Archive for April, 2014

Apr
30

JLL Announces Recent Industrial Transactions

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JLL’s Carolinas Industrial team has announced these recently completed transactions:

  • Masonite has renewed its lease of 220,264 square feet at 7300 Reames Road in Charlotte, NC. JLL represented the landlord, Invesco.
  • Casual Cushion has purchased 181,500 square feet at 500 Linkwood Road in Rock Hill, SC from Silagi Development. JLL represented the buyer.
  • Rack Room Shoes has sold 120,000 square feet at 175 Circle M Drive in Salisbury, NC to First Industrial, B&L, LLC. JLL represented the seller.
  • Deli Management has leased 104,112 square feet at 11519 Nations Ford Road in Charlotte, NC. JLL represented the landlord, Invesco.
  • CEVA has renewed its lease of 96,180 square feet in the Charlotte Distribution Center at 1816 WestPointe Drive, Charlotte, NC. JLL represented the landlord, Prologis.
  • F Schumacher has leased 72,500 square feet in Catawba Distribution Center at 1966 West Highway 160, Fort Mill, SC. JLL represented the previous landlord and the tenant.
  • Tom and Jo Claire Dulin has sold 60,000 square feet to RAL Industries at 1320 Camp Creek Road in Lancaster, SC. JLL represented the seller.
  • Coca-Cola Bottling Co. Consolidated purchased 38 acres of land located at Highway 86 in Piedmont, SC from Peter Vance King. JLL represented the buyer.

 

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Apr
30

Greensboro/Winston-Salem Apartment Vacancy at 6.9%

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The average vacancy rate for apartments in the Triad is now 6.9%, which is the lowest rate reported in more than a decade, according to the latest report published by Real Data. Demand for apartments remains strong as the individuals continue to choose renting over buying a home.

New development has stepped up, with construction starting on more than 1,300 units in the last six months. Currently, there are nearly 2,000 units under construction throughout the region and another 2,500 units proposed. Even so, demand is expected to continue exceeding supply over the next 12-18 months.

Apartments in the Triad now rent for $710 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at more than $1,000 per month.

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Apr
30

Outer Banks Real Estate Market Report Released

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Leading Northeastern North Carolina real estate firm, Coldwell Banker Seaside Realty, is pleased to announce that their 2014 first quarter Outer Banks Real Estate Market Report is now available for download on their website.

The Market Report compiles real estate sales information for the Outer Banks and Northeastern NC including Corolla, Duck, Kitty Hawk, Nags Head, Manteo, and Hatteras Island.

The data contained on the report is broken down by area and recaps the number of homes sold, the average days a listing was on the market, along with the average sales price. Some of the figures contained on the report are based on information obtained from the Outer Banks Association of REALTORS® MLS.

“The first quarter was off to a sluggish start,” said Pamela Kulsa Smith, Vice President of Sales and Relocation at Coldwell Banker Seaside Realty. “However, with the snow and cold now behind us, business is picking up and we are anticipating a strong second quarter.”

READ MORE HERE

Categories : North Carolina News
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Apr
29

Hotel Profits on Pace to Exceed Pre-Recession Levels

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According to the 2014 edition of Trends® in the Hotel Industry, an annual report recently released by PKF Hospitality Research, LLC (PKF-HR), hotel profits are on pace to exceed pre-recession levels in 2014.

Despite the slowdown in the pace of rooms revenue (RevPAR) growth in 2013, U.S. hotels were able to sustain strong gains in net operating income (NOI) during the year. Looking forward, the combination of rising average daily rates (ADR) in a low-inflation environment will allow for continued profit growth in excess of 10 percent through 2015. This five year period (2011-2015) of continuous double-digit gains on the bottom-line will be the longest such streak for U.S. hotels since the high inflation days of the late 1970s.

Categories : National News
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Apr
29

Fayetteville Walgreens Sold

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Marcus & Millichap has brokered the sale of a 14,490-square-foot Walgreens store at 1600 Skibo Road in Fayetteville. The property, which sold for approximately $5.6 million, operates 24 hours a day and features a drive-thru pharmacy. The free-standing Walgreens unit was constructed in 2002 and a 60 year net lease established with the Walgreens Company. There is currently over nine years remaining prior to the first termination option for the tenant, which then continues every five years through the entire base term.

