Archive for North Carolina News

Oct
18

North Carolina Tosses Illegal Broker Price Opinion

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Lawsuit moneyThe North Carolina Court of Appeals on Sept. 6 affirmed a trial court’s exclusion of a broker price opinion from evidence because it reported market value instead of price.
In the case before the court, a real estate broker prepared a 124-page BPO that reported the pre-taking value of a 240-unit apartment complex as $15.338 million and a value after the taking of $11,603,733, a difference of $3,734,267. A jury returned a verdict and determined $350,000 was just compensation for damages arising from the taking of the property. The court found that the broker’s report “repeatedly states that it is an opinion of the fair market value of the property … rather than the probable selling price.” The court found that the licensed real estate broker, who was not a licensed appraiser, “is not permitted to prepare ‘a valuation appraisal.’”
The court noted that the state’s Real Estate Licensing Law allows a real estate broker to prepare a broker price opinion or comparative market analysis and to receive a fee for that service. A BPO or CMA is defined in statute as “an estimate … that details the probable selling price or leasing price of a particular parcel of or interest in property.” The statute also states, “A broker price opinion or comparative market analysis that estimates the value of or worth … rather than sales or leasing price shall be deemed to be an appraisal and may not be prepared by a licensed broker … and may only be prepared by a duly licensed or certified appraiser.”
Read the decision in the case of North Carolina Department of Transportation vs. Mission Battleground Park.
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Sep
13

The NC/SC CCIM Fall Conference is Next Week

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The NC/SC CCIM Fall Conference is in Charlotte next week. There is  a great lineup of speakers and networking events. Click on the image below to learn more.

sc-nc-ccim

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Aug
19

Indianapolis Developer Eyes South Carolina

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milhaus carolinasMilhaus, an award-winning developer that specializes in Class A urban infill, mixed-use and multifamily residential buildings, announces it is expanding its footprint to the Carolinas market. To lead the company’s new development efforts in the Southeast region, Milhaus hired Rachel Russell to serve as vice president of development for the Carolinas.

With the company’s goal to develop and acquire properties with a market value exceeding $4 billion by 2020, Milhaus identified the Carolinas as an extremely desirable market for expansion due to the region’s strong job growth and high demand for multifamily and mixed-use properties in urban neighborhoods. Milhaus currently has a site under contract in Asheville, North Carolina, and Russell will be actively looking for other sites within the Carolinas.

Based in Charlotte, North Carolina, Russell will be responsible for managing the development lifecycle of each project in this new market, including land acquisition, financial analysis, market research, product visioning, construction management and transitioning to operations. She brings extensive multifamily and mixed-use property development experience in the Carolinas to her new role at Milhaus. Prior to joining the company, she served as vice president, real estate development at Charlotte, North Carolina-based multifamily and mixed-use developer Grubb Properties.

News of the company’s recent Asheville, North Carolina site under contract follows other recent site acquisitions in Nashville, Tennessee and Tampa, Florida. With 11,400 apartment units under management and in development this year, the company is pursuing strategic growth opportunities in new and existing markets to reach its goal of having 20,000 units in 10 markets by 2020.

 

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Jun
08

NC Attorney Pleads Guilty to $18M Mortgage Fraud

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go to jailA North Carolina attorney and real estate developer is facing a maximum sentence of 30 years after pleading guilty to bank fraud charges relating to a mortgage fraud scheme that is anticipated to cost various lenders, title insurers and investors at least $18 million.

According to the U.S. Attorney’s Office for the Eastern District of North Carolina, Joseph Kinlaw, 63, pled guilty this week to charges stemming from a scheme that saw Kinlaw allegedly falsified property information in order to obtain several loans from BB&T and First Citizens Bank under the auspices of developing residential real estate near Camp Lejeune, a Marine Corps base in North Carolina.

In a release, the U.S. Attorney’s Office stated that Kinlaw was a licensed North Carolina attorney who operated various alleged real estate investment and development entities on behalf of investors.

According to the release, Kinlaw used those entities to obtain fraudulent loans from BB&T and First Citizens Bank, between January 2011 and April 2013.

READ MORE HERE

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Apr
25

Six Sears Stores in the Carolinas to Close

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sears closing soonSears Holdings announced its latest round of store closings as it continues to look for ways to cut expenses and return to profitability after five years of losses.

