Monthly Archives: August 2014
The Wal-Mart-anchored North Main Market in Summerville has sold from a Charlotte developer, Childress Klein, to a Charlotte investor, Ferncroft at about $51/SF. (No article). Compare that to what ARC just paid for Northwoods Marketplace at $182/SF, though North Main’s new owner is planning a needed renovation. Hmmmm.
Office Depot is relocating in Westwood Plaza, adjacent to Barnes & Noble. That leaves two big box vacancies in the center including the former Marshall’s, but no worries as its all intentional and in light of overall retail trends (like the office supply stores figuring out their niches); the owner is very smart and has big(ger) plans and we suspect a new box to take those will be announced in the near future. Abigail Darlington of The Post and Courier has the announcement of Office Depot’s “new” and smaller store opening in mid-September.
Chipotle will open in December its second area restaurant directly across from its nemesis, Moe’s, at King and Calhoun Streets downtown. Walgreens is part of the development, too, along with Carolina Ale House that will include a rooftop bar. Abigail Darlington of The Post and Courier has the announcement.
Northwoods Marketplace, the old style “power center” on Rivers Avenue in N CHS has sold to a NY investment fund, ARC, at $35.0M from RCG Ventures, the Atlanta value-add investor. Value-add they did as they more than doubled their investment in their 3.5-year hold. Tenants at Northwoods Marketplace include Best Buy, Barnes & Noble, Big Lots and shadow-anchored by a Rooms To Go out front. RCG’s financial partner was a NY institutional investor. No article/link.
The re-zoning of Boeing’s “Aerospace Campus” adjacent to the CHS airport, will go in front of the North CHS City Council on Thursday nite for hopeful final approval. Boeing is asking for a planned unit development district that will allow it greater flexibility for its planned needs. In all, about 466 acres are part of the re-zoning; 80 acres would be for manufacturing, 182 acres for automobile parking, 126 acres for aircraft parking/maneuvering, and the remainder for office space and stormwater detention. Boeing has announced a dual-bay painting hangar for 787 Dreamliners that will open in 2016. It has not announced, yet, what else they have planned for the site. Whatever it is, it will be BIG. The Post and Courier’s Grapevine has the story.
A Singapore customer, BOC Aviation, has placed an order for $8.8B for 82 aircraft, mostly 737MAX 8’s. Warren Wise of The Post and Courier has the story.
Ruth’s Chris, the steakhouse chain, and their planned November opening in downtown CHS at the French Quarter Inn at 166 Church Street has been pushed back to late January. Warren Wise has the article in The Post and Courier.
Innovative Machining Technology, a manufacturer of components for gas turbines, nuclear plants and hydrogen generators worldwide is investing about $7.8M in a warehouse in Summerville at 245 Deming Way. They plan to hire about 45 new employees. John McDermott of The Post and Courier has the story here.
Following a trend of the big banks, community banks are figuring out what branches ought to look like goring forward. Charleston-based CresCom just opened their newest location in Cane Bay in Berkeley County and it looks very different than your mother’s bank. First, it is 1,200 SF, vs. a traditional bank branch of 4,000-6,000 SF. Electronic transactions, direct deposit, smartphones, ATMs, video tellers, and, well, paperless technology is playing a greater role, too. John McDermott has a great article on what banks looked like then and now, and in the future. Our little insight is branches will be reduced by 50% to maybe 80% in 10 to 20 years; at least thats what experts are predicting as the big banks are selling off (and leasing back) their branches in bulk instead of owning them.
DuPont has plenty of land for its future in Berkeley County and has decided to sell off about 305 acres adjacent to its chemical plant. The land is zoned heavy industrial, includes dock accessibility and has access to a CSX rail line. DuPont makes bullet-resistant vests and other product there. They are in the permitting process for wetlands approval before marketing it. Warren Wise has the story for The Post and Courier.