Archive for Spartanburg

Oct
24

Two Upstate Apartment Communities Sold

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two soldMonument Capital Management has recently purchased Park West Apartments in Greenville, S.C. and Magnolia Townhomes in Spartanburg, S.C. The multifamily properties are the fifth and sixth acquisitions for the firm’s Monument Opportunity Fund III, which launched last year and will be managed by Monument Capital Management’s sister company, Monument Real Estate Services. According to Yardi Matrix, the property in Greenville changed hands for $16 million.

Located at 357 Hillandale Road, on over 20 acres in north Greenville, Park West Apartments features 305 one- and two-bedroom garden-style residences and 54 two-bedroom townhomes. Amenities include a fitness center, business center, two swimming pools, three laundry facilities and 640 parking spaces.

Magnolia Townhomes is situated at 201 E Blackstock Road on more than eight acres in southwest Spartanburg. The property offers 98 units consisting of 18 one-bedroom garden-style apartments and 80 two- and three-bedroom townhomes. Residents can enjoy amenities including a clubhouse, swimming pool and laundry room.

The company plans to upgrade each property by improving the curb appeal and unit interiors.

Categories : Greenville, Spartanburg
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Oct
20

Newmark Grubb Wilson Kibler’s 3Q16 Market Reports

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Click on the image below to access the reports.

grubb-ellis

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Oct
17

Spartanburg Hardee’s Ground Lease Sold

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hardees-glBerkeley Capital Advisors has announce the sale of the Hardee’s Ground Lease in Spartanburg, SC for $1.1MM, satisfying a 1031 tax exchange. Located at 214 Cedar Springs Road, Hardee’s had 11 years remaining on the lease at time of sale. The restaurant was built in 2007 and is situated on a 0.96 acre site. There are more than 61,000 people within a Five-Mile Radius of the property.

Steve Horvath and Ransome Foose exclusively represented the seller in the transaction.

Categories : Spartanburg
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Aug
23

NAI Earle Furman Announces Sale Transactions

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Spartanburg: Andrew Babb represented the buyer, Patel & Company, Inc., in purchasing 9.17 acres of vacant land on North Blackstock Road from The Deanne Yeomans Revocable Trust.

Anderson: John Powell, CCIM represented the seller, Patricia M. Holcombe, et. al., in the sale of 9.9 acres of vacant land on Highway 24 to Michael Sellers.

Piedmont: Towers Rice, CCIM represented the purchaser, Blue Eagle Rentals, Inc., in purchasing approximately 9.86 acres of vacant land on Oak Road from Joan Gigante.

Greenville: Hunter Garrett, CCIM, SIOR and John Staunton represented the seller, Burrissfb Company, LLC, in the sale of a 5,000 SF retail property located at 717 Airport Road to RAME Investments, Inc.

Bowman: Edward Wingate represented the purchaser, Shefflette Family Trust, LLC, in purchasing from 6508 Bowman, LLC a 9,014 SF retail investment property located at 6508 Charleston Highway.

Townville: Towers Rice, CCIM represented the seller, Nix/Dunn, LLC, in the sale of an approximately 10,841 SF boat and RV storage facility located at 6224 Highway 24 to Three R’s Investors, LLC.

Dillon: Earle Furman, Jr., SIOR represented the purchaser, Dorothy B. Jones Irrevocable Trust Agreement, in purchasing from Patton Development SC, LLC a 9,100 SF retail investment property located at 2823 Highway 57 South.

Greenville: Keith Jones, CCIM represented the seller, PHT Investments, LLC, in the sale of a 3,900 SF office property located at 240 & 242 Adley Way to SPITRA TECHOLOGIES, LLC.

Fountain Inn: Rusty Hamrick represented the seller, Lewis and Jennifer Platts, in the sale of 7.74 acres of land at 75 Bowater Pass to Adam & Alexandra Haymont.

Greenville: Keith Jones, CCIM represented the seller, Illuminati, Inc., in the sale of a 2,936 SF retail condo at 640 South Main Street in downtown Greenville. Jake Van Gieson, also of NAI Earle Furman, represented the purchaser, WE Holdings, LLC.

Spartanburg: Andrew Babb represented the seller, Peggy Davis, in the sale of a 3,784 SF office building at 172 Alabama Street to Christopher Crowley & Garrow Crowley .

