Archive for January, 2016

Jan
27

Raleigh Distribution Center Sold for $16 Million

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Holliday Fenoglio Fowler, L.P. (HFF) announced today that its Carolinas investment sales team has closed the $16 million sale of North 540 Distribution Center, a 235,308-square-foot, Class A, fully-occupied distribution center in Raleigh, North Carolina.gresham lake

HFF senior managing director Chris Norvell, formerly of Cushman & Wakefield Thalhimer, represented the seller, a partnership between Meridian Development Group and Singerman Real Estate, LLC, in the sale of the facility to Chicago-based Hamilton Partners.

North 540 Distribution Center is located at 3401 Gresham Lake Road in the North Raleigh submarket. The facility is situated on 13.3 acres near the interchange of U.S. Highway 1/Capital Boulevard and Interstate 540, which provides direct access to Interstates 95, 40 and 85, all major distribution corridors in the Southeast. The facility features 30’ clear heights, 40’ by 40’ column spacing, 23 dock-high doors, 170’-180’ truck court depths and approximately 23,000 square feet of office space. Substantially renovated in 2014, North 540 Distribution Center is 100 percent leased to DHL, Express Foods, Ranpak Corp. and Tiger Direct.

Categories : Raleigh
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Jan
27

Marcus and Millichap Sells Two Retail Centers

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two soldBen Yelm and Andrew Margulies, with Marcus and Millichap, recently closed two retail centers in the Carolinas.

1. Clayton Village in Clayton NC: Closed 1/15/16 for $5,493,629 at a 7.84% cap rate. The property was anchored by Food Lion and Family Dollar. It is 61,620 square foot, and 92% leased. It sold to an out of state investor.

2. Corner Shoppes of Parklane in Columbia, SC: Closed 1/14/16 for $1,050,000 at a 8.69% cap rate. The property was unanchored, and tenants include Cricket Wireless, Kabato Japanese Restaurant, and Hair Quality. It is 10,908 square feet, and was 89% leased. It sold to an out of state investor.

Categories : Columbia, Raleigh
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Jan
27

Myrtle Beach Home Sales up 15.6% in 2015

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sales up graphHome sales in the Myrtle Beach area were up 15.6 percent for 2015, a continuation of steady increases over previous year sales that suggests the Grand Strand real estate market remains on steady ground.

Sales statewide were up nearly 11.7 percent, and 12 percent for the entire coastal Carolina region, which Realtors hope will carry over into 2016.

Nick Kremydas, CEO of South Carolina Association of Realtors, said “sustainable” is the word to define their hopes for this year.

“Overall, Realtors are pretty optimistic about the new year and don’t want the roller coaster ride of the 2000s, but we’re expecting a normal, solid, real estate market with healthy gains and healthy sales,” Kremydas said.

“Builders are starting to build again, prices continue to climb, days on the market continue to shrink, and that is almost exclusively tied to the limited inventory we are dealing with in our state,” Kremydas said.

READ MORE HERE

 

Categories : Myrtle Beach
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Jan
27

Greensboro Self Storage Facility Sold

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greensboro self storageFort Knox Self Storage, a 118,986-square-foot facility in Greensboro, N.C., was recently sold. The property at 1900 E. Bessemer Ave. sits on nearly 8 acres. It has 865 interior units, 107 of which are climate-controlled, 51 interior parking spaces and 38 outdoor parking spaces.

Brett R. Hatcher, an investment specialist in the Marcus & Millichap Columbus, Ohio, office, represented the buyer and seller with assistance from Raj Ravi, regional manager for the company’s North Carolina, South Carolina and South Virginia offices.

Categories : Greensboro
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Jan
26

Charlotte’s Accenture Credit Services Building Sold

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8336 forest parkCushman & Wakefield announced today the sale of the Accenture Credit Services Building, a 60,447 square foot, single-tenant building in Charlotte, NC, to a private investor. Rob Cochran and Jared Londry of Cushman & Wakefield’s Charlotte Capital Markets Group represented the seller.

The Accenture Credit Services Building is a Class A, single-story office building that features high-density parking and work areas. The building is located at 8336 Forest Point Boulevard, near the interchange of Interstate 77 and Interstate 485 within the prestigious Forest Park development. Forest Park is comprised of eight attractively designed office buildings and several hotels and restaurants.

