Archive for Winston-Salem

Mar
02

Triad Brokers Bullish on Commercial Real Estate Market

Posted by: | Comments Comments Off on Triad Brokers Bullish on Commercial Real Estate Market

CCIM_logoLed by growth in the industrial and multifamily sectors, the Triad real estate market continues its rebound from the dark days of the recession, a panel of local brokers said Wednesday.
“We’re finally at the point in the market where landlords are having a choice as to who their tenants are,” said Tom Townes, partner with Triad Commercial Properties, talking about the industrial sector.

They shared their insights across the commercial real estate spectrum with hundreds of members of the Triad real estate industry during CCIM North Carolina’s Triad Market Forecast at the Greensboro Marriott Downtown.
In general, vacancies are down and the number of new construction projects is picking up to keep up with demand, with some upward pressure on lease rates across the sectors.

Chester Brown, president of Brown Investment Properties, said improvements in employment numbers are a key driver in the multifamily residential market in the Triad, which has about 63,000 units and a vacancy rate of about 6.7 percent.
Last year, the Triad absorbed about 1,900 new units, ahead of the annual average for the previous five years of about 1,500 units.

READ MORE HERE

 

Comments Comments Off on Triad Brokers Bullish on Commercial Real Estate Market
Nov
05

ReisReports: NC Vacancy Snapshot

Posted by: | Comments Comments Off on ReisReports: NC Vacancy Snapshot

reisreports3

Comments Comments Off on ReisReports: NC Vacancy Snapshot
Oct
22

Real Data: Triad Apartment Vacancy at 6.7%

Posted by: | Comments Comments Off on Real Data: Triad Apartment Vacancy at 6.7%

real data LogoAccording to the latest report published by Real Data, the average vacancy rate for apartments in the Triad has improved to 6.7% in the last six months. Over the last two years the vacancy rate has remained below 7% in this market, despite an uptick in new construction. The development pipeline remains active with more than 3,000 units under construction and another 3,000 units proposed. Alamance County is the most active submarket with more than 800 units under construction.

The vacancy rate in Alamance County is currently 5.4%, but will likely rise as new supply enters the market. Apartments in the Triad now rent for $760 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at $1,079 per month.

Comments Comments Off on Real Data: Triad Apartment Vacancy at 6.7%
May
14

Triad Apartment Vacancy at 6.9%

Posted by: | Comments Comments Off on Triad Apartment Vacancy at 6.9%

real data LogoThe average vacancy rate for apartments in the Triad is now 6.9%, according to the latest report published by Real Data. The development pipeline remains active with more than 3,000 units under construction throughout the region and another 2,000 units proposed.

Downtown Greensboro is the most active submarket, having more than 500 units currently under construction. Apartments in the Triad now rent for $741 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at $995 per month.

Comments Comments Off on Triad Apartment Vacancy at 6.9%
Apr
21

Greensboro/Winston Salem Apartment Vacancy at 6.9%

Posted by: | Comments Comments Off on Greensboro/Winston Salem Apartment Vacancy at 6.9%

greensboro apt chartThe average vacancy rate for apartments in the Triad is now 6.9%, according to the latest report published by Real Data.

The development pipeline remains active with more than 3,000 units under construction throughout the region and another 2,000 units proposed. Downtown Greensboro is the most active submarket, having more than 500 units currently under construction.

Apartments in the Triad now rent for $741 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at $995 per month.

Comments Comments Off on Greensboro/Winston Salem Apartment Vacancy at 6.9%
Feb
09

NC Industrial Portfolio Sold at 8% Cap Rate

Posted by: | Comments Comments Off on NC Industrial Portfolio Sold at 8% Cap Rate

piretPure Industrial Real Estate Trust announced that it has entered into a definitive agreement to acquire a 51% interest in a 1.33 million square feet portfolio of bulk distribution and warehouse facilities in the Greensboro/Winston-Salem markets of North Carolina.  The North Carolina Portfolio is leased to three credit-rated tenants and has an average weighted remaining lease term of 3.5 years.  All tenants are listed on the NYSE, including Proctor & Gamble, Sonoco Display and MWI Veterinarian Supply (to be acquired by Amerisource Bergen Corp.).  Proctor & Gamble is the largest tenant, occupying 861,000 square feet at 6104 & 6105 Corporate Park Drive.  The two locations are strategically located within one kilometre of their Browns Summit manufacturing facility, where they recently announced a US$100 million expansion and a commitment to increased employment levels in the region.

The North Carolina Portfolio is being acquired for US$57 million (US$43 per square foot), with US$29.1 million for PIRET’s interest, at a going-in cap rate of 8.0%.  The NOI yield on the North Carolina Portfolio will decrease to 7.7% if Proctor & Gamble exercises its renewal option at 6104 Corporate Park Drive in March 2016.  In addition, PIRET will asset manage the North Carolina Portfolio and receive market fees from the co-ownership for its services.

