Archive for June, 2015

Jun
17

Colliers’ Scurry & Smith Receive National Award

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scurry smithAt the ICSC 2015 RECon in Las Vegas, Colliers International | South Carolina’s JP Scurry, CCIM, and Scottie Smith were announced as the winners of the 2014 Most Originated Multi-City Assignments Award. The award was given by the Colliers International Retail Group, a national group of brokerage professionals within Colliers who specialize in retail brokerage.

Scurry and Smith were also recipients of the 2014 Most Multi-City Assignments Generated Award from Colliers International | South Carolina. As a global enterprise with thousands of brokerage professionals, Colliers International encourages and sees a staggering amount of assignments generated and executed from and between their associates.

Scurry and Smith attribute their win to their client-first attitude. “We develop a strong connection to our clients and work to understand and help develop their real estate strategy across all the markets that they operate or want to operate in. The multi-city assignment award is a nice recognition of the platform that we use to help our clients achieve success across a broad geographic footprint,” said Scurry.

Added Smith, “The true reward for us is when our clients seek our guidance and assistance in entering new markets. We take a lot of pride in serving our clients’ needs and helping create and execute real estate strategies to make their business as successful as possible. Our business is about well-crafted strategies and the relationships with other Colliers professionals that help us execute those strategies.”

Scurry, a Vice President of Colliers International South Carolina, and Smith, a Brokerage Associate, are members of the Colliers International Retail Services Team.

Categories : Columbia
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Jun
17

Myrtle Beach Apartment Under Construction

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carolina oaksOn Thursday, construction crews were in the process of leveling an area by Oak Street to develop some prime real estate in downtown Myrtle Beach. The lot is being developed into an affordable, low-income housing complex for people in Myrtle Beach.

A representative for the developer confirmed it will be affordable housing, an option for people who have jobs and want to live downtown but can’t quite afford steep close-to-the-beach prices.

The complex is going to be called Carolina Oaks Village. It was the first week construction crews broke ground working to clear all the overgrown land and trees so that they can bring in the equipment and put up the buildings and pave the parking lot. The plans also include a community building for the people who will live there. The representative for the developer said it will take a year to finish the complex.

Businesses next door said the lot has a tendency to attract homeless people who set up camp, and sometimes hang around business parking lots. On top of the lot being an eyesore, that’s one reason they fully support development.

READ MORE HERE

Categories : Myrtle Beach
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Jun
16

Fed Ready to Set Stage for Rate Hike This Year

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interest-rates-upFrom Wall Street’s perspective, an interest rate hike this year from the Federal Reserve is pretty much a done deal. Many investors say Fed chief Janet Yellen will set the stage for a coming hike, perhaps as early as September, when the Fed breaks from its two-day meeting Wednesday.

The coming rate hike is getting a lot of attention, due to the fact rates now are pegged at a historic low of around 0%. Low rates have been cited as a big reason why stock and bond prices have rallied to record highs. Add in fact the last time the Fed hiked rates was in June 2006 — nine years ago — and it’s clear why investor anxiety is on the rise.

“We expect Yellen to continue setting the stage for the start of the Fed’s tightening cycle later this year,” UBS economist Drew Matus told clients in report.

Matus says the market is now pricing in “a bit more than 75% chance” of a rate hike at the Fed’s September meeting.

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Categories : National News
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Jun
16

SC Statewide Hotel Revenue Up 10%

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sales up graphStatewide hotel occupancy and average daily room rates were both up in March, which led to a nearly 10% increase in revenue per available room — known as revpar — according to the S.C. Department of Parks, Recreation and Tourism.

Revpar in the Greenville and Grand Strand areas increased more than 15% in March, the most recent data released by the department, while North Charleston, Rock Hill and the Walterboro-Hardeeville areas were up 10%.

In March, hotel revpar statewide was $63.16; year to date, the average was $48.93, the department said.

Smith Travel Research forecasts statewide occupancy growth for much of the summer. Occupancy rates are predicted to hit 73.9% in June and 75.4% in July, a 2.7% and 1.4% increase, respectively, from the same months in 2014. In August, the company predicts the rate will be 69.5%, which is the same as August 2014, according to the department.

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Categories : South Carolina News
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Jun
16

AC Hotel Announced for Spartanburg CBD

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AC-Spartanburg-Hotel-RenderingOTO Development in Spartanburg is building a Marriott brand AC Hotel that will be a gateway to the city’s west end, with 2,000 square feet of flexible meeting space, 114 rooms and an outdoor pool. The 10-story hotel will have a rooftop bar and terrace.

The developers and area officials announced the hotel name Monday at Indigo Hall in downtown Spartanburg. A September 2017 opening is planned, and 35 people will be hired for the hotel staff and food and beverage venues.

