Archive for February, 2014

Feb
28

Dual-Branded Hotel Development on the Rise

Posted by: | Comments Comments Off on Dual-Branded Hotel Development on the Rise

An addition to being the tallest hotel tower in North America, the 68-story Courtyard-Residence Inn Central Park in Midtown Manhattan is also the most visible example of multi-branding, a growing trend among hotel developers to combine two and in one case, three different hotel brands owned by the same company in a single development.

The $308 million project by Marriott International and G Holdings, which combines a 378-room Courtyard hotel and 261-suite Residence Inn in a tower near Times Square and Central Park, is the second dual-branded property to open so far this year. At 750 feet, it edged above the Marriott at the Renaissance Center in Detroit as the tallest pure-play hotel on the continent.

While the first dual-branded hotel opened back in the 1980s, the concept has become increasingly more popular with developers and hotel firms over the past two years, driven by investor and traveler demand for select-service and extended-stay segments, and the cost-savings that result from sharing construction and operational expenses.

READ MORE HERE

Categories : National News
Comments Comments Off on Dual-Branded Hotel Development on the Rise
Feb
28

Spartanburg Apartments Sold at 7.9% Cap Rate

Posted by: | Comments Comments Off on Spartanburg Apartments Sold at 7.9% Cap Rate

NAI Earle Furman’s Multifamily Division announces the sale of Valley Creek Apartments, a 102-unit apartment complex, located at 9085 Fairforest Drive in Spartanburg, South Carolina.

The Class C+ property, built in 1973, sold for $4,100,000, traded at a 7.9 cap rate and was 100% occupied at the time of sale. Tony Bonitati and Kay Hill, both of NAI Earle Furman, represented the seller, Upstate Property Rentals, LLC. The buyer, represented by Tyler Flesch of Red Drum Capital, was Two Bridges Asset Management out of Brooklyn, New York.

Reflecting on the current market conditions, NAI Earle Furman broker Kay Hill said, “This transaction is a great example of how it has really become a Seller’s market in the South Carolina Upstate.  Our client owned this property for just over a year, and after he made some improvements, we were able to bring him an unsolicited offer for considerably more than he paid for it. Not only that, given the consistently improving market fundamentals, we expect this property will continue to appreciate under the new ownership as well.”

In 2013 alone, NAI Earle Furman’s Multifamily Division recorded just under 1,250 units sold and in excess of $50 million in transaction volume in the Carolinas.

Categories : Spartanburg
Comments Comments Off on Spartanburg Apartments Sold at 7.9% Cap Rate
Feb
28

Fast-Casual Restaurants Lead Unit Growth in 2013

Posted by: | Comments Comments Off on Fast-Casual Restaurants Lead Unit Growth in 2013

Fast-casual chains led the restaurant industry’s unit growth through most of 2013, expanding the total number of locations in that segment by 6 percent, according to The NPD Group.

The Port Washington, N.Y.-based market research firm found in its Fall 2013 ReCount report that the fast-casual segment also outpaced the unit growth of the entire quick-service segment, which encompasses fast-food and fast-casual outlets.

Overall, the unit count across segments in the restaurant industry rose by 4,179 locations, or 0.7 percent, to a total of 633,043 restaurants during the 12-month period ended Sept. 30, 2013.

“The restaurant recovery continues to move slowly, and as a result, operators are taking a cautious approach to expansion,” Greg Starzynski, director of product management for NPD Foodservice, said in a statement. “This conservative approach to restaurant unit expansion will continue into the foreseeable future.”

READ MORE HERE

Categories : National News
Comments Comments Off on Fast-Casual Restaurants Lead Unit Growth in 2013
Feb
28

Cassidy Turley Releases US Macro Forecast

Posted by: | Comments Comments Off on Cassidy Turley Releases US Macro Forecast

Cassidy Turley analyzes trends and relationships between key economic indicators and uses that knowledge to predict the direction of the market. They have just released their US Macro Forecast, which can be downloaded by clicking on the photo below.

 

Categories : National News
Comments Comments Off on Cassidy Turley Releases US Macro Forecast
Feb
27

North Charleston Community Shopping Center Sold

Posted by: | Comments Comments Off on North Charleston Community Shopping Center Sold

North Charleston Center, a 236,025-square-foot shopping center located at 5900 Rivers Ave. in Charleston has sold for $16.1 million. The property was 87 percent leased at the time of sale to Northern Tool + Equipment, Petco, Dollar Tree, dd’s Discount and Citi Trends. Popeye’s Chicken and McDonald’s are outparcel tenants. No capitalization rate was reported.

Mark Hillis and Whitney Knoll, of Newmark Grubb Knight Frank (NGKF),  represented the seller, DDR Corp., in the transaction. Atlanta-based Monarch Investments Group purchased the property. Cantor Commercial Real Estate, a sister company of NGKF, provided acquisition financing.

