Archive for August, 2013

Aug
29

Charleston Residential Market Overview

Posted by: | Comments Comments Off on Charleston Residential Market Overview

Brad Rundbaken, with Charles Towne Capital, does an impressive analysis of the Charleston residential market. His report includes some interesting perspectives on the overall market, and I thought you might be interested in checking it out.

Download the report HERE

Categories : Charleston
Comments Comments Off on Charleston Residential Market Overview
Aug
29

Spartanburg Net Leased Industrial Building Sold

Posted by: | Comments Comments Off on Spartanburg Net Leased Industrial Building Sold

Chambers Street Properties, a net lease industrial and office real estate investment trust, announced it has acquired 1200 Woods Chapel Road, a 156,800 square foot industrial building near Spartanburg, S.C. With this purchase, Chambers Street now owns more than 2.1 million square feet of warehouse/distribution properties in the Spartanburg area.

Completed in 2009, the concrete tilt-up building is fully leased on a triple net basis to a leading supplier of automotive seating and electrical power management systems. The property is situated on a 32.5-acre parcel and the building is expandable to 273,000 square feet.

The property is located one mile from I-85 and two miles from Greenville-Spartanburg Airport. It is in close proximity to a new intermodal facility that the South Carolina Inland Port is developing in Greer, S.C., which will provide an overnight Norfolk Southern rail link for freight to and from the Port of Charleston. The inland port is scheduled to open in September 2013.

Categories : Spartanburg
Comments Comments Off on Spartanburg Net Leased Industrial Building Sold
Aug
28

Publix to Enter Winston-Salem Market

Posted by: | Comments Comments Off on Publix to Enter Winston-Salem Market

Publix Super Markets on Friday announced it will enter the Winston-Salem market and add a third location in Mecklenburg.

The Winston-Salem store will measure 49,000 sq. ft. and is slated to open in 2015. The Cornelius store, located in Mecklenburg County, will also encompass 49,000 sq. ft. and will feature a drive-thru pharmacy. Opening is planned for late 2014.

Publix continues to aggressively look for additional locations throughout the state of North Carolina, the grocer said.

Categories : Winston-Salem
Comments Comments Off on Publix to Enter Winston-Salem Market
Aug
27

“Poster Child for Adaptive Re-Use” Opens in Columbia

Posted by: | Comments Comments Off on “Poster Child for Adaptive Re-Use” Opens in Columbia

First Citizens Bank & Trust today cut the ribbon on its first cafe and celebrated the adaptive re-use of the 143-year-old Brennen Building, located adjacent to the bank’s Main Street headquarters in downtown Columbia.

“As we continue to enhance our brand and presence on Main Street, we are proud to share the First Citizens Cafe with local business professionals, our customers and the general public,” said Peter Bristow, president and COO.

The bank describes the cafe, located at 1210 Main St., former home of the historic Capital Restaurant, as a place where customers can have a cup of coffee, enjoy a croissant, and maybe open a checking account.

READ MORE HERE

Categories : Columbia
Comments Comments Off on “Poster Child for Adaptive Re-Use” Opens in Columbia
Aug
27

The Outlook for Hilton Head in 2025

Posted by: | Comments Comments Off on The Outlook for Hilton Head in 2025

When the Great Recession slammed into Hilton Head Island in 2008, it zeroed in the island’s primary revenue sources: Real estate and tourism. The malaise sent the number of visitors plummeting and, more importantly, property values tumbling. Local business people scrambled to try to stop the free fall.

Throughout 2009, local business leaders arranged meetings to sound the alarm that Hilton Head wasn’t alone in battling the outgoing economic tide. Tony Fazzini, then president of Hilton Head Hospitality Association, was among the first to invite community leaders to open discussions about what they were experiencing. The talks also were intended to help the association, representing primarily food and beverage businesses, plan its direction, said Ann-Marie Adams, former executive director of the association.

A study the year before stated that the number of visitors — representing 70 percent of the island’s retail revenue — had fallen 20 percent in less than 10 years. People were bypassing Hilton Head for brighter, shinier resorts and developments elsewhere.

READ MORE HERE

Categories : Hilton Head Island
Comments Comments Off on The Outlook for Hilton Head in 2025
Aug
26

Renovations Planned for Greenville’s Liberty Square

Posted by: | Comments Comments Off on Renovations Planned for Greenville’s Liberty Square

One of downtown Greenville’s most iconic commercial developments is undergoing $4 million in enhancements, courtesy of its new owners.

