Archive for Spartanburg

Mar
13

Greer Distribution Center Sells for $36/SF

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duncan distributionBeacon Partners, a Charlotte real estate investment company, has purchased Duncan Distribution Center from Duncan Owner Corp. CBRE’s Greenville and Charlotte offices represented the seller, Duncan Owner Corp., in the $12.59 million transaction.

The 350,000-square-foot class B industrial building near Interstate 85 is 100% occupied. It is close to the S.C. Inland Port and BMW Manufacturing Co.

CBRE’s Patrick Gildea said the Upstate industrial market “has rapidly improved over the last couple of years, and investors have begun to notice. This sale generated phenomenal interest, and the competition and pricing reflected investors’ desire to own quality properties in the Upstate.”

The sellers represented themselves.

Categories : Greenville, Spartanburg
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Feb
24

Spartanburg Approves Deal for New Downtown Hotel

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approved1Spartanburg City Council voted unanimously Monday to approve an incentive package for OTO Development’s plans to build a hotel on the west end of downtown.

The investment of at least $18 million is expected to bring a select hotel of at least 100 rooms to West Main Street on the parcel now occupied by Event Rentals.

Council’s decision was made over the objections of owners of the Spartanburg Marriott, Andy Cajka and Jimmy Gibbs of SMR Hospitality II, who asked council not to favor the OTO project over their plans to construct a hotel directly behind the Marriott hotel. Council has said it would continue to honor its agreement with Cajka and Gibbs from April 2014, in which the city gave 3.3 acres behind the Marriott, (valued at $900,000) to SMR Hospitality II in exchange for $1 and a development of at least $7 million. That agreement didn’t include infrastructure improvements or tax incentives.

Cajka told council that he and Gibbs would welcome another hotel, but that council shouldn’t place a moratorium on incentives for a future hotel.

READ MORE HERE

Categories : Spartanburg
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Feb
16

Vista Capital Management Selected to Manage Six Communities

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vista capVista Capital Management Group selected to serve as the management agent for six (6) apartment communities totaling 660 units.

American International Group (AIG) selected Vista Capital Management Group as Agent for Jamestown Pointe, 134 units located in Greenville, SC; Canaan Pointe, 120 units located in Spartanburg, SC; and Brookside Pointe, 120 units located in Travelers Rest, SC.

Additionally, Mercy Housing of Atlanta, Georgia, awarded Vista the management of Mulberry Court Apartments, 42 units located in Greenville, SC.

TCG Development of Greenbelt, Maryland selected Vista to serve as management of the Jobbers Overall Apartments, 44 units located in Lynchburg, VA.

Mattoni Group of Miami, Florida awarded Vista the management of the Reserve at Hillcrest, 200 units located in Spartanburg, SC.

Categories : Greenville, Spartanburg
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Jan
30

Spartanburg Apartments Sold for $26,000/Unit

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NAI apt sale 1-2015Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the Seller, Southwood Realty of Gastonia, NC in the sale of Westgate and Woodside Apartments. Westgate Apartments, a 122-unit complex located at 430 East Blackstock Road in Spartanburg, SC and Woodside Apartments, a 124-unit complex located at 1631 Fernwood Glendale Road, Spartanburg, SC were built in 1977 and 1973 respectively.

The multifamily properties sold together for $6,400,000 and were occupied at 96 and 92 percent at the time of sale. The Buyer was DBC Real Estate Management, LLC out of Warrendale, PA. This sale represents the NAI Earle Furman’s Multifamily Team’s third transaction representing Southwood in a disposition.

Categories : Spartanburg
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Jan
27

Bass Pro Shops Buys Inman Warehouse

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bass_pro_logoAn Inman-based camouflage company has apparently caught the eye of one of the outdoor retail industry’s big fish.

Missouri-based Bass Pro Shops has purchased a 74-acre site housing True Timber LLC’s 150,000-square-foot facility at 150 Accurate Way for $2.06 million, according to Spartanburg County property records.

Sources familiar with the project said Bass Pro Shops plans to expand the facility. The expansion will enable True Timber to become Bass Pro Shops proprietary brand of camo that will be sold within its stores nationwide and online.

