NAI Earle Furman, LLC

NAI Earle Furman, LLC
Newsletter
In this Issue
Healthcare Division News
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Industrial Division News
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Office Division News
p4
Retail Division News
p5
Investment Services
Group News
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Multifamily Division News
p7
Community Involvement
p8
Property Management
News
p9
About Us
p 10
December
2012
UPSTATE, SC MARKET REPORTS - NOW AVAILABLE!
CLICK HERE TO VIEW THE COMPLETE REPORTS
The slow and steady recovery the first half of 2012 enjoyed continued through
the third quarter. The Upstate office market ended the quarter with a vacancy rate
of 9.1%, a decrease from 9.6% in the previous quarter. The downward pressure
on vacancy rates is a product of the continued net absorption of square footage
in the office market. The third quarter enjoyed an absorption of 152,589 SF. The
net absorption for the Greenville Central Business District was positive 76,751 SF,
while the suburban areas also had a positive net absorption of 107,763 SF this
quarter. There was 178,624 SF of office space under construction at the end of this
quarter. The majority of this is represented by ONE Greenville, 175,000 SF building
located in the heart of Greenville’s downtown. 83% of this project is preleased.
2012’s positive retail trends continued through the third quarter in the Upstate
market. Vacancy rates dropped slightly to 6.8%, as rental rates continue to
drop. Average rental rates for this quarter were at $9.46/SF. Net absorption was
moderate with over 137,000 SF coming off the market. Notable large retail boxes
going vacant during this quarter are Toys-R-Us in Spartanburg, and Food Lion
vacating multiple stores in this area. New large retail leases during the quarter
include Wal-Mart occupying Greer Plaza, Christmas Tree Shops at the Shoppes of
Plaza Green, and GB Shoe moving into new space on Blackstock Road in
Spartanburg. At Easley Town Center, Academy Sports opened a 61,000 SF
store, Sam’s Club announced a 136,000 SF new store to open in 2013, along
with Marshalls and Tractor Supply opening soon. On Woodruff Road, Magnolia
Park has announced a Dave and Busters, as well as the relocation of Toys-R-Us
and Babies-R-Us to their site from Haywood Road. Downtown Greenville retail
remains vibrant with multiple new restaurants and retailers opening this quarter.
The One project and NOMA on the north end of Downtown will offer new retail
space to this market. Looking forward, retail rates should come up as supply of
second generation space is reduced. This will eventually lead to increased retail
construction.
The Upstate industrial market continues to see solid demand as vacancies
decrease to 9.6% in the third quarter. Year to date sales activity has almost
doubled, year over year, in volume and total value. The market also saw major
leases signed this year with CEVA Logistics leasing 1,164,000 SF in Laurens,
Sunland Distribution moving into 432,000 SF in Greenville and a 300,000 SF
deal signed by Perrigo Company in Spartanburg. If positive absorption and rental
rates continue to increase in many areas, we anticipate the appearance of new
Class A product coming to the market. In order to continue hearing positive news,
it’s essential that we can compete with alternative markets such as Atlanta or
Charlotte. The availability of quality space will be a crucial element in continuing to
attract new business to the Upstate. (complete overview available on PDF version)
Committed to the Upstate. Connected to the World.
1
Healthcare Division News
MEDICAL OR OFFICE USE
290 ENTERPRISE BLVD.
EASLEY SC
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Our experts know that medical providers have unique real
estate needs. That’s why we have a division and website
dedicated solely to real estate as it applies to healthcare,
medicine, and your business. Visit us online today:
EarleFurmanHealthcare.com
±6,050 SF Office Building
±1.99 Acres
Excellent Location Convenient to Hwy 81,
Hwy 153 and I-85
Floor Plan Available Upon Request
Sale Price: $810,000.00
Lease Rate: $12/SF/NNN
Contact Information:
David Feild, CCIM
Tyson Smoak
tel: 864 232 9040
email: [email protected]
RECENT HEALTHCARE DIVISION TRANSACTIONS
South Carolina: David Feild, CCIM and Tyson Smoak represented the buyer in purchasing a 1.2 acre parcel in Anderson that will be
developed for a dentist and podiatrist. They also represented the seller in selling a pad site at Halton Village in Greenville that will be
developed for a local Ear, Nose and Throat practice.
Feild and Smoak also represented Labsource in leasing 7,000 SF at Park Central
office park and BonaDent Dental Laboratories in leasing 7,500 SF at 2,000
Wade Hampton Blvd. in Greenville. Stuart Wyeth, also of the Healthcare Division,
represented the landlord in both transactions.