The initial stages of the enhancement strategy underway for One and Two Liberty Square, purchased last month by New York-based HighBrook Investment Management Funds, began with the engagement of Upstate-based CBRE | The Furman Co. as the exclusive leasing and management agent of the Class A office towers, an announcement said.

The firm, already entrenched in the property, was best positioned to foster positive tenant and community relationships, said Ed Gargiulo, HighBrook’s vice president of Asset Management.

“Given the uncertainty surrounding the asset over the last couple years, we knew it was essential to align ourselves with a firm that understands the value of a strong owner-tenant relationship,” Gargiulo said.

READ MORE HERE

Categories : Greenville
Comments Comments Off on Renovations Planned for Greenville’s Liberty Square
Aug
26

CofC Offering New Commercial Real Estate Minor

Posted by: | Comments Comments Off on CofC Offering New Commercial Real Estate Minor

Beginning this fall, students will begin enrolling in real estate courses to earn a cross-disciplinary minor. Students will come from a number of different majors including finance, historic preservation, urban studies, political science, communications hospitality and tourism management, and other disciplines.

“The commercial real estate minor comes at a time when downtown Charleston continues to thrive with economic development and building renovation, and our region attracts businesses that require development and office space,” says Alan T. Shao, dean of the School of Business. “Charleston’s commercial real estate industry is not only on the rise, but exceeding national trends, so the timing is perfect for a student to explore this minor.”

READ MORE HERE

Categories : Charleston
Comments Comments Off on CofC Offering New Commercial Real Estate Minor
Aug
26

Rock Hill Bi-Lo Center Sold

Posted by: | Comments Comments Off on Rock Hill Bi-Lo Center Sold

Berkeley Capital Advisors has announced the sale of Cherry Road Shopping Center, a 78,890 SF Super BI-LO anchored center located in Rock Hill, South Carolina. The Cherry Road BI-LO is a well established retail property located in Rock Hill, South Carolina, less than a quarter of a mile west of Interstate 77. The Center is two miles east of Rock Hill and three miles from Winthrop University. The shopping center sits along Cherry Road (NC Highway 21), which is Rock Hill’s main retail corridor connecting downtown Rock Hill to Interstate 77. The 78,890 square-foot retail center is 97% leased and is anchored by Bi-Lo. No sales price was reported.

Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.

Categories : Rock Hill
Comments Comments Off on Rock Hill Bi-Lo Center Sold
Aug
25

Outlet Center Planned for SW Charlotte

Posted by: | Comments Comments Off on Outlet Center Planned for SW Charlotte

A joint venture between Simon Property Group Inc. and Tanger Factory Outlet Centers Inc. has closed on 42 acres of land in the Steele Creek area in southwest Charlotte, where the companies plan to develop a 350,000-square-foot retail outlet that is slated to open next year.

Charlotte Outlets, a limited liability company managed by Simon and Tanger, purchased the land at the Interstate 485 interchange at Steele Creek Road for $8.7 million.

Simon and Tanger announced they were teaming up on the project, previously a Tanger project, in late November.

READ MORE HERE

Categories : Charlotte
Comments Comments Off on Outlet Center Planned for SW Charlotte
Aug
23

Own a Castle on the Carolina Coast

Posted by: | Comments Comments Off on Own a Castle on the Carolina Coast

The Cassina Group, a Charleston, SC real estate team, has listed Mugdock Castle, originally a 19th century church, for $3,895,000.

Typically house hunters, would have to pick castle or beach, not both. But there’s a unique property on Sullivan’s Island, a coastal town near Charleston, S.C., that has a beachfront castle.

Mugdock Castle’s original structure – known as Winter Hall – dates back to the late 19th century when it was an Episcopal Church chapel. Located near Fort Moultrie, the chapel was in the way of the fort’s growth following the war with Spain so the Army acquired the property for a mere $6,000 in 1905. Until 1947, the structure was used as a Post Chapel for Fort Moultrie. The chapel was deconsecrated in 1972 and converted to a private home.

