Archive for October, 2013

Oct
31

Construction Underway on Fort Mill ‘Skyscraper’

Posted by: | Comments Comments Off on Construction Underway on Fort Mill ‘Skyscraper’

Who knew “skyscraper” was a relative term?

Kuester Development Associates has started construction of its four-story Greens at Fort Mill, and yesterday the town is jokingly celebrated its first skyscraper. A quick glance around downtown Fort Mill during the groundbreaking ceremony reveals that the tallest competitors are two-stories in height.

The $8 million, 64-unit Greens at Fort Mill is Kuester’s largest project to date. Faison Kuester, the firm’s CEO, says similar projects would be infill developments in many other downtown areas in the Carolinas.

Kuester announced the 77,000-square-foot project at 114 Elliott St. in July. It’s being built on a 2.5-acre site within sight of Main and Tom Hall streets. Kuester expects the residents to start moving in in May.

READ MORE HERE

Categories : Rock Hill
Comments Comments Off on Construction Underway on Fort Mill ‘Skyscraper’
Oct
31

NAI Earle Furman Releases 3Q Market Reports

Posted by: | Comments Comments Off on NAI Earle Furman Releases 3Q Market Reports

NAI Earle Furman has released its Third Quarter 2013 Market Reports. Reports include market snapshots in the office, retail and industrial sectors of commercial real estate. The reports summarize the quarterly market statistics – including vacancy, construction, asking rents and absorption – across commercial property types and submarkets in the Upstate.

ACCESS THE REPORTS HERE

Categories : Greenville, Spartanburg
Comments Comments Off on NAI Earle Furman Releases 3Q Market Reports
Oct
30

MWV Land Sale Won’t Affect Local Development

Posted by: | Comments Comments Off on MWV Land Sale Won’t Affect Local Development

MeadWestvaco Corp.’s sale of all of its U.S. forestlands to Plum Creek Timber Co. Inc. will not impact its real estate development projects, including Nexton in Summerville.

“Other than the fact that it provides more capital that can be invested in those projects, it won’t impact them at all,” said Kenneth T. Seeger, president of MWV’s Community Development and Land Management. “We’re continuing forward with the same management team, the same business plan and the same partnerships.”

The company’s main focus will be on its remaining 109,000 acres of development property in the Charleston region and its Cabin Bluff development in Georgia. In the Lowcountry, MWV will concentrate on its Nexton and East Edisto developments, 10 industrial parks in Charleston and along I-95 and various joint ventures.

READ MORE HERE

 

Categories : Charleston
Comments Comments Off on MWV Land Sale Won’t Affect Local Development
Oct
30

Shelter Cove Towne Centre Update

Posted by: | Comments Comments Off on Shelter Cove Towne Centre Update

Select details are emerging as construction continues on the $76 million Shelter Cove Towne Centre, and folks involved in the mid-island redevelopment project envision a finished product worthy of lingering attention from visitors and islanders alike.

“Ultimately we’re trying to make this a place that truly lives up to it name,” said Roni Allbritton, general manager for Blanchard & Calhoun, the commercial developer partnering with Kroger Co. on the 42-acre site featuring fresh shopping, dining and leisure options. “We want this to be a place where people can spend all day playing and having a good time.”

A playground area and five acre park nestled along Broad Creek with a public pier will bolster that goal along with a bike path linking the Centre to the rest of the island. Final phase construction set for completion in 2015 will also include 210 creek side rental housing units, but initial offerings are only a matter of weeks away.

READ MORE HERE

Categories : Hilton Head Island
Comments Comments Off on Shelter Cove Towne Centre Update
Oct
29

Share SCREnews.com Posts a Variety of Ways

Posted by: | Comments Comments Off on Share SCREnews.com Posts a Variety of Ways

I recently changed WordPress plug-ins to give readers more options to share the news that is posted here. The bar below each post includes icons for most popular social media sharing sites, including LinkedIn, Facebook and Twitter. There is even a button to email the post to someone.

The previous sharing links were not working and it took me awhile to realize this. I apologize for that.

Please help me spread the word about SCREnews.com.

Michael Dodds, MAI, CCIM

Categories : SCREnews, Uncategorized
Comments Comments Off on Share SCREnews.com Posts a Variety of Ways
Oct
28

N. Charleston Apartments Sold

Posted by: | Comments Comments Off on N. Charleston Apartments Sold

One Eleven Partners is pleased to announce that Chris Yeagle and Nick Casso recently brokered the sale of St James Crossing Apartments, a 280 unit, 1974 constructed, multifamily development located in North Charleston, South Carolina. The sale price was not disclosed.