2000 Wade Hampton Blvd.
Committed to the Upstate. Connected to the World.
2
Industrial Division News
NAI EARLE FURMAN BROKERS SEVERAL LARGE INDUSTRIAL TRANSACTIONS
Mike Greer & John Baldwin represented the landlord of 2425 Rutherford Rd. (Greenville) in leasing a 187,543 SF industrial
space to International Cotton Depots. Greer and Baldwin also represented Sunbelt Warehouse Corp, LLC in leasing
194,594 SF of industrial space from T. Walter Brashier Revocable Trust. The property is located at at the intersection of
W. Phillips Rd. and Twin Magnolia Dr. in Greer. The team also represented Sustainable Solutions 35, LLC in leasing two
10,000 SF office/warehouse facilities located at 356 and 360 West Phillips Road just off the Highway 14/I-85 interchange.
FEATURED PROPERTY
Contact Information: Grice Hunt & Ford Borders, SIOR
tel: 864 678 5935
email: [email protected]
101 HARRISON BRIDGE ROAD SIMPSONVILLE
Warehouse/Distribution Facility
Property Details
• ±77,500 SF For Lease
• ±1,200 SF Office
• Air Conditioned
• Ceiling Heights:
• 19’ @ Eave
• 26’ @ Center
• 7 Dock Doors (8’x10’)
• 1 Drive-In Door (12’x10’)
• Tilt-Up Concrete Construction
• Column Spacing: 30x40
• 30 Parking Spaces
• 1/2 mile from I-385
• Located at Intersection of I-385 & Harrison Bridge Road
RECENT TRANSACTIONS
Greer, South Carolina: Glenn Batson of NAI Earle Furman represented BatteriesPlus in purchasing a 6,000 SF industrial property
at 20 Freedom Pond Rd. Batson also represented BatteriesPlus in purchasing 18 Freedom Pond Rd., a 0.72-acre adjacent land
property.
Williamston, South Carolina: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the seller of 991
Sandy Ln. in selling a 10,000 SF warehouse space on 8.2 acres.
Duncan, South Carolina: Glenn Batson of NAI Earle Furman represented the landlord of 518 Robin Lake Rd. in leasing an 8,400 SF
industrial space to Huntington Foam.
Matthews, North Carolina: Peter Couchell, CCIM of NAI Earle Furman represented Snug Seat, Inc. in leasing a 25,000 SF industrial
space at 12801 E. Independence Blvd. and an 11,700 SF industrial space at 12815-B E. Independence Blvd.
Committed to the Upstate. Connected to the World.
3
Office Division
Group News
News
FEATURED OFFICE PROPERTIES
209 W. STONE AVE.
Downtown Greenville
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±13,105 SF Office Building
Building Has Private Parking Lot
Can be a Multi Tenant Building
Elevator
Break Area with Covered Back
Porch
• Zoned OD in the City of Greenville
• Beautiful Landscaping
Contact Information:
Tyson Smoak & David Feild
tel: 864 678 5924
email: [email protected]
172 E. MAIN ST.
Downtown Spartanburg
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±18,900 SF Office Building
Second floor: ±6,300 SF
Third floor: ±6,300 SF
Large breakroom & kitchen,
storage, large conference
room and reception
• Located in Downtown
Spartanburg
Contact Information:
Stuart Wyeth
tel: 864 678 5929
email: [email protected]
RECENT TRANSACTIONS
Greenville, South Carolina: David Feild, CCIM and Tyson Smoak of NAI Earle Furman represented the landlord of 511 Rhett St.
(The Old Cotton Warehouse) in Greenville’s West End in leasing a 2,193 SF office space to InvestiNet, LLC. Feild and Smoak also
represented the landlord of 105 N. Spring St. in leasing a 2,070 SF office space to Resort Custom Homes, LLC.
Greenville, South Carolina: Keith Jones, CCIM and Scott Jones, SIOR of NAI Earle Furman represented the landlord of 1615 Wade
Hampton Blvd., Suite A in leasing a 2,050 SF office space to Stair & Co., CPA, PA.
Anderson, South Carolina: Tim Roller and John Powell, CCIM of NAI Earle Furman represented the seller of 113 Broadbent Way in
selling a 2,813 SF office condo.
Greenville, South Carolina: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the landlord of 2201
Augusta St. in leasing a 3,850 SF office space to The Eller Law Firm.
Spartanburg, South Carolina: Dan Dunn of NAI Earle Furman represented the landlord of 1854 E. Main St. in leasing a 5,000 SF office
property.
