Archive for Greenville
Two Sale Transactions by NAI Earle Furman
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Greenville, South Carolina: Earle Furman, SIOR, Jon A. Good, SIOR and Alexi Papapieris of NAI Earle Furman, LLC represented the owner of 1290 Ridge Road in selling the 63,600 SF industrial property. The property was purchased by Image Investments Inc. for $2,995,000.
Spartanburg, South Carolina: Jon A. Good, SIOR and Earle Furman, SIOR of NAI Earle Furman, LLC represented Beresford Box Company, Inc. in selling a 54,000 SF industrial facility located at 5405 North Blackstock Road in Spartanburg. The facility was purchased by Nemato Composites USA, LP for $1,200,000.
Ground Broken on Greenville’s 100 East
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Davis Property Group has begun construction on 100 East, a seven-story mixed-use building featuring apartment units and retail space in the heart of downtown Greenville. Scheduled for a Summer 2012 completion, the project will consist of 48 apartment units, 6,000 square-feet of ground level retail and the city’s only rooftop swimming pool.
Featuring large open spaces, the floor plans at 100 East will be contemporary and will provide residents with a unique living environment. Interior specifications for all units include GE appliances, stackable washer/dryers, granite countertops and plank flooring. Common amenities include private electronic access to the building, Spring Street Garage parking on the same level as the apartment with a short walk to the front door, and a ground level fitness center that will be accessible 24 hours a day.
According to Austin Knapp, the Development Manager for the project, “This project will be truly unique for South Carolina as our feature amenity will be a rooftop swimming pool. This will be the only rooftop swimming pool off the South Carolina coast and the only one currently offered in an apartment community. The rooftop deck will offer outstanding views of downtown and provide outdoor entertaining space with gas grills.”
Easley Publix Anchored Center Sold
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Phillips Edison — ARC Shopping Center REIT Inc., a publicly registered, non-traded REIT has acquired two shopping centers with a combined 150,243 square feet of space located in Georgia and South Carolina. The Company acquired Southampton Village, a 77,956 square foot Publix-anchored shopping center located in Tyrone, Georgia and Centerpoint, a 72,287 Publix-anchored square foot center located in Easley, South Carolina. Both Southampton Village and Centerpoint were constructed in 2003, and the Publix supermarkets at both locations are on long-term leases through 2023. The total purchase price for the two centers was approximately $15.2 million.
Both shopping centers benefit from their close proximity to growing United States metro areas. Southampton Village is located in suburban Atlanta, Georgia, which is the ninth-largest metro area in the United States and serves as the population, employment and transportation center of the Southeast. Centerpoint is located just 13 miles east of Greenville, South Carolina and, as part of the Greenville-Spartanburg-Anderson metropolitan statistical area, benefits from a population of approximately 1.4 million residents.
Greenville’s Milestone Plaza Sold
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Milestone Plaza on Pelham Road in Greenville was one of 36 shopping centers in the Southeast and Maryland sold by Equity One Inc. for $473 million to Blackstone Real Estate Partners VII. The 89,721-square-foot shopping center is anchored by Bi-Lo. Other tenants include Ruby Tuesday, Advance Auto, Great Clips, Allstate and RadioShack.
The other shopping centers sold as part of the Blackstone acquisition are predominately located in the Atlanta, Tampa, Fla., and Orlando, Fla., markets, with additional properties located in North Carolina, Alabama, Tennessee and Maryland.
The portfolio generated net operating income of approximately $35.4 million for the 12-month period ended June 30 and was 91% occupied, Equity One said.
Greenville’s Wachovia Place Facing Foreclosure
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One of the pillars of downtown Greenville — Wachovia Place — is facing foreclosure, and the future of the office, retail and apartment complex remained uncertain Monday as a judge decides whether to name a court-appointed receiver to manage the property. The individual businesses that are tenants in the 200,000 square feet of offices, shops and apartments aren’t in foreclosure. But the property could be sold, raising the possibility of new ownership, according to court records.
The property at the corner of South Main and Washington streets began in 1973 as a nine-story office building. Its former owner, DRA Advisors Inc. of New York, added shops, apartments and a courtyard during a major renovation and expansion.
In 2002, Mayor Knox White called the Wachovia-driven rebirth of the block the “most significant redevelopment since the Hyatt” and a hoped-for “breakthrough in retail downtown.”
CBRE Releases Greenville/Spartanburg Market Reports
Posted by: | CommentsClick below to download the Second Quarter Market Reports just released by CBRE.
Greenville Home Sales Up 42% Over Last Year
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Home sales jumped 42% in August, compared to the same month in 2010, according to the most recent data from the Greater Greenville Association of Realtors.
In August, 675 homes were sold, up 42% from August 2010. Average price was $175,340, and the median price was $141,976. This was the second consecutive monthly increase when compared to last year’s data. In July, 614 homes sold, up 25.6% from July 2010.