This functional warehouse and distribution product complements PIRET’s U.S. strategy in one of its target growth markets and the transaction is highly accretive to its existing portfolio, providing adequate protection against the currency exchange risk.  The acquisition will be funded from US$29 million in mortgage financing and existing working capital.  PIRET’s interest is expected to generate approximately US$0.012 in NOI per unit upon closing of the acquisition, which is expected by the end of February 2015.

Comments Comments Off on NC Industrial Portfolio Sold at 8% Cap Rate
Jan
29

Six Self Storage Facilities in the Carolinas Sold

Posted by: | Comments Comments Off on Six Self Storage Facilities in the Carolinas Sold

self storageExtra Space Storage Inc., a self-storage real estate investment trust, recently acquired a seven-property portfolio for nearly $57 million from FCA Partners, a real estate investment management firm. The properties are in North and South Carolina as well as Texas. They comprise approximately 5,000 units.

Extra Space managed the Carolina properties prior to the sale, according to “The SpareFoot Storage Beat,” a blog produced by self-storage online marketplace SpareFoot. Those facilities have been operating under the Extra Space brand name. The properties in the Carolinas are:

2910 Lawndale Drive, Greensboro, N.C.
4514 High Point Road, Greensboro, N.C.
733 10th Ave. S.E., Hickory, N.C.
550 Peters Creek Parkway, Winston-Salem, N.C.
2720 University Parkway, Winston-Salem, N.C.
3600 Wade Hampton Blvd., Taylors, S.C.

FCA Managing Partner Al Lindemann told the source the self-storage market is “heating up.” “There’s a lot of investor appetite for it, and there’s very little that has been built over the last four years,” he said.

Comments Comments Off on Six Self Storage Facilities in the Carolinas Sold
Dec
19

Six Retirement Centers in the Carolinas Sold

Posted by: | Comments Comments Off on Six Retirement Centers in the Carolinas Sold

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.

Comments Comments Off on Six Retirement Centers in the Carolinas Sold
Nov
26

Winston-Salem Office Building Sold for $9.85 Million

Posted by: | Comments Comments Off on Winston-Salem Office Building Sold for $9.85 Million

Winston-Salem-based brokerage Linville | Team Partners and Lexington-based Carolina Investment Properties have joined forces to create a private equity fund called Front Street Capital. The fund is raising and deploying capital to buy Class A commercial real estate assets across several markets, said Coleman Team, the “Team” in Linville | Team Partners and son of Robin Team, president of Carolina Investment Properties.

Front Street Capital’s first asset is 101 S. Stratford Road, a 75,000-square-foot corporate office building located at the Five Points intersection in Winston-Salem.

Front Street-Stratford LLC, an entity owned by Front Street Capital, purchased the building on Nov. 20 for $9.85 million, according to a Forsyth County special warranty deed. The seller was Raleigh-based Highwoods Properties (NYSE: HIW), which was represented by brokerage CBRE in the deal.

The building is 95 percent occupied by tenants including Essent Guaranty, Triad Guaranty, Stephens Inc. and SunTrust Bank, according to Linville | Team Partners.

READ MORE HERE

Categories : Winston-Salem
Comments Comments Off on Winston-Salem Office Building Sold for $9.85 Million
Nov
21

Two Multifamily Properties Sold by MHA

Posted by: | Comments Comments Off on Two Multifamily Properties Sold by MHA

Multi Housing Advisors (MHA) has arranged two multifamily sales in the Carolinas totaling $20.18 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

The details of the sales are as follows:

– Hemrick Properties LLC sold the 168-unit Summer Chase, located in Little River, South Carolina, for $11.1 million. Hudson Capital Investments LLC and Apex One purchased the property, built in 2000.

– Spyglass Capital Partners sold the 168-unit Hawk Ridge, located in Winston-Salem, North Carolina, for $9.08 million. Peak Capital acquired the property, which was built in 1998.

 

Comments Comments Off on Two Multifamily Properties Sold by MHA
Nov
11

Winston-Salem Plant Conversion Almost Complete

Posted by: | Comments Comments Off on Winston-Salem Plant Conversion Almost Complete

Pennrose Properties and C.A. Harrison Cos. are on the verge of completing the redevelopment of Plant 64 in downtown Winston-Salem, a former RJ Reynolds tobacco plant, into apartments. When complete next month, the property will include 243 units and 9,700 square feet of retail space in five buildings.

One of the buildings contains the retail space, while another has been redeveloped into an amenities building, with a community center and other features. The remaining three buildings feature one-, two- and three-bedroom units. Unit amenities include 12-15 foot ceilings, floor-to-ceiling windows and in-unit washer and dryers.

