Archive for March, 2014

Mar
18

Real Data: 10,000 Apartment Units Being Built in Charlotte

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According to the latest report by Real Data, more than 10,000 new apartment units are under construction right now in the Charlotte metro area. Nearly 3,000 of these units are located in the Southeast-1 submarket, with includes SouthEnd and SouthPark. Developers have plans for close to 11,000 additional units throughout the area. Once again, the areas in and around Downtown including SouthEnd, Midtown, NoDa and SouthPark are the most active.

Consumers continue to show a strong preference for apartments versus buying a home. Currently, the average vacancy rate at an apartment community in the Charlotte area is 6.2%. The average rental rate is $874 per month. Same-unit rent growth, which measures the growth in rents at existing communities, has grown just over 2% in the last year or nearly $18 per month.

Categories : Charlotte
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Mar
17

Sbarro to Close Four Stores in the Carolinas

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Still unable to generate enough dough, pizza chain Sbarro LLC is back in bankruptcy court protection looking to cut more costs. The Italian quick service and casual table dining restaurant chain operates 217 company-owned restaurants nationally and 582 franchised restaurants globally with annual revenues over $38 million.

As part of its latest restructuring efforts, Sbarro is looking to reject 183 store leases and has already moved out of the properties. Forty-six of the stores are leased to General Growth Properties; 27 to Simon Property Group, 20 to CBL & Associates, and 13 to Rouse Properties, with the remainder to various other landlords.

According to Fitch Ratings, the Sbarro bankruptcy does not portend a widespread increase in bankruptcies of U.S. restaurants, but rather is more an isolated example of a brand that had lost its competitive position and relevancy with consumers.

REVIEW LIST OF LOCATIONS HERE

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Mar
17

Real Data: Myrtle Beach Apartment Occupancy at 92.9%

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Strong demand and the lack of new supply helped push occupancy rates higher over the past year. Demand for apartments has recorded three straight years of rising absorption.

The occupancy rate for the metro area improved to 92.9%. The average current monthly rent rose to $785 over the past year.

The development pipeline has picked up with two communities expected to deliver units later this year. Both communities are in the Highway 501 corridor.

Categories : Myrtle Beach
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Mar
14

Ballantyne Office Building Sold for $60.6 Million

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SPX Corp. has purchased its headquarters property at Ballantyne Corporate Park for $60.6 million. The company bought the property in two transactions late last month from affiliates of The Bissell Cos.

SPX’s nine-story headquarters building at 13320 Ballantyne Corporate Place and a four-story parking garage were sold for $54.2 million, and the underlying 5.4 acres of land were sold for $6.4 million. It’s the first time that developer and owner Bissell has sold an office building in Ballantyne Corporate Park, a 38-building development in south Charlotte near the intersection of Johnston Road and Interstate 485.

SPX announced in 2010 that it would build a new headquarters in Ballantyne Corporate Park, and the building was completed in early 2013. SPX’s building totals approximately 240,000 square feet and is on the east side of the south Charlotte office park, near the bridge over Johnston Road.

READ MORE HERE

Categories : Charlotte
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Mar
14

Clemson Retirement Community Expanding

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Clemson Downs Retirement Community plans to invest $9 million in a new facility and facility expansion at its 38-acre campus in Clemson, according to a news release.

The $9 million project has two components. One is a new two-story facility with 32 private rooms The other is the expansion of an existing nursing facility with 16 private rooms and event space. The project is slated for completion by the end of the year.

“People who experience the effects of cognitive decline respond best to a specialized environment that addresses that challenges they face each day,” said Clemson Downs Executive Director Dr. John LeHeup. “There is a great need in our area for a focused approach to all details of a patient’s care, from accommodations and food service to exercise and special program considerations.”

READ MORE HERE

Categories : Clemson
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Mar
13

SouthPark Office Building Sold for $9.5 million

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A Chinese company has bought the 6201 Fairview building in SouthPark for $9.5 million.

