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Charlotte CVS Pharmacy Sold
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A 12,900-square-foot CVS/pharmacy, located at 8220 Mt. Holly-Huntersville Rd. in Charlotte, has been sold for $5.5 million. Matt Mousavi and Rich Berlinghof of Faris Lee Investments’ New York City office represented North Carolina-based KM Pharmacy Investors, the seller, in the transaction. Colliers International represented California-based Kerley-Capital Expressway, the all-case buyer.
Assisted Living Facility Planned for Tega Cay
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A $30 million assisted living community will be built in Tega Cay, officials announced Monday.
Wellmore, a 130,000 square foot community, will be built in the Stonecrest development, with frontage on Hwy. 160 West. It will offer assisted living apartments, memory care and skilled nursing services, as well as a 25,000 square-foot community clubhouse and wellness center for residents.
Construction is expected to begin in July 2012. Wellmore, part of Charlotte-based Senior Living Communities, is anticipated to open in January 2014.
Greer’s Piedmont Market Place to be Renovated
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Piedmont Market Place, located near the corner of South Buncombe and Wade Hampton Boulevard in Greer, will be renovated as Kohl’s Department Store has acquired the former K-Mart building from Passco Greer Piedmont, LLC, consisting of approximately 66,970 square feet. A rebranding of the shopping center will include a name change to Piedmont Market Place and construction will commence of Phase I immediately. Greenville, S.C.-based Navarro Real Estate and Irvine, Calif.-based Passco Development Cos. will develop the project in two phases. Harper Construction will serve as the general contractor, while Johnston Design Group will be the project architect.
2012 Cap Rate Report Released
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According to the Calkain Companies, net lease cap rates fell by 25 basis points in 2011. The primary drivers of this trend are lack of product (especially high quality product) and an ease in lending conditions. Construction of new net lease product continues to flow at a trickle while financing has become more available – with local and regional banks competing with insurance companies for credit tenant deals. Investors have shown a willingness and ability to invest but are hindered by lack of product to satiate their demand. This lack of supply and increase in demand has forced prices up and cap rates down – many would argue that 2012 promises to be a seller’s market.
Laurens 20,000 SF Retail Center Sold
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A 100% occupied, 20,000 square foot retail center, anchored by Rent-A-Center, Radio Shack, and Verizon Wireless, has sold for an undisclosed amount. The center was constructed in 2009 and is directly adjacent to Walgreens. Kyle Putnam of Greenville-based Colonial Commercial represented the seller and Adams Development represented the purchaser.
Columbia’s Two Notch Corridor Picks up Retailers
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Selwyn Property Group has signed new leases with Dick’s Sporting Goods and Michaels Arts and Crafts for 47,600 and 23,400 square feet, respectively, for its newly acquired Target Center on Two Notch Road in Columbia. Selwyn purchased the retail property with Return Holdings, Gateway Holdings and Richardson Properties. The property is expected to be fully leased and open this summer.
Shopping Center Rent Increases Expected In 2012
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Retail property rents are expected to begin to rise later this year as demand for store space in shopping centers and malls slowly soaks up available space and, combined with the dearth of new space under development, finally tips the supply and demand balance.
Improvements in market fundamentals are starting to spread into secondary markets and smaller shopping centers typically occupied by Mom-and-Pop businesses, according to CoStar’s 2011 Retail Review & Outlook, presented by Senior Real Estate Strategist Suzanne Mulvee and Real Estate Economist Ryan McCullough.
Despite the overall positive signs, market economists remain cautious in the face of the muted overall demand for retail space.
Charleston’s Upper King Street Growing
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Without hesitation, Basim Hassouneh reels off some of the stores that have come and gone over the past 20 years near his Super Bad clothing shop on Upper King Street.
“That was a paint store. That was a hat shop. That was a T-shirt store. O’Malley’s used to be a five-and-dime. Beside that was a beauty supply shop,” Hassouneh said, all the while pointing to the new bars, restaurants and other businesses that have taken their place.
He’s seen a lot of changes along the corridor of shuttered storefronts sprinkled among small loan companies, fix-it shops and furniture stores. He’s about to see more, and in a major way.
The northern stretch of Upper King from Ann Street to the Crosstown Expressway has emerged as downtown’s new commercial hot spot. No fewer than a dozen projects have been completed within the past year or are moving forward.
Are Banks Ready to Lend on CRE Again?
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As economic headwinds subside, the commercial real estate lending business for U.S. banks has hit an inflection point. For the first time in five years, a majority of banks are finally talking about their ability to grow their loan portfolios.
