Archive for December, 2013

Dec
31

Happy New Year from SCREnews!

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Categories : SCREnews
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Dec
31

$23 Million Annually from Building Signage?

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Jamestown Properties’ One Times Square, which is best known as the home of the New Year’s Eve ball drop, is a largely vacant building splattered with graffiti. But the building still rakes in over $23 million annually from its lucrative advertising signage — accounting for more than 85 percent of its revenues.

“It made most sense when you cover all the windows with signs to not have it be so occupied,” Jamestown’s chief operating officer Michael Phillips told the New Yorker.

Every year about one million people gather around the 25-story building at 42nd Street and Broadway to see the ball drop, a tradition that stretches back 106 years. The property was once the home of the New York Times — from 1905 to 1913, at which point the newspaper moved to 229 West 43rd Street.

Categories : National News
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Dec
30

Elon Student Housing Complex Sold

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Crest at Elon, a student housing facility in Elon, NC, has traded for $4 million. The student housing community caters to the students of Elon University, a private liberal arts school.

The 42-unit, 168-bed student housing facility is located at 756 E Haggard Ave. on the Elon University campus. The university is master leasing the 50,400-square-foot facility. The sales price represents an 8.81% year one cap rate based upon the Loopnet listing.  The property offers a clubhouse lounge with a computer lab, meeting rooms and fitness center. Unit amenities include a bedroom furniture package with built-in desk in every bedroom, private bathrooms in each bedroom, full size washer/dryer, and eat in kitchen fully applianced including dishwasher and microwave. All utilities are included in rent.

A California-based private investment group purchased the student housing facility. The buyer elected to keep Priess as the management company for the property, in order to maintain a strong relationship with the university.

 

Categories : North Carolina News
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Dec
27

Raleigh’s Beckana on Glenwood Apartments Sold

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Grubb Properities has purchased the Beckanna on Glenwood apartment complex in Raleigh for $8.8 million.

An affiliate of the Charlotte firm paid $34,646 per unit for the 254-unit Beckanna community, according to Wake County records. However, the deal excludes the 6.4 acres the Beckanna has occupied since 1964. The Beckanna and its three, eight-story brick apartment buildings have always operated under a ground lease agreement with Dobs Inc. of Raleigh.

Grubb Properties will be the third ownership group to take over the complex in the past six years.

Grubb purchased Beckanna from an affiliate of Trade Street Residential of Aventura, Fla., which bought the property in 2011 for $9.35 million.

READ MORE HERE

Categories : Raleigh
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Dec
26

Wheeler Acquires Five SC Shopping Centers

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Wheeler Real Estate Investment Trust  announced today that the Company has assumed and closed contracts previously entered into by Wheeler Interests, LLC, an affiliated company, to acquire five grocery anchored shopping centers totaling approximately 261,689 square feet, for a combined acquisition price of $15.8 million, or $60.38 per square foot. The property portfolio has an average occupancy rate of 91% and was acquired using a combination of cash and debt.

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Dec
24

N. Charleston to get Bass Pro Shops

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Bass Pro Shops plans to open a 130,000- to 150,000-square foot store in North Charleston, the company said Friday in a news release.

The announcement came a day after North Charleston City Council backed incentives for a large-scale retail project that could draw at least 700,000 out-of-town visitors each year.

Construction of the Bass Pro Shops Outdoor World store, which specializes in hunting, fishing, camping and other outdoor gear, is expected to begin in 2014. The store is expected to open in 2015 at the intersection of Interstate 26 and Northside Drive, the company said. It will be the primary anchor for the 2 million-square-foot, mixed-use Ingleside Plantation development.

The Bass Pro Shops store will feature an Uncle Buck’s Fishbowl and Grill, a nautical-themed bowling alley and restaurant.

READ MORE NOW

Categories : Charleston
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Dec
23

Crescent: $100 Million Expansion of Inn at Palmetto Bluff Planned

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Crescent Communities announced today an investment of more than $100 million to expand its prestigious Inn at Palmetto Bluff located in Bluffton, S.C. Crescent also announced that luxury hotel management company Montage Hotels & Resorts (“Montage”) will become the new operator of the expanded Inn, effective February 1, 2014, after which time the Inn will be marketed as The Inn at Palmetto Bluff, a Montage Resort.

The expansion will add 150 luxury rooms to the Inn’s 50 individual cottages – in a collection of buildings – and feature a destination spa and fitness center, meeting and special event facilities and expanded dining facilities for both guests and Palmetto Bluff property owners. In addition, Montage-branded residences will be on offer. Importantly, the expansion will preserve the nationally lauded Lowcountry aesthetic and hospitality of the existing Inn.

Crescent has assembled an expert team to lead the expansion project. The Athens Group – a hospitality industry leader known for its sustainable luxury resort developments – will serve as development partner, managing the expansion and leading a design team including world-renowned Hart Howerton, HKS Hill Glazier Studio and Wilson Associates.

The expansion and resulting growth in the surrounding community is estimated to have a positive fiscal impact of more than $500 million over the next 10 years.

READ MORE HERE

 

Categories : Beaufort, Hardeeville
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Dec
23

Spartanburg’s Schuyler Building to be Redeveloped

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Spartanburg’s downtown area is picking up steam with the addition of an 88-unit apartment community by Lofts of Greenville developer Pace Burt. The old Schuyler building is getting a needed $5.5 million to $6 million makeover, slated for mid-2014 completion, and will include a rooftop terrace, a fitness center, Venetian ceilings, bamboo cabinets and a plasma screen TV for each unit. With painting around 70% done, the complex should be completed in about six months, said developer Pace Burt.

