Archive for Greenville

May
22

NAI Earle Furman Announces Recent Sales

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NAI Earle Furman logo squareMauldin, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the seller, Regional Management of South Carolina, in the sale of two office buildings totaling 8,273 SF located at 507 & 509 West Butler Road to JTB, LLC.

Chesnee, South Carolina:  Stuart Smith of NAI Earle Furman represented the seller, Peggy H. Phillips Living Trust, in the sale of 9.5 acres of land located at 2408 Bryant Road to Gibson and Gibson Property.

Simpsonville, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the purchaser, Stage Hawk, LLC, in purchasing 35 acres of land at 1400 Old Stage Road from Ruby Lee Cantrell Hawkins Roberts Trust.

Spartanburg, South Carolina:  Andrew Babb of NAI Earle Furman represented the seller, First South Bank, in the sale of a 41,000 SF retail building located at 174 East Main Street to Good Wal Aug Smith, LLC.

Pauline, South Carolina:  Kevin Pogue of NAI Earle Furman represented the purchaser, William & Stephen Freeman, in purchasing 6.21 acres of land on Stagecoach Road from Sylvia Knox.

Columbia, South Carolina:  Jimmy Wright & Ted Lyerly, CCIM of NAI Earle Furman represented the seller in the sale of the 38,000 SF retail Fresh Market shopping center in Columbia, SC.  Peter Couchell, CCIM and Rob Schmidt with Furman Capital Advisors, the investment services division of NAI Earle Furman, represented the purchaser.

Greenville, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, Julius Garry Green, in the sale of a 45,000 SF retail strip center located at 2390 Laurens Road to SWR of Greenville, LLC.

Piedmont, South Carolina:  Towers Rice, CCIM of NAI Earle Furman represented the seller in the sale of 20.43 acres of land located on Durham Road to Kevin Gilreath.

Anderson, South Carolina:  Bernie Bastian and John Powell, CCIM of NAI Earle Furman represented the seller, 3B & V Properties, LLC, in the sale of a 7,000 SF retail property located at 134 North Main Street to Rogue Holdings, LLC.

Greenville, South Carolina:  Earle Furman, Jr., SIOR and Bill Sims of NAI Earle Furman represented the seller, Creek and Company, LLC, in the sale of a 6,000 SF office building located at 115 Halton Village Circle to Bank Building R, LLC.

Duncan, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, M & T Enterprises, Inc., in the sale of the former Plastic Omnium Building, an 80,000 SF industrial building located at 961 Berry Shoals Road.  Kevin Pogue, also of NAI Earle Furman, represented the purchaser, ATA Properties, LLC.

Spartanburg, South Carolina:  Cole Morris of NAI Earle Furman represented the seller, Westside Holdings, LLC in the sale of a 108-unit self-storage facility located at 115 John Dodd Road to 512 Holdings, LLC.

Greenville, South Carolina:  John Baldwin, CCIM of NAI Earle Furman represented the seller, 3H & S, LLC, in the sale of a 19,000 SF industrial building located at 108 Park Place Court to Richfair Holdings, Inc.

Greenville, South Carolina:  Alex Campbell of NAI Earle Furman represented the seller, GHS Health Resources, Inc., in the sale of a 6,582 SF office building located at 81 Pointe Circle to T. Bishop Properties Corp.

Clinton, South Carolina:  Bill Sims of NAI Earle Furman represented the seller, Browning Clinton, LLC, in the sale of a 9,960 SF Dollar Tree property located at 117 Jacobs Highway.  Earle Furman, Jr., SIOR, also of NAI Earle Furman represented the purchaser, Julius Garry Green, in the transaction.

Seneca, South Carolina:  John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, James Hanahan, Jr., in the sale of the Upstate Family Medicine building, a 9,743 SF office investment property leased to Greenville Health System and located at 12016 North Radio Station Road, to NV, LLC.

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Mar
13

Cushman & Wakefield | Thalhimer Reports Lease Transactions

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CW ThalhimerAFL Telecommunications renewed its lease of 96,400 square feet of industrial space at 260 Parkway East in Duncan, SC. Brian Young, CCIM, SIOR with Cushman & Wakefield | Thalhimer, along with Chris Robinson with Fischer Company, handled the lease negotiations on behalf of the tenant.

Walmart leased 50,000 square feet of industrial space at 2819 Wade Hampton Blvd. in Taylors, SC. Brian Young, CCIM, SIOR handled the lease negotiations on behalf of the landlord.

1st Light Energy leased 1,200 square feet at 1435 Rutherford Rd., Greenville, SC. Rachel Veltri handled the lease negotiations on behalf of the tenant.

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Mar
13

Coldwell Banker Commercial Caine Announces Sales

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cbcc-logoGreenville: Pete Brett, CCIM, David Sigmon, CCIM and Matt Vanvick of Coldwell Banker Commercial Caine represented Kellett Properties, LLC (Seller) in the sale of a +11,628 SF industrial facility on +2.96 acres at 201 Beverly Road, to Ferguson Builders, LLC (Purchaser).

