Archive for Retail

May
22

6,000 Square Foot Retail Center in Columbia Sold

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4406 forestNAI Avant senior broker Macon Lovelace, SIOR recently represented the buyer, Rhodes Properties of Walterboro, LLC, in the purchase of a ±6,000 square foot retail investment building in Columbia, SC.

Located at 4406 A Forest Drive, the property was sold by Osprey, Inc.

Current tenants of the retail property include Ingram Comprehensive Eye Care, First Command, Matzner Family Chiropractic, and Edward Jones.

Categories : Columbia
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Apr
15

Will Lidl Entering the U.S. Grocery Market Spark Bidding Wars for Sites?

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lidl logoGermany-based Lidl, now acquiring its first U.S. store sites for a planned roll out of as many as 150 stores in the Mid-Atlantic region, is joining a pitched battle among both established grocers and new players in the U.S. market who are in expansion mode from Southern California to South Carolina.

The competition for a relatively limited number of well-located and development-ready store sites will likely drive up pricing in the near term, according to one institutional shopping center landlord. Lidl, a division of German retailer Schwarz Group that operates 10,000 stores across Europe, is beginning to snap up U.S. properties on the East Coast that meet simple but clear-cut criteria and quick due diligence.

Lidl has so far focused its U.S. expansion in Georgia, South Carolina, North Carolina, Virginia, Washington, D.C., Maryland, Delaware, New Jersey and Pennsylvania. Although the company has declined to say how many U.S. stores it intends to open, sources estimate the chain will open 100 to 150 stores in the Mid-Atlantic region by 2018.

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Aug
27

Ziff Acquires Matthews Festival Shopping Center

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ziff-properties-logoZiff Properties, Inc. today announced the acquisition of Matthews Festival Shopping Center, a 127,817-square-foot retail center ideally located at the corner of E. Independence Boulevard and Matthews Township Parkway in Matthews, NC. The property was acquired for $8.150 million. National and regional tenants include Big Lots, Miracle Ear, Springleaf Financial, Merle Norman Cosmetics, Tequilerias and Tamarind Fine Cuisine of India. Ziff Properties plans to renovate the center and is in various stages of discussion with several new tenants. Bryan Wyker of The Providence Group represented Ziff Properties in the acquisition and will continue to work on repositioning efforts along with Alex Kelly of Tribek Properties.

Director of Acquisitions and Chief Operating Officer, Christian Chamblee says, “Our business revolves around neighborhoods and furthering the importance of each of our shopping centers to the community. With its current occupancy levels and opportunities for enhancement, Matthews Festival is an ideal fit.”

Categories : Charlotte
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Apr
20

Summerville Retail Center Sold for $433/SF

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sold sign56A seven-tenant retail building across from the Azalea Square Shopping Center in Summerville was recently sold for $5.2 million, according to the real estate firm that represented the seller.

The Shoppes at Azalea, a nearly 12,000-square-foot building, was fully leased to Moe’s Southwest Grill, Chicken Salad Chick, Great Clips, UltraSkin, TCBY, Which Wich and Noodle Nerd when it was purchased by a family partnership based in New York. The company name was not disclosed.

Mark Cothran, president of Greenville-based Cothran Properties LLC, sold the newly built facility and was represented by Andrew Margulies, associate vice president of Marcus & Millichap. The commercial real estate investment service firm has nearly 80 offices in the United States and Canada, including a site on King Street in downtown Charleston and on Main Street in Columbia.

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Categories : Charleston, Summerville
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Mar
10

The Future of Retail in Downtown Greenville (video)

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Categories : Greenville
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Jan
06

Rock Hill Wal-Mart Being Challenged

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A group of upset Rock Hill residents hope a petition signed by more than 350 people will be enough to persuade city officials to stomp out plans for a Walmart neighborhood market at the corner of Celanese and Ebinport roads.

The city’s Planning Commission meets Tuesday night and is expected to vote on whether to allow Walmart to build a 41,000-square-foot grocery store on Celanese Road – one of Rock Hill’s busiest thoroughfares.

Walmart wants to build the market, a company-run gas station and other shops on about 14 acres between Ebinwood and Ebinport roads. The commercial buildings and a 217-space parking lot would face Celanese Road.

The retail giant’s neighborhood market stores focus primarily on grocery sales but include some hardware, pet products and a pharmacy. Walmart is calling the development “Celanese Station.”

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Categories : Rock Hill
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Nov
20

Apartments and Retail Planned for Lexington

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A developer plans to start work this spring on turning a former sawmill in Lexington into a major retail center with a residential arm.

The project, on U.S. 378 two miles west of I-20, is among the biggest developments ever in the steadily growing town of 18,000 residents and perimeter around it.