Chris Yeagle represented the Seller, Carter Haston Real Estate Services. The Buyer, URS Capital Partners, will undertake a $2 million renovation to reposition the property and has rebranded it The Reserve at Ashley River.

 

Categories : Charleston
Comments Comments Off on N. Charleston Apartments Sold
Oct
28

Congratulations to ULI South Carolina

Posted by: | Comments Comments Off on Congratulations to ULI South Carolina

ULI South Carolina is the first  ULI District Council to conduct 3 Reality Checks: one in every major metropolitan area – Charleston (the Low Country Reality Check), Greenville-Spartanburg ( the Upstate Reality Check) and  now Columbia (the Midlands Reality Check). The Midlands Reality Check was attended by more than 350 community leaders from the City of Columbia as well as 8 surrounding counties. National ULI leaders have recognized the event as being one of the best conducted to date.

Well done. Congratulations!

Michael Dodds, MAI, CCIM

Categories : South Carolina News
Comments Comments Off on Congratulations to ULI South Carolina
Oct
25

N. Charleston Apartments Sold at 8.5% Cap Rate

Posted by: | Comments Comments Off on N. Charleston Apartments Sold at 8.5% Cap Rate

Marcus & Millichap Real Estate Investment Services  has announced the sale of Hidden Oaks, a 48-unit apartment property located in North Charleston, SC. The asset sold for $2,116,000.

Hidden Oaks is located at 2625 Otranto Road in North Charleston, SC, and offers easy access to Rivers Avenue, I-26 and Hwy 526. This property consists of six, two-story buildings, a leasing office and laundry facility. The property offers a unit mix of 6 one-bedroom units and 42 two-bedroom units, and is 92% occupied.

Hidden Oaks was built in 1974 and has undergone extensive renovation of all 48 units during the last 24 months including new roofs, windows, HVAC units, renovated interiors, hot water heaters, etc… The units are electric and gas and equipped with central heat and air. Water and sewer are master metered.

Mark Boyce, an apartment investment specialist in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Mark Boyce.

 

Categories : Charleston
Comments Comments Off on N. Charleston Apartments Sold at 8.5% Cap Rate
Oct
25

Large Development Planned for Daniel Island

Posted by: | Comments Comments Off on Large Development Planned for Daniel Island

Right now, Susan Petinga has nothing but trees and wildlife behind her River Reach Pointe home near the banks of the Wando River. As she carefully studied a large map displaying a proposed master plan community on the Cainhoy Peninsula, she could see that changing times are ahead for her quiet neck of the woods.

“All we have is the forest in our back yard, and bears, turkeys, and foxes,” said Petinga, whose home is located just on the southeastern edge of the planned new development. “…We sort of knew this might happen. It was too prime a piece of property not to develop.”

Petinga was one of about 150 people who turned out for the first public meeting on the project, dubbed the “Cainhoy Planned Unit Development.” The event, held on October 15 at the Gildan plant on Clements Ferry Road, was hosted by the City of Charleston and those representing the family of the late Harry Frank Guggenheim, the current owners of the 9,000 acre parcel. When fully developed, the property could be home to some 20,000 residents.

READ MORE HERE

 

Comments Comments Off on Large Development Planned for Daniel Island
Oct
24

Publix Plans Eleven Charlotte Stores

Posted by: | Comments Comments Off on Publix Plans Eleven Charlotte Stores

Publix Super Markets Inc. looks forward to being your favorite supermarket. The Lakeland, Fla. grocery chain has plans to open 11 locations — a mix of new and remodeled sites — in the Charlotte region by the end of 2015.

The first of the 11 locations slated to open will be its Ballantyne Town Center store in early 2014.

But Publix has already started reaching out to potential customers to raise awareness that the grocer is coming to town. That includes mailing fliers and posting signs at some of its future locations.

“We hope they will come and try us and give us the opportunity to show them what we’re all about,” says Kim Reynolds, spokeswoman.

READ MORE HERE

Categories : Charlotte
Comments Comments Off on Publix Plans Eleven Charlotte Stores
Oct
24

Florence CBD Redevelopment Continues

Posted by: | Comments Comments Off on Florence CBD Redevelopment Continues

Downtown development interest continues to expand as now North Dargan Street begins to see more movement, especially with the recent purchase of a building by an investment group on the block.

N & R, made up of John R. Etheridge, Kevin Etheridge and Victor Webster, recently closed on the three-story, nearly 17,000-square-foot building at 142 N. Dargan St. The unoccupied building, formerly the Rainwater Furniture store, is zoned for mixed use and the group has plans to utilize it as such, but right now Webster said they’re focused on the ground floor space.

