Monthly Archives: September 2015
Volvo broke ground on their $500M manufacturing plant that will eventually employ some 4,000 workers. It is Volvo’s first plant in the U.S. as the company seeks to double its share of sales in North America. The Post and Courier and Associated Press have the announcement here.
BJ’s Club will open a new 87k SF store in late 2016, behind the Wal-Mart at N. Main Street and I-26 in Summerville. It will be the only BJ’s in SC; the nearest one is in Charlotte. Construction is expected to start in December. Warren Wise has the mention here in a retail-focused article for The Post and Courier that includes:
- a new type of clothing consignment shop that is coming to Promenade at Northwoods in N CHS
- a new boat dealership that is replacing an antique store on Savannah Highway
- Fleet Feet Sports coming (also) to Summerville
- This Time Fitness and a new MOD Pizza both taking retail shop space in West Ashley
Led by three sales totaling $39.15M, Kiawah Island Real Estate reports sales for the first eight months of 2015 are $190M, up 24% over the same period last year ($153M). YTD contracts have totaled $239M (162 deals) vs $180M (139 deals) last year thru August. There were $20M in sales in August alone. Warren Wise has the article here for The Post and Courier.
The Post and Courier’s Allison Prang reports on a proposed 100-room hotel across from the SC Aquarium near Calhoun and Concord Streets that will open in 2017. The 5-story brick building will be called The Calhoun Hotel, part of Starwood Hotel’s new Tribute Portfolio. The developer is Ohio-based RockBridge LLC that bought the site earlier this year for $5.75M and is part of the 10-acre Gadsdenboro Park, formerly known as Concord Park that includes the existing 25 Calhoun Street office building, residential condominiums, senior housing and a hotel use.
Gramling Brothers Real Estate & Development is planning to re-develop the architectural “embarassment” of a 1970s suburban branch bank and exchange it for a 4-story office building at the corner of Meeting and Calhoun Streets across from Marion Square. They bought the site, at 317 Meeting Street, for $3.5M earlier in 2015. Their plans call for what appears to be about a 50k SF office building; unfortunately, much-needed parking for office tenants does not appear to be part of the plans submitted to the city. See the article here by John McDermott of The Post and Courier.
Warren Wise of The Post and Courier reports CHS’ next grocery store addition opens next week in Summerville with a new 23k SF EarthFare. It is EarthFare’s second area store and the 39th in its chain. The center, Summerville Marketplace, will also include a new 12k SF Petco that opens next week, too, followed by Dunkin’ Donuts, Mattress Pro, Crust Pizza, Tijuana Flats and Lee Nails that should all be open by Thanksgiving. Notable mention: John Orr, CCIM, of Colliers International’s Charleston office negotiated the EarthFare lease on behalf of landlord/developer Gramling Brothers.
Later this week, Nordstrom Rack will open its first store in the Lowcountry, joining the recently opened Dick’s Sporting Goods and DSW Shoes in the former KMart at Bowman Road and U.S. 17 in Mount Pleasant. Warren Wise of The Post and Courier has the announcement.
The $80M Midtown mixed-use development at King and Spring Streets that includes some 443k SF of space within two hotels, an 8-level parking deck, plus retail, restaurants and offices will open late this month. Warren Wise has the latest here for The Post and Courier.
Out-of-town investors continue to target CHS and especially the nationally-acclaimed King Street, with recent transactions including:
- 292 King Street (with its ground floor vacancy) sold at about $2.3M, or a record $1,221/SF to a New York investor that also owns 269 King (Gap) and 289 King (Bebe) and 285 King (USC’s former retail store);
- 359 King Street (Williams-Sonoma and a law firm on the 2nd floor and Clemson University on the top floor) sold at $6.275M ($448/SF) to Myrtle Beach-based Burroughs & Chapin Co.
Sentinel Real Estate, which paid a record $214k/u for some apartments in Mount Pleasant, has bought the fully leased, 62.6k SF three-story office building at 3955 Faber Place in Lower N CHS for $13.05M or about $208/SF. John McDermott of The Post and Courier has the article here.