Archive for March, 2013

Mar
31

The Success of the Myrtle Beach Air Base Redevelopment

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The federal government’s report had an ominous sounding name – “Socioeconomic Impact Analysis Study.”

Its conclusions appeared to be just as ominous: the loss of nearly 5,100 jobs; as many as 1,500 homes dumped on the resale market; a 15 percent drop in students attending local schools; unemployment rates topping 20 percent; and an economic loss topping $91 million from payrolls, taxes and other revenues as soon as the Myrtle Beach Air Force Base shut down its operations.

Just as foreboding to many Myrtle Beach area residents was the sense of losing a longtime friend.

“You could never find a better neighbor than the Air Force, it was a great community,” said John Maxwell, a former Myrtle Beach city councilman who helped lead efforts to redevelop the base after its March 31, 1993 closure.

READ MORE HERE

Categories : Myrtle Beach
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Mar
28

Banks Moving to Columbia’s Main Street

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In the past three months, three banks have announced plans to move into Main Street buildings in Columbia. Here are the banks and the buildings.

 

 

Categories : Columbia, Uncategorized
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Mar
27

Columbia Publix Anchored Center Sold

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Phillips Edison-ARC Shopping Center REIT has acquired a portfolio of three grocery-anchored shopping centers in Florida, South Carolina and Texas. The company acquired the 64,359-square-foot Murray Landing shopping center in Irmo, S.C., approximately 12 miles northeast of Columbia, S.C. The fully occupied center is anchored by a Publix grocery store, which is leasing the property through 2023. In addition to Publix, tenants include Anytime Fitness, Beef O’Bradys, Alodia’s Italian, State Farm and a dry cleaners. When combined with the Publix grocery store lease, 82 percent of the rents come from national tenants.

Categories : Columbia
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Mar
26

Lexington Strip Center Sold for $314/sf

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Marcus & Millichap has arranged the $4.25 million sale of JDE Center, a 13,513-square-foot retail property located in Lexington, SC. The sale includes a single-tenant building and a four-tenant strip center. The purchase price equates to more than $314 per square foot. Tenants at the fully occupied property include Verizon Wireless, Krispy Kreme Doughnuts, Jersey Mike’s Subs, Pak Mail and Miyo’s.

Andrew Margulies of Marcus & Millichap’s Raleigh office, along with Kevin Limbert of the firm’s St. Louis office, represented the seller, a private partnership in Missouri. They also procured the North Carolina-based buyer, Scarafoni Associates LLC.

Categories : Lexington
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Mar
26

Bluffton MOB Brings Hospital Close to Competitor

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For many years, hospitals and health systems shied away from competing with each other directly. These days, however, as health systems face a need to grow and expand, most are willing to meet their competitors head on, often building facilities near another system’s hospital or outpatient building.

A case in point can be found in Bluffton, SC, where Rendina Cos., a healthcare real estate and development firm situated in Jupiter, FL, recently broke ground on a $16 million, 60,000 square foot outpatient facility that will offer services ranging from orthopedics to breast health.

The two-story outpatient center, known as Bluffton Medical Campus, will carry the flag of Hilton Head Regional Healthcare, whose hospital, the 93-bed Hilton Head Regional Medical Center, is about 10 miles to the east on Hilton Head Island. Rendina found and acquired the site as a strategic location for Hilton Head Regional, a subsidiary of Dallas-based Tenet Healthcare Corp.

READ MORE HERE

Categories : Bluffton
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Mar
23

Raleigh Office Building Sold for $8.3 Million

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Continental Capital Management has acquired a three-story, Class A office building at 1500 Sunday Dr. in Raleigh for $8.3 million. Built in 2000, the 61,412-square-foot property is located near PNC Center and Carter Finley Stadium. The building is 97 percent leased. Tenants include Hughes, Pittman & Gupton and First Point Management Resources. J. Scott Adams, Ben Kilgore and Brian Carr of CBRE’s Raleigh office represented the seller, CBL & Associates, in the transaction.

Categories : Raleigh
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Mar
22

Five Years of SCREnews Posts

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This month, this website turns five years old.  I always find it interesting to look at the most popular posts, as shown below. Cap rate trends seem to be popular, so we will try to focus a little more on that going forward. Thank you for following SCREnews. I welcome suggestions and ideas on how to make the site even better.

Michael Dodds, MAI, CCIM

Categories : SCREnews
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Mar
21

Colliers Releases YE-2012 Greenville Retail Market Report

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The Greenville, SC retail market ended 2012 with a positive outlook arising from the overall vacancy rate of 9.31% approaching the market’s pre-recession levels. Rental rates remained mostly steady in 2012 with the exception of shop space which had an average asking rental rate of $13.59, $1.29 more than year-end 2011.

Activity remained strong and steady through 2012 as evidenced by big-box retailers moving into the market and the presence of ongoing construction projects in the area. Big-box spaces left vacant due to store closings during the recession have since by occupied by retailers such as Buy Buy Baby moving into Linen N Things’ former location at 1125 Woodruff Road and REI moving into Circuit City’s former location at 1140 Woodruff Road. Big-box retailer expansion coupled with the trending movement from Haywood Road to Woodruff Road resulted in a year-end vacancy rate of 3.55% for the Woodruff retail corridor, almost 4 percentage points lower than a year ago.