“In April, Bass Pro announced a new store in Spartanburg County,” said County Council Chairman Jeff Horton. “I think it’s great that they are continuing to look into Spartanburg. Hopefully, they will expand (True Timber) and continue to add jobs… It’s very encouraging.” True Timber was founded in 2005 by Rusty Sellars, a local businessman and hunting enthusiast who was inspired by a photo of the ground he snapped while sitting in a tree stand.

READ MORE HERE

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Dec
19

Six Retirement Centers in the Carolinas Sold

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sold signsNational Health Investors has bought eight retirement communities from Health Care REIT for $476 million.

The newly acquired portfolio has 1,671 units in Florida, Georgia, North Carolina and South Carolina. The properties are the Brightwater facility in Myrtle Beach, S.C.; Lakes at Litchfield in Pawley’s Island, S.C.; Cascades Verdae in Greenville, S.C.; Summit Hills in Spartanburg, S.C.; Homestead Hills in Winston-Salem, N.C.; Ridgecrest in Mt. Airy, N.C.; Marsh’s Edge in Saint Simons Island, Ga.; and Osprey Village in Amelia Island, Fla. NHI plans to expand some of the communities.

Before the acquisition, NHI owned 173 properties in 30 states. It invests in senior housing, skilled nursing facilities and hospitals as well as other facilities. National Health Investors is a real estate investment trust based in Murfreesboro. The seller, Health Care REIT, is based in Toledo, Ohio.

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Nov
20

NAI Earle Furman Announces Recent Sale Transactions

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Spartanburg, South Carolina: Dan Dunn and Grice Hunt, SIOR of NAI Earle Furman represented the seller in selling a 36,413 industrial building at 1750 Dewberry Road to Polydeck Screen Corporation.

Simpsonville, South Carolina: Tyson Smoak, CCIM of NAI Earle Furman represented the seller in selling a 5,834 SF medical office building at 103 Fairview Pointe Drive. Ross Kester, also of NAI Earle Furman, represented the buyer, Wolfram Enterprises, LLC.

Travelers Rest, South Carolina: Glenn Batson of NAI Earle Furman represented the seller in selling a 48.5-acre land parcel at the intersection of W. Darby Road and State Park Road to DSP1, LLC.

Greenville, South Carolina: Jake Van Gieson, Bill Sims and Gaston Albergotti of NAI Earle Furman represented the buyer in purchasing the Brookfield Promenade, a 18,000 SF retail complex at 1099 E. Butler Road.

Greenville, South Carolina: Peter Couchell, CCIM and Rob Schmidt of NAI Earle Furman represented the buyer in purchasing a 20,920 SF retail building at 509 Haywood Road, where The Tile Shop will remain as the tenant.

Travelers Rest, South Carolina: Ford Borders, SIOR and Grice Hunt, SIOR of NAI Earle Furman represented the buyer in purchasing an 11.85-acre land parcel on Cherry Blossom Drive.

Greenville, South Carolina: Tyson Smoak, CCIM and Ross Kester of NAI Earle Furman represented the seller in selling a 31,000 SF medical office building.

Greenwood, South Carolina: Towers Rice of NAI Earle Furman represented the seller in selling a 46.76-acre land parcel at 1541 Emerald Road.

Simpsonville, South Carolina: John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller in selling a 4,940 SF office building at 3421 Industrial Drive.

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Nov
10

I-85 Continues to Power Upstate Growth

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When Interstate 85’s four lanes quietly opened on Sept. 8, 1964, South Carolina’s first interstate highway drew little fanfare.

Miles from downtown Anderson, the road opened without ribbon-cutting, political speeches or extensive news coverage. It was described as “a supermodern, controlled-access highway” that would someday spread to 668 miles in length. But when highway patrolmen removed the barricades at 8 a.m. that Tuesday, Anderson residents were more concerned about Hurricane Dora.

Spinning near the Florida coast, the storm threatened to follow the path of Hurricane Cleo, which just a month earlier had dumped 3.15 inches of rain on Anderson in one day – part of a record-high 77.4 inches that soaked the city that year.

Fifty years later, Dora and Cleo are long forgotten. But I-85 continues to mold the future of Anderson.

