Archive for Spartanburg

Jun
29

Upstate Industrial Market Continues to be Tight

Posted by: | Comments Comments Off on Upstate Industrial Market Continues to be Tight

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
Comments Comments Off on Upstate Industrial Market Continues to be Tight
May
25

NAI Earle Furman Announces Sale Transactions

Posted by: | Comments Comments Off on NAI Earle Furman Announces Sale Transactions

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.

Comments Comments Off on NAI Earle Furman Announces Sale Transactions
Apr
17

Recent Leases by NAI Earle Furman

Posted by: | Comments Comments Off on Recent Leases by NAI Earle Furman

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.

Comments Comments Off on Recent Leases by NAI Earle Furman
Apr
15

NAI Earle Furman Announces Recent Sales

Posted by: | Comments Comments Off on NAI Earle Furman Announces Recent Sales

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.

Comments Comments Off on NAI Earle Furman Announces Recent Sales
Mar
21

Three Upstate Apartment Communities Sold

Posted by: | Comments Comments Off on Three Upstate Apartment Communities Sold

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
Comments Comments Off on Three Upstate Apartment Communities Sold
Mar
21

NAI Earle Furman Announces Sale Transactions

Posted by: | Comments Comments Off on NAI Earle Furman Announces Sale Transactions

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.

Comments Comments Off on NAI Earle Furman Announces Sale Transactions
Mar
10

Spartanburg Apartments Sold for $41,826/Unit

Posted by: | Comments Comments Off on Spartanburg Apartments Sold for $41,826/Unit

whispering pines spartanburgTony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, Southwood Realty, in the sale of Whispering Pines Apartments, a 312-unit complex located at 408 Abner Road in Spartanburg, SC. The multifamily property sold for $13,050,000 ($41,826 per unit). This transaction is the NAI Earle Furman’s Multifamily Division’s fourth representing Southwood Realty.

The purchaser, Cedar Grove Capital, based out of New York, NY, had no broker representation. Their plan is to renovate and hold the property.

“Value-add deals of this size are becoming exceedingly hard to come by in the Upstate. We were happy to represent Southwood once again in a sale and are equally excited to see what Cedar Grove makes of this well positioned opportunity,” says Kay Hill, Shareholder and NAI Earle Furman Multifamily Broker.

Categories : Spartanburg
Comments Comments Off on Spartanburg Apartments Sold for $41,826/Unit
Mar
03

Phillips Pets Leases 201,500 SF in Spartanburg

Posted by: | Comments Comments Off on Phillips Pets Leases 201,500 SF in Spartanburg

phillipsCushman & Wakefield | Thalhimer recently represented Phillips Pet in their lease of 201,500 square feet of space within Wingo Park at New Cut Road in Spartanburg, South Carolina.

This new facility for Phillips Pet will enable them to combine two locations and allow for future growth. Phillips has been in the community for over a decade and now employees about 100 in Spartanburg. The new building will be located in Wingo Park and developed by Becknell Industrial.

Brian J. Young, CCIM, SIOR, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer handled the lease negotiations for the tenant.

Categories : Spartanburg
Comments Comments Off on Phillips Pets Leases 201,500 SF in Spartanburg
Feb
29

Downtown Spartanburg Booming (video)

Posted by: | Comments Comments Off on Downtown Spartanburg Booming (video)

WMBFNews.com, Myrtle Beach/Florence SC, Weather

Categories : Spartanburg
Comments Comments Off on Downtown Spartanburg Booming (video)
Feb
19

NAI Earle Furman Announces Recent Sales

Posted by: | Comments Comments Off on NAI Earle Furman Announces Recent Sales

NAI Earle Furman logo squareGreenville, SC:John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, Bob Jones University, in the sale of a 4,451 SF retail building at 1560 Wade Hampton Boulevard to J. Dennis Properties, LLC.

Laurens, SC: Bern DuPree, Tony Bonitati and Kay Hill of NAI Earle Furman represented the seller, Ashley Townes, LLC, in the sale of an eleven-unit multi-family property, Ashley Townes, to TBC Rentals, LLC.

Greenville, SC: Earle Furman, SIOR of NAI Earle Furman represented the seller, Arthur Hayden Hays & Brenda Haygood Hays, in the sale of a 4,400 SF office building located at 2 Williams Street to Sean McNally.

Simpsonville, SC: Peter Couchell, CCIM and Rob Schmidt of NAI Earle Furman represented the seller, 684 Fairview, LLC, in the sale of a 6,300 SF retail investment property at 684 Fairview Road to Stella’s Fairview, LLC.

