Archive for October, 2015

Oct
28

Dunkin’ Donuts Plans 13 New Restaurants In The Carolinas

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Dunkin_Donuts_1Dunkin’ Donuts, America’s all-day, everyday stop for coffee and baked goods, announced today the signing of multi-unit store development agreements with three franchise groups to develop 13 new restaurants in North and South Carolina over the next several years. The brand remains on track for the development of 410 – 440 net new Dunkin’ Donuts restaurants in the U.S. in 2015. The Carolinas locations will include eight new restaurants in Raleigh, one in Charlotte and four in Charleston.

Currently, there are over 370 Dunkin’ Donuts restaurants located throughout the Carolinas, and the company is continuing to recruit franchisees in Greensboro and Wilmington, N.C. To help fuel growth in North Carolina, special development incentives are available, which include reduced royalty fees for three years and up to $5,000 in local store marketing support for timely openings.*

In an effort to keep the brand fresh and competitive, Dunkin’ Donuts offers flexible concepts for any real estate format including free-standing restaurants, end caps, in-line sites, gas and convenience, travel plazas, universities, as well as other retail environments.

 

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Oct
28

Charleston’s Haddon Hall Apartments Sold

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haddon hallVW Multifamily, an investment and apartment management firm with dual headquarters in Tampa and Charleston, S.C., purchased Haddon Hall Apartments, a 71-bedroom complex in Charleston.

VW Multifamily paid $8 million for the complex, according to a release.

Last year, Charleston was one of the three fastest growing metro areas on the east coast, according to the statement from VW Multifamily, so there has been a growing demand for apartments. John Wakefield, a principal in the firm, says it’s important to “invest in well positioned assets with an eye toward livability.”

Formed in 2014, VW Multifamily is a real estate private equity investment and apartment management firm.

 

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Oct
27

Greenville Council Members Concerned About Garage Financing

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parking_signFinancing the new parking garages at Erwin Penland, the RiverPlace expansion and the garage beside the Aloft Hotel will put a strain on funding future projects, city of Greenville staff told City Council on Monday.

Representatives from the city’s Office of Management and Budget (OMB) presented a financing plan during the City Council work session.

Under the model presented to council, the city would issue $19 million in debt through 20-year bonds. A single buyer will purchase all the bonds from the city and then resell them on the open market. The city would provide a $15 million equity payment, which Budget Administrator Matt Efird compared to a down payment on a house.

The city already set aside $7 million in equity when construction began on the RiverPlace expansion and the garage beside Aloft. The additional $8 million would come from surplus Tax Increment Financing (TIF) district money.

Under the model, debt payments will limit the surplus parking revenue council has for other projects. Last fiscal year, the parking revenue surplus totaled about $1.6 million.

READ MORE HERE

Categories : Greenville
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Oct
27

Cottages Planned For Old Town Bluffton

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bluffton cottagesBluffton real estate investor Eugene Marks recently proposed developing six residential cottages and six mixed-use buildings on a three-acre lot he owns in the Stock Farm development in Old Town Bluffton. The cottages would be similar to the buildings located throughout Old Town, with metal roofs and wooden porches, and would range in size from 900 to 2,800 square feet.

The first phase of Marks’ plan is for twobedroom cottages available as short-term rentals. The second phase would be a two-story mixed-use building of offices café and retailers on the first floo with apartments above. Marks hopes to gain the support of Bluffton’s Historic Preservation Commission and break ground in January.

Categories : Bluffton
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Oct
27

Office Building on Columbia’s Devine Street Sold

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3722 devineNAI Avant senior broker Nick Stomski, SIOR, represented the buyer in the sale of 4,200 square feet of office space near downtown Columbia, SC. Built in 1986, the quality brick office building, located at 3722 Devine Street, sits on nearly half an acre at the high profile intersection of Devine Street and Kilbourne Road.

Trifecta Developments, LLC purchased the property for redevelopment.

Categories : Columbia
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Oct
27

Net Lease Drug Store Cap Rates Shatter Records

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percentage downCap rates for single tenant CVS, Rite Aid and Walgreens properties reached a new historic low in the net lease drug store sector in the third quarter of 2015.

Cap rates continued to decline as investors flock to the net lease space’s cornerstone asset, drug stores. With historically low cap rates, the drug store property supply has increased drastically by over 20% as owners attempt to take advantage of unprecedented high values. While overall cap rate levels experienced compression, short term leased Rite Aid properties with 5-9 years of lease term remaining had the greatest cap rate compression of 85 basis points in the third quarter of 2015. New construction CVS properties experienced the second greatest compression of 50 basis points to a 5% cap rate, the same level for new construction Walgreens assets. These levels can be attributed to the historically low interest rate environment coupled with high demand amongst 1031 exchange buyers for long term leased properties in a market constrained by limited expansion plans for drug stores tenants.

