Leasing & Property Transfers in Downtown/West End vicinity

[vicupstate]

It is owned by Buncombe St. Methodist.

[GVLer]

Does anyone know what restaurant is replacing Encore in the West End?

[SVL]

On 9/25/2019 at 7:41 PM, LBT said:

Does anyone know what restaurant is replacing Encore in the West End?

Sabor Latin Street Grill

https://saborcharlotte.com/

https://twitter.com/GreenvilleNews/status/1177651237006843905

Edited September 27, 2019 by SVL

[vicupstate]

Colliers study of Columbia parking

The vacancy rate for parking garages in the central business district in Columbia is 16.14%, allowing parking facility owners to charge rates based on the demand. By comparison, in Charleston, the vacancy rate is approximately 20% during peak times, while Greenville has a parking vacancy rate of 11%.

[GvilleSC]

On 9/29/2019 at 8:14 AM, vicupstate said:

Colliers study of Columbia parking

The vacancy rate for parking garages in the central business district in Columbia is 16.14%, allowing parking facility owners to charge rates based on the demand. By comparison, in Charleston, the vacancy rate is approximately 20% during peak times, while Greenville has a parking vacancy rate of 11%.

This is pretty interesting -- Greenville has had a parking shortage for years.  And, new garages have opened in the recent past (ONE development, at EP/Prisma/SunTrust, 200 E Broad, and soon Camperdown). Is this being driven by the loss of surface lots to development (Fed Courthouse, Springhill Suites, BB&T), along with increased hotel stays in the CBD?

[vicupstate]

District West sold on 9/18/19 for $83 million.

[vicupstate]

204 W. Stone Ave. sold for $355k on 9/30/19.  .18 acre site with office .

[gman430]

The Greenville central business district is comprised of 4.39 million square feet. The downtown submarket posted a negative absorption of 166,413 square feet and the overall downtown market vacancy rate rose from 11.58% during the second quarter of 2019 to 14.71% this quarter. Likewise, the Class A vacancy rate rose from 10.21% last quarter to 11.13% during the third quarter of 2019. Currently, 254,175 square feet of Class A office space is available within the central business district. The average weighted rental rate within the CBD remained relatively unchanged from last quarter to this quarter at $23.75 per square foot.

Ouch. 

Edited October 11, 2019 by gman430

[vicupstate]

^^Strange.  What is the source?  The only exit that size I can think of is BB&T but that has been awhile back. Maybe they exited the building before the lease formally expired?

[gman430]

13 minutes ago, vicupstate said:

^^Strange.  What is the source?  The only exit that size I can think of is BB&T but that has been awhile back. Maybe they exited the building before the lease formally expired?

Colliers.

[gman430]

12 hours ago, vicupstate said:

^^Strange.  What is the source?  The only exit that size I can think of is BB&T but that has been awhile back. Maybe they exited the building before the lease formally expired?

Either that or TD Bank finally putting their space downtown that’s been empty for years up for lease.

[vicupstate]

315-321 Perry  Ave.

Closed on 10/2/19 for $750k. 

[vicupstate]

602 - 720  E. Stone Ave. sold for $2.5mm.   This is next to the  cemetary. 

[CLT_sc]

On 10/11/2019 at 5:57 AM, gman430 said:

The Greenville central business district is comprised of 4.39 million square feet. The downtown submarket posted a negative absorption of 166,413 square feet and the overall downtown market vacancy rate rose from 11.58% during the second quarter of 2019 to 14.71% this quarter. Likewise, the Class A vacancy rate rose from 10.21% last quarter to 11.13% during the third quarter of 2019. Currently, 254,175 square feet of Class A office space is available within the central business district. The average weighted rental rate within the CBD remained relatively unchanged from last quarter to this quarter at $23.75 per square foot.

Ouch. 

These numbers seem right.....although I am not sure if space for sub-lease is counted in these stats.

[vicupstate]

The Davita Dialysis building at 297 Pete Hollis sold for  $2,529,132 on 10/14/19. Parcel is 1.406 acres.  Appears to be a REIT buyer. 

[vicupstate]

Scott Burgess, Lance Byars and Hector Mendoza represented 656 Main Street Investors LLC in the leasing of 2,398 square feet of retail space at 656 S. Main Street to a national bank.

This is the same building Flying Biscuit is going into. 

[btoy]

I wonder if that is Chase.  Chase is looking at opening a number of new branches in our market.

