Archive for July, 2013

Jul
31

Western NC Home Sales Up

Posted by: | Comments Comments Off on Western NC Home Sales Up

Home sales are up 24 percent over last year around Western North Carolina, and building permits are up 20 percent as the critical real estate market keeps digging out of the collapse of the Great Recession.

“The news is good. Sales are up, inventory is down, prices are starting to rise,” observed Neal Hanks of Beverly-Hanks & Associates, the region’s largest real estate firm, which has compiled a market overview for the second quarter.

Some 605 homes are being sold monthly around the mountains, well up from the 371 homes sold monthly at the depths of the Great Recession in 2009, according to data from the WNC Regional Multiple Listing Service. That’s still well below the peak of 721 homes sold monthly in 2006 at the height of the housing boom.

READ MORE HERE

Categories : Asheville
Comments Comments Off on Western NC Home Sales Up
Jul
31

Q2 Commercial/Multifamily Originations Up 36%

Posted by: | Comments Comments Off on Q2 Commercial/Multifamily Originations Up 36%

Commercial and multifamily mortgage lending and borrowing continued to grow during the second quarter. The apartment market continues to be the belle of the ball, with multifamily mortgage originations running 31 percent ahead of last year’s first half total. And after a slow start to the year, lending by life insurance companies surged in the second quarter to record the highest quarterly volume on record for that sector.

According to our latest Quarterly Index of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2013 origination volumes are:

  • 7% higher than in Q2 2012
  • 36% higher than in Q1 2013
  • 8% higher year-to-date from last year’s year-to-date levels

MBA’s Quarterly Index of Commercial/Multifamily Mortgage Bankers Originations provides quarter-year updates on changes in the originations market and details changes in the volume of loans originated and breaks the data down by property type and by investor type. It’s available for download, free of charge, HERE

 

Categories : National News
Comments Comments Off on Q2 Commercial/Multifamily Originations Up 36%
Jul
30

Greenville NC Mall Sold

Posted by: | Comments Comments Off on Greenville NC Mall Sold

Rouse Properties Inc. has purchased the 460,800-square-foot Greenville Mall in Greenville for nearly $50.3 million. The seller was a private partnership managed by Gregory Greenfield & Associates. The property is the only enclosed regional mall within a 40-mile radius and serves a trade area of more than 400,000 people, according to Rouse Properties.

The development opened in 1966 and was renovated in 2001. The center is anchored by Belk and JC Penney. Dunham’s Sports will also anchor Greenville Mall when it opens in late 2013. Additional tenants include Victoria’s Secret, Buckle, American Eagle and Bath and Body Works. The mall is 95.5 percent leased with average inline sales of $375 per square foot. Rouse Properties assumed an existing $41.7 million non-recourse loan with a 5.29 percent interest rate and a December 2015 maturity date.

Categories : Uncategorized
Comments Comments Off on Greenville NC Mall Sold
Jul
30

Lexington Town Centre Sold for $8.325 Million

Posted by: | Comments Comments Off on Lexington Town Centre Sold for $8.325 Million

The Lexington Town Centre in Lexington, SC has sold for $8,325,000. Lexington Town Centre is a 132,000 SF shopping center anchored by Food Lion, Stein Mart, Books-A-Million and Hibbett Sports.  Other specialty tenants include Urban Nirvana, Moe’s Southwest, and Jimmy John’s.  Built in 1985, Lexington Town Centre I was redeveloped in 2000, while Lexington Towne Centre II was built in 2003. No cap rate was reported.

The center, located at intersection of US Highway 378 &  SC Highway 6  was 95% occupied at the time of sale. Ryan McArdle, Steve Collins, and David Rivers of Blanchard and Calhoun represented the Buyer, Ziff Properties, Inc. of Mount Pleasant, SC. Julian Wilson of Newmark Grubb Wilson Kibler represented the seller, Columbia, SC based Edens.

Categories : Columbia, Lexington
Comments Comments Off on Lexington Town Centre Sold for $8.325 Million
Jul
30

JHM Hotels Plans Greenville CBD Hotel

Posted by: | Comments Comments Off on JHM Hotels Plans Greenville CBD Hotel

JHM Hotels is planning another hotel in downtown Greenville, even as it wraps up a major renovation of the Hyatt on Main Street, an executive with the company said.

The proposed hotel would have about 300 rooms and be built at the corner of Spring and Washington streets in the next year or two, though no firm schedule has been set, said D.J. Rama, president of JHM Hotels.

He said the Greenville-based company would develop the “premium brand” hotel “as the market matures.”

For now, he said, JHM Hotels needs a “little breather” after its multi-million-dollar renovation of the Hyatt Regency Greenville.

