Archive for March, 2014

Mar
31

N. Charleston Warehouse Sold for $29.54/SF

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Cushman & Wakefield | Thalhimer is pleased to announce the sale of the former Dixie Box and Crate building located at 2453 King Street Extension in North Charleston, South Carolina.

Origin Point Brands purchased the approx. 119,452 sq.ft. warehouse/distribution property situated on 6.0 acres from Twenty-First Properties for $3,528,080, or $29.54/SF.

This property will be utilized for buyer’s U.S. headquarters and distribution facility. Origin Point Brands has been a leader in the lawn, garden and hardware industries since 1998. OPB is also the Parent company of Garden Zone, IronCraft, Homeworks Screen, Pet Sentinel and Join Force Fasteners list of companies.

Philip Owens and Mark Erickson of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the buyer, and was assisted by Bob Caldwell of Caldwell Commercial.

 

Categories : Charleston
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Mar
31

Downtown Florence Redevelopment Continues

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Widely seen as the catalyst of private investment coming into downtown, the Hotel Florence will mark its one-year anniversary with thanks to those who came before it and praise to those who continue to come downtown in a time span that saw much change.

The adjacent Barringer building came online in December with Kate McAllister’s Mainstream Boutique on the ground floor and Corey E. Phillips’ Edward Jones office on the second floor next door to the Raines Hospitality offices.

The Waters building, on North Dargan, is expected to be complete by late April. That would represent a blockbuster year in downtown for the growing Raines Hospitality Inc. that co-owner Grey Raines says is helping grow downtown.

“We have built our own clientele, and that is very important for us from a success standpoint, that we’re not just seeing overflow from the hotels at the interstate,” Raines said. “We’re seeing a Hotel Florence clientele. They want that unique experience they desire from a very good restaurant like Victor’s, a full-service bar with great menu items, and every month things have only improved.”

READ MORE HERE

Categories : Florence
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Mar
26

Charleston Apartment Growth Strongest in Nation

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The sounds of hammers and power saws are expected be more intense at apartment sites in the Charleston region than in any other corner of the nation.

A new report by multifamily website ApartmentGuide.com projects that the area will see an 8 percent growth in new rental construction this year from 2013. That’s stronger than any other part of the nation, including Boston and Birmingham, Ala., which are expected to see 5 percent growth each, according to the website’s data.

Catherine Hontz, senior market sales manager for ApartmentGuide.com, said the Charleston region’s growth is tied in part to the expanding job market with prominent names like Boeing Co. The aerospace giant employs about 7,000 workers at its North Charleston plant and committed last year to hire 2,000 by 2020.

Other large employers include Benefitfocus, a Daniel Island-based software firm that announced last year plans to add 1,200 technology jobs to the region.

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Categories : Charleston
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From our friends at Foundation Realty:

Four factors might be contributing to some market turbulence of late. Weather, interest rates, fewer distressed properties and less investor activity can all affect the market numbers. us and there is plenty of reason for optimism. For the 12-month period spanning March 2013 through February 2014, Pending Sales in the Hilton Head region were up 5.4 percent overall. The price range with the largest gain in sales was the $375,001 to $650,000 range, where they increased 26.3 percent.

The overall Median Sales Price was up 12.3 percent to $255,000. The property type with the largest price gain was the Condo segment, where prices increased 16.6 percent to $190,000. The price range that tended to sell the quickest was the $100,000 and Below range at 95 days; the price range that tended to sell the slowest was the $650,001 and Above range at 174 days

Market-wide, inventory levels were down 9.2 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 8.3 percent. That amounts to 7.4 months supply for Single-Family homes and 9.3 months supply for Condos.

Categories : Hilton Head Island
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Mar
25

Greenville Apartment Development Revived

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Plans for 330 new units at Fairforest Way and Wenwood Road have been revived, according to documents obtained from the city of Greenville’s Planning Commission.

Michigan-based real estate company Edward Rose Associates filed a an application for a land development permit to build nine, three-story buildings, a community building and a pool for the project plan titled Laurel Woods II. The 23.4-acre tract of land is zoned R-M3, which encourages medium- to high-density residential housing.

Edward Rose Associates had withdrawn its land development application in December. At the time, city of Greenville Planning and Development Manager Michael Kerski had said Edward Rose Associates planned to sell the property.