Greenville: Earle Furman, Jr., SIOR represented the seller, Hollingsworth Funds, Inc., in the sale of an 18 acre parcel of land located at 1401 Laurens View Road. Tony Bonitati, Kay Hill, and Bern DuPree, also of NAI Earle Furman, represented the purchaser, Continental Properties Company, Inc.

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Jul
25

NAI Earle Furman Releases 2Q Market Snapshots

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NAI Earle Furman has released its Second Quarter 2016 Market Reports. Reports include market snapshots in the office, retail and industrial sectors of commercial real estate. The reports summarize the quarterly market statistics – including vacancy, construction, asking rents and absorption – across commercial property types and submarkets in the Upstate.

Among the highlights in the reports:

Office: The 2nd quarter of 2016 continues to show improved trends in the Greenville/Spartanburg office market. Upstate South Carolina progresses to perform like a market that is more confident from the landlord’s perspective. The vacancy rate increased only slightly from the 1st quarter and is currently 8% with net absorption totaling (25,129) square feet. DOWNLOAD HERE

Retail: The second quarter of 2016 experienced many of the same successful and positive trends that previous quarters have. Vacancy rates continued to fall from 5.8% in the first quarter of 2016 to its current state of 5.6%. Asking rental rates saw a slight increase from $9.99 per square foot in the first quarter to $10.02 in the second quarter. As vacancy rates continue to decline, retail construction continues to thrive and be successful. DOWNLOAD HERE

Industrial: Vacancy dips to the lowest rates in over 10 years as lease rates continue to move higher. Class A large products have made a rebound as of late, but the demand for smaller buildings in the 20,000 to 50,000 SF range still seems to be challenging to satisfy. The Greenville/Spartanburg Industrial market ended the 2nd quarter 2016 with a vacancy rate of 6.9%. The vacancy rate continues to remain low with net absorption totaling positive 3,186,525 square feet in the 2nd quarter. Landlords continue to see an increase in lease rates. Our average asking rental rates have seen positive growth, at $3.64 NNN per square foot. DOWNLOAD HERE

Categories : Charleston, Spartanburg
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Jul
18

Newmark Grubb Wilson Kibler Releases SC Reports

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Newmark Grubb Wilson Kibler is a full-service commercial real estate company with four locations throughout the state of South Carolina. The firm provides a broad range of commercial real estate services including tenant and buyer representation, investment sales, project leasing, acquisition and disposition, property management, development and consultation and global corporate services.

Research reports for the industrial and office markets in Columbia, Greenville and Charleston are available by clicking on the logo below.

NM wilson kibler

 

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Jul
18

NAI Earle Furman Announces Transactions

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Leases

Greenville, South Carolina:  Earle Furman, SIOR and Jon Good, SIOR of NAI Earle Furman represented the landlord, Camperdown Company, Inc., in leasing a 2,646 SF industrial space at 6003 Ponders Court to ROI Equipment, LLC.

Spartanburg, South Carolina:  Kevin Pogue of NAI Earle Furman represented the landlord, Warrior DMA, LLC, in leasing 2,538 SF of office space in the Warrior Duck building to Hypersign, LLC.

Spartanburg, South Carolina:  Stuart Smith of NAI Earle Furman represented the landlord, Cat Dog Properties, LLC, in leasing a 8,340 SF industrial space at 119 Ian Court to Roof Options, LLC.

Sales

Six Mile, South Carolina:  Bernie Bastian; Hunter Garrett, CCIM, SIOR; and John Staunton of NAI Earle Furman represented the seller, Foxfire, in selling a 4,887 SF office property at 101 North Main Street to Prue & Kathy Dacus.

Anderson, South Carolina:  John Powell, CCIM of NAI Earle Furman represented the seller in the sale of a 10,400 SF retail property at 1716 Pearman Dairy Road.

Anderson, South Carolina:  John Powell, CCIM of NAI Earle Furman represented the seller in the sale of a 4,800 SF industrial property at 1509 Breazeale Road.

Cowpens, South Carolina:  Stuart Smith of NAI Earle Furman represented the seller, Arthur State Bank, in the sale of an 8,664 SF industrial property at 125 Quality Korners Drive to Afanasiy Yevchev.

Woodruff, South Carolina:  Ford Borders, SIOR; Grice Hunt, SIOR; and Clay Williams of NAI Earle Furman represented the seller in the sale of 219.47 acres of vacant land at the corner of Highway 101 and Highway 417.

