Archive for Greenville
The new $30 million, 77,000 square foot Upstate Veterans Administration Out Patient Clinic (VA OPC), will be opening this summer. The building is designed to be certified as LEED Silver, however, they are currently tracking LEED gold. ULI is offering a members-only tour of this facility on Thursday May 30th.
Join us as Rich Boggan with the Veteran Affairs leads us on a tour of the new facility. We will also hear from the developer, Hughes Development Corporation; Architect, DesignStrategies; and the Contractor Brasfield & Gorrie. We will look at the process of bidding on a government contracted building as well as answer any specific questions about the structure.
This is a members-only event, and I look forward to attending. Please sign up here ULI SC
Michael Dodds, MAI, CCIM
The capital investment group purchased the 160-unit extended stay complex and leased 10 acres where it is located at 1600 Azalea Hills Drive. The property will operate under the ownership name of Azalea Hill Apartments L.P.
Ballard Cos., operating as Verdae Partners Ltd. of Montgomery, Ala., sold the apartments, including the land transaction from Verdae Properties LLC, a statement said Thursday.
Davis Property Group, LLC, a Greenville-based real estate development, investment and consulting firm specializing in multifamily properties, has announced project leasing and completion plans for the newly renovated Bristol Apartment Homes on Cleveland Street in Greenville.
Davis Property Group is finalizing renovations to the entire complex, formerly known as Crossroads Apartments – repositioning the property to match the growing demands for reasonably priced rental housing in the city.
The Bristol Apartment Homes feature an improved amenities package and the convenience of downtown Greenville-living without the price of similar downtown rentals. Apartments have been completely renovated with washers and dryers and other new energy-efficient appliances, new upgraded finishes and large balconies, some of which are screened-in. Additional amenities include a new clubhouse with a computer lounge, fitness center and yoga area, a pool with new cabana and two dog parks.
The Bristol is managed by Greystar and model apartment units are now available for tours upon request. Interested individuals are encouraged to begin pre-leasing. Davis Property Group expects the first move-ins to take place in May with project completion by fall. Pricing for The Bristol includes one bedroom apartments beginning at $775, two bedrooms at $845 and three bedrooms at $1,110.
A subsidiary of KBS Legacy Partners Apartment REIT, Inc. has entered into an agreement to acquire the Millennium Apartment Homes, an apartment complex with 305 units on 32.9 acres of land in Greenville, SC.
The seller is Millennium Property LL, LLC. The purchase price is approximately $33.6 million plus closing costs.
Millennium Apartment Homes encompasses 303,131 rentable square feet and was constructed in 2009. The asset is currently 94% occupied. The current aggregate annual effective base rent for the tenants of Millennium Apartment Homes is approximately $3.2 million.
Hunter Hotel Advisors announced that the firm recently sold the 4-year-old, six story, 120- room Hilton Garden Inn in Greenville, S.C. The firm represented the seller Deean Hospitality on the sale to Summit Hotel Group for $127,000 per key.
“The seller came to us because they wanted to run an efficient process. We were able to bring the property to market and complete the transaction in just five months,” said Teague Hunter, president of Hunter Hotel Advisors. “We marketed the hotel to well capitalized buyers with whom we have very strong relationships. Like most of our transactions today, the process was completed quickly and quietly.”
Hunter Brokers involved in the transaction included Teague Hunter and Trey Scott.
“The hotels location and strong cash flow made this an attractive investment for Summit. They outbid three strong competitors,” said Trey Scott, vice president of Hunter Hotel Advisors. To date, Hunter has closed 22 transactions in 2013. The firm has close to 100 hotels on the market totaling close to a billion dollars in value, with six additional hotels scheduled to close by the end of May.
The Bridgeway Apartments, located at 617 Richardson Street, Simpsonville, SC have sold. The 88 unit complex was built in 1988 and has 1BR/1B and 2BR/2B units. The sales price was $3,480,000, or $39,545/unit. The cap rate was reportedly 8.14% based on actual net income.
Mark Boyce, with Marcus and Millichap’s National Multi Housing Group represented the buyer and the seller.
NAI Earle Furman’s Multifamily Division announces the sale of Companion at Crescent Pointe, a 144-unit apartment complex in Seneca.
The Class A property, built in 2005, sold for $10,325,000. The complex was 95% occupied at the time of sale, and sold for an undisclosed CAP rate. Tony Bonitati of NAI Earle Furman represented the seller in the transaction.
