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UPDATE – Congratulations to Jared R. Londry, with Cassidy Turley in Charlotte. He responded first and will receive the tickets.
I have two tickets to the ACC Championship football game this Saturday between Duke and Florida State. E-mail me at email@example.com if you would like them. The first to email gets them. I can email them to you and you just print them out. Thank you for following SCREnews.com
Michael Dodds, MAI, CCIM
Annual growth in effective rents for South Carolina’s Greenville/Upstate apartment market came in at a modest 1.6% in 3Q 2013. That’s quite a shift in general momentum for a place that had been one of the country’s top achievers among secondary metros, with annual rent growth previously running at an average of more than 4% since the middle of 2010.
When that sort of performance result registers you always wonder whether it’s a big-picture inflection point in the pattern or just a one-off odd number. From MPF Research’s perspective, the latter, one-off scenario appears more likely, given that nothing really seems to have changed in the factors that are Greenville’s key apartment market drivers.
Occupancy in the metro remains in good shape. A rate between 94% and 95% has been normal here for the past couple of years, and the 3Q reading came in toward the high end of that range at 94.8%. A lot of the Upstate area’s vacancies are found in the outlying Spartanburg County market, where occupancy – now at 92.1% — has tended to hover 200 to 300 basis points below the metro norm for quite a while.
The year-to-date figures for residential transactions through October showed that both pending sales and closed sales were up 13.5 percent.
“I wouldn’t call it a recovery anymore; I think we’re back into a normal market,” said Kristyne Shelton, the Board of Realtors’ association executive. “People understand that it’s a good value to buy a home, and it’s a smart investment to buy a home. Sometimes, in the under $100,000 category, you can buy a house for cheaper than you could rent it.”
The year-to-date median sale price of $141,500 was down 4.4 percent.
“We have a large inventory of houses in the above $400,000 price range, and that is a hard category make a sale in,” Shelton said. “When you don’t sell those big houses, that drives the median price down.”
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.
Corporate Center, a Class A flex park situated on 193 acres off of I-85 in Spartanburg, is experiencing tremendous growth. To meet the high demand for flex space, the Corporate Center has laid the foundation on a new building at 130 Corporate Drive, which is expected to be available for occupancy starting January 1. In the next six months, Corporate Center is projected to build a second 50,000-square-foot building on the same site. Additionally, five new tenants have moved into the existing buildings collectively leasing a total of approximately 90,000 square feet.
The building currently under construction will be the eighth building on campus and will offer an additional 50,000 square feet of space that can be expanded up to 72,000 square feet. All utilities, including fiber optics, will be available, and additional parking can be added as needed. Dan Dunn of NAI Earle Furman, a leading full-service commercial real estate firm, is the leasing agent.
With these new occupants, Corporate Center has a roster of 19 companies leasing a total of approximately 300,000 square feet.
I recently changed WordPress plug-ins to give readers more options to share the news that is posted here. The bar below each post includes icons for most popular social media sharing sites, including LinkedIn, Facebook and Twitter. There is even a button to email the post to someone.
The previous sharing links were not working and it took me awhile to realize this. I apologize for that.
Please help me spread the word about SCREnews.com.
Michael Dodds, MAI, CCIM
The Hampshire Cos., a private real estate investment firm based in New Jersey, has acquired Lynncroft Shopping Center, a 180,000-square-foot power center located at 3150 Evans St. in Greenville. The sales price was not reported.
The center’s tenant roster includes Lowes Foods, Best Buy, Bed Bath & Beyond, Ross Dress for Less, Ulta Beauty, David’s Bridal and Omega Sports. Two 1,200 square feet local shops are currently available for $19.00 per square foot.
The company purchased the center on behalf of the HUH US Real Estate Income Fund, which targets stabilized assets in the eastern U.S. The Hampshire Cos. purchased the center in a joint venture with MCB Real Estate and ARGUS Development Group, the original developers of the center. ARGUS continues to manage and operate the center. Approximately 2,500 square feet is available for lease at the property.
