Archive for January, 2014

Jan
31

Subdivision Streets Named After NFL Teams?

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Neighborhood in Fishers, Indiana, has named its streets after NFL teams. Enjoy the Super Bowl this weekend.

Categories : Humor
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Jan
27

Hilton Head Hopes to Simplify Zoning Regs

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It made sense in the late 1980s for the newly-incorporated Town of Hilton Head Island to create strict zoning guidelines to slow the onslaught of haphazard, incohesive construction. Some of what was popping up, seemingly overnight, was incompatible with the understated, natural look of the island that residents treasured. And some of it was just downright unattractive and similar to the glitz of Myrtle Beach.

But today is a new day.

The very zoning regulations that saved Hilton Head from overdevelopment are now a an impediment for much-needed renovations of existing buildings.

And let’s be honest. Several of Hilton Head’s commercial areas need sprucing up, particularly if the island wants to preserve its spot as a top-tier tourist destination in an increasingly-competitive market.

READ MORE HERE

Categories : Hilton Head Island
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Jan
23

Laurens Taking Steps to Remove Dilapidated Building

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Laurens City Council is taking steps to remove a dangerous and dilapidated building in the downtown.

The property at the corner of Highway 221 and East Main Street was taped off in May. The roof is caving in, the bricks are crumbling, glass is broken and the building is filled with asbestos. City leaders say it’s structurally unsafe and a danger to pedestrians.

Cities can tear down vacant, unsafe buildings as long as they attempt to notify the owner. However, city officials say it would cost around $90,000 in taxpayer money to clear away the eyesore. If they invest the time and money, they’d like to own the property so they have a say in what happens to it after the building is gone.

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Jan
23

Ground Broken for Grand Bohemian Hotel Charleston

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Developers broke ground on a 50-room, four-story boutique hotel in downtown Charleston today.

Grand Bohemian Hotel Charleston, which will be The Kessler Collection’s newest property, is expected to open at 55 Wentworth St. in the first quarter of 2015. Richard Kessler, chairman and CEO of The Kessler Collection, said the project will cost between $25 million and $30 million, and the hotel will hire around 100 employees.

It will include an on-site 1,100-square-foot art gallery, 3,000 square feet of meeting and event space, a wine blending and tasting room, fitness center, coffee shop and cafe, library lounge, and a rooftop restaurant, bar and terrace.

Kessler said he had begun considering building a hotel in Charleston more than 15 years ago, but he struggled finding the right location. He finally found the spot about a year and a half ago.

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Jan
22

Apartments Planned at ‘Gateway’ to Greenville

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Developers plan a four-story apartment complex where Greenville Memorial Auditorium used to be, according to an application on file at City Hall. The latest plans to build apartments downtown would take place on a triangular site next to Bon Secours Wellness Arena where many previous development plans have fallen through.

The site is often called the “gateway” site because of its prominence at a key entrance to downtown, the arrival point for Interstate 385 traffic.

The Broadstone Gateway Apartments would include two interior courtyards that open to North Church Street and a grove of 10 trees at the corner of Beattie Place and East North Street, according to the plans. They also show an interior pool and parking garage. Alliance Residential Co. and Everlane Development plan the project, according to the paperwork.

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Categories : Greenville
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Jan
21

Myrtle Beach’s Grande Dunes Resort Sold

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LStar Management of Raleigh, which is developing the Walnut Creek community in Indian Land, has bought the huge Grande Dunes resort in Myrtle Beach, S.C.

The deal includes the 18-hole golf course, the 25,000-square-foot Ocean Club clubhouse on the ocean, the 10-court Tennis Club facility and a 131-slip marina.

The price of the deal, which was completed last month, wasn’t disclosed.

The deal also includes 770 acres of undeveloped land, which LStar says is prime for additional residential and commercial development.

“Our focus from day one will be to employ a long-term strategy for visionary growth that seeks to increase the value and reputation of the community while providing the finest standards of customer service for our members and guests,” says Kyle Corkum, managing partner at LStar.

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Categories : Myrtle Beach
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Jan
21

Walgreens Sale Sets Cap Rate Record

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The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased Walgreens property located at 6121 North Broadway Street in Chicago, Illinois for $13,025,000. The property was sold at a 4.87% cap rate, the lowest cap rate ever recorded for a Walgreens property according to Real Capital Analytics.

Walgreens is the sole occupant of the 14,820 square foot retail building which was developed by Crossroads Development Partners in 2013. This brand new build-to-suit Walgreens replaces an older in-line store which was previously located on the site under a 35 year lease that was expiring in August 2015. Walgreens desired to stay at this location and benefit from a new prototype store. In the immediate vicinity, Crossroads Development Partners is currently developing a single tenant LA Fitness and a single tenant Physicians Immediate Care.

The property is located in a dense infill area of Chicago on the northeast corner of North Broadway Street and West Glenlake Avenue. There are two CTA (Chicago Transit Authority) “L” Train stops in close proximity to the property. Additionally, Loyola University is located within a few blocks of the property and there are over 358,000 people living within three miles.

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Categories : National News
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Jan
21

Multi-Family market Softening? It Appears So

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There is a growing divide in price expectations between buyers and sellers in the multifamily sector, according to the findings of the National Multifamily Housing Council’s most recent quarterly survey of Apartment Market Conditions. This growing gap is in response to the considerable equity still on the prowl for opportunities in the sector. But while that is old news for the space, the survey noted other developments that point to a slight weakening in the sector.

For instance, there was a modest decline in both sales volume and debt financing, which is largely attributable to rising interest rates. The market tightness (41), sales volume (41) and debt financing (42) indexes were all a little below the breakeven level of 50, while the equity financing index rebounded to 50.

