Archive for Spartanburg
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.
Mark Boyce, of Marcus & Millichap represented the seller in the sale of Valley Creek apartments at 9085 Fairforest Road, Spartanburg, SC. The sale price was $3,440,000 ($33,725/unit). The cap rate reflected is below 8%.
Valley Creek is comprised of 102 units and is located at 9085 Fairforest Road, Spartanburg SC, 29301. The exteriors have been recently renovated and the asset offers great visibility and traffic counts from Fairforest Road. The property is less than two miles from both I-26 and I-85 business route and centrally located to downtown Spartanburg and Greenville, SC.
Valley Creek was constructed in 1973 of wood framing and brick and vinyl siding. The roofs have recently been replaced and are pitched composite shingle. The vinyl siding and windows have also recently been replaced. The property consists of seven, three story buildings, a laundry facility and leasing office. The property offers a unit mix of one, two and three bedroom floorplans. There are 21 one bedroom/one bath units at 840 square feet, 60 two bedroom, 1.5 bath units at 1050 square feet and 21 3bedroom, two bath units at 1200 square feet. All units have central heating and A/C. There is also a pool, playground, laundry facility, fitness center, picnic barbecue areas and business center with free Wi-Fi.
A subsidiary of Phoenix, Ariz.-based Cole Corporate Income Trust Inc. paid $63.3 million to acquire the 1,015,740 square-foot warehouse leased to Amazon in Spartanburg, according to a regulatory filing. The facility was built last year and opened in the fall with around 375 employees.
Cole ID Spartanburg SC LLC acquired the facility from Tango S.C. LLC in December, according to a filing with the U.S. Securities and Exchange Commission. The site is 100% leased to Amazon.com.dedc LLC.
The 15 year lease term is from 12-17-2012 to 9-30-2017, and there are four 5-year options to renew. A capitalization rate of 6.22% is reflected, based upon the base rent of $3,939,131 ($3.88/sf) with no deductions for vacancy or expenses.
Interthinx, a leading provider of comprehensive risk mitigation solutions for the financial services industry, has released its quarterly Mortgage Fraud Risk Report covering data collected in the third quarter of 2012.
According to the most recent analysis, overall risk nationwide has decreased by nearly 8 percent to the lowest value observed in the past two years. However, significantly increased levels of fraud risk in Florida pushed it past Nevada and into the top spot for overall fraud risk. Florida also appears on three of the four type-specific top 10 riskiest lists this quarter. Of particular concern is the finding that in Florida, investment purchases have more than three times the level of employment/income fraud risk than purchases for primary residences.
Spartanburg County was identified in the report as being a “high risk” area for mortgage fraud.
The city of Spartanburg is launching a competition for businesses to battle for rent subsidies and fill vacant storefronts on Main Street.
Starting in January, the Main Street Challenge will help three entrepreneurs open new businesses next year by providing a cash incentive of $12,000, or $1,000 each month for the first 12 months, to be used as rent assistance in a downtown location pre-identified by the city and participating property owners.
The winners must agree to sign a three-year lease for occupancy with the property owner, who will provide a street-level storefront space on Main Street.
Details on applying have not been released. After the Main Street Challenge launches in January, a competition committee will review applications throughout the spring, narrowing the entries to 12 semifinalists and then to six finalists. Semifinalists will present detailed business plans to the selection committee, of which three will be chosen winners.
A Spartanburg apartment complex sold for $2.38 million to CRE Strategy Opportunity Fund LLC.
CRE plans significant upgrades and improvements for Westgate Pines, a 96-unit Class “C” apartment complex at 1480 W O Ezell Blvd. in Spartanburg. CRE will partner with property management firm N&H Enterprises and general contractor Creative Builders Inc.
The property will be renamed Park Square. It will feature updated interiors, exterior improvements, new landscaping and a remodeled clubhouse, among other upgrades. This marks CRE’s third acquisition in Spartanburg.
“Westgate Pines is consistent with the fund’s strategy of finding assets that are well located and will benefit from capital investment and proactive property management,” said Paul Aiesi of CRE’s management team, in a news release. “The fund has targeted Spartanburg and Upstate South Carolina because of the economic growth and the continued creation of new households which support the fund’s investment to acquire and improve quality multifamily housing.”
Entities are investing to repurpose three historic buildings in downtown Spartanburg.
These historic buildings have a rich Spartanburg history, and soon will house Spartanburg Community College’s new downtown campus; an additional downtown presence for the Edward Via College of Osteopathic Medicine; and residential apartments for those seeking the downtown lifestyle, said Patty Bock, the city of Spartanburg’s economic development director.