Spartanburg, SC: Earle Furman, SIOR of NAI Earle Furman represented the seller, CR Brands, Inc., in the sale of a 57,950 SF industrial property at 141 Venture Boulevard. Jake Van Gieson, also of NAI Earle Furman, represented 141 Venture, LLC, the purchaser.

Greenville, SC: John Gray, CCIM and Earle Furman, SIOR of NAI Earle Furman represented the seller, Julius, Pam and Deb Aiken, in the sale of 5.78 acres of land on Wade Hampton Boulevard near Stone Avenue to Ron Rallis.

Piedmont, SC: Bernie Bastian of NAI Earle Furman represented the seller, Palmetto Trust, in the sale of 8 acres of land on Carr Road to James Cheatham.

Simpsonville, SC: John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, South State Bank, in the sale of a 7,457 SF office building at 879 Northeast Main Street to Hucks Properties, LLC.

Comments Comments Off on NAI Earle Furman Announces Recent Sales
Dec
01

Upstate Building Permits on the Rise

Posted by: | Comments Comments Off on Upstate Building Permits on the Rise

building-permitThere were more residential than commercial building permits issued in the third quarter in the Upstate, according to a report by Knoxville, Tenn-based Market Edge. The majority of the permits were issued in Greenville and Spartanburg counties. The report classified the Upstate as the counties of Abbeville, Anderson, Greenville, Greenwood, Laurens, Oconee, Pickens and Spartanburg.

Gary Splawn, permits administrator for Spartanburg County, said the number of permits issued depends on the time of the year.

“We usually see the numbers increase in the spring and continue strong through the summer,” he said. “And most of what we’re seeing in terms of residential permits are individual homeowners getting permits for additions to their homes.”

Eric Vinson, director of planning and code compliance for Greenville County, said the same process can be seen in Greenville County.

“The housing permits are definitely cyclical in nature, as we typically have higher levels of construction in the second and third quarters,” he said. “We have seen more residential renovation which explains the higher overall permit numbers.”

READ MORE HERE

 

Comments Comments Off on Upstate Building Permits on the Rise
Oct
19

NAI Earle Furman Announces Recent Sales

Posted by: | Comments Comments Off on NAI Earle Furman Announces Recent Sales

Greer, South Carolina:  Tony Bonitati, Kay Hill, and Bern DuPree represented the seller, Weston Development, in the sale of 18 acres of multi-family land on Brushy Creek Road to Income Investments, LLC.

Spartanburg, South Carolina:  Earle Furman represented the seller, Spartan Leasing Co, Inc., in the sale of an 8,788 SF industrial property at 115-G Belton Drive to Hammett Holdings, LLC.

Anderson, South Carolina:  John Powell, CCIM represented the purchaser, EC Investors, LLC, in the acquisition of a 14,000 SF office property at 1704 East Greenville Street from Executive Properties, LLC.

Anderson, South Carolina:  Ross Kester & Tyson Smoak, CCIM represented the seller, Anderson Dental Investments, in the sale of a 3,415 SF office building at 2126A Highway 81 North to Poinsett Enterprises, LLC.

Greenville, South Carolina:  Alex Campbell represented the seller, Wrenp, LLC, in the sale of a 10,000 SF industrial property at 7002-7004 Pelham Road to J&B&A3, LLC.

Greenville, South Carolina:  Tony Bonitati, Kay Hill, Bern DuPree, & Towers Rice represented the seller, Peggy Robinson, in the sale of Huntress Townhomes, a seven-unit multi-family property, to Side Walkers, LLC.

Spartanburg, South Carolina:  Dan Dunn represented the seller, J. Howard Henderson, in the sale of a 13,100 SF industrial property at 2120 Ashbury Court to Cinderridge Properties, LLC.

Spartanburg, South Carolina:  Dan Dunn represented the seller, J. Howard Henderson, in the sale of a 12,820 SF industrial property at 2106 Ashbury Court to Freeman Properties, LLC.

Greer, South Carolina:  Bern DuPree, Tony Bonitati, & Kay Hill represented the seller, George Germano, in the sale of Country Manor Apartments, to DAB Standard Holdings, LLC.

Greer, South Carolina:  Glenn Batson represented the seller, Arthur State Bank, in the sale of a 35,365 SF industrial property at 3271 & 3275 Brushy Creek Road to Service Transport Incorporated.

