Archive for April, 2015

Apr
17

Good Times for Self Storage Market

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self_storageThese are good times for self-storage, Marcus & Millichap says in its new report on the sector. For starters, says MMI, the sector will see a 50-basis point decline in vacancy nationwide this year, driven by “a more robust pace of economic growth” that will also fuel rent increase as high as 4.2% for climate controlled product. Already in several markets, notably California’s major cities as well as Atlanta, bp declines in vacancy last year were in the triple digits.

MMI’s report, prepared in collaboration with Richard A. Bird, who heads the firm’s national self-storage group, notes that payrolls are growing steadily. Meanwhile, real disposable income, “a broader measure of spending power than wages that takes inflation into account,” is rising. Accordingly, says MMI, “purchases of consumer goods suitable for stowing continue to climb, creating potential new requirements for space in existing self-storage properties nationwide.”

Even as growing space demand appears to justify building new facilities, “construction remains anemic,” according to MMI. There’s fierce competition for development sites, “with multifamily builders in the midst of a building boom that is pushing up land prices and shutting out self-storage developers.”

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Categories : National News
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Apr
15

Congratulations to Bill Cantey, CCIM, CRE!

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William C. (Bill) Cantey, Jr., CCIM, CRE, of Columbia, SC, was recently honored with an endowed scholarship through CCIM Foundation. The endowed scholarship was created to recognize Cantey for his ongoing contributions to the commercial real estate industry and the South Carolina CCIM Chapter.

Cantey has been active in the commercial investment real estate business on a full-time basis since 1969. He has been involved in a myriad of real estate transactions representing buyers, sellers, landlords, tenants and owners. He has also been the sole owner or general partner in numerous real estate ventures including office buildings, shopping centers, apartments, duplexes, single-family houses, warehouses, and undeveloped land. Cantey graduated from Davidson College with a B.A. degree in Economics and from Harvard University Graduate School of Business Administration with a M.B.A. degree in Finance. He is a Senior Instructor on the national faculty of the CCIM Institute, and has been teaching courses required for the CCIM designation since 1987. He also teaches for the South Carolina Association of Realtors in the GRI program. Cantey has served as President of the South Carolina Association of Realtors and as President of the South Carolina CCIM Chapter.

The William C. Cantey, Jr., CCIM Scholarship, announced recently during CCIM Institute’s 2015 Spring Governance Meetings, was funded by CCIM Foundation and members of the South Carolina CCIM Chapter. With this new scholarship, the South Carolina CCIM Chapter will award an annual recipient with $1,000 toward the tuition cost for one of the four core courses of CCIM Institute: CI-101 Financial Analysis, CI-102 Market Analysis, CI-103 User Decision Analysis, or CI-104 Investment Analysis.

Categories : Columbia
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Apr
15

Publix to Buy Two Lowes Foods Stores in NC

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publix over lowesPublix Super Markets Inc. and Lowes Foods, LLC, have announced the companies have entered into an agreement under which Publix is expected to purchase two closed and vacant Lowes Foods stores in North Carolina:

  • 1949 Hoffman Road, Gastonia and
  • 3480 Kildaire Farm Road, Cary.

The transaction is projected to close later this month and includes two leased store locations and one leased fuel station. Financial terms of the transaction were not disclosed.

“We’ve opened eight stores in North Carolina within the past year, solidifying our commitment to growth within the state,” said Publix CEO Ed Crenshaw. “Our associates continue to provide customers with premier service, quality products and an enjoyable shopping experience. As the largest employee-owned supermarket in the nation, our associates are passionate about serving customers, and meeting and exceeding their expectations. Our service-oriented culture is continuing to foster a loyal customer following in North Carolina and across all our market areas.”
“As a homegrown grocer serving our guests in the Carolinas since 1954, we continue to be excited about the future of Lowes Foods,” said Lowes Foods President Tim Lowe. “The sale of these closed and vacant store locations is part of our comprehensive growth strategy that includes accelerating investment in rebranding existing stores, building new stores, and evaluating strategic marketplace opportunities.”

Grand opening dates for the two locations will depend on the scope of the remodels. Publix does not intend to operate the fuel station.

Categories : Charlotte, Durham, Raleigh
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Apr
15

N. Charleston CARTA Site Sold

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cartaAvison Young commercial real estate has announced that Alan Bolduc, CCIM, SIOR, Christopher B. Fraser, CCIM and Todd P. Garrett, CCIM, SIOR represented the seller, The Charleston Area Regional Transport Authority in the sale of approximately 36 acres of land located at 4894 Dorchester Road in North Charleston, South Carolina to Rushmark Properties, LLC for $6,500,000. The asking price was $7,590,000.

