Archive for September, 2013

Sep
27

Pawley’s Island to get a Publix?

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A Georgetown County Council member expects the anchor store at a revamped Pawleys Plaza to be a Publix grocery.

Bob Anderson told members of the Waccamaw Neck Republican Women’s Club this week that the occupant of a new building approved for up to 60,000 square feet at the plaza will “probably be a Publix.”

Anderson cautioned that a refurbished plaza is still not a done deal.

His comment confirmed what some county staff said they were told earlier this year, but which they were not authorized to talk about.

A spokeswoman for Publix said there was no store on the schedule, but she had heard “rumors” about a store in the Myrtle Beach market. She said the company doesn’t comment on rumors.

READ MORE HERE

Categories : Georgetown, Myrtle Beach
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Sep
27

Four Trends Spurring Growth of Inland Ports

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With the new inland port being built in Greer, SC, this might be of interest to you.

Inland ports that serve the Midwest and other interior sections of the country should continue to experience strong growth in the future, according to Curtis Magleby, senior managing director and regional head, U.S. Capital Markets West, for Cushman & Wakefield; Michael Berry, president of Hillwood Properties; and Stephen Crosby, president of CSX Real Property, all of whom spoke at NAIOP’s I.con: The Industrial Conference in Los Angeles in June.

What is an inland port? According to a 2011 Jones Lang LaSalle report, Perspectives on the Global Supply Chain, it is “a hub designed to move international shipments more efficiently and effectively from maritime ports inland for distribution throughout the U.S. heartland.”

Not every big intermodal hub away from a major seaport is an inland port. Inland ports feature most or all of the following characteristics: regional multimodal transportation infrastructure; a Class I railroad intermodal hub (port connectivity); a Foreign Trade Zone; a diverse, broadly skilled workforce; land availability (entitled development sites); and economic incentives.

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Sep
26

Raleigh Office Buildings Sold for $129/sf

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Vitus Enterprises has purchased two Class A office buildings in Raleigh totaling 48,000 square feet in a sale-leaseback transaction. Vitus purchased the facilities, located at 6870 and 6880 Perry Creek Road in Raleigh’s Highway 1/ Capital Boulevard office submarket, for $6.2 million. The seller, SST, and Thompkins Associates will occupy one of the buildings, and Vitus will occupy the second facility at a reduced rental rate. Sam DiFranco and Sam DiFranco Jr. of Trinity Partners represented the buyer in the sale-leaseback transaction. York Properties represented the seller.

Categories : Raleigh
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Sep
25

Property Tax Dispute Heads to S.C. Supreme Court

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This case will be interesting to watch. Many just assume that the assessor’s offices will automatically adjust the assessed value of your property to the sales price after you buy it. While this is true in many cases, the question of whether it was a “distressed sale” will often come into play. We have successfully handled property tax appeals on properties where we had to prove that the sale was an arm’s length, non-duress, transaction. Please let me know if we can assist with appealing your assessed value.

Michael Dodds, MAI, CCIM

Categories : South Carolina News
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Sep
24

175,000 SF Aiken Distribution Center Sold

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Elmtree Funds has purchased a Class A distribution facility that is under construction in Aiken for $8.5 million. Owens Corning, a global producer of building materials including glass-fiber reinforcements and engineered parts for composite systems, will occupy the 175,000-square-foot building under a 15-year lease. The property will be connected to the company’s existing manufacturing facility, which opened in 1979 and has undergone three expansions since.

ElmTree Funds is a private equity investment firm based in St. Louis with additional offices in Boston, New York and Charlotte, N.C. The company focuses on commercial sale-leaseback and net-lease transactions.

Categories : Aiken
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Sep
23

Chapel Hill Retail Center Sold

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Berkeley Capital Advisors has announced the sale of Cole Park Plaza, a 82,282 SF Dollar General anchored center located at 11500 US Highway 15-501 in Chapel Hill, North Carolina. According to Loopnet, 7 stores, representing approximately 52% of the center, are currently vacant.

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

Categories : Chapel Hill
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Sep
23

Summerville to Get Two New Hotels

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Two new hotels are coming to the Charleston area.

Both will rise in MeadWestvaco Corp.’s massive 4,500-acre Nexton development project of homes, offices and commercial sites at U.S. Highway 17-A and Interstate 26 near Summerville.

The first, a 96-room, four-story Courtyard by Marriott, will break ground at 11 a.m. Monday at 1510 Rose Drive on what will eventually become Sigma Drive, according to MeadWestvaco spokeswoman Jennifer Howard.

The second, also a Marriott, will begin construction in the fall of 2014 and open the following year near the other hotel.

READ MORE HERE

Categories : Charleston
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Sep
20

3Q PWC REAL ESTATE INVESTOR SURVEY™ RELEASED

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The 2013 3Q PwC Real Estate Investor Survey™ arrived this morning. A quick glance at the survey shows that respondents report declining cap rates in every category except Net Lease (+15 bp) and Power Centers (+4 bp). The industrial sector leads the way in cap rate declines with Warehouse cap rates down 18 basis points, and Flex/R&D down 32 basis points since the last quarter. Apartment cap rates continue to decline, and set the low end of the range at 5.61%.