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Jul
17

Lyons Industrial Properties Announces Leases

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Lyons Industrial Properties100,000 SF warehouse lease renewal to Suminoe Textiles of America at 630 Edgefield Road in Cowpens, SC.

17,000 SF new warehouse lease to Suminoe Textiles of America at 297 Lemuel Road, Gaffney, SC

43,000 SF warehouse lease to Jetline Promo located at 124 North Charleston Street in Blacksburg, SC. This will serve as an off-site warehouse for their growing Gaffney operation.

Categories : Gaffney, Spartanburg
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Jul
05

Berkadia Sells Nine Apartment Communities in the Carolinas and Georgia

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sold signsBerkadia has announced the closing of four separate multifamily transactions in May throughout the Carolinas and coastal Georgia, totaling more than $115 million and 1,900 units. Senior Director Mark Boyce of the Charleston office led the sales.

“Market fundamentals are solid in the Carolinas, which have been reflected by overall investor appetite,” said Boyce. “The region’s sustained employment growth has paved the way for strong apartment performance, and it’s a trend that we expect to continue.”

Highlights include a six-property portfolio located in Columbia, South Carolina, and Fayetteville, North Carolina. Managing Director Cole Whitaker of the Orlando office and Senior Director Paul Vetter of the Atlanta office worked closely with Boyce to successfully sell the 1,520-unit portfolio, which was purchased by Charleston-based Middle Street Partners, LLC. Properties included:

  • Hampton Greene, Saint Andrews Commons, The Waterford at Columbia, Gable Hill and Forestbrook located in Columbia; and
  • Chason Ridge located in Fayetteville.

In three different transactions, Boyce, alongside Associate Blake Coffey of the Charleston office, facilitated the sale of:

  • Serenity Apartments at Greenville located in Greenville, South Carolina – Sold by Elevation Financial Group to a New York-based limited liability company.
  •  The Reserve at Altama located in Brunswick, Georgia – Sold by Intersouth Realty Inc. to a Georgia-based LLC.
  • Woodland Apartments located in Spartanburg, South Carolina – Sold by GHC Housing Partners to Upstate Property Rentals, LLC.
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Jun
29

Upstate Industrial Market Continues to be Tight

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industrialAccording to reports from Colliers International and CBRE, the industrial property market, much like the office and retail markets, remains tight in the Upstate.

Over the first quarter of 2016, the total vacancy for industrial and flex space hovered at just more than 7%, and net absorption was just over 1.6 million square feet for the second consecutive quarter, according to CBRE estimates.

“While current speculative development speaks to the health of the market, the demonstrated success of new development in the present cycle could inspire a new round of speculation,” said Brian Reed, CBRE research manager, in a statement.

Colliers reported the total vacancy rate held steady due to new space being delivered vacant and that the flat rate “does not accurately depict robust interest and activity in the market.”

According to Colliers, industrial speculation construction in the Upstate includes:

  • 545 Brookshire Road in Spartanburg County, a 240,020-square-foot speculative building being developed by Beacon Partners.
  • Flatwood Industrial Park, a 363,000-square-foot industrial building being developed by Johnson Development Associates.
  • Building 1 at Logue Park, a 110,000-square-foot building in Greenville County, is complete and was developed by Cothran Properties.
  • Wingo Park in Spartanburg County — Becknell Industrial completed a 175,000-square-foot building at the park.

READ MORE HERE

Categories : Greenville, Spartanburg
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May
25

NAI Earle Furman Announces Sale Transactions

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Boiling Springs: Dan Dunn of NAI Earle Furman represented the seller, Creal Family Ltd Partnership, in selling 7.62 acres of vacant land on Candlenut Lane to Dhirubhai Patel.

Easley: Towers Rice, CCIM of NAI Earle Furman represented the seller, TSW Properties, in selling a 3,200 SF industrial building at 250 Enterprise Drive to 711 Properties, LLC.

Spartanburg: Jake Van Gieson, Bill Sims, Gaston Albergotti and Graham Mullikin of NAI Earle Furman represented the seller, Kalclay Properties, LLC, in the sale of a 10,000 SF retail property at 2932 Reidville Road to Carl Fraley, Jr.

Piedmont: Glenn Batson of NAI Earle Furman represented the seller, Ron’s TV, in the sale of a 25,000 SF industrial property at 141 Country Manor Road to Country Manor Holdings.

