Archive for March, 2015

Mar
31

Washington, NC Mall Under Contract

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washington_ncA major retail center in Beaufort County has been put under contract for sale to a real estate investment trust out of Virginia Beach, Wheeler Real Estate Investment Trust (Nasdaq: WHLR), for a reported $20 million.

Wheeler has contracted to buy the 261,566-square-foot Washington Square Mall shopping center in Washington, North Carolina, according to a news release from the company. If finalized, Washington Square will be among the largest and most expensive properties in Wheeler’s portfolio.

The center located on U.S. 17 is anchored by Belk department store and a Piggly Wiggly grocery store that is expected to be replaced by Food Lion once the grocer’s lease expires in 2017. The center is across the highway from a Wal-Mart Supercenter.

Wheeler Chairman and CEO Jon Wheeler stated that the property was brought to their attention by a private seller.

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Categories : North Carolina News
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Mar
31

U.S. Shopping Center Occupancy at Six-Year High

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sales up graphThe death of the mall has been highly exaggerated, according to data released Monday by the International Council of Shopping Centers and the National Council of Real Estate Investment Fiduciaries. Among the highlights: Shopping center occupancy rates were 92.7% at the end of 2014, the highest level since second quarter 2008, according to data released Monday. Occupancy was even higher for the mall segment (combined super-regional and regional malls), at 94.2% at the end of 2014, the highest since the end of 1987.

Also in 2014, mall sales productivity reached an annualized $475 per square foot. The metric has been generally increasing at a healthy pace since 2009, when it was $383.

Shopping center base rents are also on the upswing, rising 6.5% year-over-year in 2014, the third consecutive annual gain and the strongest level since 2008, the data showed. For the mall segment, base rents rose 17.2% in 2014, the strongest annual gain since ICSC and NCREIF began tracking the data series in 2000. Base rents increased 15.3% in fourth quarter 2014 year-over-year, making it the fifth consecutive quarter with a double-digit gain.

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Categories : National News
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Mar
30

How Exactly Does the Cap Rate Work?

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CAP-Rate-balanceCommercial real estate professionals live and breathe capitalization rates. Every trade publication, market participant, and third-party report relating to real estate quotes cap rates for various markets and properties. But ask a group of real estate professionals to calculate a specific property’s cap rate and you are likely to get a variety of answers — despite the simplicity of the formula. If cap rates are widely used and easily calculated, then why does everyone come up with a different answer?

This article looks at the underlying reasons for cap rates variations, ranging from different uses by market participants to different methods of cap rate extraction. While CCIMs are trained to extract cap rates in a certain way, not all market professionals use the same criteria. Understanding how such variables can affect the cap rate and the value of a property is just as important as developing — and using — a consistent method of cap rate extraction.

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Categories : National News
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Mar
30

Charleston Apartment Vacancy at 6.7%

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percentage downAccording to Real Data, the current vacancy rate for the Charleston area is 6.7%. There was positive absorption over the past six months with the gain of 443 renters.

Construction activity increased over the past six months with 3,700 units under-construction. The number of units proposed in the Charleston area is at the highest level ever recorded by Real Data. The majority of these units are located in the Mt. Pleasant submarket.

Same-store rents increased over the past twelve months raising the average monthly rent to $976. Demand is expected to fall short of new supply levels going into 2016. Occupancies are likely to stay in the 92%-94% range throughout the year. Rents are expected to increase at a slower pace than recorded in recent years.

Categories : Charleston
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Mar
26

Integra Looking to Hire Senior Appraiser

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Now HiringIntegra Realty Resources is seeking a senior commercial appraiser for the Greenville, SC office. Responsibilities include appraising general commercial properties, as well as maintaining good working relationships with clients. Candidate must be a certified general appraiser, as well as comfortable in Microsoft Windows environment and proficient with Word and Excel. Experience with Argus is a plus, but not required. Assignments are located primarily in South Carolina with periodic travel as required. Compensation plan will be based upon experience, but features competitive fee split, health and dental insurance, and education/dues reimbursement.

