Category Archives: Commercial Real Estate
All things Commercial Real Estate
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 email@example.com
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 former Holiday Inn adjacent to the Tanger Outlets in N CHS has been re-flagged to a DoubleTree by Hilton after a $4M renovation. It is owned by Lowcountry Hotels which also owns the Hilton Garden Inn at Tanger, along with the Ansonborough Inn downtown and is developing a Staybridge Suites in Mount Pleasant. Allison Prang has the story here for The Post and Courier.
Cabela’s, the Nebraska-based outdoor sporting goods store, canceled its contract to build a store in the Nexton development in Summerville along I-26. No reason was given, but recent openings of Gander Mountain in N CHS, Field & Stream at Tanger Outlets (in N CHS), and the planned Bass Pro Shops in Ingleside, also in N CHS, may have played a role in Cabela’s decision. The Post and Courier’s Warren Wise has the story, along with other retailer announcements and openings.
The N CHS hotel that was the Marriott three decades ago will undergo an extensive renovation and re-open as a new(er) Marriott this summer. JHM Hotels out of Greenville bought the hotel that later became a Hilton and most recently a Sheraton and currently the independent Charleston Plaza, bought the property for about $5.9M in mid 2014. JHM also owns the Marriott and the Courtyard by Marriott, both downtown. The Post and Courier’s Allison Prang has the story here.
An institution in downtown CHS since the late 1800s is looking to be re-developed from a hardware store, lumber sheds and an equipment rental business into a major mixed-use development. Hughes Lumber submitted plans to the city to build a 600-space parking deck that could be tied into a major retailer taking the now closed Morris Sokol store that would also be re-developed, possibly into a mini-big box. Warren Wise has the story here for The Post and Courier.
The region’s first Wal-Mart Neighborhood Market, which opened in June, was sold to a family trust out of California at a reported $12.8M. The Post and Courier’s John McDermott has the announcement.
Ranked 38th in the world by Conde Nast Traveler’s Reader’s Choice Awards, the newly expanded Restoration on King is set to open, adding 34 rooms. Allison Prang has the announcement here for The Post and Courier.
Developer Avtex Commercial has submitted plans for a Lowe’s Home Improvement store in the Market at Oakland shopping center in north Mount Pleasant, just north of the Blackbeard’s Cove Family Fun Park, across from Park West and just north of Hwy 41. An Aldi grocery store is also planned for the site that was once being considered for a new Academy Sports. Warren Wise has the story here for The Post and Courier.
HarrisTeeter, now a unit of The Kroger Co., opened at 1739 Maybank Highway on James Island, one of seven stores it acquired from Piggly Wiggly in 2013. The 43k SF store is the 6th in the CHS region. Warren Wise has the announcement for The Post and Courier along with other retail stories.