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Charlotte among Forbes’ top potential boom cities
Posted by: | CommentsCharlotte is still a good bet to become a boom economy despite its troubles in the recent recession, according to a Forbes magazine study that surveyed the next big boom towns in the
United States.
The Queen City ranks No. 8 on the list, mainly because of its mild climate, low housing prices and relatively small size, which allows it to avoid transportation bottlenecks that strangle larger cities such as Atlanta.
At the same time, according to Forbes, “Charlotte’s bustling airport may never be as big as Atlanta’s Hartsfield, but it serves both major national and international routes.”
The magazine also says Charlotte is investing in its infrastructure, which is critical to future growth.
Augusta, GA Costco Construction Underway
Posted by: | CommentsDallas-based The MGHerring Group has broken ground on a new 142,000-square-foot Costco at the Village at Riverwatch, a shopping center under development at the intersection of Interstate 20 and River Watch Parkway in Augusta. The store will anchor the first phase of the center and is set to open in late 2011.
65 Vacant Storefronts Counted in Conway
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Bill Thompson thinks his 18,000-square-foot downtown Conway building is worth at least $185,000 more than he’s asking for it, but he’s stuck like so many other business people in an economy that isn’t what it should be.
The building that houses Dixie Furniture Co. is a downtown icon that originally opened in 1951 as Johnson Cotton Co. Thompson, who started working there in 1962, said he changed the name to Dixie Furniture when he bought it in 1975.
“I want to cry,” he said of giving up his life’s work.
But Thompson’s move isvoluntary, unlike others in Conway who have been forced to close because of the Great Recession.
Happy 4th of July from SCREnews.com!
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PwC Survey: Commercial Real Estate Investors Optimistic
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Commercial real estate investors are cautiously optimistic about an industry recovery despite recent disappointing labor reports and falling home prices, according to data from PricewaterhouseCoopers’ second quarter PwC Real Estate Investor Survey (formerly known as the Korpacz Survey).
Average overall capitalization rates, which are initial returns anticipated on an acquisition and a reflection of an investment’s anticipated risk, declined in all of the property types tracked in the PwC survey. Decreasing capitalization rates signal a recovery. The apartment sector is leading the industry recovery followed closely by the resurgent office market, which had a slow start. The steepest declines reported in the quarterly survey are in the national central business district and the national suburban office markets.
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O’Reilly Auto Parts store in Camden, S.C Sold
Posted by: | CommentsHighBridge Properties, announced today that it has sold a net-leased, O’Reilly Auto Parts store in Camden, S.C., for $1.1 million. HighBridge represented the property’s developer and 
seller, A.L. Saad and Company, in the transaction.
Located along U.S. Route 1, the free-standing, single-tenant property was built in 2009. O’Reilly Auto Parts is operating the 6,600-square-foot property on a 20-year net lease in which it is responsible for property expenses and taxes. The property also features an ATM machine that is leased by AllSouth Credit Union. The buyer of each property was not identified. The capitalization rate for the Camden transaction (excluding the ATM machine) was 8.25%, while the North Charleston transaction was priced at a 7.65% cap rate.
Based in Springfield, Mo., O’Reilly Auto Parts is the second-largest auto-parts retailer in the United States, with 3,600 locations in 39 states. The publicly traded firm recorded $5.4 billion in sales during 2010.
Depressed Condo Market? A Plaza Hotel Unit Sold for $48 Million
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An apartment in the Plaza Hotel just sold for $48 million, which is the highest price ever paid for a single condo in New York, Bloomberg reports.The record-setting pad is 6,000-square-foot and now belongs to a Russian composer named Igor Krutoy and his wife, Olga. Their new unit is on the 12th floor, and “while it has sweeping views of Central Park, it is not even a full-floor unit,” the New York Post reported.
According to Curbed, the couple “picked up the place after a rather epic hunt that also included 15 Central Park West and the Time Warner Center.”
WANT TO SEE PICTURES OF A $48 MILLION CONDO? CLICK HERE
Take a Look at a 27 Story Home, Yes….a Home
Posted by: | CommentsBuilt by Mukesh Ambani, the chief executive of Reliance Industries, the home reaches new levels of decadence, with three helipads, swimming pools, four-story “hanging gardens” and a six-story parking garage. Dubbed “Antilla,” the 173-meter tall mansion also includes a 50-seat cinema, ballroom, gym and every room is custom designed.
According to published reports, the tower cost $77 million to build, but that only hints at its value. After all, how do you put a price tag on a one-of-a-kind building in a city where every piece of open land is coveted like gold?
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