Inustrial Vacancy Rates at Record Lows Nationally

The growth of e-commerce and a steadily improving economy are driving demand for industrial space and helping push industrial vacancy to record-low levels, particularly near major population centers, according to the 2017 U.S. Industrial Midyear Outlook report.  “Vacancy rates on a national level have fallen to record lows while rent growth has accelerated to outpace all other commercial real estate property types, lifting performance metrics beyond expectations. While some port and intermodal hub markets will receive significant new supply that could dampen local performance, the e-commerce driven demand for urban last-mile warehouse space has sparked the need for more infill industrial space, particularly in major metropolitan areas,” Senior Vice President Alan Pontius, National Director, Specialty Divisions & John Chang, first vice president|Research Services, wrote in the report.

Closed Golf Course in Georgetown County sold

Wedgefield Plantation Country Club in Georgetown, which has been closed for more than a year, has been purchased and the golf course could reopen as early as next spring.  Harry Karetas, 74, the owner for the past 28 years of Terminal Storage in North Myrtle Beach, and his wife, Yvonne, closed on the purchase Thursday from Paramont Capital of Phoenix, Ariz., which foreclosed on the property late in 2016.  Karetas said Monday that his purchase includes about 175 acres and he hopes to lease out the golf course, Manor House restaurant and bar, and an Olympic-size swimming pool – possibly each through three separate agreements.  “I do have a gentleman interested in leasing the golf course already and have another party that’s interested in leasing the swimming pool,” Karetas said. “We’ll just take it step by step, patiently, and try to get all the moving parts working for the same goal, which is to make the place productive again and entertaining for the public.

Leland Self Storage Facility Sold

Leland, NC Self Storage Facility Sold

By MBD

Martin Self Storage has acquired a facility in Leland, N.C., from A Quality Self Storage Inc. for $2.5 million. The property at 7815 Ocean Highway E. comprises 57,300 square feet of indoor storage as well as adjoining boat and RV storage space, according to a press release issued by Cape Fear Commercial LLC, the real estate firm that brokered the sale.
The facility contains 204 units, though the 16.5-acre parcel includes room for expansion, according to a listing on real estate website LoopNet.com. The asset is on U.S. Route 17 in Brunswick County, near Wilmington, N.C.  Martin Self Storage is the operating brand of Martin Organization LLC. The company has seven locations in North Carolina, including five other assets in the Wilmington market. The operator is looking to expand in the state, as well as into Florida and South Carolina, the release stated.

Carolina Beach retail center acquired for 2.25M

Local investors purchased a retail center for $2.25 million located 1206 N. Lake Park Blvd in Carolina Beach on Sept. 18th of this year. The center is anchored by Michael’s Seafood Restaurant, and other tenants include Island Massage & Spa, Carolina Beach Jewelers, Unified Alerts, Island Beverage and Nails Image.  In a recent lease, The Southerly Biscuit & Pie is expected to open in the spot at the center that’s currently occupied by Big Apple Bakery, potentially by December. The center is fully leased.