Archive for September, 2016

Sep
29

Two Anderson Self Storage Facilities Sold

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two soldBeltline Self Storage in Anderson, S.C., was sold for $4.5 million, which included the assumption of an existing commercial mortgage-backed securities loan, according to a press release from Argus Self Storage Sales Network, the real estate firm that brokered the deal. The property at 205 E. West Parkway was originally converted to storage in 1986 from a former Lowe’s Home Improvement store and later expanded to include drive-up units. At the time of sale, the 4.6-acre facility comprised 362 units as well as 43 vehicle-parking spaces. The buyer plans to construct an 11,000-square-foot expansion, the release stated. The deal was brokered by Bruce Bahrmasel and Neal Gussis of Waveland Commercial Real Estate LLC, and Jamey Cox and Joey Godbold of SVN Percival Partners.

Stowaway Storage in Anderson, S.C., was sold to a regional buyer. The three-building property at 4350 SC-24 sits on 3 acres. Built in 1995, it comprises more than 43,000 rentable square feet of storage space in 222 storage units. Michael Morrison, associate broker with Midcoast Properties Inc., represented the seller.

Categories : Anderson
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Sep
28

Village At Myrtle Grove Shopping Center Sells For $9.5M

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Sold-Sign8A New York-based real estate investment and property management company recently bought The Village at Myrtle Grove on Carolina Beach Road for $9.5 million, according to a news release and a New Hanover County deed.

The Staples-anchored shopping center was one of three purchased by a Big V Properties limited liability company from Mount Pleasant, South Carolina-based Ziff Properties Inc.

“We like the Wilmington market,” said Jeff Rosenberg, CEO of Big V Properties and managing partner of Big V Capital, on Tuesday afternoon. “We think it’s growing and vibrant, and we’re looking forward to working within the market to bring some new tenants to the shopping center.”

The Village at Myrtle Grove, a 74,370-square-foot center in the 5500 and 5600 blocks of Carolina Beach Road, includes local businesses in addition to national tenants. The center was about 87 percent occupied at the time of the sale. Home Depot owns its portion of the property, a more than 100,000-square-foot building and about 10 acres, according to property tax records.

READ MORE HERE

Categories : Myrtle Beach
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Sep
28

Demand for Parking in Columbia CBD on the Rise

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Parking-Lot-FullNo, you’re not imagining it. It’s difficult to find parking in downtown Columbia, and the problem is just getting worse.

Parking availability has fallen to record lows of 15 percent availability for downtown parking garages, according to a new report from commercial real-estate brokerage and research firm Colliers International. This time last year, that vacancy rate was 21.5 percent.

Downtown Columbia garages include eight city-owned facilities and 11 privately owned garages.

Availability is at its worst in private garages, where the vacancy rate has decreased from 21.7 percent at mid-year 2015 to 9.9 percent at mid-year 2016.

Vacancy in publicly owned garages increased slightly from 21.1 percent to 22.3 percent over the same time frame, but not enough to positively impact overall rates, according to the report prepared by Collier’s S.C. Research Coordinator Bryana Mistretta.

READ MORE HERE

Categories : Columbia
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Sep
28

Inland Acquires Charlotte Apartments

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vanguardInland Real Estate Acquisitions facilitated the acquisition of Vanguard Northlake, a newly developed 204-unit multifamily property located in Charlotte, North Carolina. Terms of the acquisition were not announced.

Vanguard Northlake consists of eight three-story buildings containing 60 one-bedroom, 108 two-bedroom and 36 three-bedroom units. Each unit includes granite countertops, gourmet kitchens, nine-foot ceilings, oversized walk-in closets, a nine-inch television built into the master bathroom mirror, a full-size washer and dryer and a private balcony or patio. The property offers residents a variety of community amenities, including an outdoor saltwater swimming pool, a state-of-the-art fitness center, an outdoor grilling kitchen, a fireside lounge, a sun deck with cabanas, a dog park, bicycle storage and a business center. As of the acquisition date, the property was 95 percent leased.

Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Categories : Charlotte
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Sep
27

Is Your Property a Fit for a Tesla Supercharger?

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teslaTesla is building a nationwide network of Supercharger stations in the U.S. to help give its growing fleet of consumer vehicles the juice they need to conquer the nation’s highways, and now we at TechCrunch have an inside look at how they’re approaching partners to help them expand. Tesla’s footing the bill for the Supercharger spots, asking only for time and access from partners with parking lots, and promising the keys to the future in return.

For “prospective hosts” of Tesla Superchargers, the ask isn’t too steep: Tesla covers all costs, upfront and ongoing associated with installing supercharger stations, according to the documents obtained by TechCrunch. That covers maintenance, as well as power costs, with Tesla optionally offering to install a dedicated meter just for the charging station alone, from which the bill will go directly to Tesla itself.