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Oct
22

350,000 SF Spartanburg Industrial Building Sold

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CBRE Greenville has announced the recent acquisition of the Viking Warehouse Facility, a 350,000-square-foot warehouse/distribution facility in Spartanburg, by an affiliate of Alliance Partners HSP LLC. Alliance is a private real estate investment company headquartered in Philadelphia. CBRE’s Campbell Lewis represented Alliance.

Comprised of two warehouse buildings on a 28.7-acre site located at 2071 Fryml Drive in Spartanburg County, Viking was formerly home to American Fast Print. In recent years, the property sat mostly vacant.

Alliance plans to invest significant capital to reposition Viking from Class C to Class A condition, according to a statement from CBRE. Renovations will include new lighting, roofing, dock doors, ventilation and paving, as well as adding new access from Fryml Drive. Completion is expected in spring 2015.

Categories : Spartanburg
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Sep
25

Upstate Getting More Private Spec Buildings

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In Greenville and Spartanburg counties, private developers have dozers clearing sites for 100,000-square-foot and larger industrial spec buildings that will add jobs and benefit community tax coffers. Even with construction just starting, the pricy, high-ceiling projects already have relocating and expanding businesses lining up as prospective buyers or tenants.

“This is due in large part to Greenville’s attractiveness and existing development. The developers understand the value of our community,” said Kevin Landmesser, interim president and CEO at Greenville Area Development Corp.

Landmesser said the new private spec building projects in Greenville County follow other successes such as GE Aviation, Gordon Foods and Roy Metal buildings.

In some other Upstate communities that don’t have supplier magnets, such as BMW, development of spec properties has been slow since the Great Recession. Hal Johnson, chief development officer at NAI Earle Furman, said investors and developers have been cautious, but with the economy strengthening he sees growing demand for new industrial property, a product in short supply. Johnson said developers need to see successes with spec projects in the other Upstate counties.

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Jul
16

MHA Brokers Four SC Apartment Complexes

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Multi Housing Advisors (MHA) has recently brokered four multifamily sales in South Carolina for a total of more than $39 million.

“The offerings received tremendous investor interest and illustrate that investor demand for multifamily assets in the Southeast is very strong,” Robinson said.

Details are the deals are below:

  • Covenant Capital acquired the 246-unit Century Forest, located in Greenville, South Carolina, from Centennial Holding Company, LLC for $19.3 million. Century Forest, constructed in 1985, includes a swimming pool with a sundeck, a fitness center, tennis courts, a car-care facility, and picnic and grilling areas.
  • PRG Real Estate sold a two-property portfolio in Spartanburg, South Carolina, comprised of The Corners Apartments and Magnolia Townhomes, to Graycliff Capital for $10 million. Both assets were constructed in 1974. The Corners Apartments comprises 176 units and Magnolia Townhomes includes 98 units.
  • Hudson Capital purchased the 120-unit Fox Run, located in Camden, South Carolina, for $9.79 million. Pulliam Investments sold the property, constructed in 2002. Amenities include a fitness center, laundry facility and swimming pool.

Marc Robinson and Jordan McCarley of MHA’s Charlotte, North Carolina, office represented the sellers of the properties.

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Jun
24

Upstate SC a Leader for Foreign Direct Investment

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Today, the Brookings Institution released a first-ever metro-level analysis of foreign direct investment’s role in the Upstate’s regional economy as part of its Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. The report analyzes the types of foreign-owned businesses located in the area, outlines the region’s sources of foreign investment and demonstrates the number of jobs supported locally by foreign direct investment (FDI).

The report finds that among the largest 100 metropolitan areas, Greenville ranks 23rd for share of jobs in foreign-owned enterprises (FOEs) at 6.1 percent.

