July 28, 2017 UBJ by Community Journals

UPSTATE BUSINESS JOURNAL

INSIDE THIS ISSUE SENSORY DEPRIVATION SPA IS IT IPO TIME FOR PROTERRA? FRANCHISE MAGNETISM

JULY 28, 2017 | VOL. 6 ISSUE 30

COMMERCIAL REAL ESTATE QUARTERLY ISSUE

A WELCOMING ATTRACTION

The Wells Fargo Center plans a major interior overhaul to bring the public inside RENDERING PROVIDED BY DP3 ARCHITECTS

AS SEEN IN – THE 2017 AS SEEN IN – THE 2017

BTC BEHIND THE COUNTER BEHIND THE COUNTER

PHOTOGRAPHY BY CAROL BOONE STEWART

SPENCER/HINES PROPERTIES Bobby Hines started his career selling sporting goods, going to work with

in balls and bats. Today he leads a team of six commercial agents – including

his father at O’Neal Williams Sporting Goods on Greenville’s Main Street after

his son and partner, Zach, and daughter, Evan – in providing hands-on, highly

graduating college. “To this day I have people tell me they bought their first pair of tennis shoes or first baseball glove from my dad Bentley, partner Alva Phillips or me,” Hines says. After selling the store to sporting goods owner Sam Wyche, Hines built a successful career in the textile machinery parts business. When the textile industry headed south of the border, Hines decided it was time for a new

attentive service to local property owners in the purchase, sale,

We’ve built a reputation for honesty and integrity and treating every client with the same level of respect, no matter the size of the deal.

direction. He had dabbled in commercial real estate over the

lease and management of their holdings. Rounding out the Greenville team are Taylor Fisher, who came to Spencer/Hines from Subway Development Corp. with a wealth of experience in site location and lease negotiation; and Hayes Faulkenberry and Jason Klue, who bring to the table strong backgrounds in sales, development and investment properties. The Greenville office is also home to a boutique property management company, run by Matt Foster, that offers its services

years, making some investments with his brother, Ben and Lynn Spencer, co-

to buildings small and large at extremely competitive prices – as low as $50 per

owners of Spencer/Hines Properties in Spartanburg and Greenville.

unit in some cases.

In the late 1980s he and his brother, Ben, bought the former O’Neal

“We run our business on Christian values,” Hines says. “We’ve built a

Williams building from their dad and Alva Phillips, and put Greenville’s first

reputation for honesty and integrity and treating every client with the same

Fuddruckers in it.

level of respect, no matter the size of the deal.”

“That was my first investment and it was a really good one,” Hines says. “It got me interested.” That interest eventually led to joining forces with his brother and opening a

245 North Main St., Ste 201 Greenville

Spencer/Hines office in Greenville. Hines is back a few buildings down close to

864.991.8077

the same prime spot, across from the Hyatt downtown, where he once traded

spencerhines.com

TOP-OF-MIND AND IN THE MIX THIS WEEK

| THE RUNDOWN

VOLUME 6, ISSUE 30 Featured this issue: Woodruff Road site approved for new Sprouts grocery......................................10 The Iron Yard closes up shop......................................................................................12 Office, industrial, and retail market reports for Q2............................................ 20

Proterra’s office and manufacturing facility in Greenville is the company’s East Coast base, home to its largest factory, vehicle engineering department, and more than half of its 300 employees. The company has 60 to 70 percent of the total market share of electric buses. Read UBJ’s Q&A with CEO Ryan Popple on Page 6.

WORTH REPEATING “Franchises already have the ideas that work. That’s what we like about them.” Page 4

“The fact that a company that really started and scaled in Greenville, S.C., would end up listing as a public company on a major stock exchange is a really big deal.” Page 6

“These new renovations will bring the building to the 21st century and make it the most in-demand location in Greenville.” Page 18

VERBATIM

On the state of the coding bootcamp industry “If other bootcamps can find a profitable business model (and they really should be able to) while focusing on quality outcomes and student experiences, then they’ll continue to thrive.” Course Report co-founder Liz Eggleston, in a GeekWire article

7.28.2017

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INDUSTRY

The Laws of Attraction The Palmetto State is a franchise magnet that brings scores of new jobs every year TREVOR ANDERSON | STAFF

tanderson@communityjournals.com

Franchisees are flocking to South Carolina. The International Franchise Association (IFA) anticipates the Palmetto State’s portfolio of franchise-owned establishments will grow to 12,608 by the end of the year, a 2.4 percent increase compared with 12,317 in 2016. That rate puts the state in a three-way tie with Colorado and Florida for the fourth-highest franchise growth rate in the country behind Arizona (3 percent), Utah (2.9 percent), and Nevada (2.8 percent), according to the IFA. In neighboring states — North Carolina and Georgia — franchise growth in terms of establishments is expected to increase by 2.2 percent and 2.1 percent, respectively. Industry experts said the Upstate is a magnet for franchise development in the state, which could mean hundreds, if not thousands, of new jobs and millions of dollars of economic impact for the region. “The Carolinas in general are big franchise states,” said Mike Hall, owner and president of Franchise Resource Group, a franchise sales and consulting firm with offices in Charleston, and Charlotte and Raleigh, N.C. “What you’ve got is a lot of post-recession movement to the South. The Upstate and coastal areas [of South Carolina] in particular are very attractive. Companies are hiring; younger people are moving in. There’s a lot happening.” Founded in 1960, the IFA said it is the world’s largest advocate for the franchise industry, representing companies in more than 300 business categories, individual franchises, and other companies that support the industry. A forecast study released by the Washington, D.C.-based association earlier this year did not include specific data for the metropolitan areas of South Carolina, but the study said the state franchise industry’s growth is expected to increase 4 percent to 135,300 jobs this year. 4

UBJ | 7.28.2017

According to the Bureau of Labor Statistics’ most recent numbers, employment in the state stood at more than 2.32 million jobs in May. Based on those numbers, franchise ventures employ about 6 percent of the state’s workforce. IFA numbers showed the state’s payroll tied to franchise businesses is expected to increase 4 percent to $4 billion during the year. The economic output from those businesses will increase almost 6 percent to $10.8 billion. Hall said the distribution of franchises in South Carolina by industry is similar to national numbers, which as of January showed quick-service restaurants dominating the landscape with about 26 percent of the total sum, according to the IFA. Personal services franchises comprised about 15 percent of the total, followed by business services (14 percent), commercial and residential services (9 percent), retail products and services (8 percent), real estate (8 percent), retail food (7 percent), automotive (5 percent), full-service restaurants (4 percent), and lodging (4 percent). The quick-service restaurant sector also had the lion’s share of employment at 46 percent, according to the IFA. Hall said in addition to restaurants and food-related enterprises, businesses catering to the leisure and travel industry are becoming more present in South Carolina, particularly along the coast. In the Upstate, personal services businesses spanning education, senior care, in-home care, home services, financial services, printing, staffing, signage, automotive care, car dealerships, tech-related businesses, and auto parts retailers are booming, he said.

