Archive for North Carolina News
In its Metro Monitor for September, Brookings examines the 100 largest U.S. metro areas for four key metrics:
- gross product
- home prices
Those indicators are studied at the depths of the recession, during the recovery, and where they stand currently. Brookings then ranked the cities based on improvement in each of those categories.
When it comes to rebounding from its lowest point, Charleston ranked No. 9 in GDP improvement, gaining 17 percent from the third quarter of 2009 to Q3 2013. It ranked 12th in job creation, gaining 9 percent from Q4 2009.
Walgreen Co. and Kerr Drug, a privately held regional pharmacy chain in North Carolina, announced today that they have entered into a definitive agreement under which Walgreens would acquire certain assets of Kerr Drug’s retail drugstores and specialty pharmacy business. Financial terms of the agreement were not disclosed. In fiscal year 2012, Kerr Drug’s retail drugstores and specialty pharmacy business recorded total sales of $381 million.
The acquisition advances Walgreens strategy to deliver the Well Experience for customers by expanding Walgreens presence in North Carolina, a fast-growing market, including into many smaller communities. Kerr Drug’s standard of innovation and excellence in pharmacy service also aligns well with Walgreens strategy to transform the role community pharmacy plays in health care.
Berkeley Capital Advisors has announced the sale of Independence Square, a 62,757 SF Ollie’s, US Postal Service, and Dollar General anchored center located at 508 N. Renfro St. in Mount Airy, North Carolina. Built in 1995, the center is 86% occupied.
Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.
Sturm, Ruger & Company, Inc., has selected a new manufacturing plant, and it’s in a very interesting place: nowhere near their Connecticut HQ, their original casting and manufacturing facilities in Newport, NH, or their 1980s-vintage factory in Prescott, Arizona. Instead, it’s located at 271 Cardwell Rd., Mayodan, NC 27027.
The building is a former textile factory that has been vacant for some time. The local area, Rockingham County NC, has been hurting for jobs and the coming of the Ruger plant is likely to be locally celebrated.
If the name Mayodan, NC rings a bell, it’s because it’s very near the location of Remington’s HQ in Madison, NC. To visit the Remington offices, you get off the highway at the Mayodan exit, that’s how close it is.
Crosland Southeast teamed with Colorado-based Legend Retail Group on the acquisition of the vacant company-owned stores, all of which were in the Southeast. DISH Network Corp. acquired the assets of Blockbuster out of bankruptcy in 2011 for $228 million and has been shuttering the video rental chain’s stores ever since.
Crosland Southeast and Legend Retail went under contract in February, with Crosland as the majority partner. By the time the deal closed in June, Crosland Southeast had lined up buyers for 11 of the stores that it deemed “non-core” because they were in states such as Tennessee and Florida and outside of the firm’s traditional footprint. Between February and June, the firm was able to pre-lease 11 of the 13 remaining stores to medical and retail tenants such as urgent-care facilities, fast-casual restaurants and mattress and cellphone retailers. All but one of the stores are in the Carolinas.
This week in North Carolina a gang of rogue real estate thugs was busted for mortgage fraud by several federal agencies working as part of the nationwide Mortgage Fraud Task Force. This highly organized group of licensed white collar cons consisted of a network of attorneys, mortgage brokers, real estate professionals, and developers who preyed on countless victims. Many of them who are now left in financial ruins.
The list of names and companies who were indicted is huge. I have them listed them below.
The Mortgage Fraud Task Force has several agencies such as the FBI, IRS, FDIC and HUD who were together in combating mortgage fraud. John Strong, Special Agent in Charge of the Charlotte Division of the FBI had said this in a press release, “Mortgage fraud impacts families and devastates neighborhoods. The FBI is committed to protecting our nation’s economy by aggressively investigating those who attempt to undermine the financial stability of our housing market.”
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.