Greenville: Scott Jones, SIOR of NAI Earle Furman represented the landlord, Three J PED, LLC and The Garrison Group, Inc., in the sale of a 8,200 SF of office building at 3527 Pelham Road. Ford Borders, SIOR; Grice Hunt, SIOR; and Clay Williams, also of NAI Earle Furman represented the buyer, JDG Holdings, LLC.

Greer: Edward Wingate of NAI Earle Furman represented the seller, Pointer Properties, LLC, in the sale of a retail investment property at 903 South Suber Road. John Gray, CCIM and Drew Stamm, also of NAI Earle Furman, represented the buyer, NV, LLC.

Moore: Edward Wingate of NAI Earle Furman represented the seller, Roebuck DG, LLC, in the sale of a retail investment property at 1790 East Blackstock Road. John Gray, CCIM and Drew Stamm, also of NAI Earle Furman, represented the buyer, NV, LLC.

Anderson: Kay Hill, Tony Bonitati and Bern Dupree of NAI Earle Furman represented the seller, Bailey Court, LLC, in the sale of Bailey Court, a 100-unit multi-family property, to Morrison Avenue Capital Partners, LLC.

Travelers Rest: Alex Campbell and Jake Van Gieson of NAI Earle Furman represented the seller, SC Tool Corp, in the sale of a 20,900 SF industrial property located at 1 Tungsten Trail to RRC USA Corp.

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Apr
17

Recent Leases by NAI Earle Furman

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leased-agreement-with-keysAnderson: John Powell, CCIM of NAI Earle Furman represented the landlord, AKS Partners, LLC, in leasing to Twisko South, LLC a 3,000 SF retail space at 2102 North Main Street.

Greenville: Hunter Garrett, CCIM, SIOR; Jimmy Wright; Ted Lyerly, CCIM; and John Staunton of NAI Earle Furman represented the landlord, Three J-1, LLC, in leasing to Craft BBC, LLC a 4,560 SF retail space in Woodruff Square.

Anderson: John Powell of NAI Earle Furman represented the landlord, Jimmy Davis, in leasing an 8,400 SF office building at 2001 East Greenville Street.

Pendleton: John Powell of NAI Earle Furman represented the landlord, Donald Hester, in leasing a 4,000 SF industrial building at 111 B Welpine Ridge Road to Blue Collar Cycles.

Spartanburg: Andrew Babb of NAI Earle Furman represented the landlord, Loretta Johnson, in leasing a 2.736 SF office space at 172 East Main Street to Toole Design Group.

Spartanburg: Towers Rice of NAI Earle Furman represented the landlord, Cox LP & Dalton Georgia Carpet Warehouse, Inc., in leasing an 24,000 SF industrial building at 111 Carpet Drive to Classic Woodworks.

Greenwood: Towers Rice of NAI Earle Furman represented the landlord, Hwy 72 Greenwood Associates, in leasing a 4,710 SF industrial space at 2432 Highway 72 to Sizemore, Inc.

Spartanburg: John Staunton and Hunter Garrett, CCIM, SIOR of NAI Earle Furman represented the landlord, PSR Enterprises, LLC, in leasing a 10,000 SF industrial space at 851 Simuel Road to Neffgen Family Stores, LLC.

Greenville: Earle Furman, Keith Jones, and Kelly Sullivan of NAI Earle Furman represented the landlord, WWB3, LLC, in leasing a 7,800 SF industrial building at 101 Woodruff Industrial Lane to Knight Performance Factory, LLC.

Greenville: Keith Jones and Alex Campbell of NAI Earle Furman represented the tenant, EHD Corporation, in leasing 1,511 SF office space at 3 Research Drive from LICAR LLC.

Greenville: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the landlord, Broad Street Office, LLC, in leasing 6,000 SF office space at 110 East Court Street to Parker Poe Adams & Bernstein, LLP.

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Apr
15

NAI Earle Furman Announces Recent Sales

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sold signsGreenville: Keith Jones, CCIM, Kevin Pogue and Kelly Sullivan of NAI Earle Furman represented the purchaser, JSF Woodruff Road, LLC, in purchasing 2.45 acres of vacant land on Woodruff Road from Gray Property Holdings, LLC.

