NAI Earle Furman, LLC

NAI Earle Furman, LLC
Newsletter
In this Issue
Property Management
Continues to Grow
p2
Industrial Division News
p3
Office Division News
p4
Retail Division News
p5
Investment Services
Group News
p6
Multifamily Division News
p7
Community Involvement
p 8-9
About Us
p 10
September
2012
UPSTATE, SC MARKET REPORTS - NOW AVAILABLE!
CLICK HERE TO VIEW THE COMPLETE REPORTS
The industrial market continues to grow stronger as we begin the second half
of the year. The steady flow of economic development announcements are a
good indicator that not only is the commercial real estate market continuing
to improve, but the economy is beginning to experience healthy growth as
well. The resurgence of activity has led to a healthy cycle of steady sales and
leasing as companies continue to expand and grow. Another good market
indicator is the return of investors buying stabilized income producing assets,
which has been missing in the market for the past few years. The biggest
problem for the industrial sector is available space, especially higher quality
space, which will hopefully lead toward some opportunities for build to suit
projects, the next step in a healthy business cycle.
- Grice Hunt, Industrial Division Broker
For the first half of 2012 we have seen a rise in retail activity in the Upstate
market. We are still seeing a big push from the gasoline companies in the
Upstate. Spinx and Quik Trip are continuing to build top of the line stores all
over the area. We will continue to see this sector grow for the rest of this year
and on into 2013. The dollar chains such as Dollar General and Family Dollar
have also continued their search for holes in the market. Dollar General is
expected to open an additional 600 stores nationwide in 2013. The downtown
market has continued to flourish with the addition of several new restaurants
including Breakwater and Mac’s Speed Shop. These additions have helped
continue the sprawl of downtown towards the West End. The heart of Main
Street has seen project One taking shape. Among the key tenants is retailer,
Anthropologie who will occupy 9,500 square feet of main level space. Looking
forward we expect to see a rise in new development and should see a
decrease in vacancy rates with rental rates remaining steady.
- Jake Van Gieson, Retail Division Broker
The first half of 2012 has seen a slow and steady recovery in the Office
sector. The average rate at the end of the quarter decreased slightly and the
trend of positive net absorption remained in tact. The positive net absorption
pushed vacancy down to 9.5%. Much of the positive absorption came from
the Greenville suburban area with large move-ins such as Aimco (26,768 SF
at Patewood) and Diabetes Care and Education (20,240 SF at Park East) In
Greenville’s CBD all eyes are on project One taking shape along Main Street
with the first office tenants moving in early next year. Also downtown, The
Landmark building welcomed new tenants, GSA (14,114 SF) and Windstream
(40,195 SF).
Committed to the Upstate. Connected to the World.
1
Property Management
Continues to Grow
NAI Earle Furman’s Property Management division has added
nine new properties to its management portfolio so far this year,
continuing its recent growth.
The latest additions to the company’s management portfolio
are 29 North Academy St., 1417 Laurens Rd., and 200 N. Main
St., all of which are located in or near downtown Greenville.
The North Academy property is the home of the Center for
Developmental Services, while the other two locations are retail
in scope.
The three most recent additions have added approximately
45,000 square feet to NAI Earle Furman’s management
portfolio, bringing the total number of square feet under the
management of the company to nearly 5.2 million.
“We are extremely pleased to have the opportunity to
manage these properties. CDS is an amazing partnership of 6
organizations all under one roof which collectively serve almost
5,000 families through expert diagnosis and treatment of
developmental problems. To have the honor of working with the
incredible staff at CDS is a wonderful experience for our firm.
We are also very excited to have the opportunity to manage
200 N. Main, which serves as the home of the newly opened
Charleston Cooks store, and 1417 Laurens Rd., a retail center
with six separate tenant suites,” stated Bill Weede, Principal and
President of the Property Management division.