Greenville: Rick Cauthen, P.E. of Coldwell Banker Commercial Caine represented Four Seasons Properties, LLC (Seller) in the sale of +2.12 acres at 6 McPrice Ct., to Parador Investments, LLC (Purchaser).

Taylors: Robert Zimmerman of Coldwell Banker Commercial Caine represented Wade Hampton Plaza, LLC (Seller) in the sale of a +44,274 SF retail shopping center on +3.2 acres at 2830 Wade Hampton Blvd., to JDG Properties, LLC (Purchaser).

Greer: Graham Howle and Lakin Parr of Coldwell Banker Commercial Caine represented Ben F. Killingsworth, Sr. (Seller) in the sale of a +2,450 SF retail building on +0.6 acre at 102 Park Ave., to Timothy A. Freeman (Purchaser).

Greer: Tim Satterfield of Coldwell Banker Commercial Caine represented Virginia Sue Suddeth (Seller) in the sale of +7.1 acres at 871 Victor Hill Rd., to Plastic Omnium Auto Exterior, LLC (Purchaser).

Spartanburg: Tim Satterfield of Coldwell Banker Commercial Caine represented Wiuka Co., LLC (Purchaser) in the purchase of a +1,684 SF residential duplex on +0.37 acre at 123 Canterbury Rd., from Jolyn P. Lewis (Seller).

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Mar
06

Lower Vacancy Rates Expected in Upstate Office Market

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chart downDue to completion of new Class A office space not expected until later in 2018, office market researchers expect the Upstate office market to see lower vacancy rates across most of the market.

In the fourth quarter of 2016, the absorption in the Greenville downtown office market was over 200,000 square feet, marking the second time during the year the absorption hit that mark, according to a report prepared by CBRE. Additionally, vacancy in the market is close to a record low.

Combine that with cap rates getting tighter in larger markets and researchers suggest a future where investors actively enter the Upstate market in search of inventory.

READ MORE HERE

 

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Feb
28

C&W Brokers Greenville Office Building for $7.95 Million

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ats greenvilleCushman & Wakefield announced today that it has negotiated the sale of 110 Frederick, a modern, single-story office building located within the South Pleasantburg submarket of Greenville, SC.

Cushman &Wakefield Managing Director Rob Cochran and Director Jared Londry represented the seller, Good Wall Frederick, LLC. Front Street Properties Fund I, LP acquired the Class A office building for $7.95 million, or $174 per square foot.

The 45,576-square-foot, 100% leased property was built in 1960 and fully renovated in 2015 to the highest standards featuring a flexible, large floor plate that can easily be configured as a multi-tenant or single-tenant building with multiple exterior entrances. Existing tenants, Advanced Technology Services and Gannett GP Media, have designed contemporary and open offices featuring exposed ceilings, attractive glass lines and modern features.

Integra Realty Resources – Columbia is proud to have provided the appraisal services for this transaction.

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Feb
08

Tax Credit Marketplace, LLC Announces $13 million 2016 Fund Closing

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TCMGreenville, SC-based Tax Credit Marketplace, LLC (“TCM”) announces the successful closing of the 2016 SC Revitalization Tax Credit Fund, LLC (“2016 Fund”).

The 2016 Fund invested in a variety of qualifying development projects, which generated approximately $13 million in South Carolina income tax credits. The 40 investors in the Fund utilized these tax credits to reduce their SC Tax liability. The 2016 Fund included projects from multiple asset classes, including hospitality and distribution centers.

“TCM has multiple projects under review for its 2017 and 2018 funds and is currently seeking additional qualifying projects statewide to invest in,” According to Michael Wolf, VP of Development for TCM. “Based on an increasing investor demand and development momentum, we expect future funds to be significantly larger than the 2016 Fund”.

Developers and property owners understand that they can create a competitive advantage by properly utilizing the SC Revitalization Acts (“Acts”) to attract additional capital for their projects. These projects often generate more Tax Credits than a developer or property owner can personally utilize. TCM is able to offer developers/property owners the opportunity to monetize these excess Tax Credits, resulting in cash flow that would otherwise be missed.

The Revitalization Acts encourage private investment to alleviate adverse real estate conditions such as abandoned and historic buildings. The Acts also make it easier for developers and communities to enhance nearby property values, create local jobs, and form the “sense of place” that has become such an important factor in deciding where we live, work, and play. Effectively, the state has decided to underwrite the rebirth and redevelopment of SC cities and towns.

“The Acts for all four types of Tax Credits have been updated, extended, and/or enhanced in the past 2 years. Most notably, the utilization periods for some of the Tax Credits have been shortened from 5 years to 3 years, and the Tax Credits are no longer limited to 50 percent of a taxpayer’s SC tax liability. They can now be applied to 100 percent of the liability” says TCM Chief Operating Officer Josh Workman. “SC communities, developers, property owners and credit investors have definitely benefited from these revisions.”