Hall said the tough years of the recession had a positive impact on franchise growth in South Carolina. “We put a lot of people into franchises during the recession,” he said. “The reason is we had so many people that were mid- to senior-level professionals transitioning.” He added, “Say for instance you found yourself after many years without a job. You have a decision to make: Do I go back to corporate America, or do I finally break away and start my own business? A franchise is a very popular way to go because you have the support of a larger corporation.” Hall said he worked with one “candidate” who had decided to leave Michigan and wanted to open a business in Atlanta or Charlotte. “I told him, ‘You ought to stop in Greenville. I think you’ll be very impressed,’” he said. “He stopped there and decided not to leave.” Hall said prospective franchisees don’t necessarily need to have a bevy of knowledge related to the concept they wish to pursue. “It’s something I run into a lot and can be an obstacle for people,” he said. “In the corporate world, you acquire a lot of skills. Some you don’t realize you have. There are certain skills you need. “One of the primary skills is people management. Whether you’re at a large company or a franchise owner, if you can’t find the right people and manage them to move the organization forward, you’re going to struggle,” Hall said. “Franchises already have the ideas that work. That’s what we like about them.” Matt Kelton, chief operating officer for Showhomes, a home-staging franchise based in Nashville, Tenn., said his company is looking to expand its

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“ I told him, ‘You ought to stop in Greenville. I think you’ll be very impressed.’ He stopped there and decided not to leave.” Mike Hall, owner and president of Franchise Resource Group

footprint in the Carolinas and is eyeing Greenville County. Kelton said the company, founded in 1986, has 60 locations in 22 states. Its CEO, Bert Lyles, is originally of Spartanburg. “We like the Upstate,” Kelton said. “We have a specific market: the top 20 percent in home value, which is typically $800,000 and up. Upscale luxury homes. We look at density, but we also look at economic growth. … The economy is doing well. There are new people moving to the area.” Sharon Peterson, director of franchise sales for Best In Class Education Center, a tutoring business that specializes in working with K-12 students, said her company is working with a few prospects in South Carolina. The Seattle-based business, founded in 1995, currently has 49 locations in nine states. “South Carolina has a fantastic economy,” Peterson said. “We look at demographics, the economy, and the growth of an area. Is there a growing population of younger demographic? Are more people moving in than leaving? We are seeing that specifically in the Upstate.”

She said the company is particularly interested in Spartanburg County because of its seven colleges. “We have a pretty diverse group of franchisees,” Peterson said. “Some of our franchisees are teachers. The majority of our system is comprised of individuals with a managerial background. … They are looking for something they can build as a family. We provide an extensive support program.” Aaron Davis, originally of Greenville, is the owner and operator of 17 Little Caesars Pizza restaurants spread out across the Upstate. Davis recently opened his first location in Boiling Springs for the fitness franchise Workout Anytime. He said he is already planning to open a second location in Spartanburg County. “There is a lot of growth in the Upstate,” Davis said. “Most people are coming here because they like the climate. It’s near the beach, near the lakes and mountains. It’s a perfect scenario for what attracts young families and people from outside to an area.” Davis added, “On the business side, the demographics are very strong. The market rates for commercial leasing are low compared with Atlanta or Charlotte. It’s affordable for business. People here

are very friendly and loyal. “ Davis, who started working at Little Caesars at age 15, said he now employs about 400 people. He offered a few words of wisdom for prospective franchisees. “You really have to study the franchise, study the model,” Davis said. “Make sure you have a strong connection to a corporate team and have a good support system. [Franchises] are proven models, and most of the time they’re going to work, but operations is up to you.” According to the IFA, the number of franchise establishments is expected climb to 744,400 in the U.S. by the end of 2017, a 1.6 percent increase compared with 2016. Employment in the nation’s franchise industry is anticipated to grow 3.3 percent to 7.9 million people by the end of the year, the association said. The economic output from franchise businesses will increase 5.3 percent to $710 billion. In terms of gross domestic product, the industry is expected to generate $426 billion in 2017, a 5.2 percent increase compared with the previous year, according to the IFA.

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QUESTION AND ANSWER

Electric Avenue Talking about potential IPOs with Proterra CEO Ryan Popple RUDOLPH BELL | STAFF

rbell@communityjournals.com

yan Popple, 39, led an Army tank

What is Proterra’s market share?

platoon, got an MBA at Harvard,

On electric buses, we are anywhere between 60 and 70 percent of the market, depending on if you count new orders or you count actual deployments. We’ve deployed more buses by far than any other provider in the North American market, in terms of electric bus technology. When you compare us to the overall bus market, we’re still in single digit percentages of the market.

and worked at Tesla, the electric

car company, and Kleiner Perkins, a venture capital firm, before joining Proterra, a manufacturer of battery-powered transit buses, as CEO. In 2010, Proterra came to Greenville from Golden, Colo., as a startup venture. Later, the company moved its headquarters to the San Francisco area and opened a second plant in the Los Angeles area. It has reported raising $345 million from investors. Greenville continues to be Proterra’s East Coast base, home to its largest factory, vehicle engineering department, and more than half of its 300 employees. UBJ interviewed Popple on July 18 at the company’s factory along Interstate 85 in Greenville. 6

UBJ | 7.28.2017

Who are the other players? The only real competition we see comes from a diesel bus manufacturer in Canada that has an electric version of its steel diesel bus. That company is called New Flyer. And the other company we compete against is a company headquartered in China with a manufacturing operation in the U.S. called BYD.

BMW’s venture capital arm was part of your latest funding round. I’m curious as to how that relationship began and whether Proterra’s presence in the Upstate, home to BMW’s largest plant, had anything to do with it.

The partner at BMW ventures who initiated the investment is named Zach Barasz, and he is based in Silicon Valley. So he was looking at companies that were doing innovative things in mobility that could be interesting to BMW. So I think it got started as a lot of these investments do with networking within Silicon Valley. That’s still where probably 50 percent of venture capital deals originate in the U.S. … Certainly a lot of people at BMW knew of Proterra before that investment professional brought forward the thesis. BMW has a real expertise in lightweight materials and, increasingly, an expertise in electric vehicles. So we were working on a lot of things that were closely related to where they may be going longer term.

Does Proterra plan an initial public offering? It’s certainly a possibility. We can’t talk in any specifics in terms of timing, though, or our thoughts on it, because it could be viewed as an effort to market an IPO and that’s not allowable under [Securities and Exchange Commission] regulations. … It’s possible that we go public, and given that it is possible, we have to be very careful about making sure that we’re not doing anything to … generate excitement about an offering before we actually have SEC approval.

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Can you talk about why Proterra might want to do an IPO? Yeah. There is a lot of investor interest in buying shares in the company, and we’re getting to the point where it’s inefficient to entertain one-off conversations with investors that want to own a part of what we’re doing. I think the thesis that heavy-duty transit buses are going to go electric is getting broad acceptance within the financial markets. … The other aspect of it is if you get beyond a certain number of shareholders, I believe you’re required to become a public company. … The downside of going public is your regulatory costs go up. You’ve got to spend more on lawyers and accountants. You have to be more careful about what you say in a conversation like this. I can’t say anything that would give a certain individual or investor an unfair advantage.