“They are investing their dollars and making an impact on our downtown, enabling others to be successful in the area. There’s so much momentum in downtown right now,” Bock said. “We’re hoping to attract more residential options, service-oriented businesses, bigger businesses and mixed-use developments.”
Spartanburg Community College plans to invest roughly $16 million — a combination of school funds, private and public funds, and federal grants — to renovate the Evans Building at 142 S. Dean St. for its new downtown campus, according to college officials and documents. It is expected to open by fall 2013.
Occupancy Fraud is perpetrated by investors who falsely claim the intent to occupy a purchased property in order to obtain a mortgage with a lower down payment and/or interest rate. The table below illustrates the 10 MSAs with the highest Occupancy Fraud Risk according to a new report from Interthinx.
The Timberlane Apartments, located at 106 Kensington Drive in Spartanburg, SC has sold for $3,050,000. The all cash transaction reflects a sales price of $33,152 per unit for the 92 unit complex. The complex includes one, two and three bedroom units up to 1,185 square feet.
Mark H. Boyce, an Associate in the National Multi Housing Group of Marcus & Millichap represented the seller and the out of state buyer.
As the aftermath of the recession unfolds, the real estate sector continues its slow rebound. Vacancy is down in the office market and up in the retail market. Large industrial space continues to be in high demand in the Upstate, according to Lee & Associates’ mid-year report.
The Upstate has 3,814 buildings, equaling about 172.7 million square feet, for the industrial warehouse market, according to Lee & Associates’ inventory. The Upstate struggles to have buildings equipped to meet manufacturer’s needs of today.
Lee & Associates’ industrial warehouse market includes Greenville, Spartanburg, Anderson, Laurens, Pickens and Cherokee counties. The region experienced 1.4 million square feet in industrial absorption in the second quarter of 2012, which is the highest since the construction boom in 2008. The industrial market’s vacancy rate is at 9.4%.
The only new building delivered to the market in the first half of 2012 was the roughly 950,000-square-foot ZF Transmissions building in Laurens County.
The Spartanburg Target store is being renovated to add an expanded grocery section, among other improvements.
By the end of the year, more than 1,100 of the almost 1,800 Target stores nationwide will have the new layout. Greenville’s Woodruff Road store also is being renovated.
Target spokesman Jamie Bastian said the stores are two of 90 nationwide selected for the “expanded fresh food layout remodel,” which will be complete at the Spartanburg and Woodruff Road stores by June 24. The new layout adds food items, including fresh produce, meat and pre-packaged baked goods that would likely be on weekly grocery lists of Target shoppers, Bastian said.
LNR Properties has sold the 116-unit Timbercreek Apartments, located at 501 Camelot Drive in Spartanburg, through Auction.com to Upstate Property Rentals for $2.6 million.
Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
The 92,360-square-foot Patton Square, a neighborhood shopping center located in Woodruff, has sold for $6.65 million. Bi-Lo and Ace Hardware anchor the center. Additional tenants include Little Caesars, Jackson Hewitt, Edward Jones and Advance America.
Kyle Stonis and Pierce Mayson of SRS Real Estate Partners’ Atlanta office represented Patton Square LLC, the seller, in the transaction and procured the buyer.
The 369-unit Wildewood Apartments, located at 350 Bryant Rd. in Spartanburg, has sold for $6.4 million. Tony Bonitati, John Gray and Kay Hill of Greenville, S.C.-based NAI Earle Furman represented the seller in the transaction. Bowman Investments, the buyer, plans to invest $1 million to renovate the property and rebrand it as Woodland Park Apartments.
Vesta Equity, LLC, a Sarasota based private lender, funded an 18-month, $5.2 million bridge loan for the acquisition and renovation. The property was bank-owned and purchased in an REO sale. The property was 80% occupied at the time of the sale. The loan included a $1 million hold back reserve for renovations. Vesta worked diligently with the Sponsors to close the loan only ten days after receiving the request. David Borge of CBRE secured the loan.
This loan marks Vesta’s first transaction in South Carolina. Vesta is actively seeking additional senior and mezzanine loan opportunities in the Southeastern United States and Texas.
A joint venture between New York City-based The Praedium Group and Chartwell Holdings has acquired the 496-unit Haven at Oak Forest and the 204-unit Haven at North Town in Spartanburg, for $36.9 million. Haven at Oak Forest is located at 200 Health Ln., and Haven at North Town is located at 458 N. Church St. Amenities at both properties include a swimming pool, clubhouse with full Wi-Fi access, a fitness center, playground, nature walking trails, community car wash and grilling areas. Blake Okland of ARA’s Charlotte, N.C., office represented the seller in the transaction.