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Categories : Greenville
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Mar
24

RTP Office Building Sold for $51/SF

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The owners of the sprawling former Reichhold headquarters building at 2400 Ellis Road in Durham took a big hit when the property went to foreclosure auction last month.

According to Durham County records, the now-empty 332,000-square-foot building has been sold for $17 million to the highest bidder, an real estate investor group from Texas that was also carrying the note on the building loan, Orix USA.

The $17 million auction bid, the highest amount offered, was 69 percent less than the $55 million that RTP LLC paid for the building in 2007, according to county records. RTP LLC is an affiliate of the Michigan real estate firm Redico.

Categories : Durham, Raleigh
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Mar
24

Charlotte’s Quail Corners Center Sold

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Berkeley Capital Advisors is pleased to announce the sale of Quail Corners, a 114,038 SF grocery anchored retail center located in Charlotte, NC. The center has tenants including Harris Teeter, Rite Aid Drugs, UPS, Ilios Noches and other retail tenants and restaurants. There is a 9,000 square foot open air plaza for dining and events.

The sales price and cap rate were not reported. The transaction was arranged by Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors.

Categories : Charlotte
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Mar
21

PKF: U.S. Hotel Overbuilding Is Not A Concern (Yet!)

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According to the recently released March 2014 edition of PKF Hospitality Research, LLC’s (PKF-HR) Hotel Horizons® forecast report, the U.S. hotel occupancy rate will finally recover to pre-recession levels in 2014. Given this lofty level of performance, many industry participants are starting to worry about an oversupply of new lodging units may be in the future. The demand for lodging accommodations has been at an all-time high for the past two years, so could elevated construction levels be far behind?

“Anyone that was around in the 1980s and 1990s remembers the dramatic negative impact overdevelopment can have on the lodging industry,” said R. Mark Woodworth, president of PKF-HR. “Fortunately, we see a different scenario evolving during the current property cycle. According to Smith Travel Research, the long-run average annual change in supply has been 2.0 percent. We do not see the national annual supply growth exceeding that level until 2017.”

Not only are the forecast percent changes in supply lower than historical averages, but so are the actual counts of new rooms entering the market. “During past expansions, we have seen three to five consecutive years of 100,000 or more net new hotel rooms entering the market. Our current supply forecasts for the next three years are well below that threshold,” Woodworth said.

READ MORE HERE

Categories : National News
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Mar
20

Greenville Mill to Become Apartments

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The long-vacant Brandon Mill on Draper Street in the Village of West Greenville could see new life, as Georgia-based developer Pace Burt now has it under contract.

Burt embarked on a similar project in 2005, renovating the Monaghan Mill on Smythe Street by turning the run-down property into high-end, loft-style apartments named the Lofts of Greenville. His company is also currently renovating the Skylar Building and the Mayfair Mill Lofts, both in Spartanburg.

“I’ve been watching the Greenville market and how dynamic it is,” said Burt. “We like taking a risk and we think that part of Greenville is worth taking a risk in.”

Burt said he had looked at the Brandon Mill several years ago, but at that time it was under contract with a developer who wanted to do low-end apartments. That didn’t pan out and Burt says the timing now couldn’t be better.

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Categories : Greenville
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Cushman & Wakefield | Thalhimer, announced today that its Capital Markets Group has represented Highwoods Properties in the sale of an office portfolio comprised of eight class A office buildings totaling 686,680 SF located among two of the top suburban office parks in the Greenville, South Carolina market.

This value-add portfolio consisted of six buildings within Patewood Business Park totaling 448,505 SF and two buildings within Brookfield Corporate Center totaling 238,175 SF. Patewood Business Park was 71% leased to 17 tenants at the time of sale, including prestigious national tenants such as Flour, Ogletree Deakins, and Mustang Engineering. The two buildings at Brookfield Corporate Center were 66% leased at the time of sale to four tenants including Metlife and GE Gas Turbines.

The buyer was Garrison Investment Group, LLC, a private equity firm located in New York City with real estate holdings throughout the US. Garrison Investment, LLC also owns other properties in South Carolina, including the Columbia Marriott, a Holiday Inn Express in Charleston, Westmark Plaza in Sumter and Berkeley Place in Bluffton.

The purchase price was $58,200,000. No cap rate was reported

 

Categories : Greenville
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Mar
20

Myrtle Beach Residential Market Remains Slow

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The Grand Strand’s real estate market has been down for a couple of months, but just you wait, say two area real estate executives.