Rouse Properties Inc. has purchased the 460,800-square-foot Greenville Mall in Greenville for nearly $50.3 million. The seller was a private partnership managed by Gregory Greenfield & Associates. The property is the only enclosed regional mall within a 40-mile radius and serves a trade area of more than 400,000 people, according to Rouse Properties.
The development opened in 1966 and was renovated in 2001. The center is anchored by Belk and JC Penney. Dunham’s Sports will also anchor Greenville Mall when it opens in late 2013. Additional tenants include Victoria’s Secret, Buckle, American Eagle and Bath and Body Works. The mall is 95.5 percent leased with average inline sales of $375 per square foot. Rouse Properties assumed an existing $41.7 million non-recourse loan with a 5.29 percent interest rate and a December 2015 maturity date.
Industrial prospects were active in the second quarter of 2013 absorbing over 400,000 square feet of vacant space following a sluggish start to the year. The industrial market in Columbia, SC ended the second quarter reaching the highest occupancy rate since 2008 at 93.03%, up from the first quarter vacancy rate of 91.97%.
To download the complete report click HERE
An affiliate of a Myrtle Beach, S.C.-based real estate development company has acquired Martinsburg Mall, the company announced Friday.
Eric Cornett, chief operating officer of Paramount Development Corp., said in a news release that the company recently completed commercial development projects in Winchester, Va., and Shippensburg, Pa., and had been looking at opportunities in Martinsburg “for some time.”
Martinsburg Development Partners LLC, an affiliate of Paramount Development Corp. that was formed in November 2012, will hold title to the 670,000-square-foot shopping center property, the mall’s new owner said.
“Berkeley County is a high growth area, and we will be working hard to strengthen the Mall in a manner that will benefit the community,” Cornett said in the release.
The coastline along the city of Santos, some 80 km from Sao Paulo, in Brazil, offers a strange sight. Like dominoes about to topple, the waterfront is lined by a string of high rise apartments that are unmistakably tilted to one side.
The problem lies in Santos’ soil. Below a seven-meter layer of sand is a 30-40 meter deep bed of slippery clay that doesn’t cope well with the weight of the structures. Until 1968, the local building code had no restrictions whatsoever on the type of foundation that could be used for multistory buildings. Ideally, the foundations of buildings should reach bedrock, which in the region is about 50 meters deep. But these buildings in Santos’ waterfront has foundations that are only 4 or 5 meters (13 to 16 feet) deep. After the leaning in the first building became visible, there was realization that the practice of placing tall buildings on shallow footings could not continue, and a requirement was added to Santos building code to use deep foundation for tall buildings.
With The State, the Greenville News and the Post and Courier now charging to read their news on-line, there are less views of the stories posted at those sites. We have had more real estate firms sending us their news so far this year, and we appreciate it.
While we usually don’t post news on job promotions or new company announcements, we certainly welcome press releases and just general information on sales, major leases, market surveys or awards received.
Please ask you marketing/PR staff to send these items to firstname.lastname@example.org.
Michael Dodds, MAI, CCIM
Carter Validus Mission Critical REIT has purchased a data center property in Raleigh, North Carolina, for US$19.5m. The multi-tenant facility is located near Raleigh-Durham International Airport in Morrisville, N.C.
The data center, originally constructed in 1997, is 100% occupied by four tenants. The purpose-built facility is situated on 12.26 acres and totals 143,770 sq ft.
John Carter, CEO of Carter Validus, said, “Given the property’s desirable location and long term leases with high-quality tenants, we believe that the Raleigh Data Center is a great addition to our growing portfolio of mission critical real estate.”
One of the facility’s tenants is data center services provider Peak 10, according to Charlotte Business Journal.
In the past three months, three banks have announced plans to move into Main Street buildings in Columbia. Here are the banks and the buildings.