APRIL 15, 2014

Carolinas Commercial Properties E-Newsletter
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FLOURNOY COS. BREAKS GROUND ON CHARLESTON MULTIFAMILY PROJECT

Located along the Ashley River in Charleston, 35 Folly will offer 300 studio, one- and two-bedroom units.

CHARLESTON, S.C. -- The Flournoy Cos. has begun construction on 35 Folly, a 300-unit multifamily development located alongside the Ashley River in Charleston. The property will be located at the intersection of Folly and Albemarle roads. Flournoy Cos. has developed more than 2,000 units in 10 projects in South Carolina. The property will feature studio, one- and two-bedroom units ranging from 500 to 1,200 square feet. Ryan Foster and Blake Breimann of Flournoy are handling the project's construction. Paterson Real Estate Advisory Group helped procure construction financing and is collaborating on the overall capital structure of the project.

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CUSHMAN & WAKEFIELD | THALHIMER BROKERS $19.2M INDUSTRIAL SALE

Airport Distribution Center consists of five buildings totaling 764,550 square feet in Greensboro, N.C.

GREENSBORO, N.C. -- Cushman & Wakefield | Thalhimer has arranged the sale of the Airport Distribution Center, located on Chimney Rock Road in Greensboro. The buyer, Somerset Acquisitions Inc., purchased the asset for approximately $19.2 million. Airport Distribution Center consists of five buildings totaling 764,550 square feet. The property is 87 percent leased to tenants including Ralph Lauren, FedEx Office and Bunzl. Chris Norvell, Scot Humphrey and Bill Simerville of Cushman & Wakefield | Thalhimer represented the sellers, CIP Real Estate and Blue Vista Capital. John Schultz of Triad Commercial Properties worked in conjunction with Cushman & Wakefield | Thalhimer to represent the sellers.

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PRIVATE INVESTOR PURCHASES
COURTNEY RESERVE AT CARY PARK 
The 240-unit Courtney Reserve at Cary Park was constructed in 2007 and is adjacent to Cary Park Town Center.
CARY, N.C. -- ARA has arranged the sale of Courtney Reserve at Cary Park, a 240-unit multifamily community in Cary. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the undisclosed seller. DPR Cary LLC, a private investor, purchased the property. The property was built in 2007 and offers pedestrian-friendly retail access to the adjacent Cary Park Town Center, a Harris Teeter-anchored retail center.
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QUANTUM BROKERS $1.2M SALE OF DOLLAR GENERAL IN SOUTH CAROLINA 

EFFINGHAM, S.C. -- Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding Dollar General in Effingham. The 9,002-square-foot store sold for approximately $1.2 million. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the seller, a private, South Carolina-based developer and investor. The buyer, a private individual from Florida, purchased the asset as part of a 1031 tax-deferred exchange.

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WHY THE SENIORS HOUSING SECTOR IS POISED FOR A GREAT RUN

By Michael Bull, CCIM

What's up with seniors housing? Consumer demand, investor interest and sales prices -- that's what. With more than 10,000 baby boomers turning 65 years old on a daily basis and the ranks of the newly insured growing, the seniors housing industry is certainly poised for growth. 
 
Those were a few of the points made on a recent "Commercial Real Estate Show" episode about seniors housing. I interviewed a few industry icons about the current and future performance of this property sector.

Something for Everyone 

"When you consider the main types of seniors housing products, assisted living has had the most investor demand," said Rob Whitmire, president of the national seniors living group at brokerage firm Bull Realty Inc. 

You can break down the four basic types of seniors housing based on care delivery. With its community-oriented feel, independent living offers housing for seniors that are mostly able to take care of themselves. 

Assisted living is a state-licensed facility with 24-hour medical care that varies based on the needs of the individual. These properties focus heavily on the social aspect as well. 

Skilled nursing offers state-licensed, 24-hour medical care. Finally, continuing care retirement communities allow a person to move throughout the property from independent living to a situation requiring more care. 
 
To read the full report, click here.
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Upcoming Events
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InterFace Healthcare RE Carolinas: June 11

InterFace Conference Group's 4th Annual Healthcare Real Estate Carolinas Conference.
Wednesday, June 11; 2:15 - 6:15pm
Hilton Charlotte City Center
222 E. 3rd St.
Charlotte, N.C. 28202
Click here for more information.
 
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InterFace Carolinas: June 11

InterFace Conference Group's 5th Annual Carolinas Commercial Real Estate Conference.
Wednesday, June 11; 8:00am - 1:30pm
Hilton Charlotte City Center
222 E. 3rd St.
Charlotte, N.C. 28202
Click here for more information.
 
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Do you have an upcoming event you would like to see listed here? Send an email to ccp@francemediainc.com.

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