“It’s a sea change for our community and for the center of Lexington County,” said Randy Halfacre, the town’s mayor and president of the Greater Lexington Chamber of Commerce.

Transformation of the 70-acre sawmill site, once a local landmark, will occur in stages, developer Tony Berry of Rock Hill said. A long-awaited multi-screen cinema and 234-apartment complex are “both a definite,” but plans for about 16 stores and restaurants are unsettled, he said.

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Categories : Lexington, Uncategorized
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Sep
17

Lexington, SC Publix Center Sold

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Hendrix Crossing, a 61,712-square-foot, Publix-anchored shopping center in Lexington, SC has been sold. Additional tenants of the center include Subway, Great Clips, Yogen Fruz and Bella Nails and Spa.

Mike Burkard, Chris DeCoufle, Kevin Reavey and Steve Shields of CBRE represented the seller, Columbia-based EDENS, in the transaction. The buyer was Raleigh, N.C.-based Centrex Properties.

Categories : Columbia
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Aug
25

Outlet Center Planned for SW Charlotte

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A joint venture between Simon Property Group Inc. and Tanger Factory Outlet Centers Inc. has closed on 42 acres of land in the Steele Creek area in southwest Charlotte, where the companies plan to develop a 350,000-square-foot retail outlet that is slated to open next year.

Charlotte Outlets, a limited liability company managed by Simon and Tanger, purchased the land at the Interstate 485 interchange at Steele Creek Road for $8.7 million.

Simon and Tanger announced they were teaming up on the project, previously a Tanger project, in late November.

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Categories : Charlotte
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Aug
13

Summerville Plaza Shopping Center Sold

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Ferncroft Capital has purchased The Summerville Plaza Shopping Center, a 121,000-square-foot property in Summerville, for $13.35 million. Atrium Buildings Inc., the general contractor, is renovating the property in order to bring in Harris Teeter as the center’s anchor. Piggly Wiggly formerly anchored the shopping center, but its lease expired in June. It is situated on a 13.42 acre site.  The architecture, lighting and landscaping will also be upgraded. The new owners will also change the name to Sawmill Village because of its proximity to the Sawmill Branch Canal that is located behind the property. Construction is scheduled for a fall 2014 completion.  Ferncroft Capital has retained The Bell Moore Group to continue to lease and manage the property. Ted Barnes with Argus Development Group will oversee the construction of the center.

Rob CarterAlex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.

Categories : Charleston, Summerville
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Apr
03

Columbia Retail Center Sold

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A 38,000-square-foot retail building at the Outlet Pointe Shopping Center in Lexington County has been sold for $1.92 million, according to real estate firm Grubb & Ellis Wilson Kibler.

Tenants for the property at 125 Outlet Pointe Blvd. include a restaurant, retail outlets and a personnel office. Approximately 6,010 square feet of the building is available at a rental rate of $8.00 per square foot. The building was constructed in 1985 and sits on 2.84 acres.

Sherri Burriss, of Grubb & Ellis Wilson Kibler. Burriss represented the buyer, Outlet Pointe Partners LLC. Bobby Reece of Charleston-based Coldwell Banker Commercial Atlantic International Inc. represented the seller, who was not identified.

Categories : Columbia
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Mar
21

Colliers Releases YE-2012 Greenville Retail Market Report

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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.

DOWNLOAD THE REPORT HERE

 

Categories : Greenville
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Jan
10

Retail NNN Cap Rates Hit Five-Year Low

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Cap rates for the single-tenant net leased market continued to remain near historic lows in the fourth quarter of 2012. Most notably, cap rates for net leased retail properties declined by 25 basis points and are experiencing a premium in excess of 75 basis points over both office and industrial net lease properties.

Supply issues remain to be at the forefront of the net lease market as new construction is limited and there is a lack of existing supply of long-term net leased properties. In the fourth quarter there was a 12.5 percent decline in supply of retail net lease assets. One of the primary factors contributing to the lack of supply and new construction is that tenants are able to achieve low rents by backfilling second generation retail space. Furthermore, the current interest rate environment has enabled property owners to refinance and hold properties at historically low rates rather than sell.

READ MORE HERE

Categories : National News
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Dec
06

EDENS’ Terry Brown on FOX Business (Video)

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Categories : National News
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Dec
05

Ocean Isle Beach, NC Shopping Center Sold

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Inland Diversified has paid $10.2 million for Landings at Ocean Isle Beach, a 53,220 square-foot retail shopping center located in Ocean Isle Beach, North Carolina.

The Landing at Ocean Isle Beach opened June 10, 2009 and includes a 42,000-square-foot Lowes Foods, 23,000 square feet of additional retail space and six outparcels on about 7.5 acres. The property has an economic occupancy of 95% with 6 tenants, including Domino’s Pizza and East Carolina Bank.

Categories : Myrtle Beach, Wilmington
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