Archive for April, 2013

Apr
30

Three Charleston Office Buldings Sold

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Bridgeview Properties has acquired an office portfolio of three properties at 4275 Bridgeview Drive, 4355 Bridgeview Drive and 4340 Corporate Road in Charleston, for $8 million. Built in the late 1980s, the properties total more than 112,000 square feet. Two tenants, Serco and NCO, occupy 60 percent of the space. The buyer plans to completely gut and upgrade the interior of 4340 Corporate Road. R. Milton Thomas of Lee & Associates represented the buyer and seller, the Estate of Morton Needle, in the transaction.

Categories : Charleston
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Apr
30

Easley Mill Could Become Apartments

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A textile mill more than a century old could get new life in Easley as plans move forward to create apartments and preserve the historic property.

A roughly 230,000-square-foot textile mill, known as the old Woodside mill, will be converted into about 130 apartment units, said John Gumpert, a developer with Camden Partners out of Atlanta who is working on the project.

The former cotton mill sits along South Fifth Street near downtown Easley.

“I think it’s just going to be a fantastic contribution to the area,” said Tom Whitted, co-developer with Gumpert on the project. “Generally when these projects happen they affect the entire neighborhood, they bring the whole neighborhood up.”

READ MORE HERE

Categories : Greenville
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Apr
30

ARA Seniors Housing Trend Report Released

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Click on the photo to download the report.

Categories : National News
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Apr
25

Upstate Commercial Construction on the Rise

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More than 750 commercial building permits were issued across the Upstate during the first quarter, an increase of 20% from the same period a year ago, according to new data from Tennessee-based construction analyst The Market Edge Inc.

According to the latest report from the U.S. Census Bureau, the annual rate of construction spending nationally reached $885 billion in February, up 1.2% from the previous month and 7.9% from a year ago. Residential construction accounted for most of that annual gain, increasing 20%.

In the Greenville and Spartanburg metro areas, residential construction has picked up considerably this year.

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Categories : Greenville, Spartanburg
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Apr
24

Fresh Market Coming to Myrtle Beach

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The Fresh Market plans to open its store on the north end of Myrtle Beach by the end of the year, a company spokeswoman said Wednesday.

The upscale grocer, which opened its first area store in Pawleys Island in 2011, plans to move into the spot at 7751 N. Kings Highway in the Northwood Plaza Shopping Center in Myrtle Beach. It anticipates opening late this year, spokeswoman Carly Dennis said.

Fresh Market stores, aiming to create the feel of open European style markets, have old-style butcher shops, a fish market, bakery, produce and floral stands and a deli.

MyrtleBeachOnline.com first reported the grocer’s plans to open a Myrtle Beach store in January after the company appeared before the city’s Community Appearance Board, which must sign off on design, landscaping and sign plans for new development.

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Categories : Myrtle Beach
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Apr
24

Quote of the Day – Palmetto Compress Building

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“This is an accountability issue, and we’ll elect you out.”

– John Adams, son of former Columbia Mayor Patton Adams, to those City Council members who voted for the purchase of the Palmetto Compress Building

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Categories : Columbia
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Apr
24

Mixed Profit Forecast For Hotel Properties

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The profit outlook for full-service, resort and convention hotels is bright. However, the forecast for limited-service hotels is decidedly less sunny. The hotel industry overall is expected to see 6.5% compound annual growth in room revenue through 2016, resulting in a CAGR of 6.1% percent in total hotel revenue during the same period.

So found PKF Hospitality Research LLC, which examined the financial performance of hotels for the period 1978 through 2011, and used the data to measure the relationship between annual changes in total hotel revenue and movements in NOI for full-service, limited-service, resort and convention hotels.

For each lodging subsector, PKF-HR’s Robert Mandelbaum, director of research information services, and research analyst Gary McDade calculated a “flow-multiple” that measures how much an increase or decrease in revenue was retained as profits. “Simply put,” says Mandelbaum, “the flow-multiple is the ratio of year-to-year changes in profit to changes in revenue and, therefore, provides evidence of how well properties manage expenses and maximize profits.”

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Categories : National News
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Apr
23

Fresh Market Sells at 7.25% Cap Rate

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Ackerman & Co has brokered the sale of a grocery store in Winston Salem, NC for $4,640,000 to The Fresh Market. Part of the Mount Tabor Place Development, the property is located along the busy Robinhood Road Corridor near Wake Forest University and is adjacent to major retailers CVS, Starbuck’s, PNC Bank.

The Ackerman & Co. investment sales team of Sean Patrick and Jason Powell represented the seller (and developer), Mount Tabor Place II, LLC in the transaction. The property was purchased by COLE Capital. This sale represented unique ability to purchase a single-tenant Fresh Market with great sales in a strong submarket.

The building is 21,018 square feet and was built in 2007. Based upon information provided, the cap rate was 7.25% with the NOI calculated as gross rent less a 3% management fee. The lease has approximately ten years remaining on its 15 year term.