With cap rates for Walgreens and CVS at all-time low levels, the ratio of long term leased drug store properties (20 years or more) to the total supply has decreased when compared to the third quarter of 2014 and total overall supply of long term leased drug stores declined by 27% in the same time period.

Read More Here

Categories : National News
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Oct
22

Real Data: Triad Apartment Vacancy at 6.7%

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real data LogoAccording to the latest report published by Real Data, the average vacancy rate for apartments in the Triad has improved to 6.7% in the last six months. Over the last two years the vacancy rate has remained below 7% in this market, despite an uptick in new construction. The development pipeline remains active with more than 3,000 units under construction and another 3,000 units proposed. Alamance County is the most active submarket with more than 800 units under construction.

The vacancy rate in Alamance County is currently 5.4%, but will likely rise as new supply enters the market. Apartments in the Triad now rent for $760 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at $1,079 per month.

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Oct
22

Apartments Drive Residential Construction Gains in September

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home constructionConstruction companies built more apartment complexes in September, sparking a temporary rise in housing starts for a real estate market that otherwise appears to have crested during the summer.

Housing starts last month rose 6.5 percent to a seasonally adjusted annual rate of 1.21 million homes, the Commerce Department said Tuesday. But a 17 percent surge in multi-family housing — which includes apartments — accounts for almost all of that increase.

New construction and sales of existing homes surged in the first half of the year as more Americans found work and the unemployment rate dipped to a solid 5.1 percent. But tight inventories, rising prices and the absence of meaningful wage growth have capped growth as affordability has become an issue — a problem that new construction can help resolve.

“Builders are stepping up to meet that demand but doing so cautiously,” said Stephen Stanley, chief economist at Amherst Pierpont Securities. “So, for beleaguered buyers who can’t find what they are looking for because of a dearth of listings, there is a bit of help on the way.”

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Categories : National News
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Oct
22

Builders FirstSource in Columbia Sold for $5.2 Million

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builders firstsource blythewoodThe Royston Group has completed the sale of a single tenant, triple net lease industrial facility. The 106,000 square foot site, located in Blythewood, South Carolina, sold for $5.2 million. Built in 2005, the property sits on 22.01 acres of land which is leased to building supply company Builders FirstSource.

The Royston Group’s Greg Cortese and Rob Sutton represented the seller in the transaction. The buyer selected this property due to the 15 Year NNN lease and the strong company credit in Builders FirstSource. Builders Firstsource has been operating at the site for over 10 years giving the company valuable access to the region’s growing residential home development . The buyer is private real estate investor based in northeast and the seller is a family real estate company based in California.

“The company credit, the site access to residential growth markets and the long term NNN lease made this site a very valuable and stable net lease investment.” said Sutton.

Additional property information can be found at the expired Loopnet listing.

Categories : Columbia, Uncategorized
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Oct
20

Online Overload: Big Landlord Blocks Deliveries

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amazon boxesCamden Property Trust was being buried under a mountain of packages. So the Houston-based apartment landlord took drastic measures: It stopped accepting parcels at all of its 169 properties nationwide.

Camden executives said its buildings had received one million packages in 2014, and that the rate was increasing by 50% a year. Each package results in about 10 minutes of lost productivity, the executives estimated. At a rate of $20 an hour for employee wages, that amounts to about $3.3 million a year, they said.

“Ultimately this was going to eat our lunch,” said Keith Oden, president of Camden, which operates in 11 states. He refers to the situation as “package-gate.” The package policy was rolled out nationwide by state starting at the beginning of 2015 and it was fully implemented this summer.

The rise of online shopping can add another casualty to its list of disrupted businesses: apartment operators.

READ MORE HERE

 

Categories : National News
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Oct
20

Charleston Medical Building Sold for $5.25 Million

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medical building clipartA North Carolina real estate firm has that already owns two retail centers in the Charleston region has added a medical office building to its local portfolio.

An affiliate of Ferncroft Capital in a deal with Alexandria One Associates LP of Chevy Chase, Md., paid $5.25 million for the four-story corner property at 163 Rutledge St., in the peninsula’s hospital district. The sale closed last week, according to Charleston County land records. The seller was 163 LLC.

The property, also known as the Calcote Building, was built in 2006 at Rutledge and Doughty streets. It is fully leased, with the Medical University of South Carolina as the anchor tenant.

Medical office buildings have become a hot commercial real estate asset. The sector began to blossom during the last recession. Health care weathered the downturn better than most industries, ensuring investors with stable rent streams. The health care industry also has a captive audience in the rapidly growing senior population that will require more medical services in the years ahead.

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Categories : Charleston
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Oct
19

Clemson Student Housing Development Sold

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pineherstNAI Avant Senior Investment Broker, Dail Longaker, represented Pineherst, LLC in the sale of the recently developed Pineherst Student Apartments in Clemson, SC.

The 24-unit, 96-bed, walk-to-campus development was 100% leased prior to completion of construction and sold for $8,175,000. All units are four-bedroom, 4-bath and the development was completed in 2015.

