Archive for January, 2015

Jan
30

Columbia Exploring Air Rights Over Parking Garages

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parking_garage_entranceThe city of Columbia wants to see if it can put together a public-private partnership to determine whether the air space over six city-owned parking garages is suitable for economic development opportunities.

The city has advertised a Request For Proposals to see if developers are interested in commercial development above the parking garages, all located in the downtown area.

“This is an RFP which could result in a developer or developers being chosen to develop residential/commercial space above one or more of the six existing garages listed … or future parking decks owned by the city,” said Leshia Utsey, city spokeswoman. “The city would provide air rights and any development would generate new property taxes and other revenues for the city as well as having an economic development impact in the area of the garage.”

Projects that could be built on top of the garages include retail stores, restaurants, offices and non-student residential units.

READ MORE HERE

Categories : South Carolina News
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Jan
30

AIA Projects Solid Increases in Construction Spending

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construction3The nonresidential building market was hamstrung by weather-related delays during the first part of the 2014, but conditions improved dramatically throughout the rest of the year to finish with greater than anticipated spending levels, according to The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast.

The commercial construction sector is now looking at double-digit increases in 2015, led by vigorous levels of demand for hotels and office buildings.

The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will see a 7.7% increase in 2015, with next year’s projection nudging up to 8.2%.

“This is the first time since the Great Recession that every major building category is projected to see increases in spending,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “But by far, the most significant driver that will fuel greater expansion in the marketplace is the revival in the institutional sector, especially with growing demand for new healthcare and education facilities, which alone traditionally account for a third of spending on new building construction.”

Categories : National News
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Jan
30

Spartanburg Apartments Sold for $26,000/Unit

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NAI apt sale 1-2015Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the Seller, Southwood Realty of Gastonia, NC in the sale of Westgate and Woodside Apartments. Westgate Apartments, a 122-unit complex located at 430 East Blackstock Road in Spartanburg, SC and Woodside Apartments, a 124-unit complex located at 1631 Fernwood Glendale Road, Spartanburg, SC were built in 1977 and 1973 respectively.

The multifamily properties sold together for $6,400,000 and were occupied at 96 and 92 percent at the time of sale. The Buyer was DBC Real Estate Management, LLC out of Warrendale, PA. This sale represents the NAI Earle Furman’s Multifamily Team’s third transaction representing Southwood in a disposition.

Categories : Spartanburg
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Jan
29

How the Family Dollar-Dollar Tree Merger Affects Grocers

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Question mark made from dollar bills  isolated on white background.Dollar Tree Inc.’s acquisition of Family Dollar Stores Inc. could impact grocers as the merged company adds more food to its stores, an analyst said — but the effects on Publix Super Markets Inc. will likely be minimal.

Shareholders of Matthews-based Family Dollar (NSYE: FDO) approved the sale of the company to Virginia-based Dollar Tree (NASDAQ: DLTR) on Thursday morning. Dollar Tree operates nearly 5,100 stores in the United States and Canada. Most of those stores are in suburban markets and are as large as 10,000 square feet. It has agreed to close 1,500 stores to in order to gain Federal Trade Commission approval of the deal.

Family Dollar operates more than 8,200 stores in 46 states. Its stores are in a mix of urban and rural markets and measure between 7,500 square feet and 9,500 square feet.

The combined company could become a major player in food retail, said W. Frank Dell II, principal of Connecticut-based grocery consulting firm Dellmart & Co. And while that could spell doomsday for some grocers, it will likely be no issue for Lakeland, Fla.-based Publix.

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Categories : National News
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Jan
29

NAI Earle Furman Releases Research Reports

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NAI Earle Furman logo squareNAI Earle Furman has released fourth quarter 2014 reports on the Upstate of South Carolina detailing statistics, recent trends, significant transactions and the outlook for the year ahead.

To download the Industrial report – CLICK HERE

To download the Office report – CLICK HERE

To download the Retail report – CLICK HERE

Categories : Greenville
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Jan
29

Congratulations to Colliers 2014 Top Producers

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Top Dogs 2014

Categories : Uncategorized
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Jan
29

Six Self Storage Facilities in the Carolinas Sold

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self storageExtra Space Storage Inc., a self-storage real estate investment trust, recently acquired a seven-property portfolio for nearly $57 million from FCA Partners, a real estate investment management firm. The properties are in North and South Carolina as well as Texas. They comprise approximately 5,000 units.

Extra Space managed the Carolina properties prior to the sale, according to “The SpareFoot Storage Beat,” a blog produced by self-storage online marketplace SpareFoot. Those facilities have been operating under the Extra Space brand name. The properties in the Carolinas are:

2910 Lawndale Drive, Greensboro, N.C.
4514 High Point Road, Greensboro, N.C.
733 10th Ave. S.E., Hickory, N.C.
550 Peters Creek Parkway, Winston-Salem, N.C.
2720 University Parkway, Winston-Salem, N.C.
3600 Wade Hampton Blvd., Taylors, S.C.

FCA Managing Partner Al Lindemann told the source the self-storage market is “heating up.” “There’s a lot of investor appetite for it, and there’s very little that has been built over the last four years,” he said.

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Jan
29

SC Realtors: 2014 Year End Report (video)

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Jan
28

Student Housing Developments in Boone Sold

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sold stamp blueNorthState Capital Partners has led an investment group in the acquisition of a three-property student housing apartment portfolio totaling 336 beds. The properties serve students of Appalachian State University in Boone, NC and include Highland Crossing, a 204-bed apartment community, Greenway Commons consisting of 84 beds, and Greenway Cove with 48 beds.