Categories : Winston-Salem
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Apr
22

Real Data: Charleston Apartment Occupancy Drops to 91.7%

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Development continues in Charleston with a record high number of units currently under-construction. The number of units proposed remains high with approximately 4,800 in the pipeline for development. Developers are focused on the Mt. Pleasant and West Ashley submarkets. Demand was flat for Charleston area apartments over the past six months, causing the occupancy rate to decline to 91.7%. After two and one-half years of steady rent growth, most Charleston submarkets saw a small pull back in rents. The average monthly rent is $842. Occupancy rates will likely experience a slight decline going into 2014 as nearly 2,500 units come on-line. Modest rent growth is expected over the next year.

Categories : Charleston
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Apr
17

New 500 Lot Subdivision for Lexington?

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Residential developers are trying to buy Barr Pond and land surrounding it — an area the Lexington Wildlife Chapter has called home since 1955.

Lexington Town Council voted 3-1 on April 1 to approve the sale of the 119-acre pond, also known as Wildlife Lake, and the five acres of land near the pond that the town owns.

SCE&G also plans to sell 11 acres, according to a report in The State.

Members of the Lexington Wildlife Chapter boat and fish on the pond and use the area to take children and seniors on educational tours. They also have a clubhouse on the property where they’ve held benefits for the children’s home, Riverbanks Zoo and other organizations.

“We value that pond for what we can contribute to the community through that pond,” member Ben Knight said at the April 1 town council meeting.

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Categories : Lexington
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Apr
17

CCIM Releases 1Q13 Quarterly Market Trends Report

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Despite economic uncertainties related to the fiscal cliff, 2012 concluded with a deal frenzy of $98 billion in total sales, setting a post-2007 record for the greatest amount of fourth-quarter investment activity. CCIM’s 1Q13 Quarterly Market Trends report provides insight on major economic drivers and CCIM members’ transaction activity in early 2013. Compiled by Lawrence Yun, Ph.D., chief economist for the National Association of Realtors®, and George Ratiu, NAR’s manager of commercial and qualitative research, the report provides commercial real estate fundamentals and investment and transaction activity across the U.S.

DOWNLOAD PDF HERE

 

Categories : National News
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Apr
16

Raleigh Data Center Sold for $136/SF

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Carter Validus Mission Critical REIT has purchased a data center property in Raleigh, North Carolina, for US$19.5m. The multi-tenant facility is located near Raleigh-Durham International Airport in Morrisville, N.C.

The data center, originally constructed in 1997, is 100% occupied by four tenants. The purpose-built facility is situated on 12.26 acres and totals 143,770 sq ft.

John Carter, CEO of Carter Validus, said, “Given the property’s desirable location and long term leases with high-quality tenants, we believe that the Raleigh Data Center is a great addition to our growing portfolio of mission critical real estate.”

One of the facility’s tenants is data center services provider Peak 10, according to Charlotte Business Journal.

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Categories : Raleigh, Uncategorized
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Apr
16

Fayetteville Shopping Center Sold

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Berkeley Capital Advisors is pleased to announce the sale of Traemoor Village, a 76,325 SF retail center located in Hope Mills (Fayetteville MSA), North Carolina. The Center is anchored by Harris Teeter. Rob Carter, Alex Quarrier and David Webb of Berkeley Capital Advisors arranged the transaction.

Built in 2012, the center was 92% occupied at the time of sale. Harris Teeter occupies 53,365 square feet.

Todd Crouse, senior vice president and senior director of NorthMarq’s Raleigh regional office, arranged the acquisition financing based on a 10-year term and a 20-year amortization schedule. The loan was arranged for the borrower by NorthMarq through its relationship with a correspondent life company lender.

 

Categories : Fayetteville
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Apr
16

Myrtle Beach’s Barefoot Landing Sold

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Officials with Burroughs & Chapin Company, Inc., have announced that they have finalized their purchase of Barefoot Landing®, the iconic shopping, dining and entertainment center that pioneered the outdoor festival shopping concept along the Grand Strand. Nestled along the Intracoastal Waterway and built in the style of a New England fishing village, the center is located on Highway 17 in North Myrtle Beach, S.C. It is home to more than 100 specialty stores, retail shops and restaurants surrounding a 27-acre lake.

“When it was built, Barefoot Landing broke new ground as a shopping destination, and it remains a major attraction today,” said Steve Warner, senior vice president of capital strategies & investments for Burroughs & Chapin Company, Inc. “We’re proud to be associated with the tradition and history that Barefoot Landing embodies. With the acquisition of this iconic property, Burroughs & Chapin is deepening our commitment to being the market leader in high quality retail and entertainment attractions in the Myrtle Beach area. We believe in the strength of the Grand Strand and its potential for long-term future growth.”

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Categories : Myrtle Beach
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Apr
09

Hilton Head Mall Redevelopment Underway

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Construction has started on the Shelter Cove Towne Centre, a 42-acre mixed-use development on Hilton Head Island, including a massive new Kroger location. The $74 million project will be built in three phases.

The new Kroger will be the largest grocery store on Hilton Head Island at 87,588 square feet and will include an expanded selection of groceries, a Starbucks coffee kiosk, full-service Murray’s cheese shop, freshly prepared sushi, a walk-in beer cooler, a Growler station where customers can fill up jugs with draft beer, a wine expert, a drive-thru pharmacy, and an outdoor bicycle repair station.

The development is a joint venture between Kroger Real Estate and Blanchard & Calhoun Commercial, a development and real estate brokerage services company based in Augusta, Ga.

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