Archive for May, 2014

May
20

Myrtle Beach Mall Sold

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A joint venture between Peak Financial Partners Inc. and Misuma Holdings has acquired the 521,000-square-foot Myrtle Beach Mall in Myrtle Beach for $45 million. Peak and Misuma will jointly own and manage the mall, which features anchor tenants such as Bass Pro Shops, Belk and a 12-screen Carmike Theater.

The mall is located along the North Kings Highway business corridor in Myrtle Beach. The partnership between Peak and Misuma, which began in 1995, identifies turnaround projects in the retail sector. Plans for the mall were not revealed at this time.

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May
16

Location, Location, Location (humor)

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Categories : Humor
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May
16

Statesville Bi-Lo Center Sold

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Berkeley Capital Advisors has announced the sale of Shoppes at Broad Street, a 147,953 SF grocery anchored retail center located in Statesville, North Carolina. The Center is anchored by Bi-Lo, Citi Trends, Rugged Wearhouse and Hallmark. Currently, two vacant shops are available for lease at rates of $13 and $15 per square foot.

Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.

Categories : Statesville
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May
16

PKF Hospitality Research: Trends® in the Hotel Industry (video)

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Categories : National News
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May
15

South Carolina REALTORS® Releases Statewide Market Reports

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South Carolina REALTORS® (SCR) today released its April Statewide Market Reports.

The reports indicate prices are going up and most metropolitan markets are between recovery and normalization.

  • New Listings in the state of South Carolina increased 4.7 percent to 10,623.
  • Pending Sales were down 0.4 percent to 6,190.
  • Inventory levels shrank 1.6 percent to 48,185 units.
  • Prices moved higher as the Median Sales Price increased 4.8 percent to $159,000.
  • Days on Market was down 1.6 percent to 120 days.
  • Absorption rates improved as Months Supply of Inventory was down 10.0 percent to 9.0 months.
Categories : South Carolina News
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May
15

Allerton Place Apartments Sold

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Greystone, a real estate investment and development group, today announced the acquisition of Allerton Place Apartments, a 228-unit multifamily property located in Greensboro, NC. The complex is located in the largest city of North Carolina’s robust Piedmont Triad region. The price was not disclosed.

As part of its active acquisitions strategy, Greystone seeks out multifamily assets for its growing owner / operator model, investing in renovation and improved property management to increase value. The ideal real estate acquisition targets for this strategy are of 1980’s vintage – or newer – and over 200 units in size situated in the Southeast, mid-Atlantic and Midwest.

Allerton Place, constructed in 1997, comprises 14 garden-style apartment buildings with an accompanying clubhouse and leasing center. The Greensboro, NC property, purchased from Summit Equities, will transition to new property management provided by Greystone Property Management Corporation. Summit Equities acquired the complex in May 2012 in a sale in conjunction with Auction.com for $16.32 million.

 

Categories : Greensboro
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May
14

Columbia’s AgFirst Building Sold

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The iconic downtown Columbia office building that served as the home of AgFirst Farm Credit Bank for nearly 80 years has been sold. The name of the buyer has not been disclosed and neither has the sales price for the 118,000-square-foot building at 1401 Hampton St. The property was valued at $6.7 million for tax purposes, according to the Richland County Assessor.

Earlier, in spring, AgFirst moved 380 employees to the Bank of America Plaza, 1901 Main St. The firm located its information technology staff in a second structure nearby on Calhoun Street. AgFirst bought the 303,000-square-foot, 17-story Bank of America tower in September 2012 for $26 million. AgFirst planned to occupy about 100,000 square feet of the tower.

Matt Kennell, president and CEO of City Center Partnership, said he was “pleasantly surprised” to hear that the former AgFirst building sold within weeks after it had been vacated. “It reinforces what we already are feeling — that the occupancy of office space downtown is very high, the occupancy of residential space is very high,” Kennell said. “There are not a lot of opportunities for people who want large-scale sites.”

READ MORE HERE

Categories : Columbia
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May
14

A Peek Inside Columbia’s “The Hub”

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I thought you may be interested to see how construction on The Hub, the student housing development on Main Street in Columbia is progressing. Click on the photo below to see photos from their recent construction tour.

Categories : Columbia
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May
14

Patriots Point Looking for User to Lease 50 Acres

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Patriots Point Development Authority is planning to lease around 50 acres of waterfront property.

The authority recently published a Request for Proposals and Qualifications (.pdf) with the S.C. Budget and Control Board to find prospective tenants or developers.

Hotels, restaurants, retail shops, conference centers, rental offices, institutional and cultural activities, entertainment venues and public access facilities and amenities are permitted under the proposal. Family residential units, industrial facilities and other uses not in compliance with the town of Mount Pleasant’s zoning ordinances will not be permitted, the request said.

