Archive for November, 2013

Nov
27

Happy Thanksgiving from SCREnews

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Categories : SCREnews
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Nov
26

Embassy Suites Planned for Greenville’s RiverPlace

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Developers are planning a big addition to downtown’s RiverPlace that will be anchored by a 156-room Embassy Suites hotel with rooftop dining and an indoor pool.

Greenville developer Paul C. “Bo” Aughtry III this morning released a rendering of the building that will house the hotel, if things go as planned.

The development site at the intersection of the Reedy River and River Street is being used as a surface parking lot now.

The hotel, scheduled to open in 2016, will have restaurants on the roof and in the lobby, as well as banquet space and board rooms overlooking the river across from the Peace Center, according to Aughtry’s company, Windsor/Aughtry Co.

READ MORE HERE

Categories : Greenville
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Nov
26

Aiken Residential Sales Up 13.5%

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The Aiken Board of Realtors has some good news to share. Things are looking up for the real estate business locally based on a report recently released by the organization.

The year-to-date figures for residential transactions through October showed that both pending sales and closed sales were up 13.5 percent.

“I wouldn’t call it a recovery anymore; I think we’re back into a normal market,” said Kristyne Shelton, the Board of Realtors’ association executive. “People understand that it’s a good value to buy a home, and it’s a smart investment to buy a home. Sometimes, in the under $100,000 category, you can buy a house for cheaper than you could rent it.”

The year-to-date median sale price of $141,500 was down 4.4 percent.

“We have a large inventory of houses in the above $400,000 price range, and that is a hard category make a sale in,” Shelton said. “When you don’t sell those big houses, that drives the median price down.”

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Categories : Aiken, Uncategorized
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Nov
25

Carolinas Continue Rebound from Great Recession

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Charleston has significantly improved its gross domestic product from the depths of the Great Recession, according to recent data from the Brookings Institution.

In its Metro Monitor for September, Brookings examines the 100 largest U.S. metro areas for four key metrics:

  • gross product
  • home prices
  • jobs
  • unemployment

Those indicators are studied at the depths of the recession, during the recovery, and where they stand currently. Brookings then ranked the cities based on improvement in each of those categories.

When it comes to rebounding from its lowest point, Charleston ranked No. 9 in GDP improvement, gaining 17 percent from the third quarter of 2009 to Q3 2013. It ranked 12th in job creation, gaining 9 percent from Q4 2009.

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Nov
21

Ten New Restaurants for Columbia’s CBD

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Main Street is about to experience an unprecedented restaurant boom, spurred on by the promise of about 850 University of South Carolina students moving into the former Palmetto Center tower, which will triple the number of residents on the street.

Ten new restaurants – from Mediterranean and Ethiopian to Cajun and new Southern – have opened in the past month or will be opening soon.

The openings are building on the momentum for Main’s revitalization that started two years ago, when country-cool retailer Mast General Store opened in the former Lourie’s menswear building at the corner of Main and Taylor streets.

It seems, after decades of start-and-stop redevelopment efforts, Main Street finally has arrived. “Ten new restaurants is more than just good news, it’s mind blowing,” Columbia Mayor Steve Benjamin said.

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Nov
20

Apartments and Retail Planned for Lexington

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A developer plans to start work this spring on turning a former sawmill in Lexington into a major retail center with a residential arm.

The project, on U.S. 378 two miles west of I-20, is among the biggest developments ever in the steadily growing town of 18,000 residents and perimeter around it.

“It’s a sea change for our community and for the center of Lexington County,” said Randy Halfacre, the town’s mayor and president of the Greater Lexington Chamber of Commerce.

Transformation of the 70-acre sawmill site, once a local landmark, will occur in stages, developer Tony Berry of Rock Hill said. A long-awaited multi-screen cinema and 234-apartment complex are “both a definite,” but plans for about 16 stores and restaurants are unsettled, he said.

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Categories : Lexington, Uncategorized
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Nov
19

Charlotte Office Vacancy Rates at a Four-Year Low

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With the third quarter results in, all signs point to continued incremental improvement of the Charlotte office market. Vacancy rates have fallen to a four-year low and investment sales activity continues to strengthen as new capital sources enter the market.

On the economic front, unemployment in Charlotte continues to lag behind some other North Carolina cities at 9.5 percent, but the city is experiencing positive economic movement in other measures, particularly single-family housing and retail sales.

For some long-term perspective, the labor force in Charlotte has grown 22 percent during the past 10 years, nearly three times the national rate. Additionally, in August, the population of Mecklenburg County reached 1 million people. With a population of approximately 2.3 million, Charlotte maintains its position as the largest MSA in the Carolinas.

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Nov
19

Downtown Beaufort Property to be Redeveloped

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CBRE Furman Co. President Steve Navarro and Beaufort developer Jim Chaffin will partner on a joint project to redevelop an underutilized waterfront parking lot at Beaufort’s historic Downtown Marina. Beaufort City Council approved an agreement of understanding with Navarro and Chaffin’s firm, Historic Marina Partners LLC, that outlines the completion of a development plan with public input after 180 days.

“What I’m most excited about this is that it’s a really cool site that has so much potential,” said Navarro. “It’s in a really strategic location, and that’s something we think we can really take advantage of and attract a lot of people to.”

