Tuesday
New Master-planned Development Coming to Brunswick County
LivingBrunswickCounty.com -- A group of developers are preparing to break ground on a 2,114 acre mixed-use development that is aimed to accommodate the growing baby boomer population in Brunswick County. The development will have up to 2,250 living units set up as either single-family or multi-family homes. The planned location would be near the intersection of N.C. Highway 211 and Midway Road and be mostly in the Oak Island zoning jurisdiction. The name for the project is “The Charles” and homes would start at around $250,000. The development will include more than just dwellings as there will also be retail spaces, offices, medical centers, and special residential units for those over the age of 55. There are also plans to get a continuing care retirement community designation from the North Carolina Department of Insurance.
If everything stays on track, ground breaking on a 30,000 square foot medical building will begin in the fall. The developers hope to have recreational facilities, homesites, and green space under construction for occupancy and usage by spring of 2016. The 46.5 acre retail and commercial health care area along N.C. Highway 211 will have assisted living, skilled nursing, an acute health care facility, memory care, family and senior medicine, convenient shopping, and more. Other great amenities that will be on the site include walking and biking paths and exercise facilities. As the project progresses, it is estimated that about 3,500 medical, construction, retail, recreational, and professional jobs will be created. This should inject an approximate $750 million into the southern Brunswick County economy.
A
group of developers are preparing to break ground on a 2,114 acre
mixed-use development that is aimed to accommodate the growing baby
boomer population in Brunswick County. The development will have up to
2,250 living units set up as either single-family or multi-family homes.
The planned location would be near the intersection of N.C. Highway 211 and Midway Road and be mostly in the Oak Island zoning jurisdiction. The name for the project is “The Charles” and homes would start at around $250,000. The development will include more than just dwellings as there will also be retail spaces, offices, medical centers, and special residential units for those over the age of 55. There are also plans to get a continuing care retirement community designation from the North Carolina Department of Insurance.
If everything stays on track, ground breaking on a 30,000 square foot medical building will begin in the fall. The developers hope to have recreational facilities, homesites, and green space under construction for occupancy and usage by spring of 2016. The 46.5 acre retail and commercial health care area along N.C. Highway 211 will have assisted living, skilled nursing, an acute health care facility, memory care, family and senior medicine, convenient shopping, and more. Other great amenities that will be on the site include walking and biking paths and exercise facilities.
As the project progresses, it is estimated that about 3,500 medical, construction, retail, recreational, and professional jobs will be created. This should inject an approximate $750 million into the southern Brunswick County economy.
- See more at: http://www.livinginbrunswickcounty.com/new-master-planned-development-coming-brunswick-county/?fb_action_ids=10204007821863974&fb_action_types=og.likes#sthash.n7H90v5p.dpuf
The planned location would be near the intersection of N.C. Highway 211 and Midway Road and be mostly in the Oak Island zoning jurisdiction. The name for the project is “The Charles” and homes would start at around $250,000. The development will include more than just dwellings as there will also be retail spaces, offices, medical centers, and special residential units for those over the age of 55. There are also plans to get a continuing care retirement community designation from the North Carolina Department of Insurance.
If everything stays on track, ground breaking on a 30,000 square foot medical building will begin in the fall. The developers hope to have recreational facilities, homesites, and green space under construction for occupancy and usage by spring of 2016. The 46.5 acre retail and commercial health care area along N.C. Highway 211 will have assisted living, skilled nursing, an acute health care facility, memory care, family and senior medicine, convenient shopping, and more. Other great amenities that will be on the site include walking and biking paths and exercise facilities.
As the project progresses, it is estimated that about 3,500 medical, construction, retail, recreational, and professional jobs will be created. This should inject an approximate $750 million into the southern Brunswick County economy.
- See more at: http://www.livinginbrunswickcounty.com/new-master-planned-development-coming-brunswick-county/?fb_action_ids=10204007821863974&fb_action_types=og.likes#sthash.n7H90v5p.dpuf
A
group of developers are preparing to break ground on a 2,114 acre
mixed-use development that is aimed to accommodate the growing baby
boomer population in Brunswick County. The development will have up to
2,250 living units set up as either single-family or multi-family homes.
The planned location would be near the intersection of N.C. Highway 211 and Midway Road and be mostly in the Oak Island zoning jurisdiction. The name for the project is “The Charles” and homes would start at around $250,000. The development will include more than just dwellings as there will also be retail spaces, offices, medical centers, and special residential units for those over the age of 55. There are also plans to get a continuing care retirement community designation from the North Carolina Department of Insurance.
If everything stays on track, ground breaking on a 30,000 square foot medical building will begin in the fall. The developers hope to have recreational facilities, homesites, and green space under construction for occupancy and usage by spring of 2016. The 46.5 acre retail and commercial health care area along N.C. Highway 211 will have assisted living, skilled nursing, an acute health care facility, memory care, family and senior medicine, convenient shopping, and more. Other great amenities that will be on the site include walking and biking paths and exercise facilities.