The embattled retailer, which has been steadily shrinking its physical portfolio over the last few years, will close 68 Kmart and 10 Sears stores this summer. (See list of locations at end of story.) In February, Sears warned it would speed up the closing of unprofitable stores.

The chain said the new store closures come after comprehensive evaluation of the company’s store portfolio that took into account historical and recent store performance, and the timing of lease expirations. All of the Sears stores and nearly all of the Kmart stores will close in late July. Two Kmart stores will close in mid-September.

“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” said Edward S. Lampert, chairman and CEO of Sears Holdings. “We’re focusing on our best members, our best categories and our best stores as we work to accelerate our transformation.”

READ MORE HERE

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Apr
15

Will Lidl Entering the U.S. Grocery Market Spark Bidding Wars for Sites?

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lidl logoGermany-based Lidl, now acquiring its first U.S. store sites for a planned roll out of as many as 150 stores in the Mid-Atlantic region, is joining a pitched battle among both established grocers and new players in the U.S. market who are in expansion mode from Southern California to South Carolina.

The competition for a relatively limited number of well-located and development-ready store sites will likely drive up pricing in the near term, according to one institutional shopping center landlord. Lidl, a division of German retailer Schwarz Group that operates 10,000 stores across Europe, is beginning to snap up U.S. properties on the East Coast that meet simple but clear-cut criteria and quick due diligence.

Lidl has so far focused its U.S. expansion in Georgia, South Carolina, North Carolina, Virginia, Washington, D.C., Maryland, Delaware, New Jersey and Pennsylvania. Although the company has declined to say how many U.S. stores it intends to open, sources estimate the chain will open 100 to 150 stores in the Mid-Atlantic region by 2018.

READ MORE HERE

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Apr
07

Send Us Your News!

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news4With most of the newspapers now charging to read their news on-line, we have had more real estate firms sending us their press releases, and we appreciate it.

While we usually don’t post news on job promotions or new company announcements, we certainly welcome general information on sale transactions, major leases, market surveys or awards received. It does not have to be in the form of an actual press release.

Please ask you marketing/PR staff to send these items to mdodds@SCREnews.com.

Thank you

Michael Dodds, MAI, CCIM

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Nov
03

Carolinas CCIM Joint State Conference is This Week

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Click on the photo below for more information.

ccim 2015

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Oct
28

Dunkin’ Donuts Plans 13 New Restaurants In The Carolinas

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Dunkin_Donuts_1Dunkin’ Donuts, America’s all-day, everyday stop for coffee and baked goods, announced today the signing of multi-unit store development agreements with three franchise groups to develop 13 new restaurants in North and South Carolina over the next several years. The brand remains on track for the development of 410 – 440 net new Dunkin’ Donuts restaurants in the U.S. in 2015. The Carolinas locations will include eight new restaurants in Raleigh, one in Charlotte and four in Charleston.

Currently, there are over 370 Dunkin’ Donuts restaurants located throughout the Carolinas, and the company is continuing to recruit franchisees in Greensboro and Wilmington, N.C. To help fuel growth in North Carolina, special development incentives are available, which include reduced royalty fees for three years and up to $5,000 in local store marketing support for timely openings.*

In an effort to keep the brand fresh and competitive, Dunkin’ Donuts offers flexible concepts for any real estate format including free-standing restaurants, end caps, in-line sites, gas and convenience, travel plazas, universities, as well as other retail environments.

 

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Sep
23

Where are the Green Buildings in NC?

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NC GreenA study of national and state data commissioned by The North Carolina Building Performance Association and conducted by the Energy and Environmental Assistance
Office of UNC Charlotte’s Energy Production and Infrastructure Center notes a 255 percent increase in the number of energy efficient (EE) and high performance (HP) home certifications in the Tar Heel State from 2010 to 2014, among other findings.

NCBPA founder and executive director Ryan Miller says the analysis was “the first swing of the bat” at the important task of quantifying the growing industry’s EE and HP designations as one. The ultimate goal of the project, Miller says, was to highlight and further green building momentum in the state. He also hopes the UNC Charlotte report could spur other entities to begin collecting EE and HP data together, which would create a new, less piecemeal resource for those following industry trends.