DOWNLOAD THE REPORT HERE

 

Categories : Greenville
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Mar
20

Real Data: Myrtle Beach Apartment Vacancy at 10.3%

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There was an increase in demand for multi-family units in the Myrtle Beach area over the past year. The occupancy rate improved during this time period to 89.7%.

Active construction over the past year occurred at three communities in the Highway 501 submarket.

The average current monthly rent rose to $768 over the past year. Communities in the Highway 501 submarket recorded the highest average monthly rent.

Occupancy and rental rates should experience modest improvements in 2013.

Categories : Myrtle Beach
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Mar
20

Charlotte Apartment Vacancy at 6.2%

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According to the latest report by Real Data, nearly 7,500 new apartment units are under construction right now in the Charlotte metro area. More than 2,000 of these units are located in SouthEnd and Downtown. Developers have plans for more than 10,000 additional units throughout the area. Once again, the areas in and around Downtown including SouthEnd, Midtown, NoDa and Southpark lead.

Consumers continue to show a strong preference for apartments versus buying a home. Currently, the average vacancy rate at an apartment community in the Charlotte area is 6.2%. The average rental rate is $842 per month, which is considerably higher than the average of $708 per month reported just three years ago. Same-unit rent growth, which measures the growth in rents at existing communities, has grown at more than 4% annually for the last two years.

Categories : Charlotte
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Mar
15

Walmart Plans 500 Neighborhood Markets by 2016

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Walmart will open as many as 115 small-format stores this year, according to Bill Simon, president and CEO of Walmart U.S.

Simon discussed the chain’s store portfolio during a presentation at Raymond James Institutional Investors conference. He noted that Walmart’s smaller-format stores (below 60,000 sq. ft.) are making inroads against dollar stores, supermarkets and drug stores and will play a key role in the company’s future.

“They compete really well against multiple channels,” Simon said.

Simon explained that Walmart thinks of its smaller-format units, which include both the Walmart Express and Walmart Neighborhood Market banners, as hybrid stores rather than specific niche competitors.

READ MORE HERE

Categories : National News
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Mar
15

Woodside Mill Redevelopment Falls Through…..Again

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Plans to turn a historic mill in West Greenville into apartments have fallen through for the second time in four years.

Reliance Housing Development LLC, a nonprofit organization based in Asheville, had announced plans for 300 apartments in the huge red brick building along oak-lined Woodside Avenue not far from the Pendleton Street arts district.

The developer, however, later decided not to proceed with the project, according to John Castile, Greenville city manager. “The only reason provided was that they could not meet critical deadlines associated with closing on the property,” Castile said.

READ MORE HERE

Categories : Greenville
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Mar
14

States Leading the U.S. Manufacturing Resurgence

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From Area Development Magazine:

Big companies like BMW, Boeing, Continental, and Michelin have invested more than $7 billion in new projects in South Carolina over the last two years, creating about 21,000 jobs since January 2010. This represents a greater than 10 percent employment gain — one of the best in the country.

Since January 2011, South Carolina has recruited more than $5 billion in capital investment and more than 8,000 jobs to the automotive sector. New announcements include Kiswire’s $15 million expansion in Newberry County, which will meet the higher demand for steel cord. Tire maker Michelin North America, which is the largest manufacturing employer in South Carolina and operates 18 production facilities in the state, announced it would expand its existing rubber production operations in Anderson County. The $200 million project is expected to generate 100 new jobs and be operational in 2014. In the last 21 months, the company has committed to invest a total of $1.15 billion and create at least 870 total new jobs in South Carolina.

In January 2013 South Carolina was recognized by IBM-Plant Location International (IBM-PLI) as the top state for jobs linked to foreign investment. South Carolina placed first above Texas and North Carolina, which were ranked second and third, respectively, in the 2012 report.

“Hundreds of foreign firms employ tens of thousands of residents throughout our state, creating wealth and helping make the communities they’re in sustainable,” says Secretary of Commerce Bobby Hitt. “The IBM-PLI report’s ranking is another confirmation that people are taking notice of the economic development successes we’ve had here in the Palmetto State.”

Categories : South Carolina News
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Mar
13

South Carolina Opens Doors to the Worldwide Marketplace

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Export opportunities suddenly and unexpectedly opened for Columbia, South Carolina-based Bridge to Life, distributor of its own line of preservation solutions for organ transplants, when a competitor had to recall its similar solutions.

“The market opened and we were one of the companies that tried to fill that gap,” says Aaron Gilchrist, global director of sales at Bridge to Life. “We went from being a predominantly domestic company with some international sales to going global nearly overnight. We had to move quickly but we continue to fair well due to a great deal of hard work and a lot of help, too.”

That included help from the U.S. and South Carolina Departments of Commerce in a number of ways, including obtaining international marketing assistance, receiving recommendations for translating labels, packaging and documents into local languages, and even “introducing us to individuals with the know-how of navigating the regulatory landscape in several countries in Europe and beyond.”

READ MORE HERE

Categories : South Carolina News
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Mar
12

Good Information on Timber Pricing

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The SC Forestry Commission and Forest2Market, Inc., a private firm that provides an internet based timber price reporting service, have teamed up to give South Carolina landowners access to quarterly price reports for major classes of forest products.

The South Carolina Timber Reports can be accessed below.

LINK TO WEBSITE

Categories : South Carolina News
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