While the sentiment among banks is neither unanimous, nor the projected lending growth strong, bank executives in analyst earnings calls over the past couple of weeks were clearly signaling they believe they are on the other side of writedowns and are ready to return to CRE lending.
As bankers see it, they have worked through most of the troubles tied to real estate over the last few years, and now view that segment as one that represents a great amount of potential for earning’s growth.
Myrtle Beach’s Waccamaw Pottery Center Sold
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According to Alain Wizman, President of Commercial Real Estate for Keller Williams Realty, 3W LLC purchased the property for just shy of $10 million about six weeks ago.
Wizman is now acting as a leasing agent for 3W LLC, and said the group is looking to revitalize the dilapidated forming shopping center. ”We’re looking at redeveloping the property to a very viable, vibrant commercial property,” Wizman said. Wizman said 3W LLC is an ownership group half in New Jersey, and half in China.
Myrtle Beach Mayor John Rhodes, along with South Carolina Governor Nikki Haley and members of Horry County Council, during a recent trip to China, were able to court potential investors in purchasing part of the land.
Rhodes said the faltering economy drove local and state leaders to seek out investors instead of waiting for investors to find Myrtle Beach.
Charlotte Office Market Snapshot Released
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Lack of job growth in the area has stifled demand and led to an increase in the overall vacancy rate in the market, which is now up to 15.9 percent, according to the fourth quarter Charlotte Office Snapshot from Cushman & Wakefield | Thalhimer.
The report can be read in its entirety by clicking on the Full Screen button at the bottom of the SCRIBD document below.
Pending job cuts in the financial services sector, specifically Bank of America, could result in additional space coming on the market soon.
Recently published unemployment rates report that the current unemployment in the Charlotte MSA is 10.7% as of the end of September 2011, which is down from a high of 11.4% reported in the third quarter of 2010, but still above the national average of 8.6%.
Charleston Hotels Report Solid January
Posted by: | CommentsPeninsula-area hotels posted the highest January occupancy rate and room prices of all Charleston hotels, according to a monthly report by the College of Charleston’s Office of Tourism Analysis.
Peninsula hotels reported a January occupancy rate of 62.5%, up 11.7% from 2011. The average price for a room on the Peninsula was $131.10, up 4.9%.
East Cooper reported mixed results in January, leading all submarkets in year-over-year growth in occupancy, but reporting the area’s only decrease in room prices.
Occupancy for East Cooper hotels grew 18.5% to 40.6%, but room prices dropped 2.4% to $82.89.
Jim Anthony’s Cliffs Communities to be Sold
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The Cliffs Club & Hospitality Group Inc., which owns the Cliffs Communities golf courses and associated amenities, said assets are being sold to the Carlile Group.
In a letter to members, the group’s board said Carlile Group’s offer was “selected after months of negotiations, analysis and deliberations.”
“The board unanimously agrees that the Carlile Group has the strongest plan for the future of our clubs with terms that address the interests of the creditors fairly,” the letter states.
The Cliffs Communities developed by Upstate native Jim Anthony were hit hard by the recession as sales stalled and banks quit lending on lots. In 2010, he partnered with community residents to raise at least $60 million from club members to fund development of courses and amenities at the Cliffs at Mountain Park in South Carolina and the Cliffs at High Carolina near Asheville. The hope was that the finished amenities would boost lot sales.
A Casino for Hardeeville?
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A coalition of investors, developers and local officials outlined plans Wednesday for an Indian casino and resort in Hardeeville they said could be under construction within two years.
The proposal was first pitched last month at a meeting of the Jasper County and city of Hardeeville councils. It would be within the Hilton Head Lakes development on U.S. 278 and include a 400-room luxury hotel.
The developers and their consultants say the project would create 4,700 jobs statewide — including 2,250 on-site — and bring in $92 million in wages, salaries and benefits to Jasper County. They estimate the development would attract about 4.3 million visitors annually.
But before those guests can arrive, the complex’s developers need to clear some big hurdles.
Myrtle Beach New Home Construction Picking Up
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For the first time in years, builders along the Grand Strand say that business is picking up, and while they’re still building a fraction of the homes they were at the peak of the housing boom, it seems the worst is in the past.
“It’s a drastic increase from what it’s been in the past three years,” said Berkley White, the president of the Horry Georgetown Home Builders Association.
White’s company, Classic Home Building & Design, is working on five custom homes, about the same number of jobs it did in 2002 or 2003, he said. Business has picked up enough that he is building a new model, the first time in years that Classic will have one, White said.