Are there any future scenarios for Proterra that don’t involve an IPO? Proterra could remain a private company. There are certainly some advantages to that. We’ve been able to access capital very efficiently relative to other private companies, so I think we’re in a very good situation compared to most private companies. We’re quite mature. So we could certainly just operate the company as a stand-alone, independent

“There is a lot of investor interest in buying shares in the company, and we’re getting to the point where it’s inefficient to entertain one-off conversations with investors that want to own a part of what we’re doing.”

company. There’s always a possibility that Proterra could be acquired or we could merge with another company. It’s not something that I would encourage us to do unless we saw a very strong commitment from an acquiring company in terms of wanting to get our technology into the market.”

What effect would an IPO have on the company and on its Greenville operations? I think there are a lot of good ripple effects from that. One, the fact that a company that really started and scaled in Greenville, S.C., would end up listing as a public company on a major stock exchange is

a really big deal. In most parts of the country, there aren’t that many IPOs. They’re pretty rare. The other thing is that the people that work at this facility and have been a part of this journey will understand a lot more about how you build a technology company from start to exit. I look at the experience I got in Tesla during the first three years of my career and that experience helped prepare me for this. It’s very difficult to just go out and start a company if you’ve never done it before. … [Proterra going public] would be a great experience. And you’d have a couple hundred people, ideally, who are in this area, who know what it was like, who’ve done it before.

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The 208-foot-tall crane used for the construction of the AC Hotel, which has been a fixture in Spartanburg’s downtown for over a year, has been dismantled.

DEVELOPMENT

The Final Countdown Construction of Spartanburg’s AC Hotel enters the homestretch TREVOR ANDERSON | STAFF

tanderson@communityjournals.com A

symbol

for

downtown

Spartanburg’s momentum vanished last week. The 208-foot-tall tower crane used for construction of the 10-story, 114room AC Hotel spearheaded by Spartanburg-based OTO Development and Johnson Development was officially dismantled. But project officials said the crane’s removal is the beginning of the end of the $20 million project, which is expected to have a positive impact on the city for decades to come. “The tower crane — at 208 feet tall — has been a fixture on the downtown Spartanburg skyline for more than a year, symbolizing the growth and 8

UBJ | 7.28.2017

revitalization of our corporate headquarters’ hometown,” said Bruce Collins, director of development for OTO Development. “Our team has enjoyed every step of this project, so watching the crane being dismantled is a little bittersweet, but now begins the countdown until AC Hotel Spartanburg opens in the fall.” Construction of the hotel at 225 W. Main St. across from RJ Rockers Brewery began in October 2015 with the demolition of the former Event Rentals building. Throughout late 2015 and the first half of 2016, the groundwork for the hotel was completed. After the crane was installed in June 2016, the building’s shell began to take shape.

In December 2016, a large crowd of business leaders, elected officials, builders, and others involved in the project participated in a “topping out” ceremony in the nearly 100,000-square-foot unfinished building. Spartanburg-based McMillan Pazdan Smith Architecture is the architect of record for the project, working in collaboration with David M. Schwarz Architects out of Washington, D.C. Alabama-based Robins & Morton is the general contractor. The hotel, which is anticipated to be the first Marriott premium brand AC Hotel in South Carolina, will reflect the “grand hotel” style, according to officials. “Once you see [the crane] coming

down, it means we’ll be working on the outside of the building,” said David Allen, senior superintendent for Robins & Morton. “And during the next few weeks, we’ll be doing work on the inside of the building.” When complete, the hotel will feature the rooftop indoor-outdoor restaurant and bar Level 10 from Greenville’s Rick Erwin Dining Group, an outdoor pool, a 24-hour fitness center, and other amenities. It will showcase artwork from The Johnson Collection’s Black Mountain College portfolio, and three of its meeting rooms, which offer a combined 2,662 square feet of meeting space, will be named after four of the college’s most prominent figures. Allen said about 670 construction

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More than 800 people, mostly from the surrounding areas, have worked on the hotel so far. employees have participated in his company’s orientation sessions for the project. He estimates that more than 800 people, mostly from the surrounding areas, have worked on the hotel so far. “I believe 160 [workers] is the most we’ve had at one time, but there’s always a constant flow of people,” Allen said. He said the project has moved forward without any major hiccups or incidents. “This is a very unique building,” Allen said. “I think the Johnsons have very high expectations because they love Spartanburg.” The hotel’s construction is just one of several ongoing projects in downtown Spartanburg that promises to

bring new retail, dining, and maybe even some office opportunities to the area. Michael Silverman, co-owner of The Local Hiker and Hub City Scoops in downtown Spartanburg, said he has enjoyed the energy and exposure that the construction of the hotel has brought to the community. However, the entrepreneur said he’s excited for all of the projects to reach fruition. “We are certainly going to miss the construction crews who have been here for a time,” Silverman said. “But the completion of their work signifies a new wave of opportunities in downtown.” For more information, visit otodevelopment.com.

| NEWS

AC HOTEL CONSTRUCTION

$20 MILLION investment 23,350,000 pounds of concrete 7,000 y ards of concrete, enough to make 333 miles of 4-foot-wide sidewalk 149,333 pounds of post tension cable 974,500 pounds of rebar installed 220,000 total number of bricks 426 windows 114 rooms 10 floors (12 including basement and mechanical well) 3 electric car charging stations

AC HOTEL’S TOWER CRANE 208 feet tall 22,500 pounds in weight

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The planned Sprouts location on Woodruff Road was once a proposed site for a Fresh Market and Harris Teeter.

DEVELOPMENT

Putting Down Roots First Sprouts supermarket in SC finds a home in Greenville… but not without controversy RUDOLPH BELL | STAFF

rbell@communityjournals.com

The first Sprouts Farmers Market in South Carolina should open next year along Woodruff Road, now that Greenville County Council has agreed to rezone the development site. The Phoenix-based grocery chain is scheduled to open a store at the corner of Woodruff Road and Highway 14 in June 2018, said Greenville developer Neil Wilson, whose RealtyLink requested the rezoning of about 10 acres at the corner. “They’re very similar to a Fresh Market or a Whole Foods, but they deliver at a much lower price,” Wilson said. “I think they will be well-received.” Some neighbors vigorously opposed the development on what is now vacant land, as they did previous plans to put Fresh Market and Harris Teeter groceries at the site.

Last week, however, County Council voted 7 to 5 to give final approval to the developer’s rezoning request. County planners and the county Planning Commission had previously signed off on the change. The rezoning also got support from Eastside residents associated with Southside Christian School, which is across Woodruff Road from the development site, after RealtyLink agreed to donate 4.2 acres to the school. Sprouts specializes in fresh, natural, and organic foods and uses a store layout it says was inspired by a farmers market. The chain operates more than 260 stores around the country, including 15 in the Atlanta area, and aims to grow at a pace of 30 new stores a year, according to its website.

