Archive for Florence

Oct
02

O’Reilly Automotive Acquires Site in Florence

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florence bojanglesNAI Avant has announced that O’Reilly Automotive, Inc has purchased the property at 3151 East Palmetto Street in Florence, South Carolina.  The site is improved with a restaurant formerly occupied by Bojangles. The building was constructed in 1985 and sits on approximately 1.052 acre at a traffic light corner.

Senior brokers Ben Kelly, CCIM and Patrick Chambers represented O’Reilly in the transaction and the seller, Melsam Legacy LP, was represented by Palmetto Commercial Properties.

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Jul
18

Florence May Get Downtown Grocery Store

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Florence CBDThe city of Florence is backing an upcoming code-named development – “Project Leopard Orchid” – that will bring a $1.6 million investment to the downtown and surrounding areas.

Though officials didn’t give any specifics, city council documents indicate a project that will bring “quality, authentic grocery items and local produce” to a “store facility” to serve downtown, as well as the northern, northwestern and eastern parts of the city.

The Florence City Council approved a $300,000 incentive package for the project’s developers in order to facilitate the start-up, a common move by the city for downtown development projects.

“It’s a project designed to provide within the North Dargan Street and Darlington Street corridor,” Mayor Stephen J. Wukela said. “Obviously we’re aware of the needs in that area, and this investment meets all of our typical analysis for investment.”

READ MORE HERE

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Apr
25

Integra Provides Appraisals in Florence, SC

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usa-florence-scThe Columbia office of Integra Realty Resources has completed a number of commercial appraisal assignments in the Florence, SC market within the last two months. These include a Bojangles’ restaurant, a Goodwill store, an unanchored strip center and an apartment complex. Please keep us in mind for your commercial appraisal needs in that market.

Michael B. Dodds, MAI, CCIM           mdodds@irr.com

 

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Apr
06

Business Recruiter Works to Fill Stores in Downtown Florence

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Oct
24

New Businesses and Jobs Coming to Downtown Florence

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Live5News.com | Charleston, SC | News, Weather, Sports

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Aug
21

Florence Applebee’s Sold for $577/SF

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sold sign56The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Applebee’s Neighborhood Grill & Bar (Applebee’s) property located at 811 S. Irby Street in Florence, SC for $2,050,000. The City of Florence is the largest city in Northeastern South Carolina and was recently named among America’s top fifty cities for business relocation and expansion by Expansion Management Magazine.

The 3,552 square foot freestanding Applebee’s sits on approximately 1.462 acres off of U.S. Route 52, a strategic highway through central South Carolina, and is in close proximity of several national and regional tenants including Autozone, Jiffy Lube, Piggly Wiggly and CVS. Applebee’s is the largest casual and family dining concept in America, both in terms of number and market share.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Midwest based investment firm.

There are over four years remaining on the Applebee’s lease which expires in December 2020. The lease features a 1.5% rental escalation.

“The market for net lease QSR properties remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Short term leases with strong real estate fundamentals allow investors to achieve higher yields.”

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Feb
18

New Hotel Planned for Florence

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WMBFNews.com, Myrtle Beach/Florence SC, Weather

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Nov
19

Country Club of South Carolina For Sale

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golfThe Country Club of South Carolina is for sale.

An Ellis Maples designed 7,062-yard, 18-hole golf course with a fully stocked pro shop and practice facilities touted as the largest in Florence top the list of amenities. Six lighted Har-Tru clay tennis courts – two with stadium seating — a fitness center accessible around the clock, a junior Olympic-sized swimming pool and a kiddie pool are selling points aimed at the sports-minded crowd. Duffers Bar & Grill, the Grille Room and the Palmetto Room offer ascending levels of dining formality, and the grand ballroom, with teak flooring and a stage, can host weddings and special events.

Hilda W. Allen Real Estate Inc. of Adel, Georgia, is in charge of selling the property, which includes a 28-acre parcel situated along the golf course’s 11 th hole.

Potential buyers have already shown interest, Allen said Monday, and the property has been seen by a few parties. The listing price has not been disclosed.

“It’s a sealed-bid offering,” Allen said. “We don’t have a listing price.”

She didn’t characterize the current climate for golf courses as a buyer’s market, but thinks the economy has improved to a certain extent.

READ MORE HERE
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Mar
10

Apartments and Parking Garage Planned for Florence

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florence downtown aerialAn unprecedented apartment complex and parking deck project will break ground this spring following Florence City Council’s unanimous approval to start the process to convey land for the project at its March meeting on Monday.

An 85-unit apartment complex, that will face West Cheves Street and have a façade facing South Irby Street, will wrap a four-story parking deck being built by the city as part of an $8 million plan to boost parking and interconnectivity in downtown.

“We knew this needed to be a very attractive parking deck since it will be across from the Performing Arts Center and next to the museum and we plan to do that,” Wukela said. “As luck would have it we had this apartment developer who had been looking in town at doing very attractive high-end apartments and approached us and asked if we had considered wrapping the deck with this apartment complex.”

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Jan
27

Wal-Mart Planned for Darlington

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walmart signDarlington Mayor Tony Watkins said Friday that the city is in final discussions to locate a large retail center that could bring  255 jobs. Watkins said he could not reveal the name of the company involved, but documents connected with the project identify it as Walmart. He said the center will be near the intersection of U.S. 52 (South Main Street) and South Governor Williams Highway (52 Bypass).

