Brunswick County construction permits reach highest level since 2007

The number of construction permits issued in Brunswick County in fiscal year 2016 was the highest since fiscal year 2007, and year-to-date numbers for the current year are on track to be even higher.
In fiscal year 2015-16, there were 318 commercial construction and 2,077 residential construction permits, for a total of 2,395 construction permits, issued in Brunswick County. The number is the highest since fiscal year 2006-07, when there were 516 commercial and 2,841 residential permits issued, for a total of 3,357 construction permits. These numbers include permits issued by Brunswick County and by municipalities within Brunswick County.

And the number of permits issued in the current fiscal year is on track to be even higher. There were 740 construction permits issued July – October 2015; in the same time period in 2016, 786 permits have been issued. The value of the construction being permitted is also increasing. In fiscal year 2015-16, the total value of construction permitted was $713,916,000, the highest it has been since fiscal year 2006. And the current fiscal year is set to outpace this measure as well; the value of construction permitted in July – October 2015 was $216,965,000, while the value of construction permitted during the same time in 2016 was $278,216,000.

New Hanover County Shopping Center Sold

A New York-based real estate investment and property management company recently bought The Village at Myrtle Grove on Carolina Beach Road for $9.5 million, according to a news release and a New Hanover County deed. The Staples-anchored shopping center was one of three purchased by a limited liability company from Mount Pleasant, South Carolina.  The Village at Myrtle Grove, a 74,370-square-foot center in the 5500 and 5600 blocks of Carolina Beach Road, includes local businesses in addition to national tenants. The center was about 87 percent occupied at the time of the sale. Home Depot owns its portion of the property, a more than 100,000-square-foot building and about 10 acres, according to property tax records.

Franchise Motel Sold in North Myrtle Beach, SC

The 60-Unit, two-story Comfort Inn North Myrtle Beach is very well located within a short distance of major area attractions and had several re-branding opportunities. The motel sold for the $2,750,000 asking price. The new ownership group has plans to re-position the property to a Country Inn & Suites in the fall of this year.

Walmart Ground Lease Sold in Myrtle Beach, SC

 

Myrtle Beach, SC - The sale of a Walmart Neighborhood Market Ground Lease for $7.86MM. Located at 3650 Walton Heath Drive, the site had 20 years remaining on the lease at time of sale. The asking cap rate was 4.5%.