Monthly Archives: April 2015
East Central Lofts, a development of 72 micro units that opened in 2013, has sold to a joint venture that includes Federal Capital Partners, the firm that is also re-developing the Cigar Factory also downtown. They paid $12.4M for East Central Lofts, or about $172k/u including excess land where they plan more apartments and some ground level retail. Warren Wise has the announcement for The Post and Courier.
East-West Partners has broken ground on Tides IV, the 54-unit luxury condo building at the foot of the Ravenel Bridge in Mount Pleasant. 13 of the units have been pre-sold at a reported average price of $930k including a penthouse at $2.2M. Warren Wise of The Post and Courier has the brief story.
URS Capital Partners out of New York has bought another apartment community, this one Palmetto Point, now known as Oasis at West Ashley, at 1751 Dogwood Road, for $60k/unit and plans to spend another $2M to renovate it. Warren Wise of The Post and Courier has the announcement.
Wok Box Fresh Asian Kitchen out of Vancouver will open its first CHS area restaurant in Azalea Square in Summerville in July and plans five more units over the next few years, including a store in N CHS by year end. Warren Wise of The Post and Courier has the announcement, along with another tenant (King Street Grille) out at Citadel Mall, a new mattress store in Summerville and a new Italian restaurant in West Ashley.
Warren Wise of The Post and Courier reports on the spikes in the CHS housing market, with prices up 9.8% in February 2015 as compared to February 2014. Nationally, prices were up 5.6% year-over-year.
CFA has opened at 601 N. Highway 52 in Moncks Corner. Warren Wise of The Post and Courier has the announcement.
A Virginia-based firm, Rushmark Properties, with ties to CHS that includes a flex park near the airport and a downtown office building has bought a 36-acre tract of land at I-526 and Dorchester Road that once intended to be the CARTA (and Amtrak) transportation hub. John McDermott of The Post and Courier has the announcement.
David Wren of The Post and Courier has an article about a permit application for a 575-acre manufacturing and production facility that would create 4k jobs over the next decade in MeadWestvaco’s Camp Hall Commerce Park in Ridgevile up I-26 from Summerville. Rumor and a little bit of speculation and splicing of some Greek mythological words (see the article) suggest it might be Volvo Cars that said last month it is looking to build a $500M manufacturing plant in the U.S., a list of locations that has now been shortlisted and is said to include South Carolina and Georgia as front-runners.
After five years of searching for a site downtown, Ruth’s Chris Steak House will open Memorial Day weekend at 166 Church Street downtown. Warren Wise has the announcement along with a few other retailer/restaurants around town:
- CHS Farmers Market returns on Saturday mornings at Marion Square thru November.
- Whole Foods unveils is newly remodeled store in Mount Pleasant on April 7th.
- Palmetto Moon is opening its 10th store, and first outside the state, at the new Tanger Outlets in Pooler/Savannah along I-95.
- Family Dollar is opening a new store in Moncks Corner, developed by our friends at Twin Rivers.
- Kiawah Fine Jewelry will open a 1,200 SF store in the HarrisTeeter center at Houston Northcutt Blvd in Mount Pleasant.
- Two new retailers are coming to Elan Midtown, King of Pops and a wine shop.
Warren Wise of The Post and Courier has an article on the release of The Apt Index semi-annual market survey and report on the CHS market, one of 21 markets they survey. CHS’ apartment rents, at an average of $976/month are the third highest of the markets they track, behind only Tallahassee and Orlando, but ahead of Charlotte ($938), Raleigh ($946) and Nashville ($955); Atlanta is not part of their survey. The current vacancy in CHS is about 6.7%, ranking 11th, or about the middle of the pack, led by Asheville (2.8%) and Orlando (4.6%). More importantly, Apt Index’ Market Rank, which combines occupancy, employment growth, development pipeline, demand and rent growth, ranks CHS as #9, surely because of its relatively large development pipeline, currently with about 3,700 apartment units under construction, the highest ever recorded for CHS in Apt Index history of surveys here. The majority of those new units remain in Mount Pleasant, as has been the case for the past three semi-annual surveys. Not in the article, but further analysis of the Apt Index report reveals some temporary softness in occupancy, but overall some very strong fundamentals –
- 5.4% same store rent growth (12 mos) to now $976/mo or $.998/sf
- Occupancy softened a little to 6.7% in light of about 930 more units added, and net absorption of 443
- Occupancy softened across the board, with 1s, 2s, and 3s all up slightly
- Rents up across the board, up slightly for 1s, more for 2s and even more for 3s (up 3.3% for 6 months)
- Strong job growth of 4,700 jobs over the past year
- Unemployment at 5.4%
- Job growth announcements from Mercedes Benz (1,300), Moneypenney (40), and APAC Customer Services (200).
- Strong housing market with an average home priced at $215k, or 6.3% more than Feb 2014; from a locals’ perspective, most of those new homes would be in the suburbs and a longer commute in than the existing apartment stock, emphasizing the delta between ownership benefits and convenience.