An affiliate of GT Global, a design, engineering and construction company based in Beijing, recently purchased the SouthPark building from an affiliate of The Lionstone Group. GT Global became interested in the building as part of a search for Charlotte office space by The Daniels Co., a design and engineering firm that GT Global purchased in 2012. GT Global and The Daniels Co. both specialize in coal processing facilities.

The Daniels Co. will occupy 7,800 square feet in their new building, which totals 57,416 square feet.

GT Global assumed a $6.94 million loan made to Lionstone in 2006 as part of the purchase.

READ MORE HERE

Categories : Charlotte
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Mar
12

Four Building Charlotte Business Park Sold

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Four flex buildings totaling approximately 200,000 SF recently sold for $11.1 million to Virginia-based Medalist Properties. Trinity Partners’ Dunn Mileham represented the buildings’ owners, a Florida-based investor group.

Trinity Partners leased and managed the portfolio for the past eight years, and Medalist Properties has retained Trinity to continue leasing the buildings. Medalist has in-house property management services.

The buildings, 8107, 8227, 8301, and 8041 Arrowridge Boulevard, benefit from a strong tenancy, including Hobart Corporation, Bonsal American, Sears Home Improvement, CentiMark Corporation, and Miller Electric Company, and an ideal location at the intersection of I-77 and I-485. The portfolio is currently 83% occupied, outperforming the market’s 81% occupancy rate.

READ MORE HERE

Categories : Charlotte
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Mar
11

Columbia Industrial Vacancy Down to 12.9%

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Buyers outpaced renters in driving down the vacancy rate of Midlands industrial space by nearly 1.3 million square feet in the last half of 2013, according to CBRE Columbia research.

“This demand for space pushed vacancy rates down to 12.91%, a drop of 226 basis points since the fourth quarter of 2012,” CBRE said. “Additionally, asking rental rates were pushed to levels not seen since 2012, increasing to $3.84 per square foot by the end of the fourth quarter.”

As space tightens, CBRE’s report said rates should rise further until new space is brought to the market.

“Some speculative construction is also likely, although it will be limited to developers with ample cash, as financing for such projects remains limited,” the commercial real estate firm said. A number of tenants, many requiring 25,000 to 40,000 square feet of space, are looking for a building, CBRE said.

READ MORE HERE

 

Categories : Columbia
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Mar
11

Columbia CBD Hotel Sold

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Peachtree Hotel Group, an Atlanta-based hotel acquisition, management, development and ownership group, has acquired the nine-story, 189-room Courtyard Marriott in downtown Columbia.

The property will undergo an approximately $3.5 million renovation to include the new Courtyard “Refreshing Business” lobby and Bistro restaurant concept, as well as improvements to meeting spaces and guest rooms.

Peachtree, which has investments in more than 40 hotel assets, purchased the property on Assembly Street for an undisclosed sum following a bidding process. The transaction was arranged by Newmark Grubb Knight Frank Hotels on behalf of the seller, an affiliate of Fillmore Capital Partners LLC.

READ MORE HERE

Categories : Columbia
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Mar
11

Rock Hill’s Bleachery Redevelopment Gets Initial Approval

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Ahead of a formal agreement likely coming in the months ahead, Rock Hill City Council Monday gave initial approval to the Knowledge Park development plan.

Last week, New Jersey-based developer Sora-Phelps debuted its plan to turn Rock Hill’s 22-acre former bleachery site into a thriving historic district. The plan detailed $134 million in private investment and the hope for more than 1,000 new jobs in a mix of residential, office, retail and green space between Winthrop University and Dave Lyle Blvd.

“I’m not sure in my career that I’ve seen so many groups and business come together and see a project through,” said Andy Shene, chairman of the Knowledge Park Leadership Group. That group, formed of business, community and civic leaders, recommended Sora-Phelps to Rock Hill City Council.