In addition to Weede, the property management team at NAI Earle Furman includes Brent Illingworth, division Vice
President; Leanne Jaskwhich, CPA, Controller; and a team of four property managers, two lease administrators, a
property management assistant, and two maintenance technicians.
NAI Earle Furman’s property management program employs a hands-on approach to real estate management, where
formal monthly property inspections with face-to-face contact with each tenant provide the foundation of the program.
At the beginning of each new assignment, the property is thoroughly evaluated so that a management program can
be created that will suit the needs of the property and owner. Monthly operational reports are tailored to accommodate
each property and include an executive summary page unlike any in the industry.
To learn more about NAI Earle Furman’s Property Management division please contact
Bill Weede (email: bweede@naiearlefurman.com)
Committed to the Upstate. Connected to the World.
2
Industrial Division News
NAI EARLE FURMAN BROKERS TWO MAJOR INDUSTRIAL TRANSACTIONS
Grice Hunt and Ford Borders, SIOR of NAI Earle Furman, LLC recently represented the
landlord of 1221 South Batesville Road (Greer) in expanding Speedway Packaging and
Distribution’s space by 57,000 SF and renewing their total lease of 322,328 SF.
They also represented the landlord of 1312 Old Stage Road (Mauldin) in renewing a
lease of 432,000 SF of industrial space to Sunland Distribution Company, Inc.
Hunt and Borders focus exclusively on the industrial sector throughout the Upstate. Since 2010, the Industrial Division of NAI
Earle Furman has completed over $50 million in leasing volume.
200 PATE DRIVE GREENVILLE, SC
±163,395 SF Rail Served Industrial For Sale or Lease
Contact Information: Glenn Batson
tel: 864 678 5937
email: gbatson@naiearlefurman.com
• Lease Rate: $2.00/SF/NNN
• Sale Price: $1,779,000.00
Property Details
• Extensive Renovations Since 2007
• ±163,395 Total SF On Approximately 8 Acres
• ±150,690 SF Warehouse
• ±11,070 SF Office
• Rail Served, Norfolk Southern - Super Car Rail Spur
• 17 Loading Docks
• 16’ - 18’ Clear Ceiling Height
• Sprinkler System
• New Electrical Service208/277/480 3 PH, 4W
• All Utilities, Including Sewer
• Zoned I-1
• Owner Occupies 90,000 SF and Would Consider Staying as
a Tenant
RECENT TRANSACTIONS
Mauldin, South Carolina: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman
represented the landlord of 1428 Old Stage Rd. in leasing an 80,000 SF industrial space to Pratt
(Georgia Box), Inc.
1428 Old Stage Rd.
Greenville, South Carolina: Jon Good, SIOR, Earle Furman, SIOR, and Alexi Papapieris of NAI Earle Furman represented U.S.
Foodservice, Inc. in selling a 60,000 SF industrial property at 215 Commerce Road to Geovest, LLC.
Greenville, South Carolina: Towers Rice of NAI Earle Furman represented the landlord of 155 P and N Dr. in leasing a 30,000 SF
industrial space to Corporate Tire.
Committed to the Upstate. Connected to the World.
3
Office Division
Group News
News
JUST LISTED
430 THE PARKWAY, GREENVILLE SC
•
•
•
•
•
•
Class A Medical Office Building
±5,280 SF Building
Located in the Village of Thornblade
Zoned: PD – Greenville County
Sale Price: $790,000
Lease Rate: 15.00/SF NNN
Contact Information:
Scott Jones, SIOR
Keith Jones
tel: 864 232 9040
email: sjones@naiearlefurman.com
RECENT TRANSACTIONS
201 E. McBee Ave.
Greenville, South Carolina: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman
represented KBR Building Group, LLC in renewing a lease of 18,032 SF of office space at 201 E.
McBee Ave. in downtown Greenville.
Greenville, South Carolina: Keith Jones, CCIM and Scott Jones, SIOR of NAI Earle Furman
represented the landlord of 157 Landmark Dr. in leasing a 10,000 SF office space to Airgas
Specialty Gases, Inc.