The office has access to most data sources, including Real Capital Analytics, Reis, Loopnet, Smith Travel Research, STDB and statewide CoStar access. In addition, Integra has a national comparable database.

Please forward confidential cover letter and resume to: Michael Dodds, MAI, CCIM at mdodds@irr.com

Categories : INTEGRA NEWS
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Mar
26

Flurry of Freight Spurs New Construction in Georgia

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port craneThe business of marine transport here at the nation’s fourth-largest container port is a study in numbers.

Thirty-one oceangoing container vessels berth at the nearly 10,000-foot-long Garden City terminal each week. More than 8,000 trucks arrive and depart from the terminal daily. Garden City handled 3.3 million 20-foot containers last year, over 10 percent more container cargo than in 2013, and a record.

There are other numbers that are just as vital to this growing business, but not nearly so visible. Hidden behind the green curtain of Georgia pine forest that surrounds the terminal are 45.3 million square feet of logistics, storage and distribution centers, according to the Georgia Ports Authority, the terminal’s owner and operator.

“The link between the terminal and the distribution centers is essential to our operations,” said Curtis J. Foltz, executive director of the Georgia Ports Authority. “Our competitiveness is based on efficiency and connectivity, making sure products don’t sit around. The real estate developments are a partnership that makes expanding trade here possible.”

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Categories : Savannah
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Mar
25

Reger Adds Three Buildings to SC Industrial Portfolio

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sold signsColliers International’s Chuck Salley, SIOR, Dave Mathews, SIOR and Sam Myers represented the buyer, Reger Holdings LLC., in the sale of three properties totaling $10.4 million: 805 Victory Trail Road, a 208,800 square foot industrial facility located in Gaffney, SC; 227 Browntown Road, a 117,260 square foot industrial property located in Bishopville, SC; and 1400 Atlas Road in Columbia, SC, a 35 acre industrial complex consisting of 7 buildings with a total size of 230,000 square feet.

Reger Holdings is a real estate investment company with extensive experience in developing value-added projects, reinvigorating properties and projects that have fallen behind the demands and needs of the current market. Reger Holdings’ portfolio contains 3,800,000 square feet consisting of 29 buildings across 13 counties in the state of South Carolina.

Reger Holdings, with the help of its brokerage team at Colliers International South Carolina, has leased approximately 1.4 million square feet of industrial space to 27 different companies that employ more than 650 workers.

Categories : Columbia, Gaffney
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Mar
25

2015 Self-Storage Market Webcast

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MM self storage

Categories : National News
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Mar
25

SCE&G Building in Downtown Columbia Under Contract

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SCEG buildingSCE&G has sold its former customer service/office building in downtown Columbia to an undisclosed buyer for an undisclosed amount.

Utility spokesman Eric Boomhower said Tuesday the deal is expected to be final during early summer, at which time details will be made public.

The 32,000-square-foot, three-story building at Lady and Marion streets has a market price of at least $1 million and a bid was accepted in mid-February, the spokesman said.

It has been on the market since early October. SCE&G has owned the structure, a few blocks from Main Street, since 1970, Boomhower said.

SCE&G customers have been paying their bills and meeting with utility customer representatives since January at a new building on Flora Street off Assembly Street near the abandoned Capital City Stadium.

SOURCE

Categories : Columbia
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Mar
23

Owens Corning Building in Concord Sold

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sold stamp blueGriffin Capital Corporation  announced today, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the “REIT”), the closing of the 61,200 SF, Class “A,” single-story, light manufacturing building in Concord, North Carolina, on March 9, 2015.

The Property is leased by Owens Corning Sales, LLC a subsidiary of Owens Corning, Inc. (the “Company”) and serves as one of its key manufacturing operations supporting production of multiple products for its customers worldwide. The Tenant leases 100 percent of the Property and has been in occupancy since 2000. Over this period, the Company has invested significantly in maintaining the facility as a world-class operation. The Company is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. The Company has a Standard and Poor’s investment grade credit rating of ‘BBB-’. The lease has 9.8 years remaining with no contraction or cancellation options.