Michael Early of Marcus & Millichap’s southern Virginia office represented the seller, an individual trust, in the transaction. Ned Zivkovic and Alvin Mansour of The Mansour Group in Marcus & Millichap’s San Diego office secured and represented the buyer, a private investor. James Allen Smith of Marcus & Millichap assisted in the transaction.

Categories : Fayetteville
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Apr
28

Greensboro Mattress Firm Sold

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Berkeley Capital Advisors is pleased to announce the sale of the Mattress Firm in Greensboro, NC for $2.37MM, completing a 1031 tax exchange. There were 10 years remaining on the lease at the time of sale. The property is located at 1220 Bridford Parkway. The 5,145 square foot building was built in 2012 and sits on a 1.12 acre outparcel. Surrounding retailers include Target, Kohl’ s, Old Navy, Michaels, Ross, PetSmart, Chipotle, Mc Donald’ s, Home Depot, Sam’ s Club & Walmart Supercenter.

Terms were all equity directed from the qualified intermediary account. Steve Horvath represented the buyer.

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Apr
27

Hendricks-Berkadia Opens Two New Offices

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Hendricks-Berkadia has announced the opening of two new regional offices located in Atlanta, GA and Charleston, SC.

Leading this regional expansion are Atlanta-based market leaders Andrew Mays and Paul Vetter, joining the firm as Senior Vice Presidents. Joining them in Atlanta are team members John McCalla and Matt White. The new South Carolina office in Charleston is being led by Vice President, Mark Boyce. The collective team brings a multitude of talent in the multifamily investment industry, as well as a successful history together, with more than $850 million in recent investment sales and career sales exceeding 26,000 units in the region. The Atlanta regional office will offer a fully integrated investment banking platform including investment sales and regional mortgage banking expertise and support.

The new team brings a high level of experience and many industry accolades. Mays and Vetter, previously heading the Mays-Vetter Group at Marcus & Millichap, both have 14 years of experience. McCalla joined Marcus & Millichap in 2005 and later joined the Mays-Vetter Group in 2010, and is one of the top young producers in the Atlanta multifamily market. The new Carolina office in Charleston is being led by Mark Boyce, who, in combination with Mays and Vetter, has successfully brokered over $500 million in apartment transactions throughout the Southeast.

 

Categories : Charleston
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Apr
27

Charlotte Urban Infill Center Sold

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HFF announced that it has closed the sale of Specialty Shops on the Park, a 64,901-square-foot, urban infill retail center in Charlotte, North Carolina.

HFF marketed the property on behalf of the seller, a family office advised by Aston Properties of Charlotte, North Carolina. A joint venture between an affiliate of Hill Partners, Inc. and an institutional partner purchased the property for an undisclosed amount free and clear of existing debt.

Specialty Shops on the Park is leased to notable tenants such as Bricktop’s, Williams-Sonoma and Talbots. The property is located at 6401 Morrison Boulevard in the affluent Southpark submarket of Charlotte across the street from SouthPark Mall, a Simon-owned mall anchored by tenants including Neiman Marcus, Macy’s and Nordstrom.

The HFF investment sales team representing the seller was led by managing directors Richard Reid and Jim Hamilton.

 

Categories : Charlotte
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Apr
25

Which State Has the Most Wal-Marts per 1,000 People?

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You can see Wal-Mart dominates in the center of the country. Arkansas, where Wal-Mart was born, has the most stores per capita with Oklahoma a close second. Wal-Mart is much less popular on the coasts. 

 

Categories : National News
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Apr
25

NAI Earle Furman Releases Market Reports

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NAI Earle Furman has released its First Quarter 2014 Market Reports. Reports include market snapshots in the office, retail and industrial sectors of commercial real estate. The reports summarize the quarterly market statistics – including vacancy, construction, asking rents and absorption – across commercial property types and submarkets in the Upstate. Click on the report below to access the reports.

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Apr
25

Cigar Factory to Become Mixed Use Development

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The five-story Cigar Factory has sat mostly vacant on the corner of Columbus and East Bay streets for eight years. Now under new ownership, the site is poised once again for development.