Sprouts spokesman Diego Romero said the company has not announced any expansion plans past 2017 at this time. RealtyLink plans to put the Sprouts store in a 30,000-square-foot building that it will separate from the Graceland East Memorial Park cemetery next door by means of a 3-foot berm and 6-foot concrete wall. RealtyLink also plans a 13,200-square-foot building to house a restaurant, shopping, and/or offices but hasn’t signed up any tenants for that space yet, Wilson said. The development site is in County Council District 28, represented by Fred Payne. Payne voted in favor of the rezoning, saying it had been approved by county planning officials and was in harmony

McDonald’s Big Lots

ROOM TO GROW

SPROUTS FARMERS MARKET • PHOENIX, ARIZ.

UBJ | 7.28.2017

Kangaroo Express

Southside Christian School

WOODRUFF ROAD

Proposed Sprouts Development

HIGHWAY 14

Natural and organic supermarket chain 260 stores Plans to grow by 30 stores a year

with the county’s 2009 comprehensive plan. Payne also cited a right to sell on the part of the property owner and the developer’s efforts to accommodate citizen concerns. Council Chairman Butch Kirven voted against the rezoning. “I believe there ought to be a certain area on Woodruff Road that’s not commercialized,” Kirven said, drawing applause from opponents of the rezoning gathered in council chambers to witness the vote.

Graceland East Memorial Park

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AWARDS

SBDC announces 2017 winners The Greenville Area Small Business Development Center recognized three businesses and one individual at its second annual awards ceremony on July 11. Tropical Grille, a restaurant group owned by Lazaro and Shadid Montoto, was named 2017 Small Business of the Year. The Montotos plan to open six locations in the Upstate. Acutech Automotive, a Greenville auto repair business founded by Jimmy Williams, was named 2017 Service Provider of the Year. Anchor Bat Co., a maker of baseball bats in Tigerville that was founded by Eddie and Matthew Rollins, was named 2017 New Business of the Year. Toby Stansell, managing director of Cherry Bekaert’s Technology Solutions Group, was named 2017 Small Business Ally of the Year for his volunteer work with the Greenville Chamber’s Minority Business Accelerator. —Rudolph Bell

TECH

Iron Yard to close all 15 campuses

summer cohorts. We will finish out summer classes completely, including career support. While our journey is coming to an end, we will always take pride in the thousands of people our staff helped to launch new careers.” Peter Barth, a former Wall Street broker and computer guru, founded the Iron Yard in May 2012 as a business accelerator. The company held its first accelerator cohorts, coding schools for kids, and co-working spaces in downtown Greenville and downtown Spartanburg. Barth could not immediately be reached for comment last week. According to the company’s website, it has 15 campuses in Greenville; Atlanta; Austin, Texas; Houston; Indianapolis; Las Vegas; Charleston, S.C.; Dallas; Nashville, Tenn.; Orlando, Fla.; Washington, D.C.; Tampa Bay, Fla.; and Raleigh, Durham, and Charlotte, N.C. The company did not specify how many, if any, employees would be impacted by the announcement. It was also unclear whether the decision will affect the company’s seed stage investment firm Iron Yard Ventures. —Trevor Anderson

MARKETING

For four years, The Iron Yard has trained would-be computer coders at its home campus in Greenville and campuses across the nation. On July 20, the company announced it was shutting its doors at all locations. A statement issued by the Greenville-based technology education company via its blog said it planned to cease operations at all of its campuses after teaching out its remaining summer cohorts. “Over the last four years, The Iron Yard has led the code school industry in preparing students for careers as software developers,” the company said in the statement. “The industry as a whole is still young, and its leaders face the challenge of a nascent market, as well as the demands facing all institutions in the higher education marketplace. In considering the current environment, the board of The Iron Yard has made the difficult decision to cease operations at all campuses after teaching out remaining

JMI Sports announces hire of Clemson sport and campus marketing team As the new total campus marketing partner of Clemson University, JMI Sports has hired a 10-person sponsorship sales and client services team. Operating as Clemson Sports & Campus Marketing, the JMI Sports staff is working as an extension of Clemson University and Clemson Athletics to expand partnerships with corporate sponsors and enhance multimedia platforms. Collectively, the Clemson Sports & Campus Marketing team has over 100 years of professional experience. Of the 10 team members, six have Clemson degrees, and two others have previous experience with JMI Sports. —Kristen Ferris

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The father/son partners recently hung a new shingle as The Briggs Law Firm, focusing on Family, Criminal and Personal Injury cases as well as Real Estate and Business

practice and business law to mediation. “Our goal is to protect your interests and exceed your expectations,” Sam says. Larry earned his law degree from the University of South Carolina and Sam did his undergrad there before heading to Charleston School of Law – so they share a passion for all things Gamecock. Sam was raised in Greenville by parents who hail from

law. Sam’s mom, Marsha, is the Briggs’ paralegal. “This truly is a family

Minnesota and Florida – “they met in the middle,” Sam laughs – and he

affair,” Sam says.

played basketball for the Yellow Jackets before heading to college. Sam still

The Briggs Law Firm provides a complimentary, one-hour consultation for anyone seeking legal counsel. This “meet-and-greet” helps determine whether

loves to shoot hoops and do CrossFit, and he indulges his love of music as a baritone in the Greenville Chorale.

legal counsel is necessary and, if so, whether the Briggs firm is a good fit. “What sets us apart is our accessibility,” Sam says. “We communicate directly with our clients, rather than making them go through an assistant. People call me at all hours – and I always answer.” While the Briggs Law Firm is a new entity, it’s a continuation of Larry’s three-decade legacy of impeccable ethics. The father/son partnership practices in a downtown building that’s home to nearly a dozen other attorneys – a vibrant environment that’s especially conducive to collaboration.

AS SEEN IN – THE 2017

BTC PHOTOGRAPHY BY MARIAN ASHLEY PHOTOGRAPHY

BEHIND THE COUNTER

Briggs Law Greenville Law Firm 819 East North St., Greenville briggslawfirm.com | 864.242.4995

NEWS IN BRIEF |

INFORMATION YOU WANT TO KNOW

LEADERSHIP

Liberty Fellowship mentors announced Liberty Fellowship, a statewide leadership initiative founded by Anna Kate and Hayne Hipp, Wofford College, and the Aspen Institute, recently announced the 21 individuals who will serve as mentors for the organization’s class of 2018 fellows. The Liberty Fellowship “seeks to inspire outstanding leadership in South Carolina, empowering the state’s leaders to realize their full potential” by fostering intellectual and personal development, encouraging critical thinking, and introducing diverse perspectives. Over the course of 18 months, fellows attend five seminars, including the Aspen Institute Globalization seminar, which connects participants to others involved in similar programs. Additionally, with the guidance of a mentor, each Liberty fellow chooses a personal leadership project that will benefit South Carolina.