The building, located at 275 S. Church St., was built in the 1950s to give the area some much-needed housing after World War II. It served as one of two bomb shelters during the Cold War era and, until recently, had served as an ever-deteriorating source of housing for Spartanburg residents. When Burt bought the building, he helped relocated residents over the course of six months. Some, he said, had been there for decades.

“It was a kind of semi-abandoned building in downtown Spartanburg,” said Burt, who came in about a year and a half ago to buy the building. “It really was going into disrepair.”

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Categories : Spartanburg
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Dec
23

Spartanburg’s Drayton Mill to be Redeveloped

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Pacolet Milliken Enterprises, Inc. announces initial plans for the redevelopment of the historic Drayton Mill property located minutes from downtown Spartanburg.  Pacolet Milliken, the property owner, will act as master developer.  Westbridge Partners and TMS Development have reached an agreement to purchase two 111-year-old former mill buildings on the site from Pacolet Milliken and repurpose them into luxury apartment homes, pending approval by the National Park Service.

Westbridge Partners and TMS Development plan to create 288 apartment homes out of the former spinning mill and weaving mill. Located on 10 acres of the site, the two magnificently maintained mill buildings feature exposed heavy timber construction, 16-foot ceilings and maple floors. Construction on Drayton Mills Apartments is expected to begin in the spring of 2014.

Pacolet Milliken plans to remodel buildings on the 230-acre site for use as an event space, restaurant space, a community center and office space. Offices located there will be partially occupied by Pacolet Milliken, as well as by sustainably focused local nonprofits who will receive grants for the office space from Pacolet Milliken.

At its height Drayton Mill served as a major economic engine for the region, being a main employment center and a source of pride for the thriving community. When the textile industry slowed and the bulk of the work went overseas in the 1980s and ‘90s, mills everywhere shuttered and communities suffered.

Categories : Spartanburg
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Dec
23

More Apartment Units Coming to Charleston

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New apartment developments have been a recurring theme in the Lowcountry’s rebounding real estate market this year. As 2013 winds down, there’s more to come on the multifamily front.

The first building has opened in The Flats at Mixson apartment community in the trendy Park Circle neighborhood in North Charleston. This is one of the latest pieces in the development of the 44-acre planned development off Durant Avenue.

The 268-unit Flats complex is spread across 10 buildings, the rest of which should be completed by next year, officials said. Flats at Mixson consists of 13 floor plans and monthly rents ranging between $860 and $1,365. Details include contemporary kitchens with white appliances, plank flooring and European-style cabinetry.

The apartment community is managed by Charleston-based multifamily giant Greystar.

READ MORE HERE

Categories : Charleston
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Dec
20

Christmas Humor

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Categories : Humor
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Dec
19

SUBSCRIBE TO RECEIVE DAILY CRE NEWS FOR FREE

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Please follow the link on the right side of the web page to subscribe to receive a daily e-mail update. We update our website constantly and you will receive a summary of the new posts around 11:10 AM each weekday. Our current e-mail subscriber list includes developers, mortgage bankers, municipal officials, attorneys, contractors, economic developers, appraisal reviewers and brokers.

Of course you can unsubscribe at any time, although we have only had five people unsubscribe since the site was started in March 2008. I assume that means that subscribers are finding it useful.

Note: I don’t use any ad tracking or the like, nor do I sell e-mail addresses to anyone!

Mike Dodds, MAI, CCIM

Categories : SCREnews, Uncategorized
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Dec
19

Fort Mill to Get 650 New Homes

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Plans for a new Crescent Communities subdivision are on their way to Fort Mill Town Council for a vote.

Last week the town’s planning commission recommended approval for a plan to annex property on Suttonview Road. The commission gave the same vote to a concept plan and development conditions. Town Council will take its first look at the project next month.

Crescent Communities applied for annexation at 1999 Suttonview Road, a parcel of land totaling almost 282 acres. A 2005 planned development agreement with York County currently allows for office and light industrial uses with 40 percent open space, 40-foot buffers and a nature trail along the Catawba River.

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Categories : Charlotte, Rock Hill
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Dec
19

Florence Retail Center Sold

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Berkeley Capital Advisors has announced the sale of Crossroads Center, a 113,922 SF retail center located in Florence, South Carolina. The Center is anchored by Hamrick’s and Dollar Tree.  The sales price was not disclosed.

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

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Dec
19

New Mixed Use Development for Spartanburg

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Spartanburg is in for more retail, office and apartment space after the new year, according to design firm GPN Architecture. A new mixed-use development is scheduled to break ground during the first quarter of 2014 and will be completed the same year.

Located at the corner of Broad and Wall streets, the development will include up to four retail and office units along with nine 1- or 2-bedroom apartments. The ground floor will house the retail and office spaces ranging from 500 to 750 square feet each, while the upper levels will have nine 1- or 2-bedroom apartments ranging from 570 to 950 square feet each, according to GPN Architecture Inc.’s website.

Spartanburg City Council approved the sale of the land to developer and builder Royce Camp of Midtown Properties LLC in late May for around $30,000, according to the city’s website. The land was pulled out of a city-owned parking lot and will help increase the density of activity around Morgan Square, said Assistant City Manager Chris Story.

READ MORE HERE

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