[gman430]

From NAI Earle Furman for CBD/West End office space Q3 2019 which oddly enough is totally opposite of what Colliers is saying: 

VACANCY RATE:

Q3: 9.9%

Q2: 11.4%

ABSORPTION:

Q3: 90K SF

Q2: 41K SF

 

Also, the retail vacancy rate in the CBD/West End dropped from 5.9% in Q2 to 4.4% in Q3. 

Edited October 25, 2019 by gman430

[distortedlogic]

Hmmm, very interesting...  

Edited October 25, 2019 by distortedlogic

[gman430]

1 hour ago, distortedlogic said:

Hmmm, very interesting...  

Cushman & Wakefield for Q3 office has Greenville at 10.6% vacancy in Q3 2018 and 6.8% vacancy in Q3 2019. I don't know who to believe.  

[vicupstate]

804-810 Augusta St.  and 8 Woodfin Street sold on 10/24/19 for $650k.  That is a great price for 1.371 acres. 

The buyer appears to be connected to this business:

Coach House Simpsonville

[vicupstate]

327 Augusta St.

Under Contract. 

[vicupstate]

Charles Gouch represented the tenant in leasing 14,780 square feet located in the One Building.

Shelby Dodson and Brittany Farrar represented the landlord in leasing 6,597 square feet located at Keys Court, 307 E. McBee Ave., Greenville.

Brantley Anderson, Bailey Tollison and Taylor Allen represented the landlord, Lingerfelt Commonwealth Partners, in leasing 2,801 square feet located at 75 Beattie Pl., Suite 910, Greenville, to the tenant, HDR Engineering.

Pete Brett, David Sigmon and Matt Vanvick represented the tenant, Kate Kendal LLC in the leasing of a 1,960 square-foot retail space at 250 RiverPlace, Unit 4, Greenville, from the landlord, RiverPlace Development LLC.

Earle Furman and Shannon Caldwell represented the landlord, Falls Place LLC, in leasing a 1,725 square-foot office space located at 531 S. Main St., Greenville, to the tenant, Local Boys Do Good.

Brantley Anderson and Taylor Allen represented the tenant, the Greater Greenville Chamber of Commerce, in the lease of 9,119 square feet of office space located at 550 S. Main St., Greenville.

Rakan Draz and John Odom represented the landlord, Atlantic South Development, in leasing 525 square feet of retail space located at 1 Augusta St., Greenville, to the tenant, Ever Row LLC.

Rakan Draz and John Odom represented the tenant, Make Made LLC, in leasing a 2,030 square-foot retail space located at 241 N. Main St., Greenville, from the landlord, Demarais Family Enterprises LLC. Matt Foster of Spencer Hines Properties represented the landlord.

Rob Julian and Mark Griffin represented the sellers Edward and Lori Smalley and Robert L McPherson Trust, in the sale of one-acre of land located at 315, 317, and 321 Perry Ave., Greenville to Pendleton Ventures LLC for $750,000. The buyer was self-represented.

Blaine Hart and Tommy Molin represented the landlord in leasing 4,698 square feet located at Poe West, 556 Perry Ave., Greenville.

Blaine Hart represented the tenant in leasing 10,986 square feet located at Poe West, 556 Perry Ave., Greenville. Tommy Molin represented the landlord.

Rakan Draz and John Odom represented the landlord, Silver Moon Development LLC, in leasing a 4,500 square-foot retail space located at 1237 Pendleton St., Greenville, to the tenant, Red of NC LLC. Taylor Martin of Recon Realty represented the tenant.

Brittany Farrar represented the landlord in a 522 square-foot lease expansion located at 115 Whisett St., Greenville.

Mike Kiriakides represented the buyer, Volition LLC, in the purchase of 10 Toy Street, Greenville. The 18,385 SF building will be used as Class A office space

• Larry Webb and Mark Ratchford facilitated the sale of 312 Echols St., Greenville.
• Larry Webb and Mark Ratchford facilitated the sale of approximately 1 acre located at 47 Pete Hollis Blvd., Greenville.

[gman430]

On 11/22/2019 at 5:13 PM, vicupstate said:

327 Augusta St.

Under Contract. 

Trey Cole project: https://www.greenvillesc.gov/AgendaCenter/ViewFile/Item/6558?fileID=31999

[vicupstate]

1014-1016 Laurens Rd. Strip center with Family Dollar and other stores sold for $2.1 mm on 11/8/2019. 

.832 acre parcel sold on 11/8/2019 for $500k. Seller is West Greenville Baptist Church, buyer is Steve Pace  of Pace Jewelers.  Parcel is on the corner of Pendleton and Irvine, directly across from Pace Jewelers.