When Reis releases its Q1 2012 statistics, Greenville’s office market will show up  among the five biggest winners based on markets with the largest basis point change in vacancy rate from Q4 2011 to Q1 2012.

Michael Dey views the 63 percent year-to-date increase in Greenville County residential building permits as Economics 101 — supply and demand.

“There’s an insufficient amount of existing homes on the market to meet current demand so new homes are being put on the market to meet that new demand,” said Dey, executive vice president of the Home Builders Association of Greenville. “As demand continues to go up, which we expect it will, the amount of activity will increase as well.”

Building permits for the Upstate as a whole rose 23.1 percent from first quarter 2011 to the same period this year, and 26.3 percent from fourth quarter 2011 through the first three months this year, according a quarterly trend report from Knoxville-based The Market Edge.

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A new residential apartment complex coming to downtown Greenville could help alleviate some of the demand for downtown rental options.

Tom Croft, the Croft Co. Inc. owner, plans to build between 98 and 110 units at 121 Rhett St., which sits next to the Riverplace mixed-use development on Camperdown Way, developed by Hughes Investments. The complex will have a pool, exercise facility, rooftop terrace, club room and the potential for a few retail spaces along Rhett Street. The residential component is not contingent on retail.

The apartment complex will mainly have one- and two-bedroom options, with some three-bedrooms mixed into the plans.

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Market Point, a 14,676-square-foot shopping center located across from the Shoppes at Greenridge in Greenville, SC, has sold for $5 million. The center is home to Verizon, Chipotle, Dental Works, Scottrade and Complete Nutrition.

Craig Stipes and Matt Covington of CBRE’s private capital group represented the seller. A Greenville-based private capital buyer purchased the retail property.

Marketing will soon begin for a new single lot subdivision at the intersection of McBee and McDaniel avenues, a few blocks from downtown Greenville.

The six, single-family homes would vary in size from 1,500 to 2,500 square feet. The lots will range from 2,100 to 4,100 square feet.

The city of Greenville’s Planning Commission approved the development at its March 8 meeting. Tom Croft, the Croft Co. Inc. owner, said the lots and homes at 701 E. McBee Ave. will be sold as a package.

Homeowners can work with the architects to design the interior of their homes as they desire. The exterior of the homes and the green space will be done by the Croft Co. to develop consistency within the neighborhood. The company currently owns the property.

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Clemson University trustees approved a plan today to acquire 70,000 square feet of space at the Project One development under construction at Washington and Main streets in downtown Greenville. Clemson will offer a graduate degree program in the space.

The university relocated its MBA program to downtown Greenville in 2009 , leasing space at the former Bowater building adjacent to Falls Park. Under plans to expand to Project One, the Clemson University Real Estate Foundation would acquire space and lease it to the university. The matter requires state approval.

“Having our business programs in downtown Greenville has been good for Clemson and good for Greenville,” said Clemson President James F. Barker. “However, from the first day we established a presence downtown more than a decade ago, it has been our goal to have our own facility. This project allows us to have a premium downtown location in a new facility that Clemson will own, and which can be specifically designed for our needs.”

Project One also will be home to the retailer Anthropologie, the corporate headquarters of CertusBank, and the Haynsworth Sinkler Boyd law firm. The mixed-use development is being built in two phases. Phase one will include 40,000 to 50,000 square feet of retail space and 135,000 square feet of office space. Phase two will involve up to 11 stories and an additional 200,000-square-feet space.

“We are excited to be part of the Clemson announcement. This addition will transform Greenville, adding relevant business educational offerings to our existing, well-known and well-rounded community,” developer Bob Hughes said

The Verizon Wireless Building in Greenville, SC has sold for $26.5 million.

Ryan Clutter and Patrick Gildea of CBRE’s Charlotte Investment Properties group, along with Steve Smith, Matt Covington and Craig Stipes of CBRE’s Greenville office, exclusively represented the seller, ORIX Real Estate Equities, Inc.

The single-tenant building consists of 192,884 square feet of class A office space and is located on a 16.7 acre site in Brookfield Office Park, within the 385 Corridor submarket of Greenville, SC. The building was constructed as a build-to-suit for Verizon Wireless in 2002. Verizon occupies 100% of the building.

Several developers are capitalizing on the increasing demand for rental apartment options in the Greenville area.

“There is a huge hole in the market here for rental units,” said Ryan Peiffer, Hughes Investments leasing director.

Several developers recently submitted proposals to the city of Greenville’s Planning Commission for developments near Woodruff Road, Cleveland Park and Clemson University’s International Center for Automotive Research, or CU-ICAR. The commission will revisit the applications at its March 8 meeting.

The Easlan Investment Group Inc. of Greenville plans a complex called The Vinings at ICAR at the intersection of Laurens and Dallas roads. This gated community near CU-ICAR would have nine, three-story buildings on a 16.5 acre site. Laurens East LLC is the current property owner of the full 38-acre site.

The 244 multi-family units would be made of 86 one-bedroom units; 74 two-bedroom units; 42 two-bedroom units with basements; and 42 three-bedroom units.

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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.

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The 55,038-square-foot Stanford Court, anchored by BI-LO and CVS/pharmacy, has traded. Located at 3220 W. Blue Ridge Dr. in Greenville, the property is situated immediately south of a Wal-Mart Supercenter. The Mansour Group of Marcus & Millichap represented the seller, a private developer. A private investor purchased the retail property. According to Loopnet, the center was built in 1996.

Baptist Easley Hospital broke ground today on a 32,000-square-foot medical complex in Powdersville at the corner of Highway 81 and McNeely Road, near the intersection of highways 153 and 81.

The $8 million facility will be anchored by MD360, an urgent-care center operated by Greenville Hospital System University Medical Center. This will be the fourth MD360 for GHS, joining locations in Greenville, Greer and Simpsonville.

The Steadman Hawkins Clinic of the Carolinas, Proaxis Therapy and specialty surgeons from GHS will also have space at the Medical Center of Powdersville. Baptist Easley is a joint venture of GHS and Palmetto Health of Columbia.

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Cunningham Villas, an 80 unit apartment complex located at 24 Cunningham Road in Taylors, SC has sold. According to Loopnet, the complex consists of one, two, and three bedroom units. The one bedroom units are appx. 700 square feet, two bedroom units are appx. 800 square feet, three bedroom units are appx. 875 square feet. Washer dryer connections are in select units. The property has recently had +/-60 of the units completely upgraded; including new paint, carpet, appliances and overhaul of the landscaping. It is reportedly 98% occupied.

All of the buildings are wood frame construction with hardy plank and brick siding and composite shingle roofs. Community amenities include on-site leasing office and on-site laundry facility. Cunningham Villas was built in 1980. The units are electric and use gas for heat and hot water. Unit amenities include fully equipped kitchens, spacious floorplans and storage units. Tenants are responsible for electric and gas. Water and sewer are master metered.

The purchase price was $2,050,000, or $25,625 per unit. Mark Boyce, with the National Multi Housing Group of Marcus & Millichap represented the buyer and seller.

Bell Partners has purchased the 224-unit Vinings at Brookfield Apartments, located at 815 E. Butler Rd. in Greenville, for $20.3 million. The property will be renamed Bell Brookfield.