Archive for January, 2013

Jan
31

Two Charlotte Apartment Complexes Sold

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Two Charlotte-area real estate investors have teamed with outside investors to purchase the 44-unit Pines on Wendover apartment complex in Charlotte’s Cotswold area.

Eric Speckman, and Thomas Norman partnered late last month with investors based in Virginia, New Jersey, New York and Pennsylvania on the acquisition of the property, which is on North Wendover Road.

The new ownership entity is called The Pines on Wendover. The group’s members include Ed Peete, a developer based in Arlington, Va.; New Jersey-based Dearborn Holdings; New York-based Mascia Development; and JMJ Property Co. in Pennsylvania, as well as Speckman and Norman.

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Categories : Charlotte
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Jan
31

Vacant Sam’s Club Sold in Greenville

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Verdae Properties acquired the former Sam’s Club at 2519 Laurens Road for $3.25 million, according to Greenville County property records.

Verdae President Rick Sumerel said a use for the 130,000-square-foot building has not been determined. The building has been vacant for around five years.

“We’ll incorporate it into our long-term development plan,” Sumerel said. “We’re trying to look at an overall plan for the corridor. Obviously, the market will have a lot to do with that.”

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Categories : Greenville
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Jan
30

Charlotte Retail Properties Sold Briskly in ’12

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Sales of Charlotte-area retail properties continued to strengthen in 2012 and are approaching record highs seen during the boom days of real estate.

And while retail property owners face challenges, such as a still-wobbly economy, brokers and analysts say the sales show investors are bullish on the Charlotte area.

Last year, 433 retail properties sold for about $600 million in the Charlotte-Gastonia-Rock Hill metropolitan area, according to CoStar Group, a real estate analytics firm.

Many of the sellers were large investors that sold entire portfolios of properties. Local brokers say Charlotte saw some significant property deals starting in 2011. Both 2011 and 2012 were the strongest years since 2007, the CoStar data shows.

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Jan
30

GSA Buys Greenville Courthouse Site for $39/sf

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The U.S. government recently purchased land across from the county courthouse on East North Street in downtown Greenville for the new U.S. District Courthouse, according to a spokeswoman.

Following years of uncertainty and delays in finding a location, the General Services Administration purchased three separate parcels, totaling 2.4 acres, for approximately $4.078 million, spokeswoman Tina Jaegerman said. The federal courthouse has been in discussions for nearly a decade.

The project is currently in the early conceptual phase of design and funding, Jaegerman said. Details on the height or design of the building are not yet available. Construction funding has not yet been obtained.

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Categories : Greenville
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Jan
29

Pawley’s Plaza Redevelopment Approved

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The redevelopment of Pawleys Plaza got final approval from Georgetown County Council this week, but not before several pleas for the county to be mindful of the details.

Pawleys Island Mayor Bill Otis wants the developer, Sunbelt Ventures of Mount Pleasant, to have different elevations of the three main buildings that total nearly 110,000 square feet. He’s worried that a continuous roof line would make it look like a big-box store, which is what the community was so opposed to.

Otis also said the requirement of a Level 3 landscape buffer, which includes trees 3 inches in diameter, is insufficient. He said those trees would look like “matchsticks” in front of a 35-foot tall building. Waccamaw Neck resident Tom Stickler wants the county to make sure Sunbelt builds the homes that are shown on its site plan. A Supreme Court ruling requires Planned Developments to have mixed uses.

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Categories : Myrtle Beach
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Jan
28

Greenville’s Bank of America Building Sold

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You could almost draw a straight line between the One towers, Bank of America Plaza and the now-empty Windstream building at the corner of North Main and Washington, which developer Bob Hughes has staked as the new hub of mixed-use activity for downtown Greenville.

On Thursday, Hughes said he and investors have purchased the Bank of America Plaza at 101 North Main with plans to upgrade the 15-story tower as well as possibly developing another high-rise on a parking lot at Washington and Richardson streets that came with the sale, though no decision has been made.

Hughes and his son, Robert Hughes III, also an executive in the family real estate development company, Hughes Development Corp, said they’re talking to potential tenants that were eyeing space at One until most of the available square footage was taken.

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Categories : Greenville
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Jan
28

An Interesting Perspective of Greenville

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Categories : Greenville
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Jan
28

Greenville Apartments Planned for Peacock Site

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Local developer Grant Peacock recently secured financing for an apartment development on the site in downtown Greenville where he once planned to build the luxury Peacock Hotel & Spa.

Peacock projects 98 E. McBee Street Apartments to open sometime in the first quarter of 2014. Construction on the $16 million development — located one block from Main Street at the corner of McBee Avenue and Spring Street — is likely to begin in April.