The four-acre parking lot site contains around 100 parking spots and is adjacent to the city-owned downtown marina, three public parks and the downtown shopping and entertainment district. The development is intended to encourage economic growth in the western end of downtown Beaufort’s retail district and to draw residents to the area, according to city news release.

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Nov
18

Real Data: Columbia Apartment Vacancy Remains Around 8.2%

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The vacancy rate for the Columbia area remained unchanged over the past six months according to Real Data. The Northwest submarket experienced the strongest demand during this time period. There is continued interest for apartment development particularly in the Northeast and Central submarkets. There are nearly 1,800 units proposed and approximately 700 units under- construction throughout the Columbia metro area. Same-store rents increased bringing the average monthly rent to $838.

Demand is expected to remain strong over the next year which will likely keep occupancy rates steady. Rental rates are projected to increase 3-4% over the next year.

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Nov
14

200,000 SF Charleston Industrial Building Sold

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Kontane Logistics, an industry leader in Third Party Logistics with locations in N.C., S.C. and Texas, has purchased International Center I, a 200,000 SF, Class A, industrial distribution building located at 1000 Charleston Regional Parkway in Charleston. The center is strategically located between the Port of Charleston’s Wando Welch and North Charleston container terminals, and is in an active Foreign Trade Zone, which greatly benefits Kontane Logistics’ high-volume importers.  Loopnet reports the sales price as $10,600,000 ($53/SF).

The sellers were Greystar Real Estate Group and Thackeray Partners. Colliers International brokered the sale. Lane Holbert, CCIM, SIOR of Cassidy Turley and Hagood Morrison, SIOR of Colliers represented Kontane Logistics in the site and facility search. Peter Fennelly, SIOR, MCR and Simons Johnson, SIOR, CCIM, MCR represented the Seller in the transaction.

 

Categories : Charleston
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Nov
13

160,000 SF Warehouse Sold in Anderson

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Spartan Logistics, a third-party warehousing and logistics services provider based in Columbus, Ohio, has announced that it has acquired a 160,000 sq. ft. warehouse and related tenant business in Anderson, S.C., from Elston-Richards. The property is located at 5201 Highway 81 S in Starr, SC 29684.

Spartan Logistics has occupied one-third of the building for the past five years and needed to expand its space in Anderson. At the same time Elston-Richards sought to reinvest and focus on its operations in Michigan. After seeking alternatives for years, the two companies reached an agreement for Spartan to acquire the entire facility.

Spartan Logistics will operate the facility under assignment of the current customer contracts and will make significant investment in upgrading the property to modernize the facility and preserve its value.

 

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Nov
12

Charlotte’s Carmel Crossing Office Park Sold

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Vision Properties has closed on its $37.35 million acquisition of the three-building Carmel Crossing office park in south Charlotte.

The firm, headed by Fred Arena, is a spinoff of New Jersey-based Vision Equities that will focus on new office acquisitions along the East Coast, working as an operating partner alongside larger institutional investors.

Vision Properties purchased Carmel Crossing with an unidentified family office.

The Charlotte Business Journal reported this month that Vision was under contract to purchase Carmel Crossing, which totals approximately 326,000 square feet, from Parkway Properties.

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Nov
12

Winnsboro Delays Vote on Mt. Zion Building

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Winnsboro Town Council has postponed its decision concerning what to do with the historic Mt. Zion building, but is hopeful to announce a decision in the next 10 days.

Town Hall was filled to capacity — and even overflowed into the hallways — with supporters of the citizen group Friends of Mt. Zion Institute (FOMZI) at Tuesday’s town council meeting.

After nearly an hour and half behind closed doors, council did not make any motion after an executive session. Mayor Roger Gaddy said there would be a work session — with an executive session — in the next seven to 10 days concerning Mt. Zion.

“Hopefully we will have a decision and a proposal we could present at that time,” Gaddy stated. “We’ve been dealing with this issue for a long time and we’re ready for it to be resolved.”

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Nov
11

New Tenants at Greenville’s Magnolia Park

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Menin Development Inc. (MDI), Palm Beach, FL has announced the newest additions to the tenant line up at Magnolia Park, its $250 million, 800,000 square foot mixed use, retail and entertainment project located at the intersection of I-85, I-385 and Woodruff Road in Greenville, South Carolina.

Magnolia Park, formerly the Greenville Mall, was purchased by a Menin affiliate and the former Mall was demolished and is in final stages of being re-conceived. Upon its completion by year end 2014, Magnolia Park will feature an unsurpassed mix of retailers and restaurants, the majority of which will be making their South Carolina or even Southeast US debuts on site.

Joining open retailers and restaurants Costco, Regal Cinemas, Toys R Us/Babies R US, Rooms to Go, Cheddars, Firebirds and Jared’s will be Cabela’s, Nordstrom Rack, Golfsmith, Yard House, Tucanos Brazilian Grill, and Destination XL. With these new additions, Magnolia Park is now 90% committed and will be fully opened and occupied prior to year end 2014. CLICK HERE  for a more detailed list of retailers, restaurants and office users coming to Magnolia Park.

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Nov
11

MPF: Charleston Apartment Market (Video)

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Categories : Charleston
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