“With more than six years of lease term remaining with a top tier tenant, the Accenture Credit Services Building presented investors with the opportunity to acquire a Class A asset with an above-market parking ratio and a secure income stream in a rapidly improving submarket,” said Mr. Cochran.

“This offering attracted significant interest from a broad range of investors who were focused on the term and tenant credit and the quality of the physical asset,” said Mr. Londry. “Investors realized that buildings with high-density features like the Accenture Credit Services Building are in short supply and high demand.”

Categories : Charlotte
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Jan
22

The 6 Tallest Buildings Set to Top Out in 2016

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tapeIn the skyscraper game, the developing world is running away with the headlines.

Global capital fuels the race, while the press and web forums drum up rabid enthusiasm. Structural topping-out gets its own ceremony in some cities across the world.

The Council on Tall Buildings and Urban Habitat (CTBUH) is the closest thing to an authority on skyscraper rankings, the final arbiter of what constitutes ‘structural’ versus ‘architectural’ height. We defer to their standard in the list that follows.

Where the construction timetable is fuzzy we’ve gone for the best visual evidence on sites like Skyscraper City. But yes, speculation is involved.

READ MORE HERE

Categories : National News
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Jan
21

Wheeler to Buy 14 Centers from Piggly Wiggly Carolina

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sold signsWheeler Real Estate Investment Trust Inc. of Virginia has entered into an agreement to buy 14 shopping centers in Georgia and South Carolina. Wheeler is acquiring the properties for $71 million from Piggly Wiggly Carolina Co., a Mount Pleasant-based firm that sold 29 of its Piggly Wiggly supermarkets in 2012 to Bi-Lo and Harris Teeter. The Mount Pleasant company is a sister company to Piggly Wiggly. The deal is set to close Jan. 29.

Wheeler’s acquisition will include three Charleston shopping centers, as well as locations in Greenwood, Mullins, Bluffton, Georgetown, Pawleys Island, Lexington, St. Matthews, Columbia and Ridgeland in South Carolina and one location in Darien, Georgia. The combined properties make up more than 603,000 square feet and are 92 percent occupied, according to Wheeler Real Estate, which already owns 19 shopping centers in South Carolina.

 

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Jan
21

Fresh Market, Ulta Coming to Lexington

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lexington fresh marketLexington’s Planning Commission members approved a site plan Wednesday for another new commercial center that is expected to bring development to one of the last remaining parcels fronting Sunset Boulevard.

The Lever and Outlaw families have sold their land on the 5300 block on Sunset Boulevard, and Columbia Development is planning to bring a long-awaited Fresh Market to Lexington.

Developers have plans to build on 18 of the 24 acres, which will create 143,000 square feet of commercial space in four separate buildings. Access will be from Palmetto Park Boulevard and Saluda Springs Road, and Palmetto Park Boulevard will become a four-legged intersection when the entrance to the development is built.

Jenkins Williamson of Columbia Development said Fresh Market officials have been wanting to bring a location to Lexington for several years, but it was difficult to find land with access to a traffic signal that also is close to S.C. Highway 6.

READ MORE HERE

Categories : Lexington
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Jan
21

CCU Establishes Center for Real Estate and Economic Development

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coastal-carolina-university_2014-10-21_14-34-06.921A new center at Coastal Carolina University, established through a major gift from Tony and Carrie Grant of Murrells Inlet, will serve as an information hub for real estate and economic data. In recognition of their generosity, the center will be named the Grant Center for Real Estate and Economic Development and will be housed in CCU’s E. Craig Wall Sr. College of Business Administration.

The center will provide an industry-focused, collaborative environment where students, faculty members and the real estate industry can gain and share knowledge, information and international real estate business experiences. It will conduct and publish research on real estate and economic trends and host a variety of related events, serving as a bridge between CCU and the community. The center will also give faculty and students the opportunity to conduct applied research projects for local businesses, organizations and government agencies.