David M. Schwarz Architects of Washington, D.C., will collaborate with McMillan Pazdan Smith on the design.

Corry Oakes, CEO of OTO Development, said in a statement: “Throughout Europe, AC Hotels are located in the heart of vibrant cities. Spartanburg has a mix of an energetic community and a growing contingent of global corporate travelers. The AC brand is the perfect addition to the city.” Oakes said OTO Development has been in the hospitality business more than 20 years and has developed more than 525 hotels nationwide.

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Categories : Spartanburg
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Jun
16

Bell Partners Sells Three NC Apartments Communities

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sold stamp blueGreensboro, N.C.–based Bell Partners sold eight properties in a $140 million transaction, the company recently announced. The properties include 1,679 units and were sold to Hudson Capital Acquisitions, Somerset Partners, and Summit Multifamily Group.

Bell will continue to manage the three properties purchased by Hudson Capital Acquisitions, which are located in North Carolina. The four communities sold to New York–based Somerset Partners, which are in Little Rock, Ark., will be managed by Somerset Apartment Management. The last property in the transaction, Watergate, also in Little Rock and purchased by St. Louis–based Summit Multifamily Group, will be managed by Trinity Multifamily.

This transaction will continue to fuel Bell’s acquisition activity. So far, the company has purchased three new communities in Austin, Texas; Raleigh, N.C.; and Denver, for a total of $356 million. The push for acquisitions in larger markets is part of the company’s strategy to focus its investment portfolio in specific markets, Jon Bell, president of Bell Partners, said in a news release.

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Categories : North Carolina News
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Jun
10

Durlach/Trinity to Develop Charleston Office Building

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trinity faberTrinity Capital Advisors has announced its latest development project: Faber Plaza, a Class-A office building in North Charleston’s Faber Place submarket. The Charlotte-based real estate development and investment firm is partnering with Charleston’s Durlach Associates on the project.

The 125,000 SF building is located at 4400 Leeds Avenue, at the entrance to The Executive Park at Faber Place and Leeds Park with immediate access to I-526 and I-26. Designed by award-winning LS3P Architects, Faber Plaza will be column-free with floor to ceiling glass. Construction will be complete in April 2016. Choate has been hired as general contractor. Rob Cochran and Jared Londry with DTZ’s Carolinas Capital Markets Group sourced the equity in the transaction on behalf of Durlach and Associates.

The Faber Place submarket is 95% leased, and currently home to several key businesses and organizations in the region, including The Charleston Chamber of Commerce, Charleston County Economic Development, Boeing, Regus, Pulte, Comcast, Lockheed, and Select Health.

Durlach Associates and Richard Morse of Palmetto Commercial Properties are marketing the building for lease. Trinity Capital and Durlach Associates are planning a groundbreaking ceremony for late July.

Categories : Charleston
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Jun
10

John Street Market Sold by Berkeley Capital

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john street marketBerkeley Capital Advisors has announced the sale of John Street Market, a 13,888 SF retail center located in Matthews (Charlotte MSA), North Carolina. Located in attractive Matthews, NC, a submarket of Charlotte, the center benefits from strong demographics of 56K people within 3 miles and an average household income of $99K. Located 11 miles south of uptown Charlotte.

The center is situated on 1.61 acres and was built in 2008. According to Loopnet, the net operating income is $224,457, and the asking cap rate was 8.5%.

Rob Carter, Alex Quarrier, David Webb, and Rad von Werssowetz represented the seller.

Categories : Charlotte
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Jun
09

17-Story Office Tower in Columbia Sold

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meridian-buildingA California-based investment firm has bought the Meridian, a 17-story office tower on Columbia’s Main Street.

The 334,075-square-foot tower is one of six Class A office buildings that Hertz Investment Group, headquartered in Santa Monica, Calif., acquired from Newton, Mass.-based Equity Commonwealth, for $417.5 million.

Three of the properties are in Birmingham, Ala., and the other two buildings are in New Orleans, La., and Greensboro, N.C. Purchase prices of the individual properties were not announced.

“This portfolio of properties represents a significant opportunity for a number of reasons, including an acquisition price to acquire Best in Class assets significantly lower than Class A construction costs,” said Judah Hertz, chairman of the Hertz group. “The properties were acquired from a public REIT that decided to exit the region, which allowed us to enter vibrant, key cities in the Southeast and own properties with a diverse tenant mix.”

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Categories : Columbia
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Jun
09

New Apartments for Downtown Rock Hill?

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woolworth-RHA small, less than an acre parcel at the corner of East Main Street and Dave Lyle Boulevard may become the site of apartments.

On Monday the Rock Hill City Council will consider selling the land for $525,000 to the developers Lat Purser and Associates of Charlotte and The Tuttle Co. of Rock Hill.