“Our short-term goal is to renovate and attract a tenant downstairs, to have an anchor tenant,” Webster said. “Then the upstairs we’ve kicked around maybe doing an antique mall on the second and third floor. I think our long-term goal would be putting apartments up here on the second and third floor. We have room for four apartments on each floor.”

READ MORE HERE

Categories : Florence
Comments Comments Off on Florence CBD Redevelopment Continues
Oct
24

Winnsboro’s Historic Mt. Zion Institute to be Demolished?

Posted by: | Comments Comments Off on Winnsboro’s Historic Mt. Zion Institute to be Demolished?

Public outcry from citizens and the special interest group Friends of Mt. Zion Institute filled town hall on Oct. 15 in hopes of saving the historic Mt. Zion building from the wrecking ball.

Former councilman Bill Haslett is in favor of keeping Mt. Zion and does not want to see a part of Winnsboro’s history torn down. “Revitalizing Mt. Zion is something I’ve pushed for for a long time,” Haslett stated. “My support of Mt. Zion is real and I would like to see the town reconsider a decision to tear it down.”

Frustrated by little to zero progress during the three years that Red Clay Development owned the building, Haslett said the town had to pay Red Clay an unspecified amount just to receive the deed to the building back after Red Clay threatened to sue.

In 2006, the town accepted the property from the Mt. Zion Society along with a $108,000 cash receipt. Haslett asked the question, “Where was that money and how come it was not being used to renovate the building?”

READ MORE HERE

Blog Note:

I attended kindergarten at this school, so I would very much like to see it saved and renovated. If you would take a moment to “like” the Friends of Mt. Zion Facebook Page as a show of support, I would greatly appreciate it.  Contacting the City of  Winnsboro to stress the need to save this building would be even more appreciated.

Michael Dodds, MAI

Categories : Winnsboro
Comments Comments Off on Winnsboro’s Historic Mt. Zion Institute to be Demolished?
Oct
23

Reis: 3Q 2013 Apartment Overview (video)

Posted by: | Comments Comments Off on Reis: 3Q 2013 Apartment Overview (video)

Categories : National News
Comments Comments Off on Reis: 3Q 2013 Apartment Overview (video)
Oct
17

Real Data: Charleston Apartment Vacancy at 5.2%

Posted by: | Comments Comments Off on Real Data: Charleston Apartment Vacancy at 5.2%

The vacancy rate improved greatly over the past six months for the Charleston area according to Real Data. High demand for apartments in the area improved the vacancy to 5.2%. There were a record number of units absorbed over the past six months. The development boom continues in the Charleston area. The number of units under-construction remains high. There are approximately 3,700 units currently proposed, the majority of which are located in the West Ashley and James Island submarkets.

Rents increased to $903 per month over the past six months. Demand and rent growth are expected to remain strong over the next year.

Categories : Charleston
Comments Comments Off on Real Data: Charleston Apartment Vacancy at 5.2%
Oct
16

Upscale Apartments Planned for Daniel Island

Posted by: | Comments Comments Off on Upscale Apartments Planned for Daniel Island

Spectrum Properties Residential and Pacolet Milliken Enterprises, Inc. announce the development of a 269-unit luxury apartment community in Daniel Island, S.C. Designed by Charleston-based architects LS3P and to be constructed by Balfour Beatty Construction, the Simmons Park apartments will seek Green Certification. Simmons Park is expected to break ground in the fall of 2013. Leasing will begin in late 2014, with an estimated project completion of mid-2015.

The apartments will be within walking distance of a variety of restaurants and retail stores, including the Publix grocery store.  The building’s four-story exterior will feature Charleston brick, tan stucco and large porches, which will offer scenic views of the lake.  The building will additionally feature two street-level retail spaces overlooking the park.

The apartments will feature condominium-level finishes, including granite countertops in the kitchens and baths, stainless steel appliances, forty-two inch custom cabinets and large walk-in closets. Residents will enjoy a variety of amenities, including:

  • Incredible outdoor living spaces including an expansive outdoor living room with multiple flat screen TVs, a fire pit, and three outdoor kitchens with dining areas
  • A resort style saltwater pool with a large sundeck overlooking the lake
  • A cutting-edge fitness center
  • A community room with flat screen TVs, demonstration kitchen and dining areas
  • A yoga studio
  • Secured covered parking
  • A cyber café and coffee bar with iMacs
Categories : Charleston
Comments Comments Off on Upscale Apartments Planned for Daniel Island