Archive for North Carolina News
The Pope Scholarship is designed for students whose studies are directed towards the mortgage banking or mortgage-financing field (i.e., real estate, banking and economics). Applicants must apply and state why they are seeking the scholarship and what mortgage banking goals have been set.
Applicants must currently be a rising junior in a 4 year accredited college or university in either North Carolina or South Carolina.
Applicants must reside in either North Carolina or South Carolina. They may attend a school not necessarily in the same state as they reside, so long as it is a North Carolina or South Carolina college or university.
The need for the scholarship will not be the basis for the decision of the committee. A grade point average of 3.0 has been established, but the committee considers grades only a part of the total review of each applicant.
Applications must be in the hands of the committee by April 15, 2013. The scholarship will be in the amount of $1,500 per year and will be for two years.
Call Rhonda Marcum at (704) 557-0204 or email firstname.lastname@example.org with questions. Be sure to tell Rhonda that you read about it on SC Real Estate News.
7-Eleven Inc. has finalized the purchase of 12 stores in central North Carolina from Fast Track Inc.
The seller, J.C. Faw of Wilkesboro, NC, has turned over a portfolio of stores in Elkin, King, Lexington, Thomasville, Kernersville, Lewisville, Clemmons, Winston-Salem, Hamptonville, Claremont, Statesville and Union Grove. Remodeling and rebranding will get underway later this month, with the transition to be completed by mid-February.
The Fast Track real estate is close to the 55 Sam’s Marts that Dallas-based 7-Eleven acquired earlier this year. The buyer is on track to open 970 new 7-Eleven locations in the U.S. and Canada this year.
Senior housing developers might find a new construction sweet spot in the Carolinas in 2013, if favorable demographics, lower barriers to entry, and growing consumer preference are any indication.
The Carolinas are two states with fairly healthy economic conditions and good demand, according to Charles Bissell, MAI, of Integra Realty Resources’ Seniors Housing & Health Care Specialty Practice. “We’re hearing a lot of developers talking about projects in the Winston-Salem, Raleigh-Durham, and Charlotte metro areas,” he says.
Neither North nor South Carolina are covered by the National Investment Center for the Seniors Housing & Care Industry’s market area profiles (NIC MAP) for construction versus inventory data, which ranks at 1.99% for MAP31 (the top 31 market area profiles) as of the third quarter of 2012.
When a retailer invades a new market populated by an entrenched competitor, it often leads to a price battle, or a faceoff in which one operator clearly outshines the other in service or quality. That’s not likely to happen when Publix Super Markets rolls into Charlotte, a stronghold of Harris Teeter, which is why the outcome is so hard to predict.
Instead, this will be a clash of well-regarded, upscale operators and won’t be a quick slam dunk for either.
Publix recently announced plans to build a store in Ballantyne, N.C., and add a Charlotte-based division as a springboard to growth in the state. At stake is Publix’s hopes to expand further northward, and Harris Teeter’s defense of its territory.
The 503-bed University Suites, located at 2200 University Suites Dr. in Greenville, has sold for $15.5 million. The property serves Eastern Carolina University.
Alan Meetze and David Hudgins of Drucker & Falk’s Newport News, Va., office represented University Suites at ECU LLC, the seller, in the transaction. The buyer was 2200 University Suites. Realco Capital Partners acquired the property earlier this year. It is managed by Campus Apartments.
Tijuana Flats Burrito Co., which occupies spaces of 2,000 square feet to 2,500 square feet in urban areas and mixed-use, power, regional and strip centers, is looking to open 45 locations in Florida and the Carolinas over the next three years, according to DealMakers.net.
The restaurant’s typical lease runs 10 years with two, five-year options, according to the site. Matthew Livingston in the firm’s Maitland, FL office is the company’s contact person for its expansion plans.
The residential real estate market could be stabilizing, with pockets of the country starting to see home prices appreciate, according to executives with Wells Fargo Home Mortgage.
Conditions in the Carolinas’ housing market, meanwhile, are “excellent” and “very solid,” they also said.
Around 100 local Realtors gathered at Regal Cinemas Stonecrest Thursday to listen to Wells Fargo executives talk about the housing market and ways they could improve business in 2012. The event, called CineMeeting, was broadcast in real time to 100 movie theaters across the country. The goal of the event, the bank’s fifth annual telecast, is to educate and inspire agents, organizers said.
The Observer also spoke with two bankers before the presentation to get their feel for the regional and local markets.
The retail market in the Carolinas is one of recovery and creative possibilities. That theme will resonate at this year’s ICSC Carolinas Show in Charlotte, currently underway at the Charlotte Convention Center.
Cities in the Carolinas that lead population growth are beginning to attract investors from more overbuilt markets in the U.S. and from larger cities where competition has driven down returns. Key cities in the Carolinas attracting retail investors include Charlotte, Raleigh-Durham, Chapel Hill and Charleston.
The South Carolina retail market has experienced substantial activity following the last economic downturn, as many of the big boxes left vacant during the recession have since been filled. The vacancies left dark by national closures such as Linens ’n Things, Circuit City and Goody’s provided a unique opportunity for retailers to pursue a flight-to-quality at what would be considered a value price.
7-Eleven Inc. is under contract to acquire 55 Sam’s Mart stores in North and South Carolina. The closing is penciled for February.
