Monthly Archives: February 2016
Strange bedfellows? Whole Foods have finally put rumors to rest and officially selected the site for its 2nd CHS location – this one on Savannah Hwy in West Ashley and next to the Doschers IGA Supermarket. A modern Harris Teeter is just down the street in West Ashley, but this Whole Foods will be a major catalyst to those undiscovered and overlooked retail centers and retailer in the West Ashley neighborhood, an infill location with high incomes and high traffic along Savannah Hwy. Whole Foods only other CHS location is in Mount Pleasant. The West Ashley location will open in 2017. The Post and Courier’s Warren Wise has the article here.
Publix is now its own landlord in Daniel Island. They bought the Daniel Island Town Center at 162 Seven Farms Drive for about $13.825M, or about $200/SF. The article, from Warren Wise of The Post and Courier, mentions that the seller paid $8.5M back in 2010; actually, Aetna Life Insurance foreclosed on the developer for the note of that same amount.
With about $2B (BILLION) in cash, Publix is on a Southeast buying spree on behalf of its own employee pension fund, where they have bought dozens of well-located long-term strategic centers over the past 5 years to pay themselves rent but also control their own destiny in terms of store expansions, renovations and hand-selecting tenants to join them (instead of compete with them). We at Colliers sold them one in Jacksonville Beach FL at what is believed to be the lowest cap rate ever paid for a stabilized Publix center.
The Morris Sokol furniture store and underlying site located at 510 King Street and a vacant site fronting Reid and Woolfe Streets all sold to an investment group at $22.5M. Plans for re-development are unclear for the site, but a later article suggests “mixed-use that could feature office, retail, hotel mutli-family and parking”; that should just about cover it. Warren Wise of The Post and Courier has the sale announcement here.
According to the US Bureau of Labor Statistics, the tri-county CHS economy created 9,900 jobs in the past 12 months (Dec. 2014-Nov. 2015) or a solid (and sustainable) 3.0% growth. The biggest winner was Leisure and Hospitality gaining 10.2% followed by Education and Health Services, up 7.0%. Losers were Information at -1.9% (but by far the smallest employment sector accounting for only 5,300 jobs total) and Financial Activities, down 1.5%, also a very small employment category in the region. As you can see below, the CHS job engine exceeded that of the nation every month last year, followed by a breakdown of total jobs and growth for each over the past 12 months (comparing Nov. 2014 to Nov. 2015).