The structures date back to 1916. The developers tasked Birmingham, Ala.-based Capstone Building Corp. to do the redevelopment as general contractor, while Commonwealth Architects did the design and Builders Design did the interiors.

Capstone COO Chris Travis tells MHN that it’s been a challenging project for a number of reasons, especially the dual requirement that the redevelopment maintain the historical character of the building, while making it modern space with features renters expect. The structures were largely brick, but also included a wide variety of other materials, “and in the structure that old, you just have to deal with what you encounter,” he says.

READ MORE HERE

Categories : Winston-Salem
Comments Comments Off on Winston-Salem Plant Conversion Almost Complete
Nov
10

Wal-Mart Shadow Anchored Center Sold

Posted by: | Comments Comments Off on Wal-Mart Shadow Anchored Center Sold

Berkeley Capital Advisors has announced the sale of West Jefferson Center, a 17,500 SF retail center located in West Jefferson, North Carolina. Located on 1.88 acres at 1400 Mt. Jefferson Road, the center is shadow anchored by Walmart. West Jefferson Center is a 100% leased strip center that is shadowed by a Walmart. It is 17,500 SF and its main tenants include Dollar Tree and Cato. West Jefferson is located approximately 1 1/2 hours west of Winston Salem. The center is located adjacent to the high school which has approximately 900 students.

Rob Carter, Alex Quarrier, David Webb, Rad von Werssowetz, and Marc Ozburn of Berkeley Capital Advisors arranged the transaction.

Categories : Winston-Salem
Comments Comments Off on Wal-Mart Shadow Anchored Center Sold
May
23

R.J. Reynolds Building to be Converted to Mixed Use

Posted by: | Comments Comments Off on R.J. Reynolds Building to be Converted to Mixed Use

R.J. Reynolds Tobacco Company has announced that it has sold the historic Reynolds Building to a partnership consisting of PMC Property Group and Kimpton Hotels & Restaurants for $7.8 million. The building will be converted into a mixed-use building consisting of a boutique hotel, restaurant and upscale apartments.

“From the beginning our goal was to take extra time, care and effort ensuring we did this the right way. We wanted to come to the best result, not only for us but also for the city of Winston-Salem and the building itself, considering its historic significance,” said Andrew D. Gilchrist, president and chief commercial officer of RJRT. “We are confident that we have found the right owners to successfully transform this beautiful building while still honoring its place in the community, and once again make the Reynolds Building a centerpiece of downtown activity.”

Located in downtown Winston-Salem, N.C., the Reynolds Building is a 22-story art-deco style building completed in 1929. Designed by the highly acclaimed New York architectural firm of Shreve and Lamb, the Reynolds Building was selected as the 1929 Building of the Year by the National Association of Architects and later served as the model for the Empire State Building.

BLOG NOTE:

PMC Property Group is the same firm that redeveloped the Granby and Olympia Mills in Columbia. My firm did the appraisals on both, and they did a wonderful job. I’m sure that the conversion of the Reynolds Building will be equally as impressive.

Michael Dodds, MAI, CCIM

Categories : Winston-Salem
Comments Comments Off on R.J. Reynolds Building to be Converted to Mixed Use
Apr
30

Greensboro/Winston-Salem Apartment Vacancy at 6.9%

Posted by: | Comments Comments Off on Greensboro/Winston-Salem Apartment Vacancy at 6.9%

The average vacancy rate for apartments in the Triad is now 6.9%, which is the lowest rate reported in more than a decade, according to the latest report published by Real Data. Demand for apartments remains strong as the individuals continue to choose renting over buying a home.

New development has stepped up, with construction starting on more than 1,300 units in the last six months. Currently, there are nearly 2,000 units under construction throughout the region and another 2,500 units proposed. Even so, demand is expected to continue exceeding supply over the next 12-18 months.

Apartments in the Triad now rent for $710 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at more than $1,000 per month.

Comments Comments Off on Greensboro/Winston-Salem Apartment Vacancy at 6.9%
Aug
28

Publix to Enter Winston-Salem Market

Posted by: | Comments Comments Off on Publix to Enter Winston-Salem Market

Publix Super Markets on Friday announced it will enter the Winston-Salem market and add a third location in Mecklenburg.

The Winston-Salem store will measure 49,000 sq. ft. and is slated to open in 2015. The Cornelius store, located in Mecklenburg County, will also encompass 49,000 sq. ft. and will feature a drive-thru pharmacy. Opening is planned for late 2014.

Publix continues to aggressively look for additional locations throughout the state of North Carolina, the grocer said.

Categories : Winston-Salem
Comments Comments Off on Publix to Enter Winston-Salem Market