Greenville, South Carolina: Stuart Wyeth and Peter Couchell, CCIM of NAI Earle Furman
represented the landlord of 401 Brookfield Parkway in leasing an 8,435 SF office space. Hunter Garrett, CCIM, SIOR and John
Staunton represented the tenant, Medical Billing Center, LLC.
Spartanburg, South Carolina: Dan Dunn of NAI Earle Furman represented the landlord of 233 S. Pine St. in leasing a 6,878 SF office
space to The Ward Law Firm, PA.
Greenville, South Carolina: Stuart Wyeth of NAI Earle Furman represented the landlord of 300 Executive Center Dr. in leasing a 7,919
SF office space to Global Automation Partners (GAP), Inc.
Greenville, South Carolina: John Gray, CCIM of NAI Earle Furman represented the seller of 56 Point Circle in selling a 4,600 SF office
property.
Greenville, South Carolina: Stuart Wyeth and Earle Furman, SIOR of NAI Earle Furman represented the landlord of 124 Verdae Blvd.
(Bonaventure II) in leasing an 11,926 SF office space to NWN Corporation, and a 4,384 SF office space to Performance Payroll, LLC.
Committed to the Upstate. Connected to the World.
4
Retail Division News
SWAMP RABBIT CROSSFIT BUILDING
DOWNTOWN GREENVILLE, SC
Property Details
• ±4,000 to ±16,000 SF (sub-dividable)
• Located on the Popular Swamp Rabbit Trail
• One Block from Kroc Center
• City of Greenville planning large park next door
• Trail Head on Property
• Free On-Site Parking
• Outside Seating
• Lease Rate: $8-12/SF NNN
Contact Information: Alexi Papapieris
tel: 864 678 5922
email: alexi@naiearlefurman.com
WOODRUFF ROAD RETAIL ACTIVITY
Jimmy Wright and Ted Lyerly, CCIM of NAI Earle Furman
represented the landlord of 1659 Woodruff Rd. in leasing
an 11,990 SF retail space to Escape Into Fear, LLC.
Wright and Lyerly also represented the landlord of 1659
Woodruff Rd. (Jackson’s Crossing) in leasing a 4,400 SF
retail space to Global Net Services, LLC and a 2,200 SF
retail space to Greenville Mattress.
Wright and Lyerly also
represented Culver’s in the
ground lease of a property
at 2021 Woodruff Rd., from
Woodruff Road REI, LLC.
This will be Culver’s first location in South Carolina. The
Greenville location will join more than 450 restaurants in
19 states. Culver’s is famous for their ButterBurgers®
and fresh frozen custard.
JUST LISTED - 1608 TIGER BLVD. (CLEMSON)
INVESTMENT PROPERTY FOR SALE
Property Details
• Located at 1068 Tiger Boulevard (Hwy 123) Clemson’s
Retail Corridor
• 100% Occupied by Dunkin Donuts
• True NNN Lease
• Situated on ±0.67 Acres
• Less than 1 Mile from Clemson University Campus
• Clemson University Enrollment: 19,000 Students & 1,350
Faculty
• Tiger Blvd Traffic Count: 31,456 VPD
• Easy Access to both Tiger Boulevard & College Avenue
• Current NOI: $57,000
• Current Cap Rate: 9.05%
• Contact Agent for Investment Package
Contact Information: Jimmy Wright & Ted Lyerly
tel: 864 232 9040
email: jwright@naiearlefurman.com
Committed to the Upstate. Connected to the World.
5
Investment Services Group
News
FEATURED INVESTMENT OPPORTUNITIES
3903 AUGUSTA RD.
GREENVILLE, SC
• 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
FOR SALE - ARBY’S
FRANCHISEE
GREER, SC
• Established & Seasoned MultiUnit (42) Franchisee with over 44
Years of Experience
• New 20 Year Absolute Net Lease
• Cap Rate (Year 1): 8.15%
Cap Rate (Average): 8.91%
• Sale Price: $1,006,135
SOLD!