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Oct
19

NAI Earle Furman Announces Recent Sales

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Greer, South Carolina:  Tony Bonitati, Kay Hill, and Bern DuPree represented the seller, Weston Development, in the sale of 18 acres of multi-family land on Brushy Creek Road to Income Investments, LLC.

Spartanburg, South Carolina:  Earle Furman represented the seller, Spartan Leasing Co, Inc., in the sale of an 8,788 SF industrial property at 115-G Belton Drive to Hammett Holdings, LLC.

Anderson, South Carolina:  John Powell, CCIM represented the purchaser, EC Investors, LLC, in the acquisition of a 14,000 SF office property at 1704 East Greenville Street from Executive Properties, LLC.

Anderson, South Carolina:  Ross Kester & Tyson Smoak, CCIM represented the seller, Anderson Dental Investments, in the sale of a 3,415 SF office building at 2126A Highway 81 North to Poinsett Enterprises, LLC.

Greenville, South Carolina:  Alex Campbell represented the seller, Wrenp, LLC, in the sale of a 10,000 SF industrial property at 7002-7004 Pelham Road to J&B&A3, LLC.

Greenville, South Carolina:  Tony Bonitati, Kay Hill, Bern DuPree, & Towers Rice represented the seller, Peggy Robinson, in the sale of Huntress Townhomes, a seven-unit multi-family property, to Side Walkers, LLC.

Spartanburg, South Carolina:  Dan Dunn represented the seller, J. Howard Henderson, in the sale of a 13,100 SF industrial property at 2120 Ashbury Court to Cinderridge Properties, LLC.

Spartanburg, South Carolina:  Dan Dunn represented the seller, J. Howard Henderson, in the sale of a 12,820 SF industrial property at 2106 Ashbury Court to Freeman Properties, LLC.

Greer, South Carolina:  Bern DuPree, Tony Bonitati, & Kay Hill represented the seller, George Germano, in the sale of Country Manor Apartments, to DAB Standard Holdings, LLC.

Greer, South Carolina:  Glenn Batson represented the seller, Arthur State Bank, in the sale of a 35,365 SF industrial property at 3271 & 3275 Brushy Creek Road to Service Transport Incorporated.

Greenville, South Carolina:  Towers Rice  represented the seller, Padgett Johnson, Jr., in the sale of a 15,000 SF industrial property at 107 Sandra Avenue.  Alexi Papapieris and Earle Furman, SIOR, also of NAI Earle Furman, represented the purchaser, Feldman Enterprises, LLC.

Categories : Greenville, Spartanburg
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Oct
16

Marcus & Millichap Releases Net Lease Report

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Single-tenant retailers’ expansion plans continue as new households form amid an improving economic outlook despite the industry uncertainty surrounding minimum-wage legislation. Upticks in household formation and retail sales have encouraged retailers to open new locations and use e-commerce strategies to engage their customers more often. The continued rise of Internet shopping has also pushed more traditional retailers such as Wal-Mart to off er quicker shipping times and in-store fulfi llment, which shoppers have cheered. Retail sales will continue to climb through next year. Plummeting oil prices have provided consumers more spending power, although the current trend is to shore up savings rather than increase consumption. Yet, recent retail sales reports suggest this behavior is reversing; retail sales at restaurants and bars accelerated well above the national average. However, some retailers have expressed caution about expanding quickly as many states and municipalities have already taken steps to raise the minimum wage, leading several employers to follow suit. How this might impact their bottom line is still unknown. Viewed holistically, retailer demand will remain well ahead of expected supply increases this year as net absorption nearly doubles planned completions. As a result, asking rents are expected to climb in the low single digits.

Click photo below to download report.

MM NNN

Categories : National News
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Oct
16

Greenville K-Mart to Become Self Storage

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kmart storageReliant Real Estate Management LLC, a self-storage development and property-management firm, intends to convert a former Kmart store in Greenville, S.C., into a storage facility. The project would refurbish about 4 acres of a 10.5-acre retail center at 640 Sulphur Springs Road. The proposed Midgard Self-Storage facility would comprise about 800 climate-controlled units and feature indoor storage for RVs and other vehicles, according to the source. If approved, the facility is expected to open in May.

Work is underway at the site to remove asbestos from the building, which opened in 1974. The store has been vacant since 2012. “We specialize in repurposing buildings,” partner Lewis Pollack told the source. “We’ve converted bowling alleys. We’ve converted skating rinks. We’ve converted dark commercial boxes like this one.”

Reliant submitted its plan for the property with Greenville County officials earlier this month, according to Bob Mihalic, a country spokesperson. The project is still subject to review before a building permit can be issued, the source reported.

The other parcels in the retail center are owned by Hughes Investments Inc. The company is marketing the remaining property for possible development, but no plans were immediately known, according to the source.

Categories : Greenville
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