The cost for Tesla is between $100,000 and $175,000 depending on the station, and a lot of those come from the permanent modifications needed at the site to support the Supercharger itself. It’s more expensive than putting in a charger for a standard electric car, like a Nissan Leaf for instance, but the Supercharger can deliver around five times the power of those stations in the same amount of time, and is more demanding in terms of infrastructure changes as a result.

READ MORE HERE

Categories : Lexington
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Sep
27

ICSC Replaces Giuliani Due to Support of Trump

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giuliani2Former Mayor Rudolph Giuliani has been axed as the keynote speaker at this year’s International Council of Shopping Centers’ New York National Deal Making Conference, Commercial Observer has learned. In his place will be Kevin Plank, the founder, chief executive officer and chairman of sports apparel giant Under Armour, according to a source with intimate knowledge of the situation.

The city’s 107th mayor has been dethroned as the keynote speaker following letters from real estate professionals calling for his removal because of his staunch support of a presidential candidate (Donald Trump) they deem divisive, according to a broker who requested anonymity.

“We shouldn’t bring politics into it,” the broker said. “We should have someone more open-minded and who is for globalization and not for stopping trade, etc.” He further said that having Plank, a former University of Maryland football player, as the speaker was more appropriate.

READ MORE HERE

Categories : National News
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Sep
27

Rocky Mount Retail Center Sold

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sutters-creekBerkeley Capital Advisors is pleased to announce the sale of Sutter’s Creek in Rocky Mt, NC, a 113,288 square foot shopping center anchored by Big Lots, Tractor Supply, and Farmers Home Furniture.

Addison Montague, Rob Carter, David Webb, Alex Quarrier, and Rad von Werssowetz of Berkeley Capital Advisors represented the sellers in this transaction.

Categories : Uncategorized
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Sep
26

Which Retailers Plan to Build the Most Stores?

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question-mark1a (1)Not all retailers are trimming back their brick-and-mortar footprints.

Dollar stores and off-price chains, taking advantage of solid sales and bargain-hunting shoppers, are on an expansion kick, claiming half the spots on a list of 10 retailers adding the most new store square footage, according to commercial real estate and analytics firm CoStar.

Dollar General, second overall, led a trio of dollar stores in CoStar’s top 10, based on retailers’ announced U.S. store openings as of the second quarter of 2016.

Dollar General, which started the year with nearly 12,500 stores, has announced plans to open 900 more this year and another 1,000 in 2017. Last week, the chain said it’s looking to hire 10,000 new employees by mid-October.

READ MORE HERE

 

Categories : National News
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Sep
26

Yardi: Deceleration in Apartment Rents Coming This Fall

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yardi-rentsDecelerating rent growth and a jump in new rental units are coming this fall, says Yardi Matrix in its newest edition of U.S. Multifamily Outlook.

Despite two quarters of weak GDP, strong nationwide employment growth and low inflation rates have offset earlier economic concerns, the report notes. Yardi predicts gains in consumer spending and wage growth in the wake of the employment spike. “Worries that the recovery is on its last legs appear to have subsided,” the report says.

As of August, rents were up by 5.0% year over year across the country, a deceleration from the 6%-plus increases seen in 2015 but still a strong rate of growth. Yardi attributes this moderation to current wage increases and affordability issues and predicts greater rent deceleration in tech-centric metros, where large rent rate increases have been met with an increase in supply. Nationwide, 360,000 units are set to be delivered in 2016, a staggering 45% jump from 2015’s 249,000 new units.

READ MORE HERE

 

Categories : National News
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Sep
26

Norvell Real Estate Group, LLC Announces Sale Transactions

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norvell logoRaleigh, NC –Frank Norvell, SIOR of Norvell Real Estate Group, LLC and Paul Hartley, SIOR of NAI Avant represented the buyer, REVA Kay Shannon Oaks, LLC in the purchase of Shannon Oaks Office Building , a 57,000 SF 2 story property located at 201 Shannon Oaks Circle, Raleigh, NC for $7,000,000. The seller, Shannon Oaks Holdings, LLC was represented by Avison Young NC, LLC

Greer, SC – Drayton Calmes of Norvell Real Estate Group, LLC represented the buyer, a private investor, in the purchase of a Burger King ground lease located at 6025 Wade Hampton Blvd., for $1,500,000. The seller, Commerce Parkway, LLC was represented by David Hampton of Hampton Investment Properties, LLC.

N. Charleston, SC – Drayton Calmes of Norvell Real Estate Group, LLC represented the buyer, Benbrooke Dorchester Partners, LLC in the purchase of Evanston Plaza, a 70,000SF neighborhood retail center located at 5335 Dorchester Road for $3,025,000.

Charlotte, NC – Frank Norvell, SIOR of Norvell Real Estate Group, LLC represented the buyer, REVA Charlotte Corporate Center, LLC in the purchase of a 20,000 SF REGUS office building located at 6047 Tyvola Glen Circle for $3,975,000.

