Archive for Anderson

Sep
05

Anderson Warehouse Sold for $25/SF

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Anderson Warehouse LLC acquired the industrial building at 2 Green Tree Rd. in Anderson, SC for $3.05 million, or about $25 per square foot.

Capital Investments Fund was the prior owner. Its managing members are currently charged with securities fraud, and this sale was an attempt to recover monies from their holdings. At the time of sale the asset was fully leased to Inergy on a triple-net basis. The tenant will remain in the property.

Built in 2002, the 121,000-square-foot warehouse sits on 17.3 acres in the Outlying Anderson County Industrial submarket. It features 2.5% office build-out, eight loading docks and two drive-ins, 28-foot clear heights, a fenced lot, and building signage.

The buyer financed the acquisition in-part with a new mortgage in the amount of $2.48 million provided by TD Bank NA. No brokers were involved in the direct sale. CIF Property Holdings LLC served as court-appointed trustee over the seller.

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Aug
07

RADCO Acquires Two Anderson Apartment Communities

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The RADCO Companies, has purchased two apartment communities totaling 316 units in Anderson, SC. The company acquired the 180-unit Country Club and 136-unit Cobblestone for approximately $11 million from two limited liability companies. These deals are RADCO’s first acquisitions in South Carolina.

RADCO financed the purchase through a mixture of bridge debt and its own privately funded equity. BBVA Compass provided the acquisition financing.

Built in 1974, the multifamily assets are located less than half a mile from each other. Country Club is situated off Anderson’s main thoroughfare, Clemson Boulevard, and located across the street from Anderson Mall. Cobblestone is located on Miracle Mile Drive. Both properties feature one-, two- and three-bedroom floor plans.

RADCO plans to invest nearly $3 million to renovate and improve these properties. The company will modernize Country Club and Cobblestone by replacing aging infrastructure, upgrading their amenity packages, and renovating unit interiors. The firm will rebrand the properties as Ashford Pointe and Ashford Village, respectively, to coincide with the company’s brand identity and its new ownership.

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Aug
06

Vacant Wal-Mart Bought for $14.61/SF

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A vacant 65,000-square-foot building that was built as a Wal-Mart store in a high-traffic area of Anderson will be overhauled to create space for at least two retailers and possibly as many as four, a vice president of Atlanta-based Vanguard Associates Inc. said Today. Vern Hakes said an announcement about the first retailer could be made in a few days. The 6.5-acre site was purchased for $950,000.

“We think we will probably be able to announce the first piece in the jigsaw puzzle by the first of next week,” Hakes said.

Hakes said a Vanguard affiliate, Anderson Detail One LLC, purchased the building and surrounding property in Anderson from Crown Ventures I LLC, also of Atlanta. The building at 3223 Martin Luther King Jr. Blvd. has been vacant since Fusion warehouse closed five years ago. Fusion had rented the space after Wal-Mart left.

READ MORE HERE

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Jun
24

Upstate SC a Leader for Foreign Direct Investment

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Today, the Brookings Institution released a first-ever metro-level analysis of foreign direct investment’s role in the Upstate’s regional economy as part of its Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. The report analyzes the types of foreign-owned businesses located in the area, outlines the region’s sources of foreign investment and demonstrates the number of jobs supported locally by foreign direct investment (FDI).

The report finds that among the largest 100 metropolitan areas, Greenville ranks 23rd for share of jobs in foreign-owned enterprises (FOEs) at 6.1 percent.

The report also finds that among all 366 metropolitan areas:

  • Spartanburg ranks 3rd for share of jobs in FOEs, at 18.0 percent (behind Columbus, IN and Kokomo, IN)
  • Anderson ranks 7th for share of jobs in FOEs, at 13.4 percent
  • Greenville ranks 67th for share of jobs in FOEs, at 6.1 percent

Among the country’s 616 micropolitan areas:

  • Gaffney ranks 11th for share of jobs in FOEs, at 23.6 percent
  • Greenwood ranks 22nd for share of jobs in FOEs, at 14.5 percent
  • Seneca ranks 38th for share of jobs in FOEs, at 11.7 percent
  • Union ranks 90th for share of jobs in FOEs, at 7.5 percent

READ MORE HERE

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Jun
09

NAI Earle Furman: Recent Sale Transactions

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Spartanburg, South Carolina (June 2014): Ken Anderson represented the seller of 105 Northeast Drive in selling a 12,500 SF industrial space to RAMS Real Estate Holding, LLC.

Simpsonville, South Carolina (June 2014): John Gray, CCIM and Drew Stamm represented The Sunshine House Inc. in the purchase of a 8,400 SF retail space.