Committed to the Upstate. Connected to the World.
4
Retail Division News
FOR SALE - JACKSON’S CROSSING
1659 WOODRUFF RD
GREENVILLE, SC 29607
SCHMIDT JOINS VAN GIESON AND SIMS IN
BROKERAGE PARTNERSHIP
NAI Earle Furman’s Rob Schmidt has joined Jake Van Gieson
and Bill Sims in a retail brokerage partnership. The brokers are all
members of NAI Earle Furman’s Retail Division.
“I am very excited to be joining Jake and Bill’s longstanding retail
team, and I genuinely look forward to using our individual qualities
and combined understanding of commercial real estate to maximize
our client services and relationships,” stated Schmidt.
Property Details
• ±25,190 SF Strip Center on 2.15 acres
• Ideal for Owner/User
• 2 Entrances on Woodruff and 1 on Rocky
Creek Road
• Close to I-385 & I-85
• Traffic Count: 34,200 VPD
• Zoned C-2 Greenville County
• Ample Parking
• Large Pylon Sign
• Visibility on Woodruff Road
Schmidt joined the company in January of this year and has
been focusing on retail properties, primarily in Spartanburg. His
knowledge of the Spartanburg market will help bring more of a
concentrated effort to that area as he joins Van Gieson and Sims,
who have been in a partnership for about 5 years.
“We are very excited to have Rob join our team. He has shown a
great work ethic and a knack for the business in his first year. He
brings a lot of strengths to the team, which will help us better serve
our clients,” stated Van Gieson.
The trio will continue to focus on retail properties in the Upstate,
with an added emphasis on Spartanburg.
Contact Information: Jimmy Wright and Ted Lyerly
tel: 864 678 5939
email: [email protected]
“Spartanburg is a wonderful place to do business, and we will do
our part to help preserve the unique quality of living, kindhearted
spirit, and strong sense of community that I am fortunate to see
every day. I am very grateful for this opportunity,” stated Schmidt.
RECENT TRANSACTIONS
NAI Earle Furman’s Retail Division leads the Upstate market in the
number of sales transactions year-to-date, according to CoStar
Dealmaker results as of October 30. There are six brokers at the
firm that specialize in the leasing and sale of retail properties.
Simpsonville, South Carolina: Ted Lyerly, CCIM and
Jimmy Wright of NAI Earle Furman represented the
landlord of 3093 S. Hwy. 14 (Pelham Place Shopping
Center) in leasing a 2,400 SF retail space to Min Hibachi.
Greenville, South Carolina: John Gray, CCIM and Drew
Stamm of NAI Earle Furman represented Hydrogrogger.
com, LLC in buying an 8,400 SF retail property at 808
Rutherford Rd.
Committed to the Upstate. Connected to the World.
From Left to
Right: Jake Van
Gieson, Bill Sims,
& Rob Schmidt
5
Investment Services Group
News
FEATURED INVESTMENT
OPPORTUNITIES
3903 AUGUSTA RD.
GREENVILLE, SC
• Tenant: Affordable Dentures
• NNN Lease with CPI Increases
every 5 Years
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Lease Expires 6/30/2020
Contact Information:
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Cap Rate: 8.10%
Peter Couchell
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Sale Price: $1,191,926
tel: 864 678 5923
email: [email protected]
6203 WHITE HORSE RD.
GREENVILLE, SC
• ±11,550 SF Retail Strip Center
• ±1.29 Acres
• Across from Super Wal-Mart
• Signalized Access
• Pylon Signage
• Zoning: C-3 Greenville County
• Traffic Count: 26,900 VPD
Contact Information:
• Current NOI: $954,737
Scott Davis
• Current CAP Rate: 9.5%
tel: 864 678 5984
email: [email protected]
NAIEF GREENVILLE AND SPARTANBURG
OFFICES TEAM UP ON DEAL
NAI Earle Furman’s Greenville and Spartanburg offices recently
teamed up to bring a seller and buyer together on the sale of an
office investment property.
The Wells Fargo and Ward Law Firm Building located at 233 S.
Pine St. in Spartanburg was listed by Dan Dunn of NAI Earle
Furman’s Spartanburg office. NAI Earle Furman’s Greenville office
was the procuring broker. The property sold for $1.3 million.
Dunn has been representing the seller in his real estate deals for
24 years. Dunn explained that when the decision was made to
list this property – which was investment in nature – he knew he
would want to bring the Investment Services Group (ISG), based
in the Greenville office, into the deal. It worked, as ISG found a
buyer for the property.