HARTSVILLE
CROSSING
Hartsville, South Carolina: Peter Couchell, CCIM & Bill
Sims of NAI Earle Furman represented the seller of 1150
S. 4th St. (Hartsville Crossing) in selling a 68,645 SF
Walmart shadowed retail center for $5,150,000.
Other tenants at Hartsville Crossing include: Dollar Tree,
Salley Beauty Supply, Subway and Its Fashion Metro.
3702 BOILING SPRINGS RD.
SPARTANBURG, SC
• 85,960 SF Bi-Lo (AHOLD
Guaranty) Anchored Shopping
Center
• Occupancy Rate: 98.37%
• 8.70% Cap Rate
• Sale Price: $10,125,000
SOLD!
17 MEMORIAL MEDICAL DRIVE
Peter Couchell, CCIM
represented the seller
in selling a 4,883 SF
freestanding medical
office building occupied
by St. Francis Hospital
System located at 17
Memorial Medical Drive
in Greenville, South
Carolina.
DOLLAR GENERAL PROPERTIES
SOLD IN THE CAROLINAS
Peter Couchell, CCIM of NAI Earle Furman represented the
seller in selling a new 21,700 SF Dollar General Supermarket
located Asheville, North Carolina. Couchell also represented
the seller in selling a 10,640 SF Dollar General in Conway,
South Carolina.
FOR MORE INFORMATION ON THE
INVESTMENT SERVICES GROUP CONTACT:
Peter Couchell, CCIM
Broker/Principal
Senior Vice President Investment Division
email: couchell@naiearlefurman.com
tel: 864 678 5923
Scott Davis
Broker
email: sdavis@naiearlefurman.com
tel: 864 678 5984
Committed to the Upstate. Connected to the World.
6
Multifamily Division News
NAI EARLE FURMAN BROKERS SALE OF THE GATES AT NORTH MAIN
Tony Bonitati, Kay Hill and Glenn Batson recently represented the
owner of The Gates at North Main in selling the 24 unit duplex
property. The property is located on McNeil Court in the popular
North Main area of downtown Greenville.
The sale was a redevelopment partnership in which NAI Earle
Furman paired a California buyer with a local owner to transform
the property into a luxury village that will complement the North
Main residential market.
The NAI Earle Furman Multifamily Division provides a broad array
of specialized services to multifamily/apartment property owners,
developers & investors locally and around the state.
TRANQUIL COURT APARTMENTS
30578 OLD PELZER ROAD
PIEDMONT, SC 29673
• Built in 2009 and in Excellent
Condition
• Building SF: ±30,368 on ±3.85
Acres
• Average Unit Size: 1,084 SF
• 28 Units (14 Buildings)
• 2 BR/1.5 Bath: 20 Units
• 3 BR/2.5 Bath:8 Units
• 89% Occupied
• Excellent Location Close to Grocery Stores, Various Retail and Lakeview
Golf Course
• Only Minutes Away From I-185, I-85 and the Donaldson Airport
• Located near Woodmont Middle School
• Utilities: Electric, Public Water, Sewer
• Parking: 2 Spaces per Unit
• Sale Undisclosed
Contact Information: Tony Bonitati & Kay Hill
tel: 864 232 9040
email: tonyb@naiearlefurman.com
NAI EARLE FURMAN
WELCOMES
GWINNA CAHAL TO THE
MULTIFAMILY DIVISION
Gwinna Cahal recently completed a
summer long intern program at NAI
Earle Furman and has joined the
firm as a full time broker. She will be
specializing in multifamily properties
alongside Tony Bonitati and Kay Hill.
She is a Cum Laude graduate from
the University of South Carolina with
a major in real estate. Cahal went
on to complete her Master of Real
Estate Development degree from
Clemson University where she was
elected USGBC Liaison, Clemson
University Student Real Estate
Association. She is a licensed South
Carolina real estate broker and a
LEED Green Associate.