Categories : Charleston
Comments Comments Off on North Charleston Community Shopping Center Sold
Feb
27

‘Brand name’ Hotel Planned for Fort Mill

Posted by: | Comments Comments Off on ‘Brand name’ Hotel Planned for Fort Mill

Fort Mill is getting another hotel, this time inside town limits. Last fall, the Fort Mill Times reported Warren Norman Co. would develop a six-story, 102-room Hampton Inn and Suites behind Lowe’s Home Improvement off Hwy. 160. That puts the hotel just outside Fort Mill town limits.

Now the company has plans for a second. “We have contracted with a second hotel,” said Ralph Norman, company president. Norman didn’t say which hotel brand is coming, but said it’s on “another site nearby” the Hampton Inn and will be in town limits. The second hotel will be “a little bit smaller” at 90 or so rooms. “It’ll be a national brand,” Norman said.

There are no other hotels or motels inside Fort Mill town limits.

Norman said his company will announce the name along with groundbreaking of the first hotel, likely within the next month.

READ MORE HERE

Categories : Rock Hill
Comments Comments Off on ‘Brand name’ Hotel Planned for Fort Mill
Feb
27

Tight Supply Spurs Demand in Self-Storage

Posted by: | Comments Comments Off on Tight Supply Spurs Demand in Self-Storage

The self-storage sector is poised for further growth, with a combination of household formation, job growth and increased population mobility lifting demand, Marcus & Millichap Real Estate Investment Services says in a new report. At the same time, new supply to meet the demand has yet to materialize, giving owners a free hand with rental rates.

Demand drivers vary from region to region, but it’s safe to say that the drivers are in place pretty much everywhere. “On the East Coast, migration is stimulated by above-average employment markets, including New York City and Charlotte,” says MMI’s report, prepared by James Reeves, the firm’s production director, research services. “These traditional financial centers are diversifying with technology and housing-related segments adding thousands of positions, attracting job seekers from areas where job growth is slower.”

In Texas and other energy states, job formation is being spurred by oil and gas exploration, and workers are lured to these markets by high wages. “Many of the newly employed are housed in barracks or small apartments, creating demand for self-storage units for additional space,” according to MMI’s report.

READ MORE HERE

Categories : National News
Comments Comments Off on Tight Supply Spurs Demand in Self-Storage
Feb
26

Lincoln Harris Releases 4Q Charleston Industrial Report

Posted by: | Comments Comments Off on Lincoln Harris Releases 4Q Charleston Industrial Report

Click on the picture to download.

Categories : Charleston
Comments Comments Off on Lincoln Harris Releases 4Q Charleston Industrial Report
Feb
26

Bi-Lo Holdings Announces 4 SC Store Closures

Posted by: | Comments Comments Off on Bi-Lo Holdings Announces 4 SC Store Closures

Bi-Lo Holdings, LLC, parent company of BI-LO and Winn-Dixie supermarket chains, today announced the difficult but necessary decision to close eight of the acquired Delhaize America  and five Bi-Lo Holdings stores due to close geographic proximity. Earlier today both companies announced that they have received approval from the Federal Trade Commission to proceed with the transaction to acquire the Sweetbay, Harveys and Reid’s supermarket chains from Delhaize Group pending the divestiture of 12 stores by Bi-Lo Holdings and Delhaize Group retaining two stores and converting them to the Food Lion banner. The FTC’s approval is pursuant to a consent order accepted by the FTC for public comment on February 25, 2014. The order is subject to final approval by the FTC after the close of a 30-day comment period.

 

Categories : South Carolina News
Comments Comments Off on Bi-Lo Holdings Announces 4 SC Store Closures
Feb
25

174,000 SF Columbia Industrial Building Sold

Posted by: | Comments Comments Off on 174,000 SF Columbia Industrial Building Sold

The 174,000 square foot industrial property located at 3130 Bluff Road was sold for $600,000 ($3.45/sf). The building, which sits on 11.85 acres in the Southeast Columbia submarket, has fallen into disrepair over some time, will be renovated and brought back to market. The building was built in 1961 and has 15 dock high doors and 2 drive in doors. It is sprinklered and has a maximum clear height of 21′.  The site is zoned M1.

Ben Brantley, SIOR, and Senior Vice President with CBRE|Columbia’s Industrial team, represented the seller

Categories : Columbia
Comments Comments Off on 174,000 SF Columbia Industrial Building Sold
Feb
25

2,000 New Residences for Greenville’s CBD?

Posted by: | Comments Comments Off on 2,000 New Residences for Greenville’s CBD?