The report also finds that among all 366 metropolitan areas:

  • Spartanburg ranks 3rd for share of jobs in FOEs, at 18.0 percent (behind Columbus, IN and Kokomo, IN)
  • Anderson ranks 7th for share of jobs in FOEs, at 13.4 percent
  • Greenville ranks 67th for share of jobs in FOEs, at 6.1 percent

Among the country’s 616 micropolitan areas:

  • Gaffney ranks 11th for share of jobs in FOEs, at 23.6 percent
  • Greenwood ranks 22nd for share of jobs in FOEs, at 14.5 percent
  • Seneca ranks 38th for share of jobs in FOEs, at 11.7 percent
  • Union ranks 90th for share of jobs in FOEs, at 7.5 percent

READ MORE HERE

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Jun
09

NAI Earle Furman: Recent Sale Transactions

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Spartanburg, South Carolina (June 2014): Ken Anderson represented the seller of 105 Northeast Drive in selling a 12,500 SF industrial space to RAMS Real Estate Holding, LLC.

Simpsonville, South Carolina (June 2014): John Gray, CCIM and Drew Stamm represented The Sunshine House Inc. in the purchase of a 8,400 SF retail space.

Piedmont, South Carolina (June 2014): Towers Rice represented Truck Masters, Inc. in selling a 2,500 SF truck sales facility at 1298 White Road to Automotive Capital Corp. of Atlanta.

Simpsonville, South Carolina (June 2014): Robert Schmidt and Alexi Papapieris represented Richards Holdings, LLC in selling 6,120 SF of retail space in Bradford Plaza at 1209 NE. Main Street.

Greenville, South Carolina (June 2014): John Gray, CCIM and Drew Stamm represented the seller of 104 S. Calhoun Street in the sale of a 1,847 SF office space.

Greenville, South Carolina (June 2014): Keith Jones, CCIM represented the seller of 9 Toy Street in the sale of a 1,760 SF office space.

Williamston, South Carolina (June 2014): John Powell represented the seller of 760 Hampton Road in the sale of a 6,000 SF industrial space.

Spartanburg, South Carolina (June 2014): Andrew Babb represented White Horse Investments, LLC in the sale of 4.78 acres at Bryant and Landers Roads.

Greenville, South Carolina (June 2014): Scott Jones, SIOR represented Epsilon Delta, LLC in the sale of an 8,000 SF office space at 3505 Pelham Road.

Greenville, South Carolina (June 2014): Earle Furman, SIOR, Jonathan Good, SIOR, and Alexi Papapieris represented Good Wall Properties, LLC in the purchase of a 18,920 SF office space at 617 E. McBee Avenue.

Anderson, South Carolina (June 2014): John Gray, CCIM and Drew Stamm represented CFS Partners, LLC in the sale of a retail space located at 3310 N. Main Street to Moneyline Properties, LLC

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Apr
25

NAI Earle Furman Releases Market Reports

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NAI Earle Furman has released its First Quarter 2014 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. Click on the report below to access the reports.

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Apr
18

Recent Transactions by Carolina Commercial

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Dan Batten represented the Seller, Twenty First Properties, Inc., in the sale of approximately 119,452 SF on 10 acres located at 2453 King Street Extension in North Charleston, SC. The buyer was represented by Caldwell Commercial.

Dunston Powell, Principal of Carolina Commercial, LLC represented the Seller, Moneyline Properties, LLC, in the sale of 3.48 acres of Retail Land on Highway 17-A in Summerville, SC. The buyer was represented by Brent Case with Caldwell Banker Commercial

Dunston Powell represented the Buyer, Moneyline Properties, LLC, in the purchase of 6,600 SF Restaurant Building on approximately 1.12 acres located at 1100 Asheville Highway in Spartanburg, SC. The Seller was represented by Andy Hayes with Spencer/Hines Properties.

Dunston Powell represented the Buyer, LMB Investments, LLC, in the purchase of 0.95 acres located at 840 Coleman Blvd in the Town of Mt. Pleasant, SC. The Seller was represented by Joyce Beach with CBRE.

Dunston Powell represented the Buyer, Moneyline Properties, LLC, in the purchase of approximately 2,000 SF Car Wash on 0.50 acres located at 3310 North Main Street in Anderson, SC. The Seller was represented by John D. Gray, Jr. with NAI Earle Furman, LLC.

Dunston Powell represented the Buyer, L. Douglas Kirkman, Jr., in the purchase of 10,458 SF on 0.56 acres located at 268 Coleman Blvd. in Mt. Pleasant, SC. The Seller was represented by Mark J. Marenakos with Southern Real Estate, Inc.

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