“We will continuously focus on Greenville because this is our home turf,” Rama said. “And we will be working to make sure we put Greenville on the map and put the quality products in this town.”

READ MORE HERE

Categories : Greenville
Comments Comments Off on JHM Hotels Plans Greenville CBD Hotel
Jul
29

SC Among the Best in the East in Manufacturing

Posted by: | Comments Comments Off on SC Among the Best in the East in Manufacturing

Bobby Hitt recalls a time, not too long ago, when South Carolina was masterful in manufacturing textiles – and not a whole lot more.

However, fast-forward a few chapters on the handheld clicker and you will see that much has changed in the Palmetto State over the last couple of decades.

“I would say, if you ask most people on the street what our calling card is now, it would be various sectors in the automotive and aerospace industries,” Hitt, South Carolina’s Secretary of Commerce, tells Industry Today.

“We are also very strong in the energy sector. We have a great utility system in the state, which keeps manufacturers’ costs low. That’s obviously a big attractor.”

Manufacturing, he says, has spearheaded the bulk of the state’s economic growth since the turn of the decade – and recent statistics by the U.S. Commerce Department’s Bureau of Economic Analysis back his claim.

READ MORE HERE

Categories : South Carolina News
Comments Comments Off on SC Among the Best in the East in Manufacturing
Jul
29

Colliers Releases Charleston Retail Report

Posted by: | Comments Comments Off on Colliers Releases Charleston Retail Report

Colliers International | South Carolina released their MY-2013 Charleston Retail Market Report.

KEY TAKEAWAYS

  • Charleston’s King Street, a nationally ranked top shopping destination, continued to attract new retailers and restaurants including H&M and Lush Cosmetics, in addition to several new culinary hot spots.
  • Increased activity in retail development and redevelopment has occurred as occupancy rates trended upward over the past year.
  • Steady job creation and improved market conditions in the commercial office and industrial sectors contributed to the rise in retail occupancy rates.
  • More retail to come: As proposed multi-use developments come online, they will bring complimentary shop space on the ground floors of apartment and office buildings in addition to dining options.
  • Increased activity from grocers exploring the market to identify potential sites in growth opportunity submarkets.
  • Let’s go Krogering. Kroger’s recent purchase of Harris Teeter could affect seven locations in Charleston.

Click HERE to download the report.

Categories : Charleston
Comments Comments Off on Colliers Releases Charleston Retail Report
Jul
25

Greenville’s One and Two Liberty Square Sold

Posted by: | Comments Comments Off on Greenville’s One and Two Liberty Square Sold

New York-based HighBrook Investment Management, an independent value-oriented investment firm formed in 2011, purchased One and Two Liberty Square in Greenville’s downtown business district at 55 and 75 Beattie Place.

Totaling over 445,000 square feet, the pair of mid-rise office towers are currently 74.4% occupied and include Ernst & Young, Brown Mackie College, Jackson Lewis, Gallivan White and Boyd, Dority and Manning, McAngus Goudelock and Courie, Commerce Club, and Sherman Financial Group as tenants.

CBRE | The Furman Co.’s Craig Stipes and Matt Covington, in partnership with CBRE’s Patrick Gildea and Ryan Clutter in the firm’s Charlotte, NC and Washington, DC offices, marketed the buildings on behalf of the seller, Lehman Brothers Holdings, and were also credited with procuring the buyer. The sale closed on July 15, 2013.

READ MORE HERE

Categories : Greenville
Comments Comments Off on Greenville’s One and Two Liberty Square Sold
Jul
24

Integra Provides Going Concern Appraisals

Posted by: | Comments Comments Off on Integra Provides Going Concern Appraisals

Three  appraisers in the South Carolina office of Integra Realty Resources have completed the Appraisal Institute’s course entitled, Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, which is the only course recognized by the Small Business Administration (SBA) for going-concern value appraisal assignments. Having taken the course and passed the exam, Michael Dodds, MAI, CCIM, Debora Hendrix, MAI and George John have been placed on the SBA Going Concern Registry located on the Appraisal Institute’s Web site.

Typical going concern properties include: restaurants, motels, bowling alleys, golf courses and car washes.

Please contact us if we can assist in your going concern valuation needs.

Categories : INTEGRA NEWS
Comments Comments Off on Integra Provides Going Concern Appraisals
Jul
24

Greenville Hotel and Parking Garage Approved

Posted by: | Comments Comments Off on Greenville Hotel and Parking Garage Approved

Greenville City Council unanimously approved Monday a nearly $12 million appropriation for a parking garage downtown, paving the way for a 125-room hotel and other developments.

Council members approved building a 470-space parking garage at the intersection of Richardson and Washington streets. Council members also approved a development agreement with Greenville Three LLC, an affiliate of Hughes Development Corp., which plans to build a 125-room hotel above the parking structure.