This deal is an example of the type of teamwork between the two
offices that the firm both hoped for and expected when NAI Earle
Furman of Greenville merged with Orion Properties of Spartanburg
in May of this year. Orion Properties is now part of NAI Earle
Furman.
“The collaboration between the two offices is working beautifully,”
stated Dunn.
The merger has strengthened NAI Earle Furman’s business in the
key growth market of Spartanburg while offering clients a deeper
level of resources.
JUST SOLD!
Hixson, Tenessee: Peter Couchell, CCIM represented the
buyer in purchasing a fully leased 12,640 SF shopping center
in Tenessee. Tenants at Hixson Crossing include Aspen Dental
and Batteries Plus. The center was purchased for $3,400,000.
“By combining our resources we can bring superior results to our
clients. This transaction is a perfect example of the benefits that
we hoped to deliver to our clients through our merger,” stated Jon
Good, CEO.
Committed to the Upstate. Connected to the World.
6
Multifamily Division News
JUST SOLD BY THE MULTIFAMILY DIVISION
NAI Earle Furman’s Multifamily Division recently closed another sale,
continuing its recent success.
Westgate Pines, a 96-unit Class C apartment complex located at 1480
W O Ezell Boulevard in Spartanburg, sold for $2,375,000. Brokers Tony
Bonitati, Kay Hill, and Gwinna Cahal of NAI Earle Furman’s Multifamily
Division represented the seller in the transaction.
The complex was acquired by the CRE Strategic Opportunity Fund,
LLC and marks the third acquisition by the Fund in Spartanburg and
the second acquisition this year with NAI Earle Furman. The Fund has
partnered with property management firm N&H Enterprises and general
contractor Creative Builders, Inc. and plans significant upgrades and
improvements for the property.
Paul Aiesi, a member of the Fund’s management team, stated,
“Westgate Pines is consistent with the Fund’s strategy of finding assets
that are well located and will benefit from capital investment and
proactive property management. The Fund has targeted Spartanburg
and Upstate South Carolina because of the economic growth and
the continued creation of new households which support the Fund’s
investment to acquire and improve quality multifamily housing.”
The property will be renamed “Park Square” and will feature upgrades
such as updated interiors, exterior improvements including refreshed
landscaping, and a remodeled clubhouse.
“We identified a local apartment owner that was savvy enough to
understand that given the state of the current apartment investment
market, now is a great time to sell,” stated Kay Hill of NAI Earle
Furman’s Multifamily team. “Having partnered with CRE Strategic
Opportunity Fund, LLC in the past, we were able to quickly pair our
seller with a buyer that we knew would understand the potential in the
property and in the growing Spartanburg market. This is a successful
transaction for all involved.”
NAI Earle Furman’s Multifamily team has
completed over $22 million in transaction
volume in 2012 in the Carolinas. The
Division provides a range of specialized
services to multifamily and apartment
property owners, developers and investors,
including property acquisitions and
dispositions, valuation and appraisal, due
diligence, and market research.
JUST SOLD!
Tony Bonitati and Kay Hill of NAI Earle Furman
represented the seller of Schuyler Apartments at 275
S. Church St. in downtown Spartanburg in selling
an 89-unit high rise apartment building. The buyer
plans to redevelop the building as part of downtown
Spartanburg’s ongoing revitalization effort.
The team also represented
the seller of The Terrace
at Butler at 771 E. Butler
Rd. in selling a 132-unit
apartment complex for
$8,475,000. The complex
is located in Mauldin, SC.
FEATURED PROPERTY
Windwood Apartments
208 Windwood Drive
Pickens, South Carolina 29671
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80 Units
70% Occupied
Year Built: 1973
10.53± Acres
Appraised for $1,380,000 in 2010
2012 Forecasted NOI: $100,000
Sale Price: $1,250,000
Value Add Opportunity
Just Off Hwy 183 in Pickens
Contact Information:
Kay Hill, Tony Bonitati & Gwinna Cahal
tel: 864 232 9040
email: [email protected]
Committed to the Upstate. Connected to the World.
7
Company News and
Community Involvement
Halloween Trick-or-Treat Party
Just before Halloween we had football players, cheerleaders, cowboys, Peter Pan and Tinker
Bell, and other costumed characters roaming our halls!
The company invited the children, grandchildren, nieces, nephews and friends of
employees to come to our Greenville headquarters to trick-or-treat dressed in full Halloween
costume. About 20 children participated in the event, which included a candy trail so that the
children could parade through the office and show off their costumes. The trail ended in a
conference room where the kids, brokers and staff enjoyed some
Halloween treats.
