Monthly Archives: September 2014
The Publix-anchored Palmetto Pavillion retail center sold to Phillips Edison Co for about $11.775M or about $178/SF, according to Real Capital Analytics. No article.
In another significant job growth announcement, Boeing announced it will create 300-400 jobs in N CHS as it leased a 104k SF warehouse building in Palmetto Commerce Park for a new research center. It will be called its Research & Technology Center-South Carolina; Boeing also houses its interior cabins manufacturing plant and its new 737MAX jet engine parts plant in Palmetto Commerce Park. The new jobs are part of the previously announced 2,000 jobs and $1B investment it announced in mid 2013. Boeing now employs about 7,500 employees locally at its massive plant adjacent to the airport, or in Palmetto Commerce Park and at office buildings at Faber Center off Leeds/I-526. It also bought an office park off of International Drive where SCRA is now but will re-locate in October 2014 as Boeing is expected to raze that building for its planned expansion of the 787Dreamliner manufacturing/assembly plant. Warren Wise of The Post and Courier has the announcement of Boeing’s new R&D space in Palmetto Commerce Park here.
Kimco Realty, the New York REIT that owns Westwood Plaza, is planning for a grocer to take the boxes vacated by Marshall’s and as Office Depot re-locates to a smaller store within the center. With that unnamed grocer taking the 50k remaining, Kimco will also renovate the center. Any bettors picking the grocer not being one that starts with a
“P” ? Abigail Darlington has the brief quasi-announcement for The Post and Courier.
Agro Merchants Group, an Atlanta based cold storage distributor, has opened a 121,000 SF facility in the former Piggly Wiggly distribution center in Summerville, doubling the amount of cold-storage space available in the CHS market. That will help CHS compete better in the cold-storage cargo market; last year CHS had a 9% market share while Savannah had a 28% market share. One other cold-storage facility is under construction – New Orleans Cold Storage facility on Remount Road in N CHS, and Lineage Logistics has revived a stalled plan to build a 340,000 SF refrigerated warehouse in Palmetto Commerce Park. Abigail Darlington of The Post and Courier has the update.
The Post and Courier’s Warren Wise brings us an update on the midway point of the $189M renovation and expansion of CHS.
David Slade of The Post and Courier has an article on some crazy rents tenants are paying in CHS to be in great locations, following some comments on a developers comments on “ridiculous rents” being paid. At these rents, why don’t they just buy a house or a condo? Its a combination of strong job growth, a lot (A LOT) of money in CHS, and a trifecta of other influences like tourism, a rebounding economy and gen x’ers who simply don’t want to own – or certainly cannot afford to in the location where they can rent. Add to that a dramatic number of young adults that use their apartment also as their office space, and its a great weekend place for the 1%’ers (ok 3% ers) around the Southeast who just want a weekend place in CHS. Anyway, $1,500 for a 1BR unit or $2,000-2,500 for a 2BR apartment and $3,000 for a 3BR are not unheard of, and more, well a few, are still to come…
With somewhat of a local cult following, Pigg closed 28 stores about a year ago, replaced mostly by Bi-Los and a few Harris Teeters. Does anyone miss them? Find out in Abigail Darlington’s article in the Post and Courier.
John McDermott of The Post and Courier provides an update from Jim Newsome of the State Ports Authority of the transition of SPA to bigger ships and the required investment to handle those ships in an effort for CHS to remain a top ten container port in the U.S.
Nexton Developer, MWV/Rockefeller Group, See Green With The Future With Electric Cars and $1/Day Commutes
Andy Owens of The Charleston Regional Business Journal brings us a story on Nexton, and MWV’s master planned development and their office building with The Rockefeller Group’s and its plans to truly be America’s next great city, with electric charging stations to charge cars and and the amazing $1/day commute. MWV has great plans for Nexton as well as its other developments around CHS to be connected and allow technology to be a game changer for its residents and office and warehouse users alike.
The Cigar Factory has signed leases with six more tenants for 22,000 SF, taking the building to about 35% pre-leased with construction expected to be finished next summer. Liz Segrist of The Charleston Regional Business Journal has the story and announcements on leasing from a variety of office, professional, and service-related firms.