Presented by

Below are the six mentors who will work with Fellows residing in the Upstate: • Craig Brown, president and owner of the Greenville Drive, CEO of Keelers Ridge Associates (mentoring Ansel Sanders) • Elizabeth Davis, president of Furman University (mentoring Cheryl Grant) • Anna Kate Hipp, Liberty Fellowship co-founder, philanthropist, and community volunteer (mentoring Kacey Eichelberger)

• Robbin Phillips, president of Brains on Fire (mentoring Kippie Brown) • Brenda Thames, executive vice president and provost for the health sciences center at Greenville Health System (mentoring Cara Cornelius) • Dwayne Wilson, board member for Ingredion Incorporated and AK Steel Holding Corporation (mentoring Rob Howell) “Great mentors build up other leaders, encouraging their success and helping shape their path from success to significance,” said co-founder Hayne Hipp in a statement. “We’re grateful to these mentors for this commitment, which ultimately impacts South Carolina through heightened leadership.” —Staff Report

Conversations with Upstate Professionals

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Spiro Institute hosts classes for small, mid-sized businesses Clemson University’s Spiro Institute for Entrepreneurial Leadership invites owners of small to mid-sized businesses to learn more about business fundamentals, such as marketing and accounting, through a professional development program that kicks off Aug. 9. The program, called Spiro Sessions, consists of eight, 2 ½-hour sessions offering instruction in seven core areas: marketing, sales, accounting, legal, operations, banking, and information technology. Included are panel discussions with local business leaders such as Gary Daniels, vice president of business development at Wells Fargo; Jennifer Sutton, chief executive officer of Bright+Co.; and Ravi Sastry, vice president of sales and marketing at Immedion. Doug Kim and Ann Coleman, two local business lawyers, will serve as moderators. “Business owners and managers who aren’t continually learning, seeking out connections with other business people, looking for ways to keep their businesses relevant and promote internal innovation and growth, risk a slow death,” Coleman said. Spiro Sessions are scheduled between 6:30 and 9 p.m. every other week at Society Hall, 504 Rhett St., in Greenville’s West End. They start Aug. 9 and finish Nov. 15. Registration costs $250. —Rudolph Bell

LAW

Blair Cato Pickren Casterline expands to Upstate

TheUpstateBusinessJournal @upstatebiz

@UpstateBiz Upstate Business Journal

#businessontap

Columbia-based Blair Cato Pickren Casterline LLC announced the law firm has opened a new office that will serve Greenville, Spartanburg, Anderson, Mauldin, and surrounding areas in the Upstate. The new office is located at 406 East Butler Road in Mauldin. The expansion will increase the firm’s total number of attorneys and staff to 10 attorneys and 24 staff. Additionally, the firm announces that attorneys J. Chris Brown and H. Stewart James have joined the firm as members. Brown and James will both be based in the new Upstate office. —Kristen Ferris

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COVER |

FOCUS ON COMMERCIAL REAL ESTATE

PAPER TRAILS

Faced with the need to cut costs, newspapers are divesting themselves of their most valuable assets — their properties SHERRY JACKSON | CONTRIBUTOR

Rendering by LS3P A 33-story building being constructed in Charlotte on the former Charlotte Observer site, a block away from Bank of America Stadium, is one of the city’s major development projects. The Observer relocated to the NASCAR Plaza building, about half a mile from its former space.

ome say print is dead. In reality, the industry, like many others, is going through a massive transformation. Newspapers were once the primary — sometimes the only — form of communication and a mainstay of the community. Today, we get our news from a variety of sources, but community journalism is still here to stay. That means newspapers were (and still are) big business. But in today’s 21st-century digital climate, newspapers are looking for creative ways to cut costs that go beyond trimming staff and cutting page sizes. Some are turning to the very properties that house their offices. In years past, newspapers had a need for large printing presses and huge staffs, and many planted themselves in prime downtown locations on large pieces of land — in part as a declaration that they were important players in the community and in part 16

UBJ | 7.28.2017

to advertise their product. Now, newsrooms are outsourcing printing, and a downsized staff means a need for less space. So the question quickly arises: Why should they hold on to that big ol’ building on that valuable piece of land in the heart of downtown? In the past few years, the New York Times, Los Angeles Times, Denver Post, and even the Democrat and Chronicle in Rochester, N.Y., where Frank Gannett started building his empire, have sold their properties and either moved newspaper staffs to less expensive office space in the suburbs or they’ve stayed put downtown in smaller, transformed digs.

Here’s a look at a few projects that are recycling the news.

Greenville News

Close to home in downtown Greenville, most everyone is aware of the Camperdown project that is turning

the former home of the Greenville News into a mixed-use project with a 140-room AC Hotel, 750-space parking garage, 18 luxury condos, 217 apartments, 80,000 square feet of retail, and 150,000 square feet of office space. Local developer Centennial American Properties purchased the 4-acre property in 2015 from Gannett Co. Inc., owner of the Greenville News, for $13.25 million. The Greenville News building had been on the site since 1969. Unlike many other papers who bolted downtown for the suburbs, the Greenville News chose to stay downtown, albeit in a new, smaller office building next door to their former spot on the corner of Main and Broad streets. The team moved in May 2017 into a four-story, 28,000-square-foot office building next door. Workers began demolishing the former building in June.

Charlotte Observer

One of the biggest development projects in uptown Charlotte right now is a 33-story building being constructed on a portion of the 10-acre Charlotte Observer site, located a block away from Bank of America Stadium, the home of the Carolina Panthers. The Observer has moved into a smaller, 68,500-square-foot space in the NASCAR Plaza building in Uptown, about half a mile from its former space. Charlotte-based Lincoln Harris and Goldman Sachs purchased the former Observer site last year for $34.1 million, according to the Charlotte Observer. The former Observer building was demolished to make way for a mixed-use project, which is slated to have a parking deck, retail, restaurants, residences, a hotel, and approximately 845,000 square feet of office space. Bank of America is set to occupy

FOCUS ON COMMERCIAL REAL ESTATE

| COVER

Rendering by LS3P

The Courier Square development, a 12-acre mixed-use project in Historic Charleston located on property owned by The Post and Courier, will have office, restaurant, retail, and residential components.

about 500,000 square feet of that space, with the building being branded accordingly.

Post and Courier

In Charleston, property owned by The Post and Courier, one of the oldest continuously operating newspapers in the United States, is under redevelopment into a 12-acre mixed-use project. Courier Square, which has a prime location on the peninsula of Historic Charleston, is expected to have office, restaurant, retail, and residential components all wrapping

a central shared parking structure, according to architectural firm LS3P. The development surrounds the current The Post and Courier site, the lone newspaper that is holding on to its home base. A five-story office building will have 69,000 square feet, including street-level retail and restaurant space fronting Meeting Street. The project is also expected to include 228 apartments, a 624-space parking deck, rooftop pool terrace, and pedestrian greenway.

Dallas Morning News

Earlier this year, The Dallas Morning News’ owner, the A. H. Belo Corporation, announced plans to relocate to new space downtown in the former Old Dallas Central Library on Commerce Street. The relocation will free up the paper’s current five-story structure, which opened in 1949 and sits on 8 acres on the southwest side of downtown Dallas. The site is valued at $25-$30 million or more and is currently being marketed for redevelopment. The Dallas Morning News reported it is asking award-winning architect GFF to study the potential reuse and redevelopment of the property at Young and Houston streets.