Committed to the Upstate. Connected to the World.
7
Company News and
Community Involvement
PAINT BALL TRIP FOR OUR
UNITED WAY PALMETTO SOCIETY MEMBERS!
These generous NAI Earle Furman donors contributed $1,000 or more during
the recent United Way Campaign. The Palmetto Society was started in 1989 to
recognize those giving at the leadership level.
Committed to the Upstate. Connected to the World.
8
Company News and
Community Involvement
NAI EARLE FURMAN’S POWELL, DANIEL AND HILL ACCEPTED
TO LEADERSHIP ANDERSON, GREENVILLE
John Powell, CCIM and Tom Daniel of NAI Earle Furman have been accepted to Class 29 of Leadership Anderson, while
Kay Hill, also of NAI Earle Furman, has been accepted to Class 39 of Leadership Greenville. The Leadership Anderson
and Leadership Greenville programs require a 10-month commitment to a development initiative that helps to grow and
motivate community leaders.
According to the Anderson Area Chamber of Commerce and the Greenville Chamber, program
participants are selected through an application process based on the applicant’s prior involvement
in the community, as well as their ability to set and achieve high personal goals. Each year, a new
class of participants is selected for each program.
NAI Earle Furman is pleased to have three members of its brokerage team accepted into the
programs. John Powell, CCIM is an Anderson native. He is part of NAI Earle Furman’s Anderson
office with an emphasis on Industrial, Office, Retail and Investment properties and has over a decade
of experience. Powell is actively involved in the Anderson community and currently serves on the
Board of Directors for the TL Hanna Booster Club and Cardinal Park. “I am very excited for the
opportunity to attend the Leadership Anderson class,” stated Powell. “The things I’ll learn from it will
only expand my existing market knowledge which will ultimately benefit my clients.”
John Powell
Tom Daniel recently relocated to Anderson from Atlanta, and has worked to quickly put down roots
in the community. “My wife, Elaine, and I are excited about our move and look forward to this next
chapter in our life,” stated Daniel. He has over 25 years of experience in commercial real estate and
is a member of the Industrial Division at NAI Earle Furman.
Kay Hill is a Greenville native and joined NAI Earle Furman in 2011 as a part of the Multifamily
Division. She is involved with Commercial Real Estate Women of the Upstate, the Urban Land
Institute, and the Greater Greenville Association of Realtors. “I am honored to be given the
opportunity to work side-by-side with such a diverse and impressive group of Greenville leaders,”
stated Hill. “I expect the next ten months to be challenging, educational and extremely rewarding.”
Both Leadership Anderson and Leadership Greenville have long histories of developing key leaders
in their respective communities. Leadership Anderson was founded in 1984, and over 600 local
leaders have graduated from the program and continue to be committed to the growth and progress
of Anderson County. The Leadership Greenville program began in 1973, and has seen over 1,600
participants. Alumni serve in leadership roles within their businesses and organizations, in the
community, and in state and local government.
Committed to the Upstate. Connected to the World.
Tom Daniel
Kay Hill
9
AboutAbout
Us Us
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 real
estate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and
knowledge.
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 andmanages over 5 million square feet of commercial space in
North and South Carolina.
NAI GLOBAL
As 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.
GREENVILLE/HEADQUARTERS
101 E Washington St., Suite 400
Greenville SC 29601
864 232 9040
ANDERSON OFFICE
201 S Murray Ave.
Anderson SC 29624
864 622 5040
SPARTANBURG OFFICE
314 S Pine St., # 100
Spartanburg SC 29302
864 398 4444
The NAI Earle Furman Team
Stay Connected
Find Us, Friend Us, Follow Us
www.naiearlefurman.com
JOIN OUR EMAIL LIST!
Visit the home page of naiearlefurman.com and
click opportunity mailing list to receive investment
opportunities and quarterly market reports.
Committed to the Upstate. Connected to the World.
10