Greenville, South Carolina:  Towers Rice  represented the seller, Padgett Johnson, Jr., in the sale of a 15,000 SF industrial property at 107 Sandra Avenue.  Alexi Papapieris and Earle Furman, SIOR, also of NAI Earle Furman, represented the purchaser, Feldman Enterprises, LLC.

Categories : Greenville, Spartanburg
Comments Comments Off on NAI Earle Furman Announces Recent Sales
Sep
22

Berkadia Brokers Spartanburg Apartments

Posted by: | Comments Comments Off on Berkadia Brokers Spartanburg Apartments

east ridgeBerkadia has announced the sale of East Ridge, located at 300 Regency Street in Spartanburg, South Carolina. Director Mark Boyce of the South Carolina office and Senior Directors Andrew Mays and Paul Vetter of the Atlanta office negotiated the transaction. East Ridge sold for $7.75 million on August 28, 2015. The sales price reflects a per-unit price of $53,854, or $65 per square foot.

The property was 97 percent occupied at the time of the sale. Berkadia also provided financing for the transaction. Built in 1972, the 144-unit property features one-, two- and three-bedroom floor plans. Each unit features ceiling fans, washer and dryer connections, and balcony or patio. Community amenities include a swimming pool, laundry facility, clubhouse, barbecue and picnic area, and coffee bar.

The community is located near East Main Street and State Route 29, providing residents access to the entire Spartanburg area. East Ridge is three and a half miles from downtown Spartanburg and within a 10-mile radius of seven colleges and universities Top employers in the immediate area include Spartanburg Regional Healthcare, Mary Black Health System, Kohler Co. and Invista. The seller was a South Carolina entity. The buyer was a Pennsylvania entity. The seller upgraded the units, providing the opportunity to continue pushing rents and adding value via exterior upgrades.

Categories : Spartanburg
Comments Comments Off on Berkadia Brokers Spartanburg Apartments
Sep
11

Wal-Mart Neighborhood Market Sold at Sub-5% Cap Rate

Posted by: | Comments Comments Off on Wal-Mart Neighborhood Market Sold at Sub-5% Cap Rate

wal mart market soldMarcus & Millichap has arranged the sale of a 41,179-square-foot Walmart Neighborhood Market ground lease in Spartanburg, S.C. The sales price is $5,537,000. The property is a brand-new build-to-suit Walmart Neighborhood Market that opened for business in July 2015 with a 20-year corporate-guaranteed triple-net ground lease. The store is located at  203 Cedar Springs Road in Spartanburg. According to Loopnet, the asking cap rate was 4.75%.

“We were able to create broad exposure on our national platform, received strong interest, and generated multiple offers,” says McMinn. “We eventually closed at the list price with a cap rate in the upper fours, which is one of the lowest cap rates recorded to date for a Walmart Neighborhood Market. We previously sold another Walmart Market in Pensacola, Fla. and are currently marketing three more in South Carolina,” McMinn adds.

Don McMinn and Zach Taylor, vice presidents investments in Marcus & Millichap’s Atlanta office and principals of the Taylor McMinn Team, represented the seller. The buyer is an all-cash 1031 exchange investor.

Categories : Spartanburg
Comments Comments Off on Wal-Mart Neighborhood Market Sold at Sub-5% Cap Rate
Jun
16

AC Hotel Announced for Spartanburg CBD

Posted by: | Comments Comments Off on AC Hotel Announced for Spartanburg CBD

AC-Spartanburg-Hotel-RenderingOTO Development in Spartanburg is building a Marriott brand AC Hotel that will be a gateway to the city’s west end, with 2,000 square feet of flexible meeting space, 114 rooms and an outdoor pool. The 10-story hotel will have a rooftop bar and terrace.

The developers and area officials announced the hotel name Monday at Indigo Hall in downtown Spartanburg. A September 2017 opening is planned, and 35 people will be hired for the hotel staff and food and beverage venues.

David M. Schwarz Architects of Washington, D.C., will collaborate with McMillan Pazdan Smith on the design.

Corry Oakes, CEO of OTO Development, said in a statement: “Throughout Europe, AC Hotels are located in the heart of vibrant cities. Spartanburg has a mix of an energetic community and a growing contingent of global corporate travelers. The AC brand is the perfect addition to the city.” Oakes said OTO Development has been in the hospitality business more than 20 years and has developed more than 525 hotels nationwide.

READ MORE HERE

Categories : Spartanburg
Comments Comments Off on AC Hotel Announced for Spartanburg CBD