Washington Post

The former site of the Greenville News, demolished in June, will be incorporated into the mixed-use Camperdown development downtown. Rendering by Centennial American Properties

In 2015, The Washington Post left its grand site at 1150 15th St. NW, where the newspaper team had been located for 43 years. The Post had, at one time, operated in four buildings that spanned the block with more than 4,000 employees. In 1988, the printing operation moved to the suburbs. Now, the Post resides in a regular office building on K Street, which once housed mostly law firms. The four buildings at 1150 15th St. have been razed,

making way for shiny new office buildings. Carr Properties acquired the properties in March 2014 for $157.8 million. The Washington Post reported the buildings were “like a city of many neighborhoods,” said Donald Graham, then publisher and chairman of its parent company. Graham reportedly offered to sell the complex on 15th Street to Amazon.com owner Jeff Bezos, who purchased the newspaper, but Bezos “looked it over and decided they would do better not owning it.”

Miami Herald

Located bayfront in prime real estate, Miami Herald’s 12-acre headquarters had been referred to as “a grande dame” and was known by newspaper staff as “The Mothership.” After Malaysian casino giant Genting purchased the massive structure in 2011 for $236 million, the building was demolished in chunks, taking more than a year to complete. Herald staff moved to the suburban neighborhood of Doral, Fla. The 12-acre site had been the home of the Miami Herald since 1963. When it opened, it was considered the largest and most advanced commercial building in Florida, reported the Herald. Genting had at one time pursued building a large casino resort on the property but met resistance from nearby residents and local government. The land sits vacant.

7.28.2017

upstatebusinessjournal.com

COVER |

FOCUS ON COMMERCIAL REAL ESTATE

“There’s a huge gallery that doesn’t make sense. It’s a wasted lobby.”

OPEN DOORS

Taylor Allen of Colliers said the goal of the renovations is to activate the lobby.

With a new redesign, Wells Fargo Center hopes to draw the public into its lobby

ARIEL TURNER | STAFF

aturner@communityjournals.com Plans have been released for a complete overhaul of the common and public areas of The Wells Fargo Center that encompasses most of a city block at South Main and East Washington streets in downtown Greenville. The building’s owner, CapRocq, plans to invest $1.2 million in the renovations, which are geared toward improving the tenant and resident experience, as well as providing a more inviting environment for the general public, making it more consistent with current downtown structures and amenities. Construction should begin in late August and be completed around Thanksgiving. CapRocq, an Arkansas-based real estate partnership, purchased the Wells Fargo Center on Dec. 1, 2016, from FRI Investors for $33.25 million and retained Colliers International for the leasing, property management, and project management for the building. CapRocq has hired DP3 Architects to design innovative, modern, and sought-after spaces throughout the entire building. DP3 Architects will work alongside Colliers International’s project management team, LCK, to make this vision a reality. “Our goal is to create an environment where tenants and downtown visitors can sit and fully enjoy the Center and its onsite restaurants and retail,” said Dewitt Smith of CapRocq. “We look forward to seeing the collaboration between LCK and DP3 Architects as they make these innovative ideas come to life.” The Wells Fargo Center is the partnership’s first venture in Greenville, and the lobby and floor ren18

UBJ | 7.28.2017

WELLS FARGO CENTER

ovations will be part of a larger plan to revitalize and reenergize this central feature in Greenville’s business district. “These new renovations will bring the building to the 21st century and make it the most in-demand location in Greenville,” said David Feild, market president of Colliers International’s office in Greenville. The redevelopment will include a modern facelift to the main lobby and each elevator lobby. New lighting and furniture will be added. Meg Terry of DP3 Architects and principal in charge of the project said the renovations involve removing the 1990s-era wood paneling and transforming the design aesthetic to a “sleek, monolithic feel.” “We were given quite a bit of artistic freedom,” Terry said, noting that DP3 Architects and CapRocq’s visions for the redesign aligned. New glass storefront entrances will be revealed from the lobby to three of the onsite businesses — Pink Azalea, Ivy Salon, and Port City Java. Additional features include a proposed “news stand” that will feature daily conveniences for tenants and a catering counter. These lobby features and entrances will be open to the public and allow customers, in particular those of Port City Java, to spill out into the seating area, in addition to the existing exterior courtyard. Taylor Allen of Colliers said the goal of the renovations is to activate the lobby. “There’s a huge gallery that doesn’t make sense,” he said. “It’s a wasted lobby.” The redesign will solve that problem. Feild said the changes will be visible from Main Street, and may even serve as a space that could be

Owner: CapRocq Investment: $1.2 million The Renovation Team: LCK and DP3 Architects Plans: Update main and elevator lobbies; new glass storefront entrances to Pink Azalea, Ivy Salon, and Port City Java Current tenants: Wells Fargo, Arthur J. Gallagher & Co, Jackson Lewis P.C., McCallum Sweeney, Charles Schwab, Sticky Fingers, Sully’s Steamers, and Tropical Grille (opening soon). Purchase price: $33.25 million (2016)

used for public events. He said the line between the businesses and lobby will be less defined as a way of drawing the public in. The mixed-use building was constructed in 1974 and expanded and renovated in 1996, 2004, and 2013-14. It has 200,652 total square feet, including 154,273 square feet of office, 20,138 of retail, and 26,241 of residential. The center currently houses tenants such as Wells Fargo, Arthur J. Gallagher & Co., Jackson Lewis P.C., and McCallum Sweeney. Additional tenants who have recently signed leases include DP3 Architects, which will occupy suite 400 after renovations of the shell space are completed, and GreerWalker CPAs and advisors from Charlotte, N.C. The center’s restaurant and retail tenants also include Charles Schwab, Sticky Fingers, Sully’s Steamers, and the soon-to-open Tropical Grille in the former Pita Pit location facing Main Street. Currently, the building, which includes 22 residential apartments, is at 95 percent occupancy with a 4,000-5,000-square-foot shell space available on the sixth floor facing Carolina Ale House.

FOCUS ON COMMERCIAL REAL ESTATE

| COVER

Steps Away

The desire to live, work, and play in the same place is transforming the Upstate By BRIAN YOUNG CCIM, SIOR, Senior Vice President, Managing Broker, Cushman & Wakeﬁeld | Thalhimer