Rock Hill City Manager David Vehaun says a master agreement is now in the works between the city and Sora-Phelps. That agreement is set to become public in the months ahead. Vehaun said expect a vote before city council in the next 60-90 days.

Categories : Rock Hill
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Mar
11

Marcus & Millichap Releases Self-Storage Research Report

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Marcus & Millichap Real Estate Investment Services, a commercial property investment firm prominent in the self-storage industry, has released its first-quarter 2014 “Self-Storage Research Report,” which highlights industry trends and performance regarding development, occupancy, sales and more. With a stated value of $150, the free report provides an overview of 2013 data as well as outlooks for the current year, offering insight to changes in occupancy rates, rents and inventory levels, and an assessment of sales dynamics.

Positive momentum in the industry has increased interest from a wide range of investors, lifting demand and tightening cap rates, according to John Chang, first vice president of research services. As a result, investment and sales have picked up outside core market areas.

READ MORE HERE

Categories : National News
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Mar
10

The Future of Retail in Downtown Greenville (video)

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Categories : Greenville
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A large senior-living community is on its way to the town of Lexington.

Lexington-based Connelly Builders Inc. and Connelly Development LLC plan to bring a 48-unit apartment complex to the area. Kevin Connelly, president of Connelly Builders and manager and sole member of Connelly Development, said the community will address the town’s growing senior population.

“The market study shows a tremendous need,” he said.

In total, the development will cover approximately 68,000 square feet with its primary entrance off of Northwood Road. Connelly said Intermark Management will oversee daily operations of the apartments for residents 55 and older once it’s completed.

The Connelly family of businesses previously built and developed senior living communities in Greer and Manning as well as North Carolina. Connelly said taking on a project in Lexington seemed ideal.

READ MORE HERE

Categories : Columbia, Lexington
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Mar
07

Fluor, IBM Likely Tenants for USC’s Innovista

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The state Budget and Control Board approved Wednesday a request by the University of South Carolina to be exempted from the state’s procurement process so it can negotiate a lease directly with a Fortune 100 company for space in an office building planned for the Innovista research campus.

The likely occupants would be Armonk, N.Y.-based IBM, ranked No. 20 on Fortune’s list of largest companies, and Irving, Texas-based Fluor Corp., a global provider of construction and engineering services. Fluor, ranked 110 on Fortune’s list, employs around 2,300 people in Greenville.

Assuming leasing agreements are finalized, the two companies would be housed in a five-story office building to be constructed at the corner of Blossom and Assembly streets in downtown Columbia.

In documents provided to the state board, the university said it would “negotiate directly with the company as part of the economic development package.”

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Categories : Columbia
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Mar
06

MOB Sales Soar as Cap Rates Slide

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In a year that saw the largest volume of medical office building sales on record, prices took a sharp dip before soaring steadily upwards while cap rates ended the year on a downward slant. Cap rates in the MOB sector have been generally trending downward since the fourth quarter of 2012, according to advisory group Hammond Hanlon Camp LLC.

The year prior to 2013 saw MOB sales volume of $5.2 billion nationwide, and HHC says it was unsurprising that last eyar saw that tally surpassed by a wide margin. “Over $6.4 billion in transaction volume was reported by Real Capital Analytics in 2013, making it the most active year in the medical office building industry’s young but growing history,” according to HHC’s quarterly update on the sector. “The annual volume represents over $1 billion in additional transaction volume compared to prior peak volumes of between $5.4 and $5.5 billion in 2006 and 2007.”

Pricing in Q4 averaged $248 per square foot, a year-over-year increase of 12% from $222 per square foot recorded in the last quarter of ‘12. HHC says the average cap rate reported for transactions over $5 million was 7.1% in Q4, “which is slightly lower than last quarter’s average cap rate of 7.3% and significantly lower than a year ago, when cap rates averaged 8.0%.” However, RCA data show that MOB cap rates still have a way to go match those commanded by office and multifamily assets.

READ MORE HERE

Categories : National News
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