Spartanburg: Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller, Triangle Real Estate of Gastonia, Inc., in the sale of Whispering Pines, a 312-unit multi-family property, to Cedar Grove Whispering Pines, LLC.

Greer: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the purchaser, 865 Victor Hill Investments, LLC, in purchasing 10.47 acres of vacant land at 865 Victor Hill Road from ABL Investments of Spartanburg, LLC.

Spartanburg: Jake Van Gieson, Bill Sims, Gaston Albergotti and Graham Mullikin of NAI Earle Furman represented the seller, TD Bank, NA, in the sale of a manufactured housing property at 2101 Fernwood Glendale Road to Southern Specialty Properties of SC, LLC.

Pauline: Andrew Babb of NAI Earle Furman represented the seller, Patel & Company, Inc., in the sale of a 4,500 SF retail property at 2610 Highway 56 to RL Jordan Oil Company of North Carolina, Inc.

Greenville: Jake Van Gieson, Bill Sims, Gaston Albergotti and Graham Mullikin of NAI Earle Furman represented the seller, Aggregate Property Greenville, LLC, in the sale of a 6,000 SF office property at 216 Wellington Avenue to De Bruin Commercial Holdings, Inc.

Greer: Glenn Batson of NAI Earle Furman represented the seller, Mux Properties – Robin Lake Road, LLC, in the sale of a 35,000 SF industrial building at 1075 Victor Hill Road to One 8 Five, LLC.

Simpsonville: John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, Discover Church Ministries, in the sale of a 35,968 SF church building at 806 Southeast Main Street to Hope Church of SC, Inc.

Belton: Jake Van Gieson, Bill Sims, Gaston Albergotti and Graham Mullikin of NAI Earle Furman represented the purchaser, Bad Company Properties, LLC, in purchasing 223.24 acres of vacant land at 136 River Road from Shults Properties, LP.

Easley: Keith Jones and Kelly Sullivan of NAI Earle Furman represented the seller, JBK Real Estate, LLC, in the sale of a 2,600 SF office at 403 Hillcrest Drive to Sidney Blythe, Harold Blythe, and Tammy Blythe.

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Mar
21

Three Upstate Apartment Communities Sold

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Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of three apartment communities located in Upstate South Carolina. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

  • Carlisle Residential Properties sold Bent Oak to DBC Real Estate Management. The 120-unit property was built in 1980 and is ideally located with quick access to major thoroughfares. Large employers, business and shopping centers are minutes away, along with the Greenville-Spartanburg International Airport located just three miles away.
  • Graycliff Capital Partners sold Park Square to Monument Capital Management. The 96-unit property was built in 1972 and is located in the heart of West Spartanburg near Westgate Mall, with convenient access to I-26 and I-85.
  • VTT sold Hunters Park to Greystone Capital, who has since changed the name to Hawk’s Landing Apartments. The 353-unit property was built in 1973 and is located close to public transportation, entertainment, major highways and Downtown Greenville.
Categories : Greenville, Spartanburg
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Mar
21

NAI Earle Furman Announces Sale Transactions

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Anderson, SC: Towers Rice, CCIM of NAI Earle Furman represented the purchaser, American Prime Property, LLC, in purchasing 5 acres of vacant land at the intersection of American Business Park and American Way from Thrift Properties.

Spartanburg, SC: Kevin Pogue and Andrew Babb of NAI Earle Furman represented the seller, Neuburger Management, Inc., in the sale of a 9,624 SF office property at 245 East Blackstock Road to J & G Replacement Properties, LLC.

Piedmont, SC: Towers Rice of NAI Earle Furman represented the seller, Synovus Bank, in the sale of a 4,500 SF industrial building at 125 Trotter Drive to Summerhill Property, LLC.

Nichols, SC: Rusty Hamrick & Dan Dunn of NAI Earle Furman represented the seller, Kay Phillips & Craig Phillips, in the sale of Lumber River Retreat, an 887.65 acre recreational land tract.

Spartanburg, SC: Kevin Pogue of NAI Earle Furman represented the purchaser, Grace Community Church of Carolina, in purchasing a 52,000 SF hospitality property located at 501 Willis Road from The Westside Club, Inc.

Clinton, SC: Bill Sims, Jake Van Gieson and Gaston Albergotti of NAI Earle Furman represented the seller, 210 South Broad, LLC, in the sale of a 4,882 SF office building located at 210 South Broad Street.

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