A joint venture between Federal Capital Partners and Roi-Tan Investments LLC — a group of local investors led by William Cogswell of WECCO Development and Jay Weaver of Weaver Capital Partners — recently acquired the building at 701 E. Bay St.

The investors expect to start the redevelopment immediately with base building completion set for the first quarter of 2015. Plans call for a mixed-use property with space for offices, retail, events, restaurants and parking. The venture is actively recruiting tenants and expects to have office and retail announcements in the coming months. Plans do not call for residential space as previously envisioned by a former owner.

“We are excited to create a unique environment to address the growing demand of office and retail users that want to be downtown,” Cogswell said. The 244,000-square-foot development sits on 4.5 acres near the Charleston Harbor at the base of the Ravenel Bridge in the Eastside neighborhood.

READ MORE HERE

Categories : Charleston
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Apr
24

Mixed Use Development Planned for Clemson

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Pacolet-Milliken Enterprises Inc. has agreed with the city of Clemson to jointly develop a master plan for 180 acres the investment company owns along U.S. Highway 76 in Clemson. The tract is between the Milliken Finishing Plant and Old Stone Church Road.

Clemson officials will pay one-third of the projected $75,000 cost of the master plan, which City Administrator Rick Cotton said Wednesday will involve “public input on the front end” of what likely will become a mixed-use development over the next decade.

John Montgomery, the Spartanburg company’s vice president of real estate, said the parties have agreed that a master plan is the best approach and will likely lead to a mix of single-family homes, apartments, commercial, retail and green spaces.

“We are excited to be a partner with the city,” Montgomery said.

READ MORE HERE

Categories : Clemson
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Apr
23

Cushman & Wakefield | Thalhimer Recent Lease Transactions

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Sears Logistics Services leased 11,900 sq.ft. at 3831 Commercial Center Drive in Ladson, SC. John H. Tison and Ed Kercher handled lease negotiations.

Harris Group leased 1,756 sq.ft. at 7301 Rivers Ave. in North Charleston, SC. Mark Erickson handled lease negotiations.

Ameriprise Financial leased 1,285 sq.ft. at 130 River Landing Dr. Suite 1-D in Daniel Island, SC. Mark Erickson handled lease negotiations.

Biohabitats leased 1,275 sq.ft. at 130 River Landing Dr. in Daniel Island, SC. Mark Erickson handled lease negotiations.

The Legacy Group leased 1,135 sq.ft. at 180 Meeting St. in Charleston, SC. Mark Erickson handled lease negotiations.

 

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Apr
22

NAI Earle Furman Recent Sales

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Greenville, South Carolina (April 2014): Earle Furman, SIOR and Alexi Papapieris of NAI Earle Furman represented Community Journals in purchasing an office building in the Village of West Greenville.

Duncan, South Carolina (April 2014): Hunter Garrett, SIOR, CCIM and John Staunton of NAI Earle Furman represented Duncan Industrial, LLC in purchasing a 5,000 SF warehouse and office building at 915 Berry Shoals Road.

Greenville, South Carolina (April 2014): John Baldwin, CCIM of NAI Earle Furman represented QuikTrip Corporation in purchasing 3.06 acres at 1450 Woodruff Road.

Easley, South Carolina (April 2014): Keith Jones, CCIM of NAI Earle Furman represented the seller in selling a 16-acre land parcel at 1762 Dacusville Highway.

Mauldin, South Carolina (April 2014): Glenn Batson of NAI Earle Furman represented the seller in selling a 28,000 flex building at 325 New Neely Ferry Road. Hunter Garrett, SIOR, CCIM, and John Staunton, also of NAI Earle Furman, represented the buyer, Kellett Howard Properties, LLC.

Categories : Greenville
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Apr
21

CoStar vs CompStak

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I don’t know if you have been following the CoStar litigation against CompStak. The basics are that CoStar is suing CompStak, claiming that CoStar data was entered into the CoStar database. I won’t go into great detail, but you can read about it HERE.

The CompStak CEO has responded (LINK HERE), claiming that CoStar is just trying to intimidate its users/members. Personally, I wasn’t very familiar with CompStak, but the litigation news made me do a little research on them. This case will be interesting going forward. No matter who wins, CoStar’s lawsuit just made a lot of people aware that CompStak is an option for lease comps.

Michael B. Dodds, MAI, CCIM

Categories : National News
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