As the project progresses, it is estimated that about 3,500 medical, construction, retail, recreational, and professional jobs will be created. This should inject an approximate $750 million into the southern Brunswick County economy.
- See more at: http://www.livinginbrunswickcounty.com/new-master-planned-development-coming-brunswick-county/?fb_action_ids=10204007821863974&fb_action_types=og.likes#sthash.n7H90v5p.dpuf
The planned location would be near the intersection of N.C. Highway 211 and Midway Road and be mostly in the Oak Island zoning jurisdiction. The name for the project is “The Charles” and homes would start at around $250,000. The development will include more than just dwellings as there will also be retail spaces, offices, medical centers, and special residential units for those over the age of 55. There are also plans to get a continuing care retirement community designation from the North Carolina Department of Insurance.
If everything stays on track, ground breaking on a 30,000 square foot medical building will begin in the fall. The developers hope to have recreational facilities, homesites, and green space under construction for occupancy and usage by spring of 2016. The 46.5 acre retail and commercial health care area along N.C. Highway 211 will have assisted living, skilled nursing, an acute health care facility, memory care, family and senior medicine, convenient shopping, and more. Other great amenities that will be on the site include walking and biking paths and exercise facilities.
As the project progresses, it is estimated that about 3,500 medical, construction, retail, recreational, and professional jobs will be created. This should inject an approximate $750 million into the southern Brunswick County economy.
- See more at: http://www.livinginbrunswickcounty.com/new-master-planned-development-coming-brunswick-county/?fb_action_ids=10204007821863974&fb_action_types=og.likes#sthash.n7H90v5p.dpuf
Friday
Investor Confidence Increases As the Self Storage Industry Shows Metrics Improvement
Tradd Commercial has capitalized on this investor confidence in the Self Storage industry. Bruce Stankavage, Senior Advisor
and product specialist, has put together several notable deals within
the last 12 months to include a 1,200 unit project in Hope Mills, NC and
a portfolio transaction containing a total of 3,500 units in
Fayetteville, NC.
The
self-storage market continues to boost investors' confidence with robust
performance gains. 2013 was characterized by significant growth in
terms of occupancy and income while overall capitalization rates and
yields continue to compress. The U.S. economy concluded on solid ground
last year and this momentum is expected to continue to support
self-storage performance in 2014. Job growth helped reclaim jobs
eliminated during the recession. The employment growth has bolstered
consumers' confidence in the durability of our economy resulting in the
creation of additional households. These gains along with a rising
immigration should increase new households in 2014 to over a million
(which has not been achieved since the late 90s). This combination of
population mobility and household formation has increased demand for
self-storage units throughout the US, while construction of new
facilities has lagged and has shown only modest growth. As such,
optimism still prevails with the investor.
As
a result, operational metrics in the self-storage market remain stable
and owners / operators will capitalize on low vacancy rates to possibly
increase rental rates in 2014. The migration associated with the job
growth has been generating demand for self-storage units throughout the
Southeastern United States. Many of the newly employed are housed in
apartments thus creating demand for self-storage units. In addition, as
retirees sell their homes in the Northeast the demand for storage units
in destination cities to temporarily hold household items has
increased.
In 2014 and beyond,
investors will have to consider the expected rise in interest rates
against the current cap rates. The Federal Reserve has begun to tighten
their Quantitative Easing (QE) program and as a result a perception
shift in the capital markets has begun. Capitalization rates have not
been affected to date, but the expected rise in interest rates will put
upward pressure on returns. The lack of supply in the market along with
performance indicators has placed sellers in advantageous positions
(this has also kept capitalization rates in check). The tightening of
capitalization rates has led investors to focus their efforts on
secondary and tertiary markets where yields can range from 50 to 250
basis points higher than primary markets. While there is concern with
certain investors over capitalization rates, the ability to quickly
adjust rental rates diminishes inflationary concerns and keeps their
optimism high.
When capitalization
rates begin to increase, the spread between the primary and secondary
markets may decrease in conjunction with the Fed continuing its fiscal
tightening, interest rates upticks, and the continuing improvement in
the overall economy. This uncertainty in government fiscal and monetary
policy is somewhat offset by strength in the private economic sector.
The lack of a significant amount of new supply will provide strength to
the underlying fundamentals to include continued rental and occupancy
rate growth for this asset class. With that being said, market
investors view the future of interest rates as the driving factor that
will determine the sales volume and pricing for self storage assets.
Shopping Mall Along Grand Strand SOLD
SUN NEWS -- The new owners of Myrtle Beach Mall said architects have
already developed a couple of new concepts for the mall and changes are
planned to get more shoppers in its 521,000 square feet. “We’ve already been there at least 20 times,” said Gil Priel, president of Peak Financial Partners. First
off the blocks will be a redesigned food court, then a conversion of
the center of the mall, the theater area and the mall’s front.
