Archive for February, 2016

Feb
14

Bluffton Seeing Self Storage Growth

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self storageAmerica has become a country of pack rats.

The fastest-growing segment of the commercial real estate industry is self-storage facilities. The industry boasted a profit of $27.2 billion in 2014, according to the Self Storage Association.

Locally, the demand is visibly high, with two self-storage centers currently under construction off Bluffton Parkway.

Bluffton Self Storage is well underway at 12 Oliver Court. Hilton Head Island-based The Bradshaw Group is developing the 76,000-square-foot center, which is expected to include standard and climate-controlled units in addition to a two-story climatized building and covered RV and boat parking. The Bradshaw Group has previously touted the facility as being the largest in Beaufort County.

Just down the street, another self-storage company, Savannah-based Stop N Stor, has cleared a lot and begun building at the intersection of Bluffton Parkway and Red Cedar Street. Directly across from it is an Extra Storage Space facility.

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Categories : Bluffton
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Feb
12

Tega Cay Development Could Add 600 Homes

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New Homes SignA public hearing scheduled for Tuesday will focus on a plan that could add 600 homes to Tega Cay, along with land for business and recreation uses. Windhaven would be a planned development pulling together nine properties, most in unincorporated York County, some already inside the city. The properties, north of Gold Hill Road, total more than 75 acres. Most of the property would be annexed.

The initial proposal had up to 680 new homes. Changes to the plan after the city Planning Commission reviewed it this week would cap the number of homes at 600. The commission doesn’t offer formal recommendations until after public hearings. The plan would set aside 20 acres for the city to develop for recreation uses, a site for a future school and up to eight acres of commercial property. The residential uses will vary.

“It’s a mix of residential uses,” said Susan Britt, city planning and development manager. “It could include single-family attached, townhomes, patio homes.”

The Tega Cay City Council will meet with the Planning Commission at 6 p.m. Tuesday at the Glennon Center. A public hearing will be held on the proposal.

SOURCE

Categories : Rock Hill
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Feb
10

Integra’s 2016 Viewpoint Multifamily Highlights

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IRR | Viewpoint | Multifamily Teaser from Integra Realty Resources (IRR) on Vimeo.

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Feb
10

Charleston’s North Pointe Plaza Sold to REIT

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north point plazaPhillips Edison Grocery Center REIT II, Inc. is pleased to announce it has acquired the junior boxes at North Pointe Plaza in Charleston, South Carolina.

The junior boxes, which total 50,000 square feet and are occupied by AC Moore and Dollar Tree, are located within the 323,996 square foot North Pointe Plaza property that the Company purchased last year. With this acquisition, the Company assumed full control over the leasing and property management of the entire center and its diverse merchandise mix. Anchored by Walmart Supercenter, the market’s leading grocer, North Pointe Plaza also features a variety of other leading national and regional concepts including Rooms To Go, Dollar Tree, Sally Beauty Supply, Advance America, Petco and Liberty Tax Service. Conveniently positioned at the intersection of Ashley Phosphate Road and Rivers Avenue, North Point Plaza is situated in a high traffic area with 103,000 vehicles passing daily.

The sale was part of a two-property acquisition, and the sales price was not provided.

Categories : Charleston
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Feb
10

50,000 SF Upper King Building Sold for $450/SF

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morris sokolOne of the largest, most-talked-of commercial spaces along Upper King Street — the former Morris Sokol furniture store — has been sold for $22.5 million. Charleston-based investment and development firm Vanderking LLC, managed by Frederick Simon and Michael Shuler, partnered with Greenwich, Conn.-based Wexford Capital to buy the building last week through a joint venture called Vanderking 510 LLC.

The buyer said the development plan for 510 King St. is under evaluation. The building has around 50,000 square feet of space. “We are extremely excited to participate in the continued evolution of Upper King Street through the development of one of Charleston’s most prominent and important locations,” Frederick Simon of Vanderking LLC said in a news release.

Former store owner Joe Sokol, 83, decided to close the 94-year-old store in the summer of last year. Speculation around what will go into the space, which is both an iconic site and a prime piece of downtown real estate, has been ongoing since. The furniture store was opened by Sokol’s father, Morris, in 1929 after he emigrated from Poland. Sokol began working there full time in the 1950s and eventually took over operations at the retail shop.

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Categories : Charleston
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Feb
09

How Long Will the Industrial Boom Last?

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industrial-buildingsInvestors are diving into the U.S. industrial market, chasing after a property type that’s having one of its best recovery cycles on record because of the never-ending need for more e-commerce distribution space. However, with strong performance come higher prices, a trend that’s pushed some firms out of the market and may eventually shrink yields if demand cools down.