The buying group was made up of investors from California, teamed with a well-regarded Regional Management Company. The property had assumable HUD financing in place. The buyers completed the HUD’s Transfer of Physical Asset (TPA) process, and plans to use the A-7 program to reduce the current interest rate.
A roughly 230,000-square-foot textile mill, known as the old Woodside mill, will be converted into about 130 apartment units, said John Gumpert, a developer with Camden Partners out of Atlanta who is working on the project.
The former cotton mill sits along South Fifth Street near downtown Easley.
“I think it’s just going to be a fantastic contribution to the area,” said Tom Whitted, co-developer with Gumpert on the project. “Generally when these projects happen they affect the entire neighborhood, they bring the whole neighborhood up.”
More than 750 commercial building permits were issued across the Upstate during the first quarter, an increase of 20% from the same period a year ago, according to new data from Tennessee-based construction analyst The Market Edge Inc.
According to the latest report from the U.S. Census Bureau, the annual rate of construction spending nationally reached $885 billion in February, up 1.2% from the previous month and 7.9% from a year ago. Residential construction accounted for most of that annual gain, increasing 20%.
In the Greenville and Spartanburg metro areas, residential construction has picked up considerably this year.
The Greenville, SC retail market ended 2012 with a positive outlook arising from the overall vacancy rate of 9.31% approaching the market’s pre-recession levels. Rental rates remained mostly steady in 2012 with the exception of shop space which had an average asking rental rate of $13.59, $1.29 more than year-end 2011.
Activity remained strong and steady through 2012 as evidenced by big-box retailers moving into the market and the presence of ongoing construction projects in the area. Big-box spaces left vacant due to store closings during the recession have since by occupied by retailers such as Buy Buy Baby moving into Linen N Things’ former location at 1125 Woodruff Road and REI moving into Circuit City’s former location at 1140 Woodruff Road. Big-box retailer expansion coupled with the trending movement from Haywood Road to Woodruff Road resulted in a year-end vacancy rate of 3.55% for the Woodruff retail corridor, almost 4 percentage points lower than a year ago.
Plans to turn a historic mill in West Greenville into apartments have fallen through for the second time in four years.
Reliance Housing Development LLC, a nonprofit organization based in Asheville, had announced plans for 300 apartments in the huge red brick building along oak-lined Woodside Avenue not far from the Pendleton Street arts district.
The developer, however, later decided not to proceed with the project, according to John Castile, Greenville city manager. “The only reason provided was that they could not meet critical deadlines associated with closing on the property,” Castile said.
Sunland Distribution has purchased a 722,000-square-foot warehouse near the interchange of interstates 85 and 385 in Simpsonville. The sales price was not announced.
The facility at 1312 Old Stage Road will serve as the operating base for Sunland’s Scotts Miracle-Gro account and home for its new corporate headquarters.
The building includes 607,400 square feet of warehouse space on the ground floor, and another 120,000 square feet on the second floor. It once served as the distribution center for former Upstate textile manufacturer Pillotex Corp.
Charlotte-based Capstone Apartment Advisors has released it’s Winter 2013 Multi-Family Market Summary and Activity Update for the Greenville-Spartanburg MSA. Click on the chart below to download the PDF report
Downtown Greenville’s reputation as a great place to work and live will serve it well in the coming months when office vacancies are expected to rise.
More than 250,000 square feet of downtown Greenville office space is expected to be vacated in the next 12 months as new development opens up, experts at CB Richard Ellis/The Furman Co. said in the company’s 2013 Upstate Commercial Real Estate Forecast.
That’s destined to create movement in the market and open doors for other businesses that want to come downtown to do so, said Brian Reed, vice president of client services at CBRE/ The Furman Co.
“We’ve shown it (the downtown) to a lot of folks and there’s definitely a lot of interest,” Reed said. “People in the market want to be downtown. People outside of the market looking at Greenville, their first choice is to be downtown.”
Verdae Properties acquired the former Sam’s Club at 2519 Laurens Road for $3.25 million, according to Greenville County property records.
Verdae President Rick Sumerel said a use for the 130,000-square-foot building has not been determined. The building has been vacant for around five years.
“We’ll incorporate it into our long-term development plan,” Sumerel said. “We’re trying to look at an overall plan for the corridor. Obviously, the market will have a lot to do with that.”