That said, the overall message of the survey is that the apartment market is still very strong, says Mark Obrinsky, NMHC’s SVP for Research and Chief Economist, in a prepared statement. “Although markets are a little looser than in October, this is largely seasonal; overall markets remain fairly tight,” he says.

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Categories : National News
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Jan
17

Charleston Hotel Occupancy Up 11.4%

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Charleston County sold 31,200 more hotel room nights in December 2013 than in December 2012, an increase of 13.8%, according to a monthly report.

Charleston County’s hotel occupancy rose 11.4% to 53.9% for December, compared with the previous year, according to Smith Travel Research data released by the College of Charleston’s Office of Tourism Analysis and the Charleston Area Convention & Visitors Bureau.

The average daily rate was $111.35 for December, up 4.1% from the year prior. The county has now had year-over-year average daily rate increases for 36 consecutive months, the report said. Charleston County’s revenue per available room was $60 for December, up 15.1% from December 2012.

For 2013, the county had an average occupancy rate of 72%, an average daily rate of $128.83 and revenue per available room of $93.92, the report said.

READ MORE HERE

 

Categories : Charleston
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Jan
17

Rick Erwin Announces New Clemson Restaurant

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Rick Erwin has announced plans to open his fourth restaurant, and his  first restaurant venture in the Clemson market.

Construction of the 12,000 square foot mixed use building, which will include the ground floor restaurant, is scheduled to begin in March for a fall 2014 completion. Located at the corner of Thomas Green Blvd. and Market St. the building will anchor the Patrick Square Town Center along with Clemson University’s OLLI facility.

The Rick Erwin Dining Group has found tremendous success in downtown Greenville with the West End Grille, Nantucket Seafood and Deli & Market. Rick’s restaurants are known for a warm and inviting ambiance paired with spectacular food and extensive wine selection.

Patrick Square is the first community of its kind in the Clemson Area, a 173-acre traditional development that blends historical architecture and green building in a pedestrian friendly environment. At the heart of Patrick Square is the Town Center, which features a variety of shopping, dining, professional services and centers for learning. Everything is within an easy walk of a growing residential base that includes single-family, condominium and townhomes.

 

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Jan
16

Holder to Build 1,000 New Student Housing Beds in Columbia

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The University of South Carolina board of trustees today voted to enter into an agreement with Holder Properties of Atlanta to build an academic office building and two student housing projects in the Innovista research campus.

It’s estimated the three buildings will cost almost $120 million. The student housing component of the public-private partnership will provide almost 1,000 new student beds.

Today’s announcement did not identify the location of the new buildings, but a December 2012 request for qualifications about the project identified the parcels designated for the student housing portion of the development as two blocks bounded by Greene, Blossom, Park and Lincoln streets, in the Innovista district.

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Categories : Columbia
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Jan
16

Graves Under Rosewood K-Mart Redevelopment Site?

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The company developing Rosewood Crossing on the site of the old Kmart on Devine Street says construction will start in 30 to 60 days.

“The original Kmart was build 1962, 1963,” said Michael Trinkley with the Chicora Foundation. Trinkley has done research on the site and sent letters to Richland County after he says there’s evidence grave sites are under the pavement.

“We’ve identified oral history from African American’s in the community talking about the Hampton Plantation burial ground being on this location, being under the parking lot itself,” Trinkley said.

Rosewood Crossing will be anchored by three national retailers Marshalls, Michaels and Petsmart along with a number of smaller brands. Developer Bright Meyers paid Sailors Engineering Associates to do a geotechnical investigation of the site.

READ MORE HERE

Categories : Columbia
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Jan
16

Real Data: Asheville Apartment Vacancy at 7.2%

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Demand for apartments in the Asheville area has surged over the last year. According to the latest report by Real Data, an apartment research firm based in Charlotte, demand for apartments in this market reached the highest level ever recorded.

The average vacancy rate is now 7.2%, which is down from a high of 12.8% in 2009. The average rental rate has risen to $839 per month.

Despite strong demand, new construction has slowed recently with just over 300 units currently under construction. Most of these units are located at Ballantyne Commons in Hendersonville, which expects to begin move-ins in January 2013. While there are currently more than 1,200 additional units proposed throughout the Asheville area, most do not plan to start construction till mid/late-2013 and will take 12-24 months to complete.

Categories : Asheville
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Jan
16

Charlotte Office Building Sold for $19 Million (8.2% Cap Rate)

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A Toronto-based real estate investment trust has purchased the Linville Building, a five-story north Charlotte office property across from Northlake Mall, for $19 million.

Agellan Commercial REIT closed on the acquisition this month, buying the office building from Trinity Capital Advisors and its ownership partners, Collett and Core Properties. The 118,497-square-foot building was developed in 2008 and is 96% occupied by tenants that include Positec Tool Corp., SGL Carbon and Regus.

Tenants at the Linville Building have a weighted average lease term of six years, according to Agellan, and more than half the space is leased to tenants with more than eight years of term remaining. The real estate investment trust says the purchase price represents an attractive capitalization rate of 8.2%

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Categories : Charlotte
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Jan
15

Medical Office Transactions Soar in 2013

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Sales of properties leased by doctors and other health-care providers reached $6.67 billion in 2013, the second-highest total in 13 years of data-keeping by Real Capital Analytics Inc. Buyers including real estate investment trusts paid an average of $270 a square foot, up from $262 in 2012 and the most on record. The increase partly reflects deals for newer buildings with the latest technology, according to the research firm.

“It’s a really competitive space,” said Steve Sikes, manager of real assets at the Alaska Retirement Management Board, which is considering buying $150 million to $200 million of medical offices in what would be its first direct purchases of the properties. “Hopefully there’s enough of these out there for everyone.”

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Categories : National News
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