For the year, however, sales remain unable to keep pace with 2010 levels, which were inflated by tax credits during the first half of the year.
Build-to-Suit Activity Strong in the Upstate
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The build-to-suit activity is expected to increase for the rest of 2011 for the Greenville, Spartanburg, Anderson market, according to a quarterly commercial real estate report by Colliers International.
Developers showed interest in acquiring sites for build-to-suit activity and construction reappeared for the first time since the start of the recession, during the second quarter of 2011. Tenant activity in the Greenville office market slowed during the second quarter, resulting in a net decline in occupancy by 19,968 square feet, which resulted in an 18.4% vacancy rate at mid-year 2011.
Several existing firms, mainly in the engineering sector, caused the negative absorption. Several economic development announcements could bring momentum in the coming months, such as Project One, a mixed-used of office and retail tenants at Washington and Main streets in downtown Greenville.
16,500 s.f. Industrial Building in Greenville Sold
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Colonial Commercial has brokered the sale of a 16,500 square foot Industrial Building located at 22 Woods Lake Road in Greenville, SC. Kyle Putnam of Colonial represented the seller, Danderson Inc. Adam Padgett of The Lyons Group represented the buyer.
From Loopnet:
The asking price was $699,500. 2,500 SF of Office, 10,000 SF of fully heated and cooled showroom, 4,000 SF of heated warehouse. Brick Facade with convenient truck access and parking. Clear ceiling height – 16′. On 1.07 acres. Great location directly across from Green Gate Office Park and I-385
CBD Mixed Use Building in Greenville Sold
Posted by: | CommentsThe Bergamo Building, a 32,000 SF mixed use building located at 103 N. Main Street in Downtown Greenville sold on July 26 to PTRE Holdings, LLC. The buyer plans significant
renovations and Proaxis Physical Therapy will occupy the 3rd floor as a corporate headquarters.
Scott Jones, SIOR and Keith Jones of NAI Earle Furman, LLC represented the seller and David Black of Langston Black Real Estate, Inc. represented the buyer.
NAI Earle Furman Announces Sales
Posted by: | CommentsGreenville, South Carolina (July 2011): Earle Furman, Jr. SIOR, Alexi Papapieris & John Staunton of NAI Earle Furman, LLC represented CapCar Realty 1.1, LLC in selling a 123,334 SF
industrial building at 2200 Poinsett Highway.
Greenville, South Carolina (July 2011): Glenn Batson of NAI Earle Furman, LLC represented Mauldin Property, LLC in selling a parcel of land at W. Butler Road & Taylors Road.
Piedmont, South Carolina (July 2011): Jon Good, SIOR and Jake Van Gieson of NAI Earle Furman, LLC represented The Palmetto Bank in selling a 4,400 SF industrial building at 1914 & 1918 River Road.
Construction Begins in Greenville’s Legacy Park
Posted by: | CommentsVerdae Development Inc. has begun site preparation for phase one of Legacy Square, the planned neighborhood-scaled commercial district within Hollingsworth Park.
Verdae pre-sold three of the seven available pad sites for professional office and retail use. The initial corner, at the intersection of Rocky Slope Road and Legacy Park Road, will showcase wide sidewalks, storefronts facing the street and parking behind the buildings.
Holliday Dental, N&H Enterprises and Verdae Development have purchased sites and will construct the first three buildings, each privately-owned. Approximately 30,000-square-feet of commercial space is expected for phase one. Future phases of Legacy Square will be developed on the remaining corners, which amount to nearly 10 acres.
Construction for the first three buildings is set to begin in August. As identified in the Verdae master plan, Legacy Square aims to enhance community by placing a blend of merchants and service providers near residents.
A New, Smaller Wal-Mart for Greenville?
Posted by: | CommentsRetail Vacancy and Rental Rates Down in Greenville-Spartanburg
Posted by: | CommentsVacancy is back to pre-recession figures in the Greenville-Spartanburg area but rental rates continue their recessionary declines. Net absorption continues to be positive, according to
the mid-year retail and real estate report by Lee & Associates Greenville.
The vacancy is 7.1% as of the second quarter of 2011. This is a steady decrease from previous quarters, falling from 7.5% at the end of the third quarter in 2010. Rental rates are $9.70 per square foot, which continues to fall from more than $11 per square foot in 2007.
Net absorption ended at a positive 227,952 square feet for the second quarter, which Lee said is a strong position and the fourth consecutive quarter of positive absorption.
336,500 Square Foot Textile Plant in Piedmont Sold
Posted by: | CommentsGRTS LLC, a manufacturer of automobile radiators, has acquired the Estes Plant, a 336,500-square-foot former textile manufacturing plant located in Piedmont. The seller was an affiliate of GIbbs International. Dave Reeves of NAI Earle Furman represented the seller in the deal. The asking price was $1,500,000. Additional details can be found at the Loopnet listing HERE