Michael B. Dodds, MAI, CCIM

Categories : National News
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Sep
19

TownePlace Suites in Greenville Sold

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Urbana Varro, LLC, has acquired the 95-suite TownePlace Suites in Greenville, SC. Conveniently located near the super-regional Haywood Mall, the largest in the state with more than 1.3 million square feet of retail space, this extended-stay hotel targets extended-stay, corporate, group and leisure business.

Urbana Varro, LLC is a venture between Urbana Realty Holdings, LLC, an Atlanta-based commercial real estate investment, development and management company, and Varro Hospitality, LLC, a Dallas-based hotel investment and management company. The purpose of the venture is to acquire risk-adjusted investment opportunities on behalf of the Fund.

The TownePlace Suite will undergo substantial renovations in order to remain at the top of its competitive class in the market. Facilities for providing complimentary hot breakfast and meeting space, as well as improvements in the exercise room, patio and public space will be added.

Categories : Greenville
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Sep
19

$80 Million Mixed Use Development in Charleston’s Midtown

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Midtown is the new buzz word for redevelopment in downtown Charleston.

The long-awaited $80 million hotel and retail complex at the corner of King and Spring streets officially broke ground Tuesday with officials hailing it as the latest pillar in the redevelopment of a once-blighted part of peninsular Charleston.

Representatives of Regent Partners of Atlanta and Charleston-based CC&T Real Estate Services along with other dignitaries kicked off the upper King Street redevelopment project on 2.4 acres of mostly abandoned and vacant property.

The project will include a 10-story, dual-branded Hyatt House and Hyatt Place hotel with 304 guest rooms, retail shops and a seven-story, 403-vehicle parking deck, which the city will eventually own. All told, Midtown will include four new structures and two renovated buildings for a total of 433,000 square feet.

READ MORE HERE

Categories : Charleston
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Sep
19

Hotel Announced for Greenville’s Main Street

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McKibbon Hotel Group, one of the Southeast’s leading hotel management groups with more than 75 properties, is pleased to announce the addition of Aloft Hotel in the heart of downtown Greenville, South Carolina. The Starwood Hotel and Resort brand hotel, a vision carrying the DNA of W Hotels, is scheduled to open in early 2015 on Laurens Street facing the newly renovated plaza formerly known as Piazza Bergamo.

Adjacent to Greenville’s ONE Building, the hotel will sit atop a new 474-space public parking garage. Guests on foot will arrive within the small-scale pedestrian mews of North Laurens Street, a vibrant collection of specialty restaurants, outdoor seating, unique retailers and festive lighting. The ONE Building is home to CertusBank corporate headquarters, Haynsworth Sinkler Boyd law firm, Clemson’s College of Business and Behavioral Science and sits adjacent to Greenville’s Bank of America tower.

READ MORE HERE

Categories : Greenville
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Sep
18

Columbia Medical Building Sold for $88/SF

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NAI Avant Senior Investment Broker, Dail Longaker, recently represented the owner of 2 & 3 Southern Court in the sale of its approximately 22,000 square foot, multi-tenant medical office building in West Columbia. Tenants at the property include Laboratory Corporation of America (a NYSE company, occupies 62%of the building) and Palmetto Spine & Sports Medicine. The 84% occupied building sits on 2.51 acres. It was purchased by Joseph Penn, LLC, for $1,930,000, or $87.73 per square foot.

Categories : Columbia
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Sep
18

SC: The Beast of the East

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Officials say they remember the days when South Carolina was a champion at making textiles and not much else. How times have changed. From automotive to aerospace to energy, and nearly everything in-between, the Palmetto State now has a wardrobe filled with title belts in various manufacturing sectors. Between an unstable economy and neighboring competition, how does it keep delivering knockout punches?

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.”

READ MORE HERE

Categories : South Carolina News
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Sep
17

PKF: Hotel Fundamentals Remain Strong

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In the recently released September 2013 edition of Hotel Horizons®, PKF Hospitality Research, LLC (PKF-HR) affirms its forecast of strong fundamental performance for the U.S. lodging industry. The lack of meaningful increases in hotel supply, an economy that supports growth in lodging demand and market leverage that allows for real room rate growth leads to PKF-HR forecasts of healthy increases in both revenues and profits in 2013 and 2014.

It is very rare for PKF-HR to say we have no concerns about the near-term outlook for the U.S. lodging industry, but that is what we see from our econometric models, as well as discussions with our clients. If you look at the factors that historically have derailed the good times for hotel profit growth, very few, if any, exist today.

According to the September 2013 Hotel Horizons® report, PKF-HR is forecasting U.S. hotels to enjoy a 5.9 percent increase in revenue per available room (RevPAR) in 2013, followed by RevPAR gains of 7.2 percent in 2014 and 8.1 percent in 2015. All of these projections are well above the long-run average annual RevPAR increase of 2.9 percent as reported by Smith Travel Research (STR).

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Categories : National News
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Sep
17

Lexington, SC Publix Center Sold

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Hendrix Crossing, a 61,712-square-foot, Publix-anchored shopping center in Lexington, SC has been sold. Additional tenants of the center include Subway, Great Clips, Yogen Fruz and Bella Nails and Spa.

Mike Burkard, Chris DeCoufle, Kevin Reavey and Steve Shields of CBRE represented the seller, Columbia-based EDENS, in the transaction. The buyer was Raleigh, N.C.-based Centrex Properties.

Categories : Columbia
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