Greenville’s mayor sees adding 2,000 condos and apartments to the 2,000 residential units already downtown as the next step in the city’s longtime focus on blending residential, retail and office projects. Mayor Knox White said “when you do it right, it puts people on the streets 24/7.”

“We are going to add another 2,000, just by the end of next year,” he said. White said the challenge a decade ago was attracting people, and focusing on mixed-use development has changed that.

“Our downtown is about people,” White said. “It’s all about the pedestrian experience.”

The mayor of about 19 years said city leaders in 2013 focused mainly on creating “people-friendly” public spaces downtown. White, in a Chat with the Mayor event presented by GSA Business on Thursday, also said there are three downtown hotel projects underway this year, with possibly three more in the planning stages.

READ MORE HERE

Categories : Greenville
Comments Comments Off on 2,000 New Residences for Greenville’s CBD?
Feb
24

Charlotte’s Coliseum Center to be Sold

Posted by: | Comments Comments Off on Charlotte’s Coliseum Center to be Sold

A Texas real estate investment firm is under contract to buy the 218,000-square-foot Coliseum Center on East Independence Boulevard and is planning $15 million in renovations for the mostly vacant retail center.

FOMC, based in Austin, purchased The Shops at Westerly Station last year and expects to close on the Coliseum Center in June, says Greg Cervenka, who heads the firm. FOMC owns nine retail centers near or “shadow anchored” by Wal-Mart stores, and Coliseum Center is next to the Wal-Mart Supercenter on East Independence.

Cervenka is planning a complete makeover of the property, which is on 18 acres east of the intersection of Independence and North Wendover Road. Planned upgrades include a new facade, new roofs, mechanical systems, exterior lighting, signage and parking. Cervenka says he is negotiating leases with several national retailers for space at Coliseum Center. A selling point is more than 1,600 feet of frontage along Independence.

READ MORE HERE

Categories : Charlotte
Comments Comments Off on Charlotte’s Coliseum Center to be Sold
Feb
24

Greenville News Building to be ‘Demolished’

Posted by: | Comments Comments Off on Greenville News Building to be ‘Demolished’

The Greenville News building on South Main Street is slated to be “demolished,” said city of Greenville Mayor Knox White on Thursday.

The 4-acre building, located at 305 S. Main St., across from the Peace Center, has been the subject of debate because of its central location and large footprint in the center of downtown Greenville.

“It’s a prime site,” White said at a GSA Business Power Event at the TD Convention Center Thursday evening. “People have observed that that, among other sites, would make an incredibly site for a convention center.”

Greenville News Media Group President and Publisher Steve Brandt said commercial real estate firm CBRE Inc. was handling the transaction and had begun preliminary talks with potential buyers in the beginning of the year. “Maybe the mayor knows more about that than I do. He’s certainly in a position to know who might buy it and what they plan to do with it, but that would be entirely up to the people who buy it.”

READ MORE HERE

Categories : Greenville
Comments Comments Off on Greenville News Building to be ‘Demolished’
Feb
21

Gun Makers Find Greener Pastures Down South

Posted by: | Comments Comments Off on Gun Makers Find Greener Pastures Down South

In the wake of new regulations in their northern home states, gun makers are going to the Carolinas, Alabama and other areas in the South for a place to open up shop.

Legislators in some states pushed for bans on the type of rifle used in the Newtown, Conn., school shooting in December 2012. New York and Maryland each passed laws that prohibit certain types of semi-automatic rifles and capped the size of magazines, while Connecticut also restricted the number of rounds for a single magazine.

All three of those states are home to familiar names in the gun industry, some of which threatened to seek out expansion opportunities in other states or move their operations entirely.

Remington Outdoor, the parent company of Marlin, Bushmaster and other brands, is the latest to announce an expansion down South. Its flagship brand, Remington, is the oldest gun maker in the U.S. and has a manufacturing base in Ilion, N.Y.

READ MORE HERE

Comments Comments Off on Gun Makers Find Greener Pastures Down South
Feb
20

Public/Private Student Housing Approved for USC

Posted by: | Comments Comments Off on Public/Private Student Housing Approved for USC

Columbia’s design board Wednesday approved plans for a public/private partnership with the University of South Carolina for a student housing complex behind the Carolina Coliseum.

The 878-bed complex, considered part of the West Campus Development project in the application for design approval, is part of a student housing boom planned in the Vista to meet the demand of a growing student population at USC.

The $94 million student complex still requires approval at the state level.

Separate from the student development partnership with Holder Properties, other planned complexes include:

  • An Edwards Communities development with 700 beds flanking the Palmetto Compress warehouse
  • A 120-bed complex also near the warehouse called Pulaski Square
  • An 800-bed complex at the corner of Blossom and Huger streets on property owned by Ben Arnold

READ MORE HERE

Categories : Columbia
Comments Comments Off on Public/Private Student Housing Approved for USC