Charleston resident and developer Vince Graham purchased the property in 2002 with the intent of moving the building to his I’On development in Mount Pleasant and restoring it as an Episcopal Church for the community. The Sullivan’s Island Town Council prohibited the move, and Graham left the building at its original site.

READ MORE HERE

Categories : Charleston
Comments Comments Off on Own a Castle on the Carolina Coast
Aug
22

Greenville NC Lowes Foods Center Sold

Posted by: | Comments Comments Off on Greenville NC Lowes Foods Center Sold

The Hampshire Cos., a private real estate investment firm based in New Jersey, has acquired Lynncroft Shopping Center, a 180,000-square-foot power center located at 3150 Evans St. in Greenville. The sales price was not reported.

The center’s tenant roster includes Lowes Foods, Best Buy, Bed Bath & Beyond, Ross Dress for Less, Ulta Beauty, David’s Bridal and Omega Sports. Two 1,200 square feet local shops are currently available for $19.00 per square foot.

The company purchased the center on behalf of the HUH US Real Estate Income Fund, which targets stabilized assets in the eastern U.S. The Hampshire Cos. purchased the center in a joint venture with MCB Real Estate and ARGUS Development Group, the original developers of the center. ARGUS continues to manage and operate the center. Approximately 2,500 square feet is available for lease at the property.

 

Categories : Uncategorized
Comments Comments Off on Greenville NC Lowes Foods Center Sold
Aug
22

Raleigh Food Lion Center Sold

Posted by: | Comments Comments Off on Raleigh Food Lion Center Sold

Berkeley Capital Advisors has announced the sale of Greystone Village, a 85,665 SF Food Lion anchored center, located in Raleigh, North Carolina. No sales price was reported.

The center  is located at the intersection of Lead Mine Road and Sawmill Road. Anchored by a 35,700 square foot Food Lion, with other tenants including City of Raleigh Parks and Recreation, Sawmill Tap Room and Gonza’s Restaurant. he asking rent for the 1,671 square foot vacant shop is $14,00 per square foot.

Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.

Categories : Raleigh
Comments Comments Off on Raleigh Food Lion Center Sold
Aug
22

Fort Mill Distribution Center Under Contract

Posted by: | Comments Comments Off on Fort Mill Distribution Center Under Contract

On or about August 12, 2013, One Liberty entered into an agreement with DK Fort Mill LLC and DK Distribution LLC to purchase an approximately 700,000 square foot industrial facility located at 1850 Banks Road, Fort Mill, South Carolina for approximately $39 million ($55.71/sf). One Liberty anticipates that at least 50% of the purchase price will be financed with mortgage debt.

The property is leased until 2029 to Northern Tool & Equipment Company, Inc. and Northern Tool & Equipment Catalog Company, Inc. and serves as a principal distribution center for the tenants’ products, which include industrial grade and personal use power tools and equipment. The closing of this transaction is subject to customary closing conditions, including completion of a satisfactory due diligence review.

 

Categories : Rock Hill
Comments Comments Off on Fort Mill Distribution Center Under Contract
Aug
21

Cassidy Turley Releases South Carolina Report

Posted by: | Comments Comments Off on Cassidy Turley Releases South Carolina Report

Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm just released their South Carolina Capital Markets Snapshot. It can be downloaded by clicking on the photo below.

 

Categories : South Carolina News
Comments Comments Off on Cassidy Turley Releases South Carolina Report
Aug
20

Pee Dee Home Sales up 13.5%

Posted by: | Comments Comments Off on Pee Dee Home Sales up 13.5%

An increase in new home listings and housing inventory kept momentum moving forward in the Florence and Greater Pee Dee real estate markets in July despite falling median prices.

In July the Florence market saw homes sit on the market for about a month longer than in June but listings surged to 157 listings as inventory reached 799 — the highest level of the year for both numbers.

Despite the activity, closings and the median sales price shrank to 67 closed sales and $138,500 in July, a 9.5 percent and 16.6 percent decrease over July 2012 numbers, respectively. Days on the market until sale moved to 103, but the year average is at 99, down 18 percent from 2012.

In the first seven months of the year, 521 homes were sold, a 13.5 percent jump over the same period last year. That increase is similar to the 12 percent increase the Greater Pee Dee saw with 964 homes sold.

READ MORE HERE

Categories : Florence
Comments Comments Off on Pee Dee Home Sales up 13.5%