 

Categories : Charlotte
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Mar
23

NAI Avant Arranges Sale in MWV’s Nexton Development

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nextonThomas Boulware, VI, CCIM and Dexter Rumsey, IV, both senior brokers with NAI Avant’s Charleston office, recently arranged the sale of ±0.70 acres located at the intersection of Rose Drive and Brighton Park Boulevard in MeadWestvaco’s Nexton development in Summerville, SC. Boulware and Rumsey represented the seller, MWV-Parks of Berkeley, LLC, in the transaction valued at $825,000.

The parcel was purchased by CPM Federal Credit Union and will be developed as a ±3,400 square foot full-service branch scheduled to open in 2016. Markus Kastenholz with CBRE represented the buyer in the transaction.

Categories : Charleston, Summerville
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Mar
23

Starbucks Aims for 3,500 New Stores

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starbucks openingStarbucks Corp. remains highly bullish on expansion. In remarks at the company’s annual shareholders meeting, the coffee giant revealed that over the next five years it plans to open 3,500 locations in its Americas region and 8,000 new stores in foreign markets. And just in case you were wondering … Starbucks noted that Shanghai has more Starbucks stores than any other city in the world in which it operates.

Speaking at the meeting, Cliff Burrows, group president of the Americas and Teavana, said the past year has been “a tremendous year for growth (for Starbucks) – in fact probably the best.”

“We are currently at just over 14,000 stores across the Americas and that number will grow by 3,500 over the next 5 years,” Burrows said.

Starbucks is opening a new smaller, take-away only footprint especially focused on meeting the demands of customers in urban locations during the morning peak. The first Express location is scheduled to open in the company’s second quarter, in New York, with four additional stores on tap by year end, now open in Manhattan.

Categories : Uncategorized
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Mar
23

PRG Real Estate Acquires Apartments in Raleigh

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PRGPRG Real Estate, a leading multifamily real estate investment and management firm, announced the acquisition of The Falls Apartment Homes, located in northwest Raleigh, North Carolina.

The Falls is a 396-unit garden-style apartment community located in what Forbes magazine reported as the second fastest growing city in the United States. The property is about 5 miles north of North Carolina State University, home to 35,000 students and 8,000 full time employees. Constructed in 1987 as The Players Club, a singles community, we look to take The Falls back to its roots as a “hip modern community” suited for today’s young professionals and Millennials. The Falls’ proximity to North Carolina State University’s campus and just a 15 minute commute to Research Triangle Park, downtown Raleigh, and the RDU Airport make it an excellent location for students and post-grads alike.

The Falls will undergo a massive $5.8 million capital improvement plan which will transform both the interior and exterior of the property. At $14,000 per unit, this will be the largest rehab in PRG history. Stainless steel appliances, faux granite counters and brand new 42” espresso colored cabinets will replace the dated euro-style cabinets and laminate counters. Exterior improvements include residing the buildings with Hardi-board, adding a dog park, resurfacing the pool deck and all new property signage. The most thrilling project is redesigning the enormous, outdated clubhouse with a modern lounge area, media room, billiard area and 1,500 square foot state-of-the-art fitness center.

 

Categories : Raleigh
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Mar
20

Trader Joe’s: Time-lapse Construction Video

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SOURCE

Categories : National News
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Mar
20

Apartments Planned for Daniel Island Waterfront

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DANIEL ISLAND MAPRichardson Properties, a private real estate investment company based in Greensboro, is working with Charleston, S.C.-based Kassinger Development Group to develop a “$40+ million,” 266-unit luxury waterfront complex in the Charleston area.

The Sweetwater community will offer apartments with a range of floor plans, as well as an 18-room boutique-style inn and a grand event lawn. Other amenities will include boat parking, a boat ramp, kayak and canoe launch and community docks.

Sweetwater is a 50-acre property located across from Daniel Island, about 15 minutes from downtown Charleston. The upscale community is expected to see its first buildings completed in early 2016. Charleston-based Sweetwater Construction is the contractor.

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