Monthly Archives: March 2016
Wal-Mart wants to expand (and maybe especially re-locate) its grocery store in the Wal-Mart at Wando Crossing in Mount Pleasant. They want to expand by 61k SF on some excess land and add/expand/re-locate the grocery store that is in the back of the existing store; the re-located grocery section would be to the side, similar to other Wal-Marts. Warren Wise has the article here for The Post and Courier.
David Wren of The Post and Courier reports that CHS-HQ’d Call Experts, a telephone answering service with operations also in Atlanta, Charlotte and NJ, is expanding and will add some 310 jobs over the next five years, quadrupling its CHS workforce of 96 employees.
Sales of investment properties in the CHS region – apartments, office buildings, shopping centers and the like – exceeded $1 BILLION for the first time ever in 2015. A few highlights from our Colliers Year-End 2015 Investment Sales report:
- Multi-family led the way with over $520M in sales volume, an average price per door of $114k, with newer class A communities often exceeding $200k/unit
- Sales of shopping centers were next at $131M in 2015, averaging $133/SF, led by the Wal-Mart anchored North Pointe Plaza in N CHS at $32M, and Shoppes at Centre Pointe at $16.5M then West Ashley Shoppes at $15.5M
- Office buildings totaled $123M and averaged $214/SF; the largest building sale, at $28.4M, was that of Parkshore in West Ashley but it was to a user, MUSC. The biggest investment sale was that of 3955 Faber Place to a NY-based advisor at $13M or about $200/SF
Read all about it in our Colliers Year-End 2015 report. You can request yours by pinging me at firstname.lastname@example.org
Phillips Edison, a private REIT out of Cincinnati, has purchased an additional site adjacent to a center it bought back in September from DDR. The new purchase was for about $4.9M for the adjacent 4.4 acres and a 50k SF building that houses AC Moore and DollarTree, adjacent to the Wal-Mart-anchored North Pointe Plaza that it paid $31.9M a few months ago. John McDermott of The Post and Courier has the brief article here.
Bi-Lo is closing its 39k SF Remount Road store, just west of Rhett Avenue in N CHS. The company says they have no plans to close any of its other 16 remaining stores in the region. Warren Wise has the announcement here for The Post and Courier.
Lat Purser & Associates, the very experienced Charlotte developer, has proposed a $5M renovation of the very tired Ashley Oaks Plaza shopping center at Ashley River Road and Wappoo Road in West Ashley. With a larger private equity fund partner, they bought the center for about $5.5M back in November. Colliers own John Orr and Elyse Chubb Welch were selected to lease the center back to the 21st century. Warren Wise of The Post and Courier has the article here.
The Post and Courier’s Allison Prang offers a timely article on a big slug of potential hotel room inventory looming of some 760 rooms. Too many? The city will study supply and demand as the city considers a moratorium on new zoning applications through the rest of 2016…
Two downtown CHS hotels – The Restoration and The Gadsden House – are among the nation’s top 100 hottest newcomers of The Venue Report, a website oriented to wedding and event planners. Allison Prang of The Post and Courier has the brief article here.
CHS International Airport is almost finished with its $200M makeover with two refurbished gates now open and three more to be delivered by the end of March. Warren Wise of The Post and Courier has the story here.
A rail line to connect the Port of CHS to an intermodal facility in Charlotte has been announced to start this week for overnight service between CHS and Spartanburg then Charlotte’s international airport. This connection “builds on the existing, high-speed intermodal network” between CHS and the South Carolina Port Authority’s inland port in Greer. The Greer inland port opened in 2013 and is capable of 50k rail lifts (to trucks) per year while the Charlotte facility debuted in 2014 and has a capacity of 200k rail lifts per annum. SPA also is building a rail-to-truck facility at the new container port that will open in N CHS in 2020, where CSX and Norfolk-Southern will both offer rail service. David Wren of The Post and Courier has the story here.