Growth in the Upstate over the past decade has forged well beyond what many Greenvillians ever would have imagined when we were growing up. Let’s explore some of the amazing reasons why there has been so much growth, particularly in real estate. The Upstate is certainly well-known due to many of our major employers that have continued to expand and invest — BMW, Michelin, GE, and Fluor, just to name a few. These companies have announced hundreds of millions of dollars in new investment over the last decade and hired thousands of new employees. These employees need places to shop, eat, play, and live, which creates demand for new retail, more office space, and more apartments and subdivisions. Consider some of the new companies that have placed the Upstate on their map: Dave & Buster’s, Cheesecake Factory, H&M, Cabela’s, Brooks Brothers, and Nordstrom Rack. These companies strategically chose to put roots down here because the Upstate reached a critical population threshold. There have also been significant changes in central business districts and urban areas. In the past decade, Greenville, for example, has added several higher learning institutions to the downtown fabric, with Clemson University’s MBA program, a University of South Carolina Darla Moore School of Business telepresence site, the University of South Carolina School of Medicine Greenville, and the Clemson University International Center for Automotive Research. These institutions have attracted a unique and diverse group of students that desire the ability to live, work, play, and go to class in close proximity. This phenomenon creates a new demand for short-term housing such as apartments and condos located close by. Downtown Spartanburg has seen a similar increase in demand, and de-

velopers have followed suit with the Montgomery Building conversion and the addition of other living spaces near the campuses of Converse College and Wofford University. The Upstate has certainly mirrored the national trend of urbanization. People want to live in communities where they can be close to work, have convenient shopping, and have access to parks and trails for recreation. Recently, there has been a good deal Employees will be able to walk and communities in the Upstate benefit of talk about the number of apartbike to work, walk to lunch, and have from the growth of one another, and ments and hotels coming online in their visitors in town walk to the office community leaders will be challenged downtown Greenville. People wonder, from their hotel. to work together to maintain this new “Is it too many?” or “Is it enough?” The From the hustle of downtown sense of growth in the Upstate. It’s an short answer is, we really don’t know Greenville to the lakes and parks near exciting time to be here. yet and likely won’t know for a few the mountains to the state-of-the-art years. manufacturing facilities in SpartanIn the long term, this will lead to burg, the Upstate has tremendous thousands more people living, resources. I believe this is just the working, staying, and playing downbeginning of the next chapter. All the town, which will create additional demand for restaurants, groceries, quick service, specialty shops, parks, etc. The groundwork will have been laid for a walkable community and not just along Main Street. This will create further demand for services throughout the central business district and generate more foot traffic on parallel blocks. What do we envision next, you might ask? I believe over the next 25 years, Greenville will see new corridors focused on development and urban renewal closer to the city. Highway 101, for example, south of I-85, has a tremendous amountDof EMOLITION | DIRT | ROLL-OFFS vacant land available. As both Michelin and Bausch & Lomb have chosen to locate new facilities along this route, DEMOLITION | DIRT | ROLL-OFFS other companies and their employees are likely to follow. The race to provide sewer infrastructure is already on,We and will find a way, or we will make one! we expect that area will look much different in 10 years. We will find a way, or we will make one! Another area to watch is the land around Verdae and CU-ICAR. There COMMERCIAL | INDUSTRIAL | RESIDENTIAL remains a tremendous amount of land ripe for development in that area, with superior access to the interstates and proximity to many walkable amenities. The infrastructure — like sidewalks and roundabouts — is already in place. 864.580.2099 | info@demtekllc.com | www.demtekllc.com

These employees need places to shop, eat, play, and live, which creates demand for new retail, more office space, and more apartments and subdivisions.

7.28.2017

upstatebusinessjournal.com

COVER |

FOCUS ON COMMERCIAL REAL ESTATE

CRE quarterly market reports Special thanks to CBRE, Avison Young, Cushman & Wakefield | Thalhimer, and Coldwell Banker Commercial Caine for supplying second quarter 2017 CRE market reports for derived analysis.

Retail

Office

Retail

SUMMARY:

OUTLOOK:

Retail is going through a transformation period with the increased focus in online shopping. Cushman & Wakefield | Thalhimer reports that retailers are busy adjusting their brands and focusing on providing interactive experiences with merchandise to try to keep customers in stores longer. Suburban retail is on the rise with the influx of new grocery store options, including new-to-the-market Sprouts.

With rising retail rates on Main Street, retailers will continue to look at urban renewal projects in formerly blighted neighborhoods, reports Cushman & Wakefield | Thalhimer. Expect to see new restaurants take over the spaces of recently closed ones, as the restaurant competition in downtown Greenville is at an all-time high, says Avison Young.

GREENVILLE RETAIL MARKET OVERVIEW All Submarkets

2Q17

1Q17

4Q16

3Q16

2Q16

Inventory

30,346,614

30,338,414

Vacancy Rate

7.2%

7.1%

7.2%

7.4%

8.1%

Available Rate

9.6%

9.1%

9.3%

9.7%

Asking Rent

$8.64

$8.84

$8.62

$8.79

$8.73

Net Absorption

(37,465)

133,970

193,951

709,867

Industrial

SUMMARY: In the industrial sector, absorption is still at record levels, but speculative construction has slowed a bit. Cushman & Wakefield | Thalhimer reports the market may be heading for a slowdown, but don’t expect to see that until mid-2018 or later. The $600 million BMW announcement earlier this year and the deepening of the Charleston Port will have a trickle-down effect for the Upstate industrial market, says Avison Young.

OUTLOOK: With demand still high, expect to see a new influx of speculative construction. Several investment sales are set to close in the second half of the year, says Cushman & Wakefield | Thalhimer.

VACANCY, AVAILABILITY, AND ABSORPTION

Absorption, MSF

UBJ | 7.28.2017

Vacancy, Availability (%)

OUTLOOK: There is more than 400,000 square feet of office space projected to be delivered in Greenville’s CBD by 2019, which may make for a shift to a more tenant-favored market, reports Avison Young. CBRE agrees and foresees a slowing in the Greenville-Spartanburg office market after riding a high of 10 record-setting quarters.

OVERALL ASKING RENT/OVERALL VACANCY 4-QTR TRAILING AVERAGE $17

$16

$15

$14

(2)

$13

Net Absorption 20

The Greenville-Spartanburg office market has continued to see near record increases with a decrease in vacancy rates, reports Avison Young. Only a few major transactions took place in the second quarter, including the purchase of 26,000 square feet in the EP building on Broad Street by United Community Bank and the Children’s Medical Center on Verdae Boulevard announcement. DP3 signed a lease of more than 10,000 square feet of space at the Wells Fargo Center, and Duke Brands leased more than 12,000 square feet of space at Falls Park Place. BB&T announced it will be vacating its space in downtown Greenville and moving to the suburbs. CBRE says the BB&T space is outdated and unlikely to re-enter the market as office space. The second quarter ended with an overall vacancy rate of 7.7 percent, down from 9 percent in the first quarter of 2017, reports CBC Caine. Overall rental rates were at an average of $16.36/SF. Construction costs are expected to remain high through 2018 or until the multifamily pipeline slows down, according to CBRE.

Availability

Vacancy

$12

12% 10% 8% 6%

2012

2013

2014

2015

2016

Q2 17

AS SEEN IN – THE 2017

BTC BEHIND THE COUNTER

MICHAEL WILSON, OWNER & GEORGE SUMMER, OPERATIONS

“ EXPECT TO BE FLOORED!” Michael & Co. Interiors has been providing commercial flooring products and professional installation services to general contractors, architects, designers, facility managers and commercial realtors across the Upstate since 1988. Locally owned and operated by Michael Wilson, Michael & Co. Interiors offers a complete line of flooring applications for a variety of commercial settings from business and medical offices to light industrial and manufacturing facilities. The Michael & Co. staff includes designers, selections specialists and experienced installers – all dedicated to providing quality

products, expert advice and professional service. The 5,500-sq.-ft. showroom at 226 Pelham Davis Circle in Greenville gives you a first-hand look at the features and benefits of a wide range of flooring options – and a well-stocked 15,000-sq.-ft. warehouse shortens the installation process on many commercial projects. Whatever the job – whether office building, manufacturing facility, grocery store, church or any other business site – it’s all about incredible product and expert installation. This company provides a significant step up in quality, guaranteeing beautiful carpet, ceramic tile, luxury vinyl tile and hardwoods that are durable, too.