According to Showcase.com, the property carries three different zoning classifications; CRD (commercial re-development), B-2 (business) and M-1 (light industrial). Today the site has had extensive work completed in the way of infrastructure, water, sewer and other. It also has a number of tenants providing some income, to include several industrial bldg users as well as 2 billboards and 1 cell tower.

Categories : Charleston
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Apr
15

Lincoln Harris Releases Charleston Market Report

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Click on the image below to download the report. 

lincoln harris 1 2015

Categories : Charleston
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Apr
15

Retail Space Planned for Johns Island

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johns island mapA husband-and-wife design team on Johns Island is planning to build a 6,500-square-foot retail center at 3130 Maybank Highway.

David and Eva Glover own Design Gaps Inc. and its subsidiaries: Downsview Kitchens of Charleston, a cabinetry company, and XtremeGarages, which creates high-end garages and man caves.

They currently operate a 1,200-square-foot showroom near Kiawah Island and were looking for a location closer to Charleston when they found a 0.62-acre lot on the corner of Maybank Highway and Hollydale Court.

The Glovers purchased the lot in August 2014 and designed a one-story, three-unit shopping center called the Specialty Shoppes on Maybank.

“You have the ease of entering from the side street, Hollydale Court, and parking right at our door,” David Glover said. “It is very convenient for clients from Kiawah, Seabrook, Charleston and Mount Pleasant.”

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Apr
14

Rock Hill Apartment Construction Ban Extended

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construction moratoriumRock Hill’s moratorium on new apartments will stand for at least another three months.

On Monday, the City Council approved an extension of the moratorium, meaning that by the time the ban ends in October, no new multifamily housing units will have been approved within Rock Hill city limits for a full year.

At the same time, the council accepted a study by city planners calling for zoning changes to limit the location, appearance and scale of future multifamily housing construction in the city.

The move follows the council’s decision in November to place a nine-month moratorium on construction of apartments, condos and townhouses throughout the city. Citing an uptick in housing construction after the recession, city leaders wanted to ensure new construction fit in with Rock Hill’s long-term development goals. At the time the moratorium went into effect, more than 1,200 residential units already were under construction or had received city approval.

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Apr
14

Trump Bullish on the SC Lowcountry

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52929-Donald+trump+famous+quotes+1Real estate developer Donald Trump is bullish on the Lowcountry.

“I invested in something in Charleston,” the potential presidential candidate said during a stop at the DoubleTree hotel near the City Market on Monday. He declined to elaborate.

“I’ll announce it at the appropriate time,” Trump said. “It’s very interesting.” He said might discuss the deal in more detail next time he visits the region.

Trump also characterized the area as “a place I would invest.”

“I think Charleston is a fantastic place … becoming an unbelievable tourist destination, one of the finest in the country, and I like Charleston very much. And I like the people very much. It’s something that I could do,” he said. One of Trump’s sons, Donald Trump Jr. is involved the ownership of the former Navy hospital on Rivers Avenue in North Charleston. His famous father hasn’t been directly linked to any venture in the Lowcountry, though one of his recent investments had a local tie-in.

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Categories : Charleston
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Apr
14

Work on Palmetto Compress Warehouse Continues

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Palmetto CompressThe trinkets and keepsakes deep inside the confines of the historic Palmetto Compress Warehouse are steadily being removed, a new mixed-use apartment complex anxious to take their place.

“There’s computer monitors, there’s an old piano,” said David Sickinger of Garvin Design Group. “I don’t know what they did with that, because I’d love to have it. It still works.”

Much like that piano, the old cotton warehouse is still in working shape, ready to play its next song. And after being saved from the wrecker’s ball just two years ago, plans are moving ahead to restore and redevelop the property.

Columbia’s Design/Development Review Commission gave the project unanimous approval Thursday afternoon, signaling the next step in the facility’s revival. Sickinger said interior demolition will continue for the next month, and his group plans on submitting its permanent drawings to the city by the end of April.
“Once we get that,” Sickinger said, “instead of demoing we’ll be building back.”

READ MORE HERE

Categories : Columbia
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Apr
14

Net Lease Demand is Crazy Strong

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NNN wanted signDemand for net lease investments is not only strong, it shows no sign of weakening, according to investors in the space who will speak on the state of the capital markets at RealShare Net Lease, taking place here later this week.

“We have a pretty significant imbalance of supply and demand,” notes W. Kyle Gore, managing director & principal, CGA Capital Corp. “Demand from debt and equity investors for credit leased back transactions—particularly where the credit is investment grade or higher—far exceeds the supply.”