The two companies plan to build apartments at the former Woolworth site, now called 139 Main.

When contacted Friday, Skip Tuttle declined to comment on the pending purchase of the site at Main Street and Dave Lyle Boulevard.

According to information in the council packet, Lat Purser and The Tuttle Co. intend to build apartments at the site which is adjacent to the Black Street parking deck.

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Categories : Rock Hill
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Jun
09

Mount Pleasant Developer Buys 5 Charleston CBD Properties

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sold signsMount Pleasant-based Origin Development Partners LLC and members of the Kassis family have acquired Exchange Street Properties LLC’s portfolio of five properties in Charleston.

The portfolio includes approximately 30,000 square feet at 5 Exchange St., 2,900 square feet at 12 Exchange St., two surface parking lots on Elliott Street and one surface parking lot on Prioleau Street. The sale price was not disclosed.

The law office of Womble Carlyle Sandridge & Rice LLP will continue to occupy 5 Exchange St. for office space and 12 Exchange St. for conference space.

Origin Development Partners LLC is a real estate development and strategic acquisition firm. Affiliates of the firm and members of the Kassis family acquired the portfolio.

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Categories : Charleston
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Jun
05

Friday Humor – Be a Good Neighbor

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humor 6-5-15

Categories : Humor
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Jun
04

SC Inland Port’s Impact on CRE Unclear

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sc inland portWith business at the S.C. Inland Port exceeding projections and continuing to set monthly highs, sales of commercial properties in the vicinity of the rail-truck terminal are also riding a wave. Sales agents and economic developers said the 18-month-old inland port has enhanced the appeal of the commercial landscape but its biggest splash is ahead.

While BMW has already proved a magnet for suppliers and other commercial prospects and is the port’s largest user, the S.C. State Ports Authority and Norfolk Southern refuse to identify other customers. Adidas has confirmed it uses the intermodal terminal, which connects manufacturers and distributors with the Port of Charleston, and ports officials have said there are users in other states.

Ports authority Senior Vice President Jack Ellenberg has said the inland port has about a dozen customers. While that secrecy leaves the port’s connection to commercial property transactions largely to speculation, Brian Nash of the Spartanburg Economic Futures Group said it is “another tool that differentiates us from a lot of other locations. It gives companies an opportunity to diversify their supply chain solutions.”

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Categories : Greenville, Greer
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Jun
04

Holiday Inn at Greenville Airport Sold

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holiday inn gville airportThe Ehmer Group, a San Francisco-based member of Hotel Brokers International, has announced the sale of the Holiday Inn Express & Suites Greenville Airport located at 2681 Dry Pocket Road in Greer, South Carolina. The Buyer, Waramaug Hospitality Group, acquired the hotel and has retained Interstate Hotels & Resorts to operate the hotel. Richard Ehmer, President of The Ehmer Group, arranged the sale.

The Holiday Inn Express & Suites Greenville Airport is an 83-room, three-story limited service hotel sitting on a 2.2 acre lot. It is located just ten miles from downtown Greenville and three miles from the Greenville-Spartanburg International Airport. The hotel underwent a complete PIP renovation in 2009 and the Buyer has announced plans to initiate a comprehensive refurbishment to reflect updated brand standards.

The Holiday Inn Express & Suites Greenville Airport“The Holiday Inn Express & Suites presented an attractive opportunity to invest in a quality branded select-service property in the Greenville area – a reliable lodging market, a market that has experienced substantial improvements in Occupancy, ADR, and RevPAR over the last three years, a trend that will likely continue into the foreseeable future,” said Mr. Ehmer.

Categories : Greenville, Greer
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Jun
03

RealOp Investments to Acquire Greenville Office Parks

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park eastRealOp Investments and Terra Capital Partners have formed a strategic partnership to acquire and manage the Park East and Park Central office complexes in Greenville, SC. The 570,000 square foot portfolio includes two office parks and twelve buildings situated along the I-385 corridor, three miles from downtown Greenville, South Carolina (Park Central) and less than a mile from I-85 (Park East).

RealOp, along with leasing and management partner NAI Earle Furman, will update, rebrand and relaunch the office complexes to increase market awareness and drive portfolio profitability.

“We are excited to be involved with these properties and believe there is a tremendous opportunity,” explained Chip Hunt, Director of Investment Management at RealOp. “A number of physical and brand improvements are already in progress. We look forward to sharing these initiatives with existing tenants and the market in the coming year.”

Park East is home to nine multi-tenant office buildings – three 3-story buildings and six 2-story buildings, developed between 1974 and 1998. Park Central contains a total of three multi-tenant office buildings – two 3-story and one 2-story, developed between 1982 and 1986.

Categories : Greenville
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