“The visionary gift provided by Tony and Carrie Grant will enable the Wall College to offer enhanced opportunities in the areas of commercial, industrial and residential real estate development,” said Barbara Ritter, Ph.D., Wall College of Business dean. “Through their extraordinary generosity, the Grants will touch the lives of many students, providing scholarships, internships, and international student exchange and study tours focused on real estate development. The opportunities afforded by the Grant Center will not only assist in attracting and retaining the highest caliber of students, but will also contribute to the Wall College’s growing reputation for preparing competitive students in a global market.”

READ MORE HERE

Categories : Conway, Myrtle Beach
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Jan
21

West Columbia Mixed Use Development Approved

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Brookland West-Columbia-Site-Plan4.15West Columbia got the signature riverfront development long wanted Wednesday. The $40 million project overlooking the Congaree River will be home for up to 235 apartments and condominiums, stores, restaurants and offices in four buildings up to 76 feet tall set amid small parks and plazas.

City Council approved the plan for the complex 7-1 amid complaints from residents that it will create traffic and parking problems in the adjoining Mill Village neighborhood.

It promises to spur more redevelopment around it, officials say. “This development will be a cornerstone for the area,” Councilman Tem Miles said.

City officials spent $3 million on eight parcels a decade ago to acquire the site for a centerpiece mirroring what’s happened in the Vista across the river. Nearby homeowners say too much will be put on the 4-acre site at State and Meeting streets near the Gervais Street bridge. “This is good enough if you scale it back,” Jennifer Boyd said.

But residents lost their bid to cap residences at 200 as council members approved 5-3 the maximum of 235 wanted by developer Matt Mundy.

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Jan
04

Hilton Head Fresh Market Center Sold

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fresh market shoppesHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has secured $13.437 in acquisition financing for Fresh Market Shoppes, an 86,694-square-foot retail center anchored by The Fresh Market in Hilton Head, South Carolina.

HFF worked on behalf of the borrower, Ferncroft Capital, to secure the loan through Synovus Bank.

Redeveloped in 2004, Fresh Market Shoppes is 91.2 percent leased and home to 16 tenants, including The Fresh Market, Bonefish Grill, Dollar Tree, Massage Envy and West Marine. Situated on 9.73 acres at 890 William Hilton Parkway, the center is located on Hilton Head Island, an affluent resort community with more than 37,000 year-round residents. The center’s location along Hilton Head’s main street has a traffic count of more than 33,900 vehicles per day, and the site is bound by two golf clubs, Long Cove Golf Club to the northwest and the Shipyard Plantation Golf Course to the southeast. Additionally, Fresh Market Shoppes is positioned near multiple upscale residential neighborhoods.

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.

Categories : Hilton Head Island
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Jan
04

Charleston Firm Completes Asheville Apartments

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retreat at hunt hillThe Kassinger Development Group (KDG) based in Charleston, SC has completed construction of the 180 total units for The Retreat at Hunt Hill located in Asheville, North Carolina. The highest and panoramic view units from the property are now available and look out to a picturesque mountain-scape and the downtown Asheville city skyline.

The property management group is leasing and future residents can schedule a tour and complete an application to live at The Retreat at Hunt Hill by visiting the community at 32 Ardmion Park or contacting them at 828-255-5255 or HuntHill@pegasusresidential.com.

The Retreat at Hunt Hill has an exceptional location adjacent to the Beaucatcher Hiking Trail and McCormick Field – home of the Asheville Tourists baseball team. It is conveniently located near Mission Hospital and within walking distance to great restaurants and businesses in the city of Asheville.

READ MORE HERE

Categories : Asheville
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Jan
04

Former Sam’s Club in Columbia Sold

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Columbia sams clubThe 106,728 square foot former Sam’s Club located at 1401 Sunset Drive in Columbia sold on December 3, 2015. The sales price was for $2,500,000, or $23.42 per square foot. The building, which was constructed in 1986, had been vacant for many years. The buyer, Palmetto Health, reportedly plans to renovate and occupy the building. It sits on approximately 17 acres.

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Jan
04

10,000 Apartment Units Coming to Charleston

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New Home ConstructionWithin the city of Charleston, more than 8,000 multifamily and town house units are either under construction, in the plan-review process or recently completed. An additional 645 units are in the works in North Charleston, along with over 1,500 units in Mount Pleasant and about 250 in Summerville.

To view the list of developments, visit the Charleston Regional Business Journal page HERE

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