BMW’s Upstate manufacturing plant produced BMW #3,500,000, in the midst of expanding the plant to capacity of some 450,000 annual vehicles as they plan a new X7 model. They made 400,904 vehicles in 2015, making it the largest BMW plant in the world, producing 1,400 SUVs a day, and the biggest U.S. auto exporter. Some 70% of the SUVs are exported thru the Port of CHS’ Columbus Street Terminal to 140 markets worldwide. John McDermott of The Post and Courier has the article here.
Lowes Foods out of NC (and no relation to the other Lowe’s) is planning its first CHS area store in Mount Pleasant at Hwy 41 and Wood Park Drive, near the Rivertowne subdivision entrance and directly across from a Harris Teeter. John McDermott of The Post and Courier has the story here.
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.
The Great Northwest and The Lowcountry are now connected with the first non-stop service between the Seattle on the West Coast and CHS with 3x a week service beginning in November. John McDermott of The Post and Courier has the story here.
Phillips Edison, a large non-traded REIT out of Cincinnati, paid about $32M for the 324k SF Wal-Mart anchored North Pointe Plaza on Rivers Avenue at Ashley Phosphate Road. Other anchors include Petco, Subway, Sally Beauty and Pizza Hut. John McDermott has the story here for The Post and Courier.
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.
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.
A VA-based couple has paid a record $7.72M for a single-family home on the Battery downtown, eclipsing the highest price ever paid in Charleston. The house is known as The Colonel John Ashe House at 32 South Battery. The buyers are James and Augustine Smith of Roanoke, VA, developers of senior housing with an expanding footprint in the Lowcountry, so an affiliate of the Smiths bought an office building at 34 Broad St recently, too. John McDermott and Warren Wise have the story here for The Post and Courier.
National Retail Properties out of Orlando recently paid $3.1M for the real estate at 8155 Rivers Ave., where Camping World RV sales operates in what was a former Lowe’s. NRP acquires NNN assets nationally and does sale-leasebacks to operators like Camping World. John McDermott has the story here for The Post and Courier.
Chicago area-based CenterPoint Properties purchased a 305k SF warehouse at 1020 North Pointe Blvd. in Hanahan from local (and Chicago-based) investor JLWoode for about $21.4M or $70/SF. It is fully leased to single tenant SAIC, a contractor at SPAWAR. John McDermott has the story here for The Post and Courier.