In exchange for the candy and treats, the trick-or-treaters were asked to bring dental supplies, such as toothbrushes, toothpaste and
floss, to donate to United Ministries. The children delivered: over 45 supplies were donated.
“NAI Earle Furman is proud of the involvement of its brokers and staff in many community-wide charitable efforts and organizations.
Philanthropy shouldn’t be viewed as an option – it’s the duty of all good citizens, and that extends to our children. As they enjoy their
treats this holiday, we hope that they also learn a lesson about helping others,” stated Jason Richards, NAI Earle Furman’s Chief
Operating Officer.
ANNUAL THANKSGIVING POT LUCK LUNCHEON
The Friday before Thanksgiving is an NAI Earle Furman tradition for great food and fellowship. Everyone chips in to bring side dishes
and desserts to share. This year featured a macaroni and cheese tasting contest....with the bragging rights going to Jon Good’s
crock-pot recipe!
the macaroni and
cheese judging!
Committed to the Upstate. Connected to the World.
8
Property Management
News
TENANT SPOTLIGHT CENTER FOR DEVELOPMENTAL
SERVICES
NAI Earle Furman recently began
managing 29 North Academy Street,
home to The Center for Developmental
Services. Bill and his team have not
only enjoyed managing the property,
but also learning about this wonderful
organization.
CDS is a unique partnership linking
individuals and families with multidisciplinary services for developmental
evaluation, treatment, education and
support.
Their vision is to ensure that individuals
with developmental needs and their
families reach their full potential. The
CDS partner agencies (BabyNet
of First Steps; Clarity: the speech,
hearing and learning center; Family
Connection of SC; Greenville
County Schools; Greenville
Hospital System Children’s
Hospital; KidVentures of the
Greenville County Disabilities
and Special Needs Board)
collectively serve more than
6,000 children and families each year.
The CDS partnership serves children
from all over the upstate of South
Carolina. It is the only center of its kind
in the nation.
“We are honored to partner with The
Center for Developmental Services,
an organization whose foundation
is based on self-less service. The
partnerships that make up the CDS
family do an amazing job of providing
support, treatment and evaluative
services
to upstate families
with developmental needs. To have
the opportunity to see the work they
do and share in it in some limited
capacity makes us stronger and proud
to help carry the banner,” Bill Weede
commented.
NEW PROPERTY MANAGEMENT ACCOUNTS
The Property Management Division has added several other new accounts including: 233 South Pine Street, a 13,000
SF office building in Spartanburg and Six Mile Crossing, a new 16,000 SF retail center in Fort Mill.
In addition, they have added the management of the Halton Village property owners association, the management of
the Pelham Oaks shopping center and Green Gate office park.
Committed to the Upstate. Connected to the World.
9
AboutAbout
Us Us
A SOLID FOUNDATION AND PROVEN RESULTS.
Founded by J. Earle Furman in 1986, NAI Earle Furman, LLC is a leading full service commercial real estate brokerage firm in the
Upstate of South Carolina specializing in the office, industrial, investment, multifamily, land, healthcare and retail sectors.
NAI Earle Furman, LLC offers a wide range of services including sales, leasing, development, site selection, consulting and property
management. A partnership with NAI Global allows NAI Earle Furman, LLC to access a network of worldwide real
estate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and
knowledge.
STRONG LEADERSHIP AND A TEAM APPROACH.
The firm has over 60 team members and in 2011 completed 550 transactions.
The Property Management team has also grown exponentially in recent
years and manages over 5 million square feet of commercial space in
North and South Carolina.
NAI GLOBAL
As the world’s only managed network of commercial real estate firms, New
America International (NAI) works together to help clients strategically optimize
their assets throughout the world. As a member of this network, NAI Earle
Furman, LLC, is able to provide commercial real estate services to our local
Upstate clients, as well as national and international clients. We have immediate
access to over 5,000 professionals working out of 350 offices in 55 countries
throughout the world. The NAI Global Network has annual sales and leasing
transactions of $45 billion and manages 300 million square feet of property.
GREENVILLE/HEADQUARTERS
101 E Washington St., Suite 400
Greenville SC 29601
864 232 9040
The NAI Earle Furman Team
Stay Connected
Find Us, Friend Us, Follow Us
ANDERSON OFFICE
201 S Murray Ave.
Anderson SC 29624
864 622 5040
SPARTANBURG OFFICE
314 S Pine St., # 100
Spartanburg SC 29302
864 398 4444
www.naiearlefurman.com
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Committed to the Upstate. Connected to the World.
10