the third-best job growth numbers in South Carolina this year, as the state nearly doubled its employment growth over 2011, according to figures released Wednesday by University of South Carolina economists.

Rock Hill’s 2.6 percent job growth over 2011 came in behind only Spartanburg at 3.3 percent and Florence/Darlington at 2.8 percent.

Rock Hill’s employment growth outpaced such economic centers as Myrtle Beach (up 2.2 percent), Charleston (up 1.9 percent), Columbia (up 1.6 percent) and Greenville (up 0.1 percent).

A group of economists at USC’s annual economic outlook conference said stable growth should continue in 2013 if Congress and the president can avoid the fiscal cliff.

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Dec
13

Raleigh Student Housing Complex Sold

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Inland American Communities (IAC), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (Inland American), today announced the company’s acquisition of two fully-developed student housing properties, The Retreats, from Landmark Properties for $94.6 million. The two properties, located in Florida and North Carolina, contain a total of 1,264 beds with premier amenities such as resort style swimming pools with movie screens, basketball courts, tanning beds, game rooms, grilling areas and sand volleyball courts.

The North Carolina property is The Retreat in Raleigh, NC – North Carolina State University

Located 2.5 miles from North Carolina State University, the largest university in North Carolina with a total enrollment of 34,767 students, The Retreat contains 554 beds with a 9,000-square-foot club house with a catering kitchen, pool tables, foosball and flat screen TVs. In addition, the property offers 557 parking spaces for residents and their guests. The Retreat is 93 percent leased for the 2012 – 2013 school year.

Categories : Raleigh
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