Piedmont, South Carolina (June 2014): Towers Rice represented Truck Masters, Inc. in selling a 2,500 SF truck sales facility at 1298 White Road to Automotive Capital Corp. of Atlanta.

Simpsonville, South Carolina (June 2014): Robert Schmidt and Alexi Papapieris represented Richards Holdings, LLC in selling 6,120 SF of retail space in Bradford Plaza at 1209 NE. Main Street.

Greenville, South Carolina (June 2014): John Gray, CCIM and Drew Stamm represented the seller of 104 S. Calhoun Street in the sale of a 1,847 SF office space.

Greenville, South Carolina (June 2014): Keith Jones, CCIM represented the seller of 9 Toy Street in the sale of a 1,760 SF office space.

Williamston, South Carolina (June 2014): John Powell represented the seller of 760 Hampton Road in the sale of a 6,000 SF industrial space.

Spartanburg, South Carolina (June 2014): Andrew Babb represented White Horse Investments, LLC in the sale of 4.78 acres at Bryant and Landers Roads.

Greenville, South Carolina (June 2014): Scott Jones, SIOR represented Epsilon Delta, LLC in the sale of an 8,000 SF office space at 3505 Pelham Road.

Greenville, South Carolina (June 2014): Earle Furman, SIOR, Jonathan Good, SIOR, and Alexi Papapieris represented Good Wall Properties, LLC in the purchase of a 18,920 SF office space at 617 E. McBee Avenue.

Anderson, South Carolina (June 2014): John Gray, CCIM and Drew Stamm represented CFS Partners, LLC in the sale of a retail space located at 3310 N. Main Street to Moneyline Properties, LLC

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Apr
25

NAI Earle Furman Releases Market Reports

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NAI Earle Furman has released its First Quarter 2014 Market Reports. Reports include market snapshots in the office, retail and industrial sectors of commercial real estate. The reports summarize the quarterly market statistics – including vacancy, construction, asking rents and absorption – across commercial property types and submarkets in the Upstate. Click on the report below to access the reports.

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Apr
18

Recent Transactions by Carolina Commercial

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Dan Batten represented the Seller, Twenty First Properties, Inc., in the sale of approximately 119,452 SF on 10 acres located at 2453 King Street Extension in North Charleston, SC. The buyer was represented by Caldwell Commercial.

Dunston Powell, Principal of Carolina Commercial, LLC represented the Seller, Moneyline Properties, LLC, in the sale of 3.48 acres of Retail Land on Highway 17-A in Summerville, SC. The buyer was represented by Brent Case with Caldwell Banker Commercial

Dunston Powell represented the Buyer, Moneyline Properties, LLC, in the purchase of 6,600 SF Restaurant Building on approximately 1.12 acres located at 1100 Asheville Highway in Spartanburg, SC. The Seller was represented by Andy Hayes with Spencer/Hines Properties.

Dunston Powell represented the Buyer, LMB Investments, LLC, in the purchase of 0.95 acres located at 840 Coleman Blvd in the Town of Mt. Pleasant, SC. The Seller was represented by Joyce Beach with CBRE.

Dunston Powell represented the Buyer, Moneyline Properties, LLC, in the purchase of approximately 2,000 SF Car Wash on 0.50 acres located at 3310 North Main Street in Anderson, SC. The Seller was represented by John D. Gray, Jr. with NAI Earle Furman, LLC.

Dunston Powell represented the Buyer, L. Douglas Kirkman, Jr., in the purchase of 10,458 SF on 0.56 acres located at 268 Coleman Blvd. in Mt. Pleasant, SC. The Seller was represented by Mark J. Marenakos with Southern Real Estate, Inc.

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Nov
13

160,000 SF Warehouse Sold in Anderson

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Spartan Logistics, a third-party warehousing and logistics services provider based in Columbus, Ohio, has announced that it has acquired a 160,000 sq. ft. warehouse and related tenant business in Anderson, S.C., from Elston-Richards. The property is located at 5201 Highway 81 S in Starr, SC 29684.

Spartan Logistics has occupied one-third of the building for the past five years and needed to expand its space in Anderson. At the same time Elston-Richards sought to reinvest and focus on its operations in Michigan. After seeking alternatives for years, the two companies reached an agreement for Spartan to acquire the entire facility.

Spartan Logistics will operate the facility under assignment of the current customer contracts and will make significant investment in upgrading the property to modernize the facility and preserve its value.

 

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May
21

Anderson Industrial Property Sold for $7 Million

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Moline, Ill.-based McLaughlin Body Co. has acquired the 427,337-square-foot Santens of America facility at 5121 Old Pearman Dairy Road in Anderson for $7 million. The industrial property is situated on 93 acres and will serve as McLaughlin Body Co.’s new subsidiary location to serve their clients in the region. The company manufactures operator protection systems, including cab enclosures and metal components for construction, military, agriculture and other heavy-duty vehicles.