That imbalance, and low interest rates, he adds, “have conspired to create a frenzy for great deals and to create demand for deals that in the past would have been marginal.”

Gore is seeing investors lower yield requirements or even “start giving up structure requirements. For example, net lease REITS are accepting shorter base lease terms than what the market demanded historically, exposing their investors to more residual value risk and more lease renewal risk than the net lease market had accepted in the past.”

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Categories : National News
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Apr
07

Charlotte Business Park Sold

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Shopton Ridge Business ParkCBRE’s Charlotte, NC, office has finalized the sale of Shopton Ridge Business Park in Charlotte, NC. CBRE’s Patrick Gildea, Anne Johnson and Bryan Crutcher led the sale on behalf of the seller, Trinity Capital Advisors and PCCP, LLC. The property sold to Adler Kawa Acquisitions, LLC on April 1, 2015.

Shopton Ridge Business Park is a Class-A industrial property consisting of 422,400 sq. ft. The property is located within the Southwest submarket in Charlotte. Shopton Ridge Business Park offers unparalleled access to I-485 and excellent proximity to I-85 and I-77, with direct access to the airport.

In 2014, the Southwest submarket experienced the highest annual Charlotte market absorption rate with approximately 600,000 sq. ft. absorbed. The Southwest submarket has also experienced growth in rental rates with an increase of 9% in the past 12 months.

Anchor tenants in the property include Cardinal Health, Linde Gas, Pinpoint Warehousing and ScentAir.

Patrick Gildea commented, “We were very pleased with the interest level from prospective buyers. The capital for office warehouse product was relatively thin 12–24 months ago. As the market has continued to improve, the buyer pool for this type of product has increased substantially.”

SOURCE

Categories : Charlotte
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Apr
07

Multiple Clemson Student Housing Developments Underway

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student housingWith an increase in student population predicted for the next several years at Clemson University, development activity in the city of Clemson is booming. The university’s 6,183 beds on campus remain consistently full, prompting students to seek off-campus housing. Add in services to accommodate those students as well as the growing city, and it’s easy to see why developers are responding.

Todd Steadman, the city of Clemson’s codes administrator, said that between the projects that are under construction or are in the permitting process, he expects a $130 million investment by the end of this year. “It’s the combination of a perfect storm with interest rates lower and demand for student housing. It’s unprecedented growth, both in terms of dollar amount and growth for the city,” he said.

Here’s a glimpse at just a few of the projects in the city of Clemson.

READ MORE HERE

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Apr
06

Fort Mill Class A Office Buildings Sold for $222/SF

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kingsly parkDTZ has announced the sale of three Class A office buildings in Kingsley Park, a corporate office campus in Fort Mill, SC, outside Charlotte. A DTZ Capital Markets team including Senior Managing Director Rob Cochran and Associate Vice President Jared Londry represented the sellers, a joint venture between Childress Klein and The Springs Company.

The buildings, which together total 178,317 square feet, traded to Waitt Company, an Omaha, NE-based investor, for $39.5 million, or $222 per square foot. Kingsley Park is Waitt Company’s first real estate investment in the Carolinas.

“This offering drew a tremendous response,” said Mr. Cochran. “We received multiple highly competitive offers over several rounds of bidding from local and national investors, many of whom were new players in this market. The transaction highlights the recent surge in demand for core suburban office product. The Kingsley Park sale is the most recent of several notable transactions in Fort Mill in recent months. Both LPL Financial and The Lash Group announced relocations to the area and are building new corporate campuses across the street from Kingsley Park, ultimately creating 5,000 jobs and 1 million square feet of new office space.”

Categories : Rock Hill
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Apr
03

Friday Real Estate Humor

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SCREnews humor1

Categories : Humor
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Apr
03

Retail Cap Rates Hit Historic Low

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Danger low cap rates aheadEquity continues to enter the commercial real estate sector and push down cap rates for net lease properties, according to a new report from the Boulder Group, a commercial real estate firm located in suburban Chicago. After hovering steady at 6.5% for several quarters, cap rates in the first quarter of 2015 for the single tenant net lease retail sector reached a new historic low of 6.4%. Furthermore, a renewed faith in the nation’s industrial sector resulted in a precipitous drop from 8.03% to 7.7% for industrial properties. Office cap rates rose slightly to 7.35%.

Retail assets have long commanded the lowest cap rates due to demand from private and 1031 investors who “prefer retail over office and industrial due to their familiarity with the tenants,” Randy Blankstein, president of Boulder, tells GlobeSt.com. “The brand name is what attracts investors initially and then they move on to the other criteria.” Retail properties typically have long leases, lower prices and triple net lease structures that allow these owners to remain largely passive.

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Categories : National News
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