Sam’s Mart is being advised by Robert L. Valentine of Trefethen Advisors LLC. Garth K. Dunklin of Wishart Norris Henninger & Pittman is the seller’s legal counsel.
The deal marks 7-Eleven’s return to the greater Charlotte market, which it exited in 1988 following a 24-year run. The deal with Sam’s Mart LLC is part of the Dallas-based chain’s accelerated growth strategy, which resulted in the opening of 650 stores last year in the U.S. and Canada.
Kimco Realty Inc. of New Hyde Park, N.Y., purchased the 132,400-square-foot center from an affiliate of Hawthorne Retail Partners of Charlotte. Brennan Station is located at 8111 Creedmoor Road in Raleigh.
Hawthorne also sold a Harris Teeter-anchored shopping center in Cornelius to Kimco as part of the same transaction, according to Hawthorne spokesman Shoffner Allison. The two deals totaled $42.7 million.
Hawthorne had purchased the Brennan Station center in 2007 for $19.5 million, according to Wake County deed records. The company also completed a substantial renovation and retenanting of the shopping center, which was 96 percent occupied at the time of the property sale to Kimco.
North Carolina’s industrial market is stacking up as a hotbed of investment activity for development and acquisitions.
In a new report, David AuBuchon, analyst for Milwaukee-based Robert W. Baird & Co., believes EastGroup Properties Inc., Liberty Property Trust and Duke Realty Corp. are ready to expand their industrial portfolios in the state, with Charlotte as a priority for two of the three investors. Sweetening the prospect is the ample capital chasing investment opportunities in North Carolina’s industrial markets. He cited a recent transaction that drew 22 offers and only one with a financing contingency.
AuBuchon places cap rates at 7 percent and replacement cost at $60 per square foot for industrial product. “While the fundamentals in North Carolina appear OK on a relative basis, the demand drivers suggest there is a basis for outperformance among Charlotte, Raleigh and Greensboro,” he concluded. “Based on our analysis of office payrolls in the top 25 markets, these three markets rank among the best in terms of the depth of the downturn and the pace of recovery – two years into the new cycle.”
Convenience store owner and operator The Pantry Inc. The Pantry Inc. Latest from The Business Journals The Pantry losing key operations executiveThe Pantry losing key operations executiveProgress, Pantry make Fortune 500 Follow this company is planning to sell 114 of its store locations in nine states throughout the Southeast, including 41 stores in North Carolina.
The Pantry (Nasdaq: PTRY) has hired commercial real estate firm NRC Realty & Capital Advisors LLC of Chicago to market the “strategic divestiture” of properties, which includes a combination of both owned and leased locations.
NRC Realty & Capital Advisors is marketing for sale 41 stores in North Carolina, 28 stores in Florida, 12 stores in South Carolina, 11 stores in Virginia, seven stores in Georgia, five stores in Mississippi, four stores in Tennessee and three stores each in Alabama and in Kentucky. The Pantry operates more than 1,600 stores in 13 states.
Here is the Carolinas Housing Update from Raymond James & Associates’ Buck Horne, vp of equity research covering the home builders and building manufacturers.
Horne’s analysis points up the fact that the period of ugly comparisons year on year with stimulus-fueled home purchase activity versus not is now entering its final leg. Remember, the prospect of heading into the dark winter of 2009/2010 without support to housing demand was outright devastating. The tax credits on home purchases did their job, and now economists will look back and argue over whether spending money the government didn’t have in that way was worth the consequence.
ARTICLE SHORTENED DUE TO LENGTH….
With the surge in distressed real estate sales over the past couple of years, new homes have made up a smaller portion of overall housing activity. Based on data from Housing IntelligencePro, the proportion of new home sales declined to 9.5% of total home sales in the third quarter of this year compared to 10.5% during the same period a year ago. However, there were some areas across the country that did experience an increase in new home activity. Our data feature of the week focuses on places with the largest share of new home sales as a portion of the overall market, with a minimum of 1,000 closings during the quarter. The results show that the Carolinas stick out. Fayetteville, NC had the highest number of new home sales as a percentage of the overall market. Over 32% of all the homes closed in the third quarter were in the new homes segment which is up about 31% during the third quarter of last year. The fourth and ninth highest concentrated markets, Huntsville, AL and Charlotte, NC, both also experienced an increase in new home activity compared to year-ago levels. Ten out of the top-17 areas across the U.S. with the highest concentration of new home sales activity were in the Carolinas.
ARTICLE SHORTENED DUE TO LENGTH….
Publix Super Markets Inc. is making another attempt to enter the Charlotte, N.C., market, starting with a store near Tega Cay in York County, S.C..
According to sources familiar with the plans, it also appears the supermarket chain will broaden that effort, which would include the chain’s first North Carolina location.
Publix, based in Lakeland, is seeking to rezone 3.5 acres in York County to build a stand-alone supermarket.
Vanessa Santo with On Point Development in Tampa requests the rezoning of the site without naming her client. Government records showed Vanessa Santo’s company as Century Retail Inc. Santo’s company is now On Point.
Publix spokeswoman Brenda Reid said the York County store is not confirmed. She describes the potential move into Charlotte as “just a rumor.”
ARTICLE SHORTENED DUE TO LENGTH….