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Feb
08

Greenville Office Building Sold for $16.7 Million

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CBRE Group, Inc. announced the sale of 750 Brookfield in Greenville. Patrick Gildea, Tripp Sellers and Charles Gouch exclusively represented the seller, Chicago-based J.L. Woode Ltd., in the transaction. The portfolio sold to CCP Commercial Real Estate for $16.7 million on Jan. 20.

750 Brookfield, at 750 Brookfield Parkway, has a 93.5 percent occupancy rate and totals 106,649 square feet. It is one of only three buildings in the Greenville-Spartanburg office market that is 100,000 square feet or larger and offers a parking ratio of six-plus spaces per 1,000 square feet.

750 Brookfield features Ford Motor Credit Co. as a strong credit-rated tenant. The tenant occupies more than 68 percent of the leasable area.

The Class-A office building is institutionally managed and maintained in a mature, landscaped park setting that is home to many of Greenville’s toprated tenants: MetLife, GE Gas Turbines, Verizon Wireless, Jacobs Engineering and Ahold USA.

READ MORE HERE

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Jan
24

Q10 | Professional Mortgage Co. Arranges $48,455,000 in Loans

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cash in airQ10 | Professional Mortgage Company arranged the following loans:

  • $12,250,000 fixed-rate loan on Torrence Village, 76,582-square-foot, Walgreens anchored shopping center located at 9810 Gilead Road, Huntersville, NC.
  • $2,000,000 fixed-rate loan on Banberry Plaza, a 12,880-square-foot shopping center anchored by Reeds Jewelry offices. The mixed use property is located at 2515 South 17th St., Wilmington, NC.
  • $21,700,000 fixed-rate loan (two years with interest only) on the newly completed Belle Meade Apartments, a 228-unit, Class A property located at 1109 Matteo Dr. (off Carolina Beach Road), Wilmington, NC.
  • $1,050,000 fixed-rate loan for the acquisition of a 9,002-square-foot free-standing Dollar General store located at 7812 Broad River Road, Irmo, SC.
  • $4,455,000 fixed-rate, fully-amortizing loan on Pelham 85 Commerce Center, a 109,000-square-foot, Class A industrial property located at 105 Ben Hamby Road, Greenville, SC.
  • $7,000,000 fixed-rate loan on Forest Square Shopping Center, a retail property consisting of 64,037 square feet within a Publix, two bank branches, Scotchman and Chili’s. The properties are located in Myrtle Beach, SC. Four of the properties are ground leases.
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Jan
23

Pelham Road Office Building Sold for $133/sf

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221 pelhamA Pelham Road office building in Greenville that houses several businesses, including Adam’s Bistro, has been sold, according to Spencer/Hines Properties.

Regulators Holdings LLC bought the 21,835-square-foot retail-office building at 221 Pelham Road for $2.9 million, or about $133 per square foot, according to Spencer/Hines’ Lynn Spencer, who represented the buyer.

Existing tenants are expected to remain at the location, Spencer said. The seller was Pisgah LLC, Spencer/Hines said.

SOURCE

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Jan
05

Two Senior Living Facilities in the Carolinas Sold

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elderly_peopleGreystone Real Estate Advisors announced it closed the $33,000,000 sale of Brookdale Hendersonville in Hendersonville, NC and Brookdale Skylyn in Spartanburg, SC. A private equity group purchased the seniors housing properties from Brookdale Senior Living, Inc., on December 15. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction.

Brookdale Hendersonville, located in a southern suburb of Asheville, North Carolina, is an independent living and memory care community that consists of independent living cottages, an independent living clubhouse, an administrative office building, and a separate memory care building. Built in 1985 and 1993, the community sits on a total of 21.36 acres of land.

Brookdale Skylyn, located between Greenville, South Carolina and Charlotte, North Carolina, is an independent living, assisted living, memory care, and skilled nursing community. The property consists of two senior living buildings and one skilled nursing building. Built in 1986, the community sits on 17.61 acres of land.

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Jan
04

Former Caterpillar Plant in Fountain Inn Sold

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sold_sign65An investors group has purchased a 203,000-square-foot industrial building in Fountain Inn that once housed a Caterpillar Inc. plant. Terms weren’t disclosed.

Southchase Investors 107 LLC purchased the building on about 26 acres at 107 Southchase Blvd., according to NAI Earle Furman’s Hunter Garrett, John Staunton and Tom Daniel, who represented the buyer.

The seller, Caterpillar, was represented by Charlie Whitmire of Cushman & Wakefield | Thalhimer. The property is located in Southchase Industrial Park off Interstate 385 in Greenville County.

Caterpillar said in April 2014 it would close its Fountain Inn plant and shift production of its marine and midrange engines to facilities in Georgia and Texas.

The move displaced an estimated 380 full-time employees and 130 temporary workers.

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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.

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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.

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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).

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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.

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