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Committed to the Upstate. ConneCted to the World.
NAI Earle Furman, LLCNewsletter
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In this Issue
Healthcare Division Newsp 2
Industrial Division Newsp 3
Office Division Newsp 4
Retail Division Newsp 5
Investment Services Group Newsp 6
Multifamily Division Newsp 7
Community Involvementp 8
Property ManagementNewsp 9
About Usp 10
UPSTATE, SC MARKET REPORTS - NOW AVAILABLE!CLICK HERE TO VIEW THE COMPLETE REPORTS
December
2012
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)
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 thisquarter. 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 ofPlaza 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.
Healthcare Division News
Committed to the Upstate. ConneCted to the World. 2
MEDICAL OR OFFICE USE290 ENTERPRISE BLVD. EASLEY SC
• ±6,050SFOfficeBuilding• ±1.99 Acres• Excellent Location Convenient to Hwy 81,
Hwy153andI-85• Floor Plan Available Upon Request• Sale Price: $810,000.00• Lease Rate: $12/SF/NNN
Contact Information: David Feild, CCIMTyson Smoaktel: 864 232 9040 email: [email protected]
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
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.
Contact Information: Grice Hunt & Ford Borders, SIORtel: 864 678 5935email: [email protected]
IndustrialDivisionNews
Committed to the Upstate. ConneCted to the World.
NAI EARLE FURMAN BROKERS SEVERAL LARGE INDUSTRIAL TRANSACTIONS
101 HARRISON BRIDGE ROAD - SIMPSONVILLEWarehouse/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
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.
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RECENT TRANSACTIONSGreer, 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.
FEATURED PROPERTY
OfficeGroupNews
Committed to the Upstate. ConneCted to the World.
RECENT TRANSACTIONS
OfficeDivisionNews
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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.
FEATURED OFFICE PROPERTIES
• ±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
209 W. STONE AVE. Downtown Greenville
Contact Information: Tyson Smoak & David Feildtel: 864 678 5924email: [email protected]
• ±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
172 E. MAIN ST. Downtown Spartanburg
Contact Information: Stuart Wyethtel: 864 678 5929email: [email protected]
Retail Division News
Committed to the Upstate. ConneCted to the World. 5
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.
RECENT TRANSACTIONS
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.
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.
“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.
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.
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
FOR SALE - JACKSON’S CROSSING1659 WOODRUFF RDGREENVILLE, SC 29607
Contact Information: Jimmy Wright and Ted Lyerlytel: 864 678 5939email: [email protected]
From Left to Right: Jake Van Gieson, Bill Sims, & Rob Schmidt
Investment Services Group News
Committed to the Upstate. ConneCted to the World.
• Tenant: Affordable Dentures • NNN Lease with CPI Increases
every 5 Years • Lease Expires 6/30/2020• Cap Rate: 8.10%• Sale Price: $1,191,926
3903 AUGUSTA RD.GREENVILLE, SC
NAIEF GREENVILLE AND SPARTANBURG OFFICES TEAM UP ON DEAL
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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• Current NOI: $954,737• Current CAP Rate: 9.5%
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.
“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.
FEATURED INVESTMENT OPPORTUNITIES
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.
JUST SOLD!
Contact Information: Peter Couchelltel: 864 678 5923email: [email protected]
Contact Information: Scott Davistel: 864 678 5984email: [email protected]
Multifamily Division News
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.”
JUST SOLD BY THE MULTIFAMILY DIVISION
7Committed to the Upstate. ConneCted to the World.
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.
JUST SOLD!
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.
FEATURED PROPERTYWindwood Apartments208 Windwood DrivePickens, South Carolina 29671• 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 9040email: [email protected]
CompanyNewsandCommunity Involvement
Committed to the Upstate. ConneCted to the World. 8
Halloween Trick-or-Treat PartyJust 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!
themacaroniandcheesejudging!
PropertyManagementNews
Committed to the Upstate. ConneCted to the World. 9
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.
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 multi-disciplinary 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.
TENANT SPOTLIGHT - CENTER FOR DEVELOPMENTAL SERVICES
NEW PROPERTY MANAGEMENT ACCOUNTS
About Us
Committed to the Upstate. ConneCted to the World.
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 realestate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and knowledge.
About Us
www.naiearlefurman.comJOIN OUR EMAIL LIST!
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The NAI Earle Furman Team
GREENVILLE/HEADQUARTERS101 E Washington St., Suite 400
Greenville SC 29601864 232 9040
ANDERSON OFFICE201 S Murray Ave.
Anderson SC 29624864 622 5040
SPARTANBURG OFFICE314 S Pine St., # 100
Spartanburg SC 29302864 398 4444
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 GLOBALAs 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.