Austin, TX – Drayton Calmes and Frank Norvell, SIOR of Norvell Real Estate Group, LLC represented a private investor in the purchase of a newly developed $3,200,000, 10,000 SF Learning Experience Daycare facility located in the Brushy Creek area. The developer, Wytex BTS, was self-represented.

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Sep
21

Eight of the Most Expensive Rentals in Columbia

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rent cafeSay what you will about the South, but no one ever retires and moves up North. Warmer weather, tax breaks and the appeal of Southern comfort… no wonder last year South Carolina was the second most popular moving destination. Just take Columbia, the Capital of Southern Hospitality, who fully earns its title by boasting 60 city parks and green spaces, plenty of arts and outdoor activities at a low cost of living and an average apartment rent of $885. Not to mention the mouth-watering culinary treats!

With this in mind, Rent Cafe’ was curious to see just what luxury looks like in heart of the Palmetto State and found some of the most expensive rentals on the market right now. We first got warmed up with swanky condos in amenity-laden buildings, then the townhomes and houses took the limelight with authentic displays of Southern charm and splendor. The icing on the cake is an elegant home with enough space to host big family reunion barbecues and plenty of class to wow even your pickiest nana.

READ MORE HERE

Categories : Columbia
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Sep
21

Coldwell Banker Commercial Caine Announces Sale Transactions

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Pete Brett, CCIM, David Sigmon, CCIM and Matt Vanvick represented Nick & Kens, LLC (Purchaser) in the purchase of a +5,613 SF restaurant building on +1.24 acres at 3540 Hwy. 153, Greenville, from DGP, LLC (Seller), represented by Brad Toy with Langston Black Real Estate.

Sammy DuBose and Pete Brett, CCIM represented Hollingsworth Funds, Inc. (Seller) in the sale of a +0.95 acre outparcel at Marketplace Shopping Center, 2419 Laurens Rd., Greenville, to Sandhills Group, LLC dba Bojangles (Purchaser), represented by Michael Spiers of Windsor Aughtry Co., Inc.

Pete Brett, CCIM and Matt Vanvick represented Granite Ridge, LLC (Purchaser) in the purchase of a +6,200 SF medical office building on +1.413 acres at 13 Edgewood Dr., Greenville, from Oakwood Properties of the Upstate, LLC (Seller), represented by Benji Smith and Josh Tew of Flagship Properties, LLC.

Tim Satterfield represented Janet R. Lambert & Robert Rhodes (Seller) in the sale of a +1,670 SF office building on +0.4 acre at 12333 Greenville Hwy., Lyman, to B. Scott Streetman, LLC.

Categories : Greenville
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Sep
21

Average Apartment Unit Size Down 7% Since 2009

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cramped-roomApartment units in the top 20 U.S. metro areas are shrinking. Those built from 2010 to the present are, on average, 7% smaller (70 square feet) than those built from 2000 to 2009, according to real estate research company RCLCO.

Most of that change is attributed to the higher share of studio and one-bedroom apartments relative to larger, mutli-room units. Floorplans are shrinking as well, particularly among studio and one-bedroom units, with just how much dependent on the area of the country. Three-bedroom units, however, are increasing in all but the very high-cost markets.

To some degree, millennials are forcing the mix change to studios and one-bedrooms, according to Bloomberg, as they delay starting families, which reduces their need for space.

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Categories : National News
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Sep
21

Asheboro’s Randolph Mall Under Contract

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randolphmallThe ownership of Randolph Mall could change by November. The potential buyer was in town Tuesday to view the property as part of the due diligence process.

Jim Hull, owner of Hull Property Group, confirmed his company has a binding contract to purchase the local mall but declined to comment on the details. If the deal is finalized, it should close around Nov. 1.

Randolph Mall opened in 1982. The 30-acre site has a combined land and building tax value of $13.7 million, according to the county tax records. It is currently operated by CBL & Associates, based in Chattanooga, Tenn. CBL bought the mall from Richard E. Jacobs Group in 2001.

Since 2014, CBL has been on a mission of “targeted divestitures of stable, but lower-growth malls” in its portfolio. The company still owns 10 properties in North Carolina, including Hanes Mall and Friendly Center.

READ MORE HERE

Categories : Uncategorized
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Sep
21

SC REALTORS Release August Market Reports

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House BalanceSouth Carolina REALTORS®  today released its August housing market data indicating that demand is present and creating competitive situations regarding pricing, while inventory continues to drop.

New listings were up ten percent to 10,064. Pending sales decreased almost two percent to 6,678. Inventory shrank by almost six percent compared to last year and is down to 36,099 units.

Prices moved higher and median sales price was up almost six percent to $184,789. Homes are selling quickly with most on the market for only 91 days. Month’s supply of inventory was down almost ten percent to six months, indicating that demand increased relative to supply.

Categories : South Carolina News
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