The parking garage is greatly needed, Mayor Knox White said, and is being funded with revenues generated downtown and bond proceeds. The hotel brand has not yet been identified, he added.

The city’s investment, along with $4 million it previously provided to build the nearby public plaza Piazza Bergamo, is expected to generate more than $100 million in private investment, City Manager John Castile estimates.

READ MORE HERE

Categories : Greenville
Comments Comments Off on Greenville Hotel and Parking Garage Approved
Jul
23

Apartments Planned for Tega Cay

Posted by: | Comments Comments Off on Apartments Planned for Tega Cay

Unanimous votes Monday night enlarged Tega Cay by four potentially key acres, and paved the way for new apartments at Stonecrest.

Both final votes by the Tega Cay City Council passed without debate. The first annexed roughly four acres owned by Comporium Communications, which has an office and business center at the 2382 Hwy. 160 West site.

City leaders zoned the property to allowed for the same or similar continued use. In addition to bringing in a little more commercial property, city leaders say the move could lead to annexation discussions on a 550-home development just beside the property, which now becomes contiguous.

The Fort Mill Times reported earlier this month that in addition to Tega Cay’s interest, leaders in Fort Mill are in discussion to bring in property that would make the town contiguous, too.

READ MORE HERE

Categories : Rock Hill
Comments Comments Off on Apartments Planned for Tega Cay
Jul
22

Colliers Releases Columbia Industrial Report

Posted by: | Comments Comments Off on Colliers Releases Columbia Industrial Report

Industrial prospects were active in the second quarter of 2013 absorbing over 400,000 square feet of vacant space following a sluggish start to the year. The industrial market in Columbia, SC ended the second quarter reaching the highest occupancy rate since 2008 at 93.03%, up from the first quarter vacancy rate of 91.97%.

To download the complete report click HERE

 

Categories : Columbia, Uncategorized
Comments Comments Off on Colliers Releases Columbia Industrial Report
Jul
22

Charlotte to Get Third NC Publix

Posted by: | Comments Comments Off on Charlotte to Get Third NC Publix

Publix Super Markets Inc. has signed a lease for its third North Carolina store — and the grocery chain’s fifth in the greater Charlotte area.

The Lakeland, Fla.-based retailer will open a 49,000-square-foot store in the Mint Hill Commons shopping center, at the intersection of Matthews Mint Hill Road and Lawyers Road.

The opening is tentatively planned for late 2014.

“The excitement of our associates continues to grow as we look forward to sharing the Publix spirit with our new North Carolina family,” says Maria Brous, Publix media and community relations director. “As company owners, our associates are passionately focused on delivering the highest level of service and award-winning private label products in all of our stores.”

READ MORE HERE

Categories : Charlotte
Comments Comments Off on Charlotte to Get Third NC Publix
Jul
22

Columbia’s Vista Chasing National Retailers

Posted by: | Comments Comments Off on Columbia’s Vista Chasing National Retailers

The openings of a national retail store and restaurant, coupled with a commercial real estate firm’s plans to move into the historic DuPre Building, signal a turning point in the development of Columbia’s Congaree Vista area.

These latest developments are just part of $150 million worth of investments that the downtown neighborhood expects to see take place in the next year.

“We’re really fortunate for what we have going on right now,” said Sarah Lewis, executive director of the Vista Guild.

The newest resident of the Vista neighborhood is Urban Outfitters, a Philadelphia-based retailer that offers apparel and furnishings tailored to the tastes of young professionals. The store opened Thursday at 921 Gervais St. and plans to host a grand opening party on Saturday complete with free barbecue and beer.

READ MORE HERE

Categories : Columbia
Comments Comments Off on Columbia’s Vista Chasing National Retailers
Jul
19

Shopping Center Planned for Bluffton

Posted by: | Comments Comments Off on Shopping Center Planned for Bluffton

A Georgia developer is planning a new shopping center in Bluffton that would contain several “big box” retail stores, according to a Beaufort County official.

“Bluffton Gateway” would be built on 66 acres of mostly undeveloped land near the intersection of U.S. 278 and Bluffton Road, county planning director Tony Criscitello said.

But before it can be built, the land must be cleared of contaminants from a former printing business.

The developer, Jaz 278 LLC of Roswell, Ga., appears close to signing a voluntary “non-responsible party” cleanup contract with the state to remove chemical solvents left from the defunct business at 34 Bluffton Road, according to the draft contract.

State inspectors found “various hazardous waste storage violations” at the former print shop in the late 1980s. Groundwater samples collected in 2007 detected the presence of chlorinated solvents that were “in excess of federal and state drinking water standards,” the contract says.

READ MORE HERE

Comments Comments Off on Shopping Center Planned for Bluffton