Archive for December, 2016

Dec
21

Mt. Airy Shopping Center Sold at 9.16% Cap Rate

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Sold-Sign8Wheeler Real Estate Investment Trust, Inc. has closed on the acquisition of New Market Crossing, a grocery-anchored shopping center previously announced as an acquisition target.

New Market Crossing is located in Mt. Airy, NC and is a 116,976 square foot center. It is anchored by a 54,838 square foot Lowes Food Store and a 32,000 square foot Roses. Lowes Foods has 9 years remaining on their term. The Center is 93% leased and occupied.

Total acquisition price of the Property was $9.0 million, or $76.93 per leasable square foot, which the Company financed using a combination of cash and the Company’s Key Bank credit facility with an interest rate of 30 day LIBOR plus 250 basis points. The cap rate on New Market Crossing was 9.16%, and the loan-to-value was 65%.

Jon S. Wheeler, Chairman and Chief Executive Officer of Wheeler, stated, “I am pleased to announce that New Market Crossing will be our twenty second acquisition for 2016. I am very familiar with this asset, as well as the Mt. Airy market, and feel this center will enhance our portfolio nicely. We add a new grocer to the portfolio, Lowes Foods, thereby lessening our exposure to any one specific tenant and further diversifying our tenant base. We still believe that we are on the cusp of reaching our goal of covering our $0.21 dividend and feel that the addition of this acquisition pushes us closer to obtaining that goal by year end.”

Categories : Raleigh
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Dec
21

Two Greenville Office Towers Sold

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two soldLingerfelt CommonWealth Partners, LLC today announced the acquisition of One Liberty Square and Two Liberty Square, a pair of office towers in downtown Greenville, S.C.

The Liberty Square towers, located at 55 and 77 Beattie Place, are in the heart of Greenville’s revitalized and thriving business district. The buildings total 445,612 square feet and are currently 81% occupied to a diverse tenant base anchored by Resurgent Capital; Shellpoint Mortgage Servicing; Gallivan, White & Boyd; Dority & Manning; and Commerce Club, among others. One and Two Liberty Square were constructed in 1983 and 1986, respectively, and received extensive multimillion-dollar renovations in 2006 and 2014.

“We have been evaluating Greenville and the greater Upstate area for several years,” said Ryan Lingerfelt, President and CIO of Lingerfelt CommonWealth. “Greenville continues to show strengthening fundamentals, particularly downtown, which has experienced seven consecutive years of positive net absorption, strong rental rate growth, and low vacancy rates.”

“The Liberty Square acquisition fits perfectly within our value-added strategy of acquiring high-quality real estate in strong secondary and tertiary markets like Greenville,” Lingerfelt added. “The occupancy rate of the towers is expected to drop to approximately 70% after a larger tenant vacates nearly 50,000 square feet, thereby allowing us the unique opportunity to go to market offering some of the largest and most attractive blocks of space in downtown Greenville where vacancy rates continue to decline and new supply is limited.”

Lingerfelt CommonWealth will operate the assets via its vertically integrated operating platform. Commonwealth Commercial Partners, the Company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. CBRE will continue to handle the leasing and marketing.

Categories : Greenville
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Dec
18

Ziff Properties Buys Simpsonville Self Storage Facility

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absolute-storage-llc-entrance-signReal estate developer Ziff Properties Inc. has acquired Absolute Storage in Simpsonville, S.C., for $4.5 million from Absolute Storage LLC, a locally owned business. The property at 412 Scuffletown Road comprises 45,530 square feet of storage space. Ziff plans to add 23,175 square feet of storage in 314 new units. Once complete, the property will contain 627 units.

“This marks our sixth self-storage acquisition in South Carolina’s upstate,” said Christian Chamblee, chief operations officer and director of acquisitions for Ziff. “We are excited to set our expansion plans into motion and provide Simpsonville with another class-A storage option.”

Earlier this month, Ziff purchased the 52,000-square-foot Buncombe Plaza shopping center in Greenville, S.C., with the intent to convert it to self-storage. Construction is expected to begin in the spring.

Categories : Greenville
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Dec
13

Coldwell Banker Commercial Caine Announces Sales

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cbcc-logoRick Cauthen, P.E. of Coldwell Banker Commercial Caine represented Peter W. Kwan and Jacqueline N. Kwan (Sellers) in the sale of a +5,007 SF Applebee’s investment property on +1.197 acres at 1512 W. Floyd Baker Blvd., Gaffney, to Metropolitan Rental Corp. (Purchaser), represented by Randy Blankstein of The Boulder Group.