Last year the U.S. industrial sector registered net absorption of 238.6 million sq. ft., a high water mark for the sector for net absorption gains, according to a recent report from real estate services firm Cushman & Wakefield. Further, the national vacancy rate dropped for the 23rd consecutive quarter in the last three months of 2015, to about 7 percent, the longest streak of net occupancy growth in more than two decades.

The national development pipeline remains strong, with 180.5 million sq. ft. under construction, and 172.4 million sq. ft. delivered in 2015, according to an official statement from Jason Tolliver, head of industrial research for the Americas at Cushman. Supply still isn’t catching up with demand, he noted.

“Based on active tenant requirements, an indicator of future leasing velocity, there is a robust pipeline of pent-up demand,” Tolliver said. “With current and projected demand from active tenant requirements double the amount of speculative construction now under way, demand will likely exceed supply for at least one more year as domestic fundamentals and industrial occupancy drivers remain strong.”

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Categories : National News
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Feb
09

Charlotte Apartments Sold for $58,200/Unit

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forest at chasewoodEller Capital Partners and affiliate PEG Capital Management have recently sold a Charlotte multifamily community to an out-of-state investor. The property in question was Forest at Chasewood Apartments, which sold for $12.8 million.

Located at 1600 Chasewood Drive, Forest at Chasewood Apartments features 220 units with studio, one- and two-bedroom apartment floorplans. Community amenities include a resort-style swimming pool, carwash center, two laundry facilities and resident activity program. It was built in 1985.

“The Forest at Chasewood is located in an area of Charlotte that has undergone significant revitalization over the last few years,” said Daniel Eller, president & CEO of Eller Capital Partners. “We acquired the property at a time when its operations were distressed and we were able to very quickly improve and optimize the performance. As return-driven investors, the timing is right for us to sell, but I have no reason to believe that either the property or the Monroe Road corridor will do anything but continue to improve over the next few years.”

This property is the second Charlotte apartment community that Eller Capital Partners has sold in the last few months. In August 2015, it sold Laurel Walk Apartments on Providence Road for $7.38 million to a Los Angeles-based multifamily real estate investor.

Categories : Charlotte
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Feb
09

Real Data: Raleigh Apartment Vacancy at 6.5%

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real data LogoAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are now more than 7,000 units under construction and another 5,000 units proposed throughout the Triangle.

The most active submarket is Wake-Central, where more than 2,400 new units are under construction. This submarket also has the highest vacancy rate at 9.8%. Vacancies are expected to remain relatively high in Wake-Central as new development projects continue to come on line.

The overall vacancy rate has improved to 6.5%. Demand was strong with over the last six months. Supply growth slowed over the same time period, due in part to the demolition of three older communities where new developments are now planned.

The average rental rate for an apartment in the Triangle is now at $1,007 per month or $1.048 per square foot.

Categories : Raleigh
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Feb
02

Beaufort County Examines Affordable Housing

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affordable housingA 36-year-old single mother of two with a $15-an-hour retail job and no health insurance has only $137 per month after paying for rent, bills and groceries she picks up at a food bank.

A 48-year-old, HIV-positive single woman, attending college and looking for permanent housing, cannot afford to pay all of her bills and prescriptions, even after receiving a Social Security disability check and help from an organization with her rent.

And four first-year teachers at the same school, whose average salaries are $34,400, have to work second and third jobs to get by. Statistically, two of them won’t return to teach in Beaufort County next year.

Those are three real-life examples of the need for more affordable housing, representatives from the Lowcountry Affordable Housing Coalition told Beaufort County Council last week. Coalition members said they hope to partner with council to create affordable housing opportunities throughout the county.

It’s hardly a new concept, coalition facilitator Deborah Johnson said. In the county’s 2010 Comprehensive Plan, one of the key priorities is ensuring affordable housing for all residents.

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Feb
02

Is Student Housing at East Carolina Overbuilt?

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college housingAs more student housing projects come to Uptown Greenville, some people are concerned there could soon be too much student housing.

Sidewalk Development is building a new $32 million student and market-rate apartment complex along Dickinson Avenue which Greenville city councilmember P.J. Connelly said is a “win-win” for the developer and the city. “It’s a good project, and I think it’s going to help out that area over on Dickinson Avenue,” Connelly said. “I know when I first came to school here 10 years ago, there wasn’t anything on Dickinson Avenue.”

There also wasn’t as many student apartments as there are now which are spread out across the city. Most of the new housing projects are centered around Uptown including The Boundary at West End.

With more projects coming to the area, property manager Chelsey Harper said she’s ready for the competition. “I don’t think it will really affect us much,” Harper said. “It will probably affect those who are on the perimeter, on the outskirts of Greenville.”

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Categories : Greenville NC
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