Besides the Walmart, the center is expected to have up to 20,000 square feet of new retail shops and six outparcels available at the same intersection.

“We have not signed an agreement; it is still in negotiations,” Watkins  said. “We see this as a positive thing. Darlington’s proximity to Florence as a large retail shopping center has had a negative effect on us. We suffer from a lot of out-shopping. This will be a catalyst for growth and give us the economic boost on many levels.”

A listing for the site through Avison Young real estate of Mount Pleasant, South Carolina, says: “Walmart is coming to Darlington. Construction will begin in the first quarter of 2015 with opening scheduled for February 2016 for Walmart and Darlington Woods Shopping Center.” The website includes several pages with maps of the site with Walmart shown as the tenant.

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Jan
21

Florence Housing Market ‘Approaching Equilibrium’

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Up down real estateThe Pee Dee Realtor Association says 2014 was another recovery year and the housing market has shifted from being “drastically undersupplied to approaching equilibrium.”

The market assessment was included in the association’s report on Tuesday of December real estate numbers. Pee Dee Realtor Association President Sandy Gaskins said she is looking forward to a strong 2015 in the housing market.

“I’m looking forward to 2015 because the Fannie Mae and Freddie Mac will be offering 3 percent down payment mortgages that will really help first-time homebuyers,” Gaskins said. “We’ve been told mortgage rates will go up but right now is a really great time to buy a house.”

In the Pee Dee market, the median sales price of homes rose to $134,000, up almost 2 percent more than in December of the previous year. The biggest drop was in pending home sales, 58 percent, with new listings also down slightly. Inventory increased to 1,448 units.

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Jan
12

Florence Considering Incentives for Downtown Project

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florenceAt its January meeting Monday, the Florence City Council will discuss and likely approve a resolution for an incentives package to bring “Project Morgan,” an undisclosed economic development project, to downtown.

The council will discuss the resolution in executive session, according to the agenda. If it is approved, it will be the second package related to economic development downtown that the council has approved in two months.

In November, the council approved $425,000 in incentives to entice the company Med-Enroll to locate in the Rainwater building. The company helps other companies find health care costs savings and will bring 153 new, high-paying jobs to the city.

The council gave first reading to an ordinance in December to amend its current fiscal year budget to realize variances from the 2013-2014 fiscal year, which ended on June 30, 2014. The city saw a bump in general fund revenues of $872,000 to $26.7 million and a drop in expenditures of $181,000 to $31.8 million. There was a $667,000 net decline in expected revenue from other financing sources to $5.5 million. That left the city with a surplus of $386,000 from last year.

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Nov
16

Mixed Use Development Planned for Florence CBD

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Ground has been broken on a $10 million redevelopment of an old building in downtown Florence.

Local media outlets reported the ceremony at the Kress Building was Wednesday for the mixed-use development. The project will bring offices, a roof-top bar, retail shops, a corner restaurant and apartments to the site. It also will have a micro-distillery.

The project is scheduled to be completed late next year. Developers hope it will bring as many as 200 new jobs to the downtown area.

Last year Florence City Council approved a $2 million incentive package for the project. The developers have been working with preservationists to make sure the appearance of the nearly 100-year-old building remains historically accurate.

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Nov
03

Small Town Hotels Helping Revitalization Efforts?

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Cities around South Carolina are finding a new opportunity for economic growth with a recent increase in the openings of downtown boutique-style hotels.

A interesting trend among these hotels is the fact they are locally owned and developed. Local entrepreneurs in Florence, Anderson and Beaufort looked to re-create the downtowns where they had grown up with their visions of these niche hotels.

Florence developer Grey Raines opened the 49-room Hotel Florence in a renovated early 20th century building in what once was the city’s main downtown shopping, dining and entertainment district. Less than five years after opening, Raines and his partners are planning an expansion of the hotel.

Florence Mayor Stephen Wukela said he saw the hotel project as a catalyst for revitalizing the city’s downtown core—a catalyst that would bring people to the area after dark.

In Beaufort, developer Matt McAlhaney said he knew there was a void in Beaufort for a downtown boutique hotel. The market for affordable hotel rooms, largely for families coming to watch basic-training graduations at Marine Depot Parris Island, was covered mostly by quality national chains. Downtown has a number of bed-and-breakfast operations that offer luxury, but focus on a different type of traveler.

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Jun
03

Former H.J. Heinz Plant in Florence to be Sold

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Ruiz Foods announced an expansion Monday through the acquisition of the former H.J. Heinz facility in Florence, a move that will bring more than 500 jobs to the Pee Dee.

Once the facility is renovated and equipped, initial manufacturing operations will begin in 2015. Over the next several years as the facility swings into full production, Ruiz Foods will employ more than 500 workers.

“After conducting an initial search, we quickly narrowed our choice to this facility in Florence, South Carolina,” added Cullen. “My compliments to the State of South Carolina, the people of Florence County and the Florence County Economic Development Partnership — their enthusiasm, cooperation, and flexibility made it possible to make our decision quickly.”

Ruiz’s announcement comes quickly on the heels of H.J. Heinz leaving the facility, located in the Pee Dee Electric Cooperative Touchstone Energy Commerce City near Interstate 95 and S.C. Highway 327, it built in 2009. Heinz announced last November that it would be laying off 200 employees over the next several months at the 225,000-square-foot frozen meal processing plant. The state-of-the-art food processing facility did not go into operation until August 2011.

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