Rick Cauthen, P.E. of Coldwell Banker Commercial Caine represented Henderson Enterprises, Inc. (Seller) in the sale of a +1,200 SF office/retail building on +0.8 acre at 101 Evening Way, Mauldin, to Weaver Holdings, LLC (Purchaser), represented by Chris Harrison of NAI Earle Furman.

Sammy DuBose of Coldwell Banker Commercial Caine represented ExxonMobil Foundation (Seller) in the sale of +35.83 acres at I-385 & S. Nelson Dr., Ft. Inn, to A & A Real Estate, LLC (Purchaser).

Tim Satterfield of Coldwell Banker Commercial Caine represented 2170 Country Club Rd., LLC (Seller) in the sale of a +3,720 SF retail building on 1.3 acres at 2170 & 2180 Country Club Rd., Spartanburg, to MRG Holdings, LLC (Purchaser), represented by Angela Halstead of Coldwell Banker Commercial Caine.

Tim Satterfield of Coldwell Banker Commercial Caine represented Spartanburg Leased Housing Corporation (Seller) in the sale of +12 acres at E. Union St., Chesnee, to Spartanburg County (Purchaser).

Categories : Greenville
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Dec
13

Columbia Student Housing Development Sold

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Campus First Student Living and CF Real Estate Services LLC, in joint venture with a large private commingled fund, have acquired the Club at Carolina Stadium located less than 1 mile from the main campus of University of South Carolina. Campus First will be overseeing the management of this 486-bed property as well as a $2.7 million renovation. The property will now be known at Rivers Edge at Carolina Stadium as it is located adjacent to the Congaree River and across the street from USC’s baseball stadium.

As part of the extensive renovations, Campus First will be constructing a brand new clubhouse complete with a state of the art fitness center, private and shared study lounges, gaming area, a café, and large 2nd floor deck overlooking the pool and terrace area. Other improvements include a new outdoor kitchen, renovated Dog Park with dog washing station, two fire pit areas, enhanced landscaping and new signage. The exterior will receive a new paint scheme and other enhancements.

Residents will be pleased with the upgraded internet and cable packages as well as the addition of VIP premium suites. The new premium option will include grey faux wood floor, painted interiors, and completely renovated kitchens with subway tile backsplashes, stainless steel appliances, new counter tops and kitchen hardware. The bathrooms will also be updated and the VIP suites will boast all new modern furniture packages and new large, flat screen televisions.

Taking advantage of the amazing river location and direct access to Granby Park, the property plans to provide kayaks and canoes exclusively for resident use. The property will also be providing a new shuttle bus and electric bikes for use by residents to get to class.

 

Categories : Columbia
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Dec
13

Simpsonville Apartments Sold

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enclaveToro Real Estate Partners has announced its second acquisition in Greenville, SC in less than 6 months. Toro REP recently acquired Enclave Grandview (soon to be Stillwater at Grandview Cove), a 240 unit garden style apartment complex located in the Simpsonville submarket.

“We’re really excited about the opportunity to acquire our 2nd property in the Greenville market. This property is a great compliment to the 200 units we closed in May. Both properties are in great locations and our vision on the market is more long-term,” said John Cohen, co-founder of Toro Real Estate Partners. “Greenville has some really exciting stuff going on that tenants and investors alike are really attracted to.”

Toro Real Estate Partners acquired the property on November 16.

Categories : Greenville
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Dec
13

Rock Hill Self Storage Facility Sold

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kwik-storageKwik Storage, located at 1409 Albright Rd in Rock Hill, SC, was sold in November to a regional buyer and commanded a sales price of approximately $77 per RSF.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. represented the seller and had the listing to market the facility.

The facility is comprised of 187 climate and traditional self storage units totaling 21,200 +/- RSF, a free standing office building, a laundromat and a free standing pharmacy on 2.7 acres. Amenities include security cameras, computerized gate entrance, fencing and onsite expansion opportunity. Currently, the pharmacy is leased for $2,200 per month, and the laundromat is leased for $5,000 per month. The seller owns the laundromat business and is willing to rent that space as a laundromat for up to one year. There is room on site for an additional 2 self storage buildings GSF totaling 13,200. The laundromat building could also be converted to climate controlled self storage.

Categories : Rock Hill
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