“I really feel we’re going to see the market pick up in the latter part of March and stay good through June,” said Marvin Heyd, president of Prudential Myrtle Beach Real Estate. Heyd expects a summer lull followed by a fall season that’s even better than he believes this spring will be.

Mandy Becker, broker in charge of Re/Max Southern Shores, agrees with Heyd that activity is about to heat up, but unlike him she’s not expecting a summertime letdown.

Heyd said he’s expecting the 2015 market to be even more robust with prices and activity similar to the early-boom days of 2004. Neither is deterred by the just-released February market report from SiteTech Systems that shows last month continued a trend of declining sales as compared with the same time last year.

READ MORE HERE

Categories : Myrtle Beach
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Mar
20

Lodging Fundamentals Rise to Pre-Recession Highs

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As growing numbers of tourists and business travelers check into hotels, the U.S. lodging occupancy rate is finally expected to reach pre-recession levels this year, according to the March forecast by PKF Hospitality Research, LLC.

Atlanta-based PKF-HR forecasts that hotel managers should be able to become more aggressive in room pricing, with average daily rates (ADR) – a leading driver of hotel net operating income – increasing by just under 5% this year and another 5.7% next year.

Revenue per available room, meanwhile, should increase by 6.6% this year to $73.20 and by another 7% in 2015, continuing a streak in which RevPAR has increased by 5.4%, 6.7% and 8.1%, respectively, in the last three years.

Despite fears from some in the hotel industry about overbuilding, escalating demand over the past two years for the nation’s 4.9 million rooms has helped keep occupancies in check, according to PKF-HR President R. Mark Woodworth.

READ MORE HERE

Categories : National News
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Mar
19

Net-Leased Educational Buildings Hot Commodity

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Net-leased properties in the educational realm continue trading hands. The latest example is a duo of Virginia College properties. Virginia College is a chain of private, for-profit, nationally accredited post-secondary institutions located primarily in the southeastern United States.

Although these commercial real estate assets haven’t sold yet, Marcus & Millichap has the exclusively listing on the single-tenant net leased properties. The list price for the 102,098-square-foot Macon, GA property is $10.3 million, which equates to $101 per square foot. The 90,982-square-foot Baton Rouge, LA property is listed for $12 million, which represents $132 per square foot.

Marc E. Strauss, first vice president investments, and Richard Moravek and Aaron O’Connor, associates, all in M&M’s Fort Lauderdale, FL office, are representing the seller. William Hoffpauir, senior associate in M&M’s Lafayette, LA office, is the firm’s broker of record in Louisiana. Michael J. Fasano, vice president and regional manager in Atlanta, is the firm’s broker of record in Georgia.

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Categories : National News
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Mar
18

Jafza/Santee I-95 Intersection Moving Forward

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Leaders of a Middle Eastern development company that purchased about 1,300 acres of land near Santee seven years ago for a mega industrial park met this week with Orangeburg County and S.C. Department of Transportation officials to finalize paperwork for the development of the Interstate 95-U.S. 301 interchange.

Jafza South Carolina LLC still plans to develop the acreage for an industrial and commercial development park, and company officials say the upgrade of the interchange is a key component to the project moving forward.

“Backed by Jafza’s experience in developing and managing industrial and logistics zones and the state’s commitment towards improved multimodal connectivity through ports, road and rail, we have a very positive project evolving in Santee,” said Salama Hareb, group CEO of Jafza and Economic Zones World, during a visit with Orangeburg County officials.

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Categories : Orangeburg, Santee
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Mar
18

Median Home Price Up 5.1% in S.C.

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The median sales price of residential homes, condos and villas in South Carolina climbed 5.1% in February compared with the same month a year ago, according to the S.C. Realtors Association’s statewide market report.

Meanwhile, new listings slipped 5.1% to 8,943, when pending sales dropped 6% to 4,497, and inventory levels fell 4.1% to 44,472 units. The low inventory levels are resulting in a lot of new construction, the association said.

The median price of a home sold in February hit $152,931, with the price range that tended to sell most quickly falling between $200,001 and $300,000. Homes in that price range were on the market an average of 111 days.

The property type with the largest price increase was the condo segment, which saw prices climb 8.2% to $125,513.

READ MORE HERE

Categories : South Carolina News
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