“Energy efficiency is not ‘sexy’ when compared to solar,” he says, “but our NC industry is two to three times the size — around $7 billion dollars revenue per year — of solar, offering more than just energy benefits and costing less with a very high return for those interested in the financial side.”

READ MORE HERE

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Aug
26

Fletcher, NC Self Storage Facility Sold

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fletcher msHoopers Creek Storage, a 20,550 net rentable square foot self-storage facility located in Fletcher, North Carolina, was sold in August and commanded a sales price of $1,295,000. The facility features 153 standard and climate units along with RV, boat and trailer parking on 3.95 acres.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the property. The buyer, a private North Carolina investor, formed an LLC for the purpose of acquiring the facility.

Hoopers Creek Storage was opened around 2005. The facility consists of three self storage buildings. Amenities include drive-up and climate controlled units, security cameras, computerized gate entrance, and a rental office with retail supplies.

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Aug
24

Wheeler Acquires Three NC Shopping Centers

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Wheeler logoWheeler Real Estate Investment Trust, Inc. has announced that the Company has acquired three properties located in North Carolina from a family-owned group. The Company acquired the properties on August 21, 2015 using a combination of cash and debt for a combined acquisition value of $15.3 million, or $89.38 per square foot.

Cardinal Plaza, a 50,000 sq. ft. grocery-anchored retail center located in Henderson, North Carolina, was built in 2000. The property is 84% leased and key tenants include Food Lion and Family Dollar. The Company purchased the property from Cardinal Plaza, LLC, an entity controlled and owned by members of the Barnett family. The acquisition value was approximately $4.4 million, or $88.00 per leasable square foot.

Franklinton Square was opened in 1999 and is a 65,336 sq. ft. grocery-anchored retail center located in Franklinton, North Carolina. The property is 88% leased and key tenants include Food Lion and Family Dollar. The Company purchased the property from Franklinton Square, LLC, an entity controlled and owned by members of the Barnett family. The acquisition value was approximately $5.0 million, or $76.87 per leasable square foot.

Nashville Commons, built in 1998, is a 56,100 sq. ft. grocery-anchored retail center located in Nashville, North Carolina. The property is 100% leased, with Food Lion as an anchor tenant. The Company purchased the property from Nashville Commons, Square, LLC, an entity controlled and owned by members of the Barnett family. The acquisition value was approximately $5.9 million, or $105.17 per leasable square foot.

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Jun
16

Bell Partners Sells Three NC Apartments Communities

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sold stamp blueGreensboro, N.C.–based Bell Partners sold eight properties in a $140 million transaction, the company recently announced. The properties include 1,679 units and were sold to Hudson Capital Acquisitions, Somerset Partners, and Summit Multifamily Group.

Bell will continue to manage the three properties purchased by Hudson Capital Acquisitions, which are located in North Carolina. The four communities sold to New York–based Somerset Partners, which are in Little Rock, Ark., will be managed by Somerset Apartment Management. The last property in the transaction, Watergate, also in Little Rock and purchased by St. Louis–based Summit Multifamily Group, will be managed by Trinity Multifamily.

This transaction will continue to fuel Bell’s acquisition activity. So far, the company has purchased three new communities in Austin, Texas; Raleigh, N.C.; and Denver, for a total of $356 million. The push for acquisitions in larger markets is part of the company’s strategy to focus its investment portfolio in specific markets, Jon Bell, president of Bell Partners, said in a news release.

READ MORE HERE

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May
04

North Carolina Officials Warn of Real Estate Scam

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Mar
31

Washington, NC Mall Under Contract

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washington_ncA major retail center in Beaufort County has been put under contract for sale to a real estate investment trust out of Virginia Beach, Wheeler Real Estate Investment Trust (Nasdaq: WHLR), for a reported $20 million.

Wheeler has contracted to buy the 261,566-square-foot Washington Square Mall shopping center in Washington, North Carolina, according to a news release from the company. If finalized, Washington Square will be among the largest and most expensive properties in Wheeler’s portfolio.

The center located on U.S. 17 is anchored by Belk department store and a Piggly Wiggly grocery store that is expected to be replaced by Food Lion once the grocer’s lease expires in 2017. The center is across the highway from a Wal-Mart Supercenter.

Wheeler Chairman and CEO Jon Wheeler stated that the property was brought to their attention by a private seller.

READ MORE HERE

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