The four-story development will have 55 units, consisting of eight studios, 36 one bedrooms and 11 two bedrooms. The rent ranges from roughly $1,300 to $1,500, but rents could change in the future. “The demand for rental units in downtown continues and apartments are the hot ticket to get financing right now,” Peacock said. “I expect many tenants to be an older demographic looking to downsize and be in a downtown living environment.”

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Categories : Greenville
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Jan
24

Hotel Tax Assessments Typically High

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Probably the most frustrating bill that comes each year is the property tax bill. Based on our experience, many hotel owners are being overcharged by 15% or more on their property taxes. There are lots of reasons why hotels are overvalued, but it is mainly the result of improper appraisal techniques by the assessor’s office. If you are a hotel owner and feel that the assessed value of your property is high, contact me, and my firm will review your assessment to see if a reduction is likely. Property tax reductions for hotels are direct to your bottom line, meaning a higher net income, resulting in a higher property value!

Michael Dodds, MAI, CCIM

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Jan
24

The Hotel Spa Recovery Begins

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After lagging behind other hotel revenue sources, hotel spas began to see their sales recover in 2011, and this trend is expected to continue for the foreseeable future. This according to PKF Consulting USA, LLC’s (PKFC) Trends in the Hotel Spa Industry report, which shows that hotel spas enjoyed an 8.3 percent increase in department revenue in 2011, after suffering declines the three previous years.

For comparison purposes, rooms and food and beverage revenue began to climb out of the industry recession and post revenue growth starting in 2010.

“If we look to Maslow and his hierarchy of needs, we understand that basic needs include food and shelter, but do not include perceived ‘luxuries’ such as spa and wellness treatments,” said Andrea Foster, vice president and national director of spa and wellness consulting for PKFC.

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Categories : National News
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Jan
18

Self Storage Demand Projected to be High

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Demand for self-storage space will be sustained by an improving job market and the daunting effects from Hurricane Sandy. The catastrophic events unfolding from the hurricane created an estimated $20 billion to $30 billion in damage along the Eastern Seaboard.

Typically after a natural disaster of this magnitude, demand for self-storage accelerates as homeowners store undamaged goods during the cleanup process, while contractors and local suppliers utilize commercial space. As such, operators with heavy exposure to the East Coast will see a sharp increase in business over the next six to 18 months. On a more positive note, with the economy on the mend, the nation has gained 1.3 million jobs this year, which enhanced consumer confidence to a four-year high and boosted retail sales. This trend will persist through the holiday season as an additional 400,000 jobs will be created in the final quarter.

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Categories : National News
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Jan
16

N. Charleston Industrial Complex Sold

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Beacon Partners has purchased North Rhett Commerce Center, a 511,891-square-foot industrial warehouse on 34 acres at 5801 North Rhett Ave. in North Charleston, for an undisclosed price. The facility houses tenants Husqvarna Professional Products and Integris Logistics. Charlotte, N.C.-based Beacon plans significant renovations and improvements during upcoming months to enhance the property’s functionality, energy efficiency and appearance. Beacon represented itself in the industrial transaction and Hagood Morrison of Colliers International represented the unlisted seller.

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Categories : Charleston
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Jan
16

Clemson Retail Center Sold for $142/SF

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Goodman Enterprises and SJ Collins Enterprises have sold Clemson Station, a 11,927-square-foot shopping center in Clemson, for approximately $1.7 million. The property is located on Tiger Boulevard, less than one mile from Clemson University’s campus. Clemson Station is 82 percent occupied by tenants including Jersey Mike’s Subs, GameStop and Advance America. South Carolina-based South Coast Commercial, an investment firm. Steve Shields of CBRE’s private capital group and Mike Burkard of CBRE’s national retail investment group represented the sellers in the transaction.

Categories : Clemson
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Jan
15

Looking for a NNN Branch Bank

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I have a friend that is looking for a NNN lease bank branch for an all cash buyer. Preferred location is the southeastern US. Buyer wants 15+ year remaining term and tenant has to be investment grade.  Email me what you have – I am not acting as a broker, just helping a friend.

Michael Dodds   mdodds@irr.com

Categories : Uncategorized
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Jan
15

Integra’s Viewpoint 2013 Survey Released

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Integra Realty Resources offers several products to provide the intelligence necessary to reach your goals. Whether you’re investing in property across the country or in your own backyard, our market analysis will deliver critical information provided by IRR’s highly qualified professionals.

The 2013 Viewpoint Survey is now available, and is the 23rd year of publication of the report. If you would like a hard copy, or a PDF, of the report, please e-mail me at mdodds@irr.com.

Michael Dodds, MAI, CCIM

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