Charles Whitmire Jr. and Elliott Fayssoux of Cushman & Wakefield | Thalhimer represented the seller, KBC Anderson Associates, in the transaction.

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May
02

Seneca, SC Apartments Sold for $71,700/Unit

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NAI Earle Furman’s Multifamily Division announces the sale of Companion at Crescent Pointe, a 144-unit apartment complex in Seneca.

The Class A property, built in 2005, sold for $10,325,000. The complex was 95% occupied at the time of sale, and sold for an undisclosed CAP rate. Tony Bonitati of NAI Earle Furman represented the seller in the transaction.

The buying group was made up of investors from California, teamed with a well-regarded Regional Management Company. The property had assumable HUD financing in place. The buyers completed the HUD’s Transfer of Physical Asset (TPA) process, and plans to use the A-7 program to reduce the current interest rate.

 

Categories : Anderson, Greenville
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Dec
03

Lake Hartwell Development One Step Closer

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The U.S. Army Corps of Engineers has signed off on the mammoth Sanctuary Pointe development planned for Hartwell Lake, a corps spokesman said Wednesday.

The agreement that will begin moving the project from the drawing boards to reality still requires approval by the State Budget and Control Board, expected at the board’s Dec. 12 meeting, according to spokesman Billy Birdwell of the Corps of Engineers’ Savannah office.

In a written response to an inquiry from the Independent Mail, Birdwell said that on Nov. 26, the Corps of Engineers provided a signed consent authorizing the South Carolina Department of Parks, Recreation and Tourism to further pursue a proposed sublease with Sanctuary Pointe LLC for a 325-acre site off I-85.

READ MORE HERE

 

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Nov
08

Seneca Industrial Building Sold

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Sanders Moving & Storage recently purchased property in Seneca for its warehousing needs. William M. Sanders of Sanders Moving & Storage, an Anderson-based moving and storage company, purchased a 135,910-square-foot industrial property on 14 acres at 1 Jacobs Road. The building is a former machine tools/parts manufacturing plant built in phases between 1959 and 1990. The building is in good condition for its age and has been cleaned out with all machinery removed. It has 15′ ceiling heights and nine dock doors according to a Loopnet listing.

Sanders bought the property from Seneca Realty Inc. for $589,500, or $4.34 per square foot.

Cushman & Wakefield — Thalhimer, a commercial real estate firm, handled the sale negotiations on behalf of the seller.

Categories : Anderson, Greenville
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Aug
08

Lee & Associates Releases Upstate CRE Report

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As the aftermath of the recession unfolds, the real estate sector continues its slow rebound. Vacancy is down in the office market and up in the retail market. Large industrial space continues to be in high demand in the Upstate, according to Lee & Associates’ mid-year report.

The Upstate has 3,814 buildings, equaling about 172.7 million square feet, for the industrial warehouse market, according to Lee & Associates’ inventory. The Upstate struggles to have buildings equipped to meet manufacturer’s needs of today.

Lee & Associates’ industrial warehouse market includes Greenville, Spartanburg, Anderson, Laurens, Pickens and Cherokee counties. The region experienced 1.4 million square feet in industrial absorption in the second quarter of 2012, which is the highest since the construction boom in 2008. The industrial market’s vacancy rate is at 9.4%.

The only new building delivered to the market in the first half of 2012 was the roughly 950,000-square-foot ZF Transmissions building in Laurens County.

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Nov
18

Anderson Building to Get Modern Facelift

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A two-story building at South Main and West Benson streets in downtown Anderson is about to go through a facelift, bringing a modern style to accent the early 20th-century buildings that are there now.

The building houses J Peters Grill and Bar on the first floor, and the second floor is empty.

Steve Kay, who owns the building, said Thursday that he plans to renovate the exterior, covering it from the ground to the rooftop in a wall of glass. When construction is complete, the building will be called “The Plaza,” because it overlooks the Anderson County Courthouse plaza, Kay said.

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Aug
06

$2.8 Million for an Amphitheater Site in Anderson?

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Anderson Mayor Terence Roberts says the city council will take its first vote Monday on whether to spend $2.8 million to turn the old Belk site into an outdoor amphitheater.

Roberts said the council should be able to move forward with the second and final reading on the bond ordinance for the project at its Aug. 22 meeting.

The $2.8 million would be spent on changing what are now an overgrown lot and an empty building on Whitner Street in downtown Anderson into an open-air pavilion, an outdoor amphitheater and park complete with an interactive waterfall.

The vacant property sits behind a wooden fence on Whitner Street across from the historic Anderson County Courthouse.

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