Eventually, the mall will get the interior and exterior makeover that
Erika Gillard, manager of Icing by Claire’s, said earlier this week she
thinks is needed. “There are a lot of pieces that are already in motion,” Priel said. Allan
Davidov, partner at Misuma Holdings, which is Peak’s partner in the
venture, said Misuma and Peak have the same goal as Gillard and other
merchants - more traffic in the mall. “Anything they can do to
improve the mall is good,” Steve Harm, owner of Countertops & More,
said when he heard what Davidov and Priel have planned. “You’ve got to
spend money to make money.” Priel and Davidov said that investing
in the mall will be no problem as their companies have the wherewithal
to make needed changes. Should a tenant need a particular change to lure it into signing a lease, that can be done, said the partners.
Davidov said that while the new owners are not seeking to replace any of the current tenants, Misuma and Peak have already gotten a lot of interest in their project from major national retailers, including some who do not yet have stores along the Grand Strand. They declined to name them. Mall merchants will be expected to maintain a high level of visual presentation and customer service. While another new owner is part of the mall’s future, the current new owners aren’t looking for a quick-fix-and-out type of flip. “We will not leave a property until it is fully turned around,” Davidov said. “We don’t see this as a one-year turnaround,” Priel added. Misuma and Peak bought the mall’s $45 million mortgage for less than $45 million, Davidov said, but added that the bank doesn’t want them to specify the final price. He said the 28-year-old mall has a strong structure of anchor tenants that include Belk, J.C. Penney, Books-A-Million and South Carolina’s only Bass Pro Shops (though the retailer is planning locations in North Charleston and Spartanburg). The mall, off U.S. 17 near S.C. 22, had a makeover in 2004, but Davidov said this one will be different. “You have ownership now that cares about the mall and wants everyone to succeed,” he said. Misuma and Peak specialize in revitalizing underperforming properties and have partnered on projects for more than 25 years, they said, primarily in California and Texas.
The partners see their customers as being locals, snowbirds and tourists, and they plan to have features that will attract all of them. They said the Myrtle Beach market is interesting because of its mix of audiences, and the mall’s location in the center of the Grand Strand’s north end is a good one for investment. Harm isn’t the only mall merchant who was glad to hear that changes are ahead. ‘It’s good they’re going to do something good for the mall,” said Ali Abdi of Oxford Perfumes & Jewelry. Harm said the updates and improvements will be positive as long as the new owners keep the rent in line. “Our job as developers is to increase traffic in our centers,” Davidov said. “It’s up to the tenants to service them.” The partners said they have heard about Inlet Square Mall, another of the Grand Strand’s underperforming assets. They were non-commital about their interest in buying and refurbishing it, but ...“Typically,” Davidov said, “when we go into a market we would definitely look at more opportunities.”
Davidov said that while the new owners are not seeking to replace any of the current tenants, Misuma and Peak have already gotten a lot of interest in their project from major national retailers, including some who do not yet have stores along the Grand Strand. They declined to name them. Mall merchants will be expected to maintain a high level of visual presentation and customer service. While another new owner is part of the mall’s future, the current new owners aren’t looking for a quick-fix-and-out type of flip. “We will not leave a property until it is fully turned around,” Davidov said. “We don’t see this as a one-year turnaround,” Priel added. Misuma and Peak bought the mall’s $45 million mortgage for less than $45 million, Davidov said, but added that the bank doesn’t want them to specify the final price. He said the 28-year-old mall has a strong structure of anchor tenants that include Belk, J.C. Penney, Books-A-Million and South Carolina’s only Bass Pro Shops (though the retailer is planning locations in North Charleston and Spartanburg). The mall, off U.S. 17 near S.C. 22, had a makeover in 2004, but Davidov said this one will be different. “You have ownership now that cares about the mall and wants everyone to succeed,” he said. Misuma and Peak specialize in revitalizing underperforming properties and have partnered on projects for more than 25 years, they said, primarily in California and Texas.
The partners see their customers as being locals, snowbirds and tourists, and they plan to have features that will attract all of them. They said the Myrtle Beach market is interesting because of its mix of audiences, and the mall’s location in the center of the Grand Strand’s north end is a good one for investment. Harm isn’t the only mall merchant who was glad to hear that changes are ahead. ‘It’s good they’re going to do something good for the mall,” said Ali Abdi of Oxford Perfumes & Jewelry. Harm said the updates and improvements will be positive as long as the new owners keep the rent in line. “Our job as developers is to increase traffic in our centers,” Davidov said. “It’s up to the tenants to service them.” The partners said they have heard about Inlet Square Mall, another of the Grand Strand’s underperforming assets. They were non-commital about their interest in buying and refurbishing it, but ...“Typically,” Davidov said, “when we go into a market we would definitely look at more opportunities.”
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