The combined apartment units are currently 96% occupied. The Highland Crossing property is a mixeduse property with approximately 7,500 square feet of vacant ground-floor retail space. “This acquisition fits nicely with our strategy of investing in stable, income-producing real estate with an opportunity to add value for our investors through the lease-up of the vacant commercial space”, said Shane Buckner, a Managing Partner at NorthState Capital Partners.

“We really like the Boone market, which has significant barriers to entry for new development and we believe these three properties are positioned favorably within that market”, said David Dupree, a Managing Partner at NorthState Capital Partners.

The properties are in close proximity to Appalachian State University campus and offer students a variety of housing options with two, three, and four bedroom units. The AppalCart, the primary local
public transportation system, which is very popular with students, has bus stops directly in front of the properties, providing convenience for the residents.

Categories : Boone
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Jan
28

Rite Aid to Build 900,000 SF Facility in Spartanburg

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rite aid scHundreds of new jobs are coming to the Upstate. Rite Aid Corporation announced plans to build a 900,000-square-foot distribution center in Spartanburg. Officials say the new center will employ nearly 600 people after it becomes fully operational and is a $90 million investment.

“Spartanburg is an ideal location for our new distribution center. We thank the state of South Carolina for their cooperation and support during our site selection process, and we look forward to breaking ground on our new facility, which will help us to further optimize our supply chain and better serve our stores and customers across the Southeast,” said Rite Aid Chairman and CEO John Standley. The center will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States, officials said.

In April 2014, Rite Aid officials said they announced a plan to consolidate three of its existing distribution centers, located in Tuscaloosa, Alabama.; Charlotte, North Carolina; and Poca, West Virginia., into one new facility. They said the new site along the I-85 corridor offers easy access to markets across the southeast.

Information on employment opportunities at Rite Aid’s new facility in Spartanburg will be made available in the second half of 2015.

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Jan
28

Hilton Head’s Metropolitan Hotel Sold

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DSC_0263New owners of the Metropolitan Hotel and its dilapidated annex on Hilton Head Island have an “aggressive” plan renovate and reopen both this year, according to the developers and town officials.

The plans include opening the main Metropolitan building as summer housing for exchange students and renovating the annex to open new a franchised hotel within the next three months, new owners Hari and Sam Johl said Tuesday. The Johls own more than 20 hotels around the country and have been eyeing the struggling Metropolitan property for more than two years, Hari Johl said.

After six months of negotiations with then-owner Remo Polselli, the cousins purchased the property and took over management last week, Hari Johl said. He would not say how much they agreed to paid for the property.

On Tuesday, the Johls presented their plans for the hotel and annex to the Town of Hilton Head Island’s Construction Board of Adjustments and Appeals, which had been set to decide whether the long-neglected annex should be demolished. Town inspector Bob Klein declared the annex a safety risk to the public in August, citing the building’s sagging roof, exposed wires and loose guardrails.

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Categories : Hilton Head Island
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Jan
27

Apex NC Apartments Sold to Bell Partners

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apex apartmentsCushman & Wakefield | Thalhimer’s Capital Markets Group is pleased to announce the sale of Village Summit Apartments, a 208-unit apartment community located in Apex, NC. Apex is part of the Raleigh-Durham metro area and benefits from excellent access to local employment centers. The property, developed by The Halle Companies, and 96% leased at the time of sale, was acquired by Bell Partners for an undisclosed price.

Cushman & Wakefield | Thalhimer’s Multifamily Advisory Group of Allan Lynch and Justin Good handled the sale negotiations on behalf of the seller, The Halle Companies.

Categories : Raleigh
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Jan
27

Charleston Office Property Sold for $850,000

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241 243David Grubbs, Managing Partner and Broker-in-Charge with NAI Avant’s Charleston office, recently represented the seller, Floyd Family Investment Company, LLC, in the sale of 241 & 243 Calhoun Street in Charleston, SC. The property, consisting of ±.25 acres, sold for $850,000. Currently occupied by Floyd Brace Company this property includes 2 buildings. One building is 1300 SF and the second building is 2300 SF. There are 15 marked parking spaces on site. The property is zoned LB – Limited Business

Phil Rose with Twin Rivers Capital represented the buyer in the transaction.

Categories : Charleston
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Jan
27

Bass Pro Shops Buys Inman Warehouse

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bass_pro_logoAn Inman-based camouflage company has apparently caught the eye of one of the outdoor retail industry’s big fish.

Missouri-based Bass Pro Shops has purchased a 74-acre site housing True Timber LLC’s 150,000-square-foot facility at 150 Accurate Way for $2.06 million, according to Spartanburg County property records.

Sources familiar with the project said Bass Pro Shops plans to expand the facility. The expansion will enable True Timber to become Bass Pro Shops proprietary brand of camo that will be sold within its stores nationwide and online.

“In April, Bass Pro announced a new store in Spartanburg County,” said County Council Chairman Jeff Horton. “I think it’s great that they are continuing to look into Spartanburg. Hopefully, they will expand (True Timber) and continue to add jobs… It’s very encouraging.” True Timber was founded in 2005 by Rusty Sellars, a local businessman and hunting enthusiast who was inspired by a photo of the ground he snapped while sitting in a tree stand.

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Jan
27

Lincoln Harris Releases Charleston Office Report

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Click on the photo below to download the report.

lincoln harris industrial 1-2015

Categories : Charleston
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