The land is not available for ownership, but it may be leased for up to 99 years, according to the request.

READ MORE HERE

Categories : Charleston
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May
13

Vista Fire Station Foreclosure Drags On

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The foreclosure of an old fire station in the Vista has been held up in court for more than two years because a local developer says city officials and the city’s Columbia Development Corporation prevented him from developing the property.

And in the coming weeks, a judge will decide whether the developer can force several prominent city officials to give testimony: Mayor Steve Benjamin, former City Councilwoman Belinda Gergel and City Attorney Ken Gaines.

Developer Tom Prioreschi has been one of the main forces behind downtown Columbia’s revitalization — and thus a close ally of the City of Columbia. Over the last decade and a half, he bought up several Main Street properties, using historic tax credits to restore and build out the Tapp’s building, Berry’s on Main, the Kress building, the Barringer building and the Lofts at Lourie’s. His company Capitol Places manages more than 150 apartments downtown.

READ MORE HERE

Categories : Columbia
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May
13

Richland County Reassessment Appeal Deadline Approaching

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Owners of properties in Richland County have until May 23rd to appeal their new 2014 taxable value. Property owners cannot simply complain that their property tax is too high; they must present evidence that the assessor’s value is incorrect, and support their opinion of market value. Such evidence can come from, for example, a recent appraisal, sale of the property, lease agreement and photographic evidence of the property’s condition. Merely pointing to your neighbor’s property for sale down the street is not adequate.

For most, finding the data to support the appeal is the difficult part. Integrity Real Estate Advisors is a professional firm that can assist you with your commercial property appeal, whether you just need the data, or want someone to handle the entire process. Contact Dale Stigamier, CCIM at (803) 772-9100 for more information.

Categories : Columbia
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May
12

Lakewood on the Saluda Apartments Sold

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NAI Earle Furman’s Multifamily Division represented the Sellers, Three S Enterprises, LLC and Lakewood Properties, LLC, in the sale of a 104-unit multifamily rental village known as Lakewood on the Saluda, located at 104 B Stanley Drive in Greenville, South Carolina. The purchaser was Victoria Apartments, Inc. The community, which was built in 1986, sold for $3,750,000 and was 92% occupied at the time of sale.

“This sale is representative of our country’s evolving housing market. The concept of a “rental village” has gained favor among investors and tenants alike. Lakewood at Saluda offers its residents quiet carefree living, with more personal space than an apartment complex. The property is comprised of detached duplex homes, but it has centralized management by an onsite team. We expect to see “rental village” properties become even more popular in the future,” said Tony Bonitati, multifamily broker at NAI Earle Furman

 

Categories : Greenville
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May
08

New Subdivision Planned for East Greenville

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Construction on Homestead at Hartness, a 140-unit housing development on Greenville’s east side, is slated to complete at the end of the year.

Construction on the 35-acre development began a year ago for the one- to four-bedroom leased homes. Units run between 1,044 square feet and 2,019 square feet, priced between $1,200 to $2,000 per month, according to a news release. The development has 18 move-in-ready homes already, 16 of which have already been leased, according to Homestead at Hartness Community Manager Shon Duren.

“Homestead at Hartness responds to the growing housing demand in Greenville,” he said. “This development offers beautiful homes for lease with all of the benefits of traditional neighborhood living.”

Homestead at Hartness residents will have access to a clubhouse, fitness room, yoga studio, club room, a pool and cabana. The development will include bodies of water with a canoe and kayak dock, a 90-acre private green space with extensive trails, a 1.5-acre dog park and miles of walking paths between units.

READ MORE HERE

Categories : Greenville
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May
07

ARA Releases Seniors Housing Report

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ARA Seniors Housing has released the Quarterly Trend Report for the first quarter of 2014. This report has been developed to keep you informed of the latest information and trends within the seniors housing market over the past quarter.

Categories : National News
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May
06

Harris Teeter Planned for South Charlotte

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Marsh Properties has filed a rezoning petition for 60 acres in Charlotte’s Sedgefield neighborhood, where it is planning a $190 million multi-use project with Aston Properties that Harris Teeter has agreed to anchor with a 53,000-square-foot store.

The land, which has been in the Marsh family for more than 80 years, is along South Boulevard, with most of the acreage stretching back into the Sedgefield neighborhood between Poindexter Drive and Marsh Road. The site is currently home to the Sedgefield Shopping Center and 303 existing apartment units. In November, Marsh Properties said it was planning to redevelop the property, terminating the lease of current tenant Healthy Home Market rather than renew the grocer for 10 additional years.

With the rezoning, Marsh is seeking approval to develop up to 98,000 square feet of retail space, as many as 1,200 multifamily and for-sale housing units and potentially 100,000 square feet of office space.

READ MORE HERE

Categories : Charlotte
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