The Upstate of South Carolina is home to 1.2 million people located on the Interstate 85 corridor between Atlanta and Charlotte. The population is clustered around the cities of Greenville, Spartanburg and Anderson. The epicenter of the industrial market is along the county line between Greenville and Spartanburg counties, where South Carolina Inland Port (SCIP) was recently completed. The region has a long legacy of manufacturing, but during the last 30 years, the type of manufacturing has shifted away from low-skill textile manufacturing to a more diverse economy built around the automobile, energy and chemical industries. The Upstate is first and foremost an industrial market with approximately 150 million square feet of manufacturing, warehouse and flex space. At the close of the fourth quarter of 2013, vacancy reached 7.6 percent — its lowest point in the last 10 years. While this market vacancy pales in comparison to the sub-3 percent vacancy rates found routinely on the West Coast, given the amount of older textile-era warehouse facilities in the market inflating vacancy, the current rate is extremely low for our market. Eventually this low vacancy will hinder growth rates as tenants interested in a particular type of space are unable to …
Southeast
ALPHARETTA, GA. — North American Properties (NAP) has topped off Avalon, the $600 million, mixed-use development in Alpharetta, an affluent suburb north of Atlanta. NAP has also signed 15 new retailers to the property, making Avalon’s retail component 97 percent pre-leased. The new retailers joining Avalon’s tenant roster include J. Crew, Crate & Barrel, Calypso St. Barth, Bantu, LensCrafters, BCBG, Sunglass Hut, Road Runner Sports, Soft Surroundings, J. Jill, Goldberg’s Deli, J. McLaughlin, Boston Proper, Lou & Grey and Columbia Sportswear. Avalon is set to open to the public on Oct. 30.
MONTGOMERY, ALA. — The Shopping Center Group has arranged the sale of two retail centers in Montgomery totaling $14.4 million. Atlanta-based Monarch Investments purchased both the 165,114-square-foot Promenade Montgomery and the 43,500-square-foot Promenade Montgomery North. The two assets are located approximately 1,000 feet from one another. Kathy Dennis of The Shopping Center Group represented the seller, New York-based Garrison Investment Group, in the transaction. The Shopping Center Group will continue to lease the two retail centers on behalf of Monarch Investments.
CHARLESTON, S.C. — The Mumford Co. has brokered the sale of the 107-room Homewood Suites-Mt. Pleasant located on the Isle of Palms Connector at Seaside Farms in Charleston. Rupa LLC purchased the hotel from The Suites at Seaside LLC, the hotel’s developer, for an undisclosed price. Rupa has retained Chattanooga, Tenn.-based Vision Hotel Group to manage the asset and oversee the property’s renovation. David Mumford of The Mumford Co. represented the seller in the transaction.
CHARLESTON, S.C. — HREC Investment Advisors has arranged the sale of the 289-room InnPlace Hotel in Charleston. The hotel was formerly a Sheraton Charleston Airport Hotel. Monty Levy, Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller, an affiliate of LNR Partners LLC, in the transaction.
ROCKVILLE, MD. — New Boston Fund Inc. has inked two leases for office space totaling 11,944 square feet at Building III of the Johns Hopkins University Montgomery County Campus in Rockville. Pediatric Nursing Certification Board leased 6,387 square feet and Cato Research leased 5,557 square feet at the property. Danny Sheridan and Morgan Sullivan of JLL represented New Boston Fund in the lease transaction. Andrew Genova of West, Lane & Schlager Realty Advisors represented the Pediatric Nursing Certification Board, and Matt Brady of Scheer Partners Inc. represented Cato Research.
KENNER, LA. — Marcus & Millichap has brokered the $55 million sale of a 174,522-square-foot Home Depot located at 2625 Veterans Blvd. in Kenner. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented the buyer, Kleban Holdings, in the transaction. William Hoffpauir of Marcus & Millichap is the firm’s broker of record for Louisiana. Eric Carlton of Colliers International listed the property.
ATLANTA — McCarthy Building Cos has broken ground on Grady Health System’s new 90,224-square-foot, five-story emergency tower located north of the Grady Hospital’s main campus. The project, estimated to cost $52.7 million, will also include the renovation of 77,599 square feet of existing space. The tower will include an intake area, public entrance, waiting area, 35 exam rooms, two resuscitation rooms and a staff support area. McCarthy expects to finish construction in 2016. Charlotte-based Freeman White Inc. is the project architect.
BALTIMORE CITY, MD. — Atlantic Realty Cos. has purchased Alameda Marketplace, a 113,000-square-foot shopping center located at 5600-5658 The Alameda in Baltimore City, for approximately $11.3 million. Atlantic Realty purchased the property from Continental Realty Corp. The asset was 95 percent leased at the time of sale to Stop Shop Save, Rite-Aid, Family Dollar, Goodwill, Bank of America, Rainbow and Rent-A-Center. Gil Neuman led The Greysteel Co. team in representing the seller and procuring the buyer.
NEWPORT NEWS, VA. — Blue Sage Ventures has sold the Maritime Square office building, a 135,103-square-foot property in Newport News, for $8.6 million. An affiliate of The Simpson Organization purchased the asset, which is located at 2600 Washington Ave. in downtown Newport News. The asset was 72 percent leased at the time of the sale. Eric Robinson and Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller in the transaction.