“No project is too big or too small,” says Michael, whose portfolio ranges from a single office to a 90,000-sq.-ft. facility. Waterstone Assisted Living, Erwin-Penland, Jarden Plastic Solutions, Draexlmaier Automotive and new restaurants Ruth’s Chris and Caviar & Bananas are some of the portfolio accomplishments. “We are passionate about working with a business,” says Michael, who attributes much of his company’s success to the steady leadership of Operations Manager George Summer. “We get a thrill working from start to finish on projects of all types and all sizes, and seeing the outcome and the unique difference quality flooring makes in a building.”

Family-Owned, Neighborhood Flooring Experts 226 Pelham Davis Circle, Greenville | Hours: Monday - Friday 8-6 | 864.281.0006 | michaelandcompanyinteriors.com

NO PROJECT TOO LARGE OR SMALL

PROUDLY SERVING TH E UPSTATE SINCE 1988

SQUARE FEET |

REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

ARIEL TURNER | STAFF aturner@communityjournals.com |

@arielhturner

Float On First sensory-deprivation tank business, Drift Float & Spa, coming to Greenville Drift Float & Spa is slated to be one of the next businesses to open at the Main + Stone mixed-used development located at the corner of North Main Street and Stone Avenue in Greenville. The float center will be the first of its kind in the city. Greenville native and Drift owner Kelly Caldwell, 28, says construction progress should allow for an early-to-mid-October opening. The 2,441-square-foot space between Two Chefs and Ji-Roz will feature three private float suites with showers in each, an infrared sauna, a multipurpose area to be used for massage and other spa treatments, and a lounge that will

face North Main Street. Oxygen therapy will also be available in the lounge. The spa’s entrance is on the parking lot side of the development, which does not face the intersecting roadways. Caldwell is working with DP3 Architects and Caldwell Construction on the midcentury design. When looking for a location a year ago, the Main + Stone property stood out to her. “It’s a growing part of town, it’s got a great parking lot, and it’s unfinished, which allowed for the elaborate plumbing we have,” Caldwell said. “Being across from the Bohemian, Greenville Yoga, and next to Two Chefs and Ji-Roz

Sensory deprivation ﬂoat cabins will contain 850-plus pounds of Epsom salt water, allowing users to ﬂoat on their backs. The therapy is used by professional athletes and to help treat emotional and mental disorders such as PTSD. Photo provided

was a big draw.” Flotation therapy is a sensory deprivation treatment that allows the user to float in warm salt water in a float tank. Professional athletes, such as basketball star Stephen Curry, are known to promote flotation therapy, which is also used in treatment for

WHAT ELSE? CLARITY

GLOBAL COMMERCIAL REAL ESTATE

In commercial real estate, every decision about your space affects the total cost – not just the negotiated rental rate or sales price. That’s the added value of Colliers International. With your brokerage team at your side, the rest of our professionals can help you every step of the way, from researchers with extensive market data to property management and project management experts, collaborating to help you meet your business goals in Greenville and beyond.

colliers.com/southcarolina

UBJ | 7.28.2017

anxiety and PTSD, among other mental and emotional disorders. Even before opening, Caldwell has already partnered with Upstate Warrior Solution, a nonprofit that helps rehabilitate and support military veterans and to empower the community to be responsive to them and their families.

REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

In the float cabins or tanks at Drift, 850-plus pounds of Epsom salt will support the users in the water as they lie on their backs. The water is kept at skin temperature, approximately 93.5 degrees. The pods are insulated against sound. The cabins are 8 feet long by 5 feet wide, and users have full control of the lid, which can remain open until the user is comfortable closing it. Any concern potential customers may have about claustrophobia are generally assuaged once they’re able to see the cabins in-person, Caldwell said. At this time, the only health problem known to prohibit float cabin use is epilepsy. Caldwell graduated with a degree in advertising and marketing from Southern Methodist University in Dallas. In 2012, while in Atlanta, she started floating as a tool for treating her PTSD symptoms. She immediately noticed an improvement and decided she wanted to bring flotation therapy to Greenville. In April 2016, Caldwell completed an apprenticeship with Float Tank Solutions in Portland, Ore. Looking for investors, Caldwell practiced her pitch in front of her mother and stepfather, Robin and Andy Carroll. That went so well that they are now the primary financial investors in Drift. “They’ve always been very supportive,” she said. “I grew up in an entrepreneurial family, so I knew I wanted to open my own business.”

| SQUARE FEET

Drift Float & Spa will be located at the Main + Stone development, next to Two Chefs and Jī-Rōz.

Building a Strong Foundation for Growth in Real Estate & Construction

Strategic Solutions Tailored to Our Real Estate Clients ` Joint venture and operating agreement structuring

` Review of repairs and capitalization methods

` Federal and state tax credits, incentives and deductions

` Job profitability, cost control and break-even analysis

` Cost segregation studies

` Licensing and insurance requirements

` Strategic tax planning ` Project cash flow and profitability analysis

cbh.com

` Bonding and surety relationships

Mark H. Cooter Managing Partner, Greenville mcooter@cbh.com 864.233.3981 Greenville Office (New Location) 110 East Court Street, Suite 500 Greenville, SC 29601

7.28.2017

upstatebusinessjournal.com

DEALMAKERS |

COMMERCIAL REAL ESTATE TRANSACTIONS IN THE UPSTATE

COLDWELL BANKER COMMERCIAL CAINE GREENVILLE AND SPARTANBURG HAS ANNOUNCED THE FOLLOWING TRANSACTIONS: Sammy DuBose was the agent in the sale of +2.2 AC at 2630 Old Highway 14 in Greer by Hemly Property Holdings LLC to Oxner Properties LLC. Pete Brett, CCIM, David Sigmon, CCIM, and Matt Vanvick were the agents in the sale of a +6,900-SF medical office building on +0.185 AC at 105 Halton Village Circle in Greenville by Independence National Bank to Arcuate Real Estate LLC. Pete Brett, CCIM, David Sigmon, CCIM, and Matt Vanvick were the agents in the sale of a +11,168SF office building on a +19,558-SF lot at 416 E. North St. in Greenville by Robert Lynn Yeargin and Nancy Sitton Yeargin Furman to Team Legal LLC. George Zimmerman was the agent in the sale of +2.9 AC on Mauldin Road in Greenville by Cavalier Properties to Donaldson Investments LLC. Matt Vanvick was the agent in the lease of a +1,775-SF office/ retail space at 600 Laurens Road, Suite C, in Greenville by Laurens Road Partners LLC to Weddings Inc. d/b/a Complete Weddings & Events. Matt Vanvick was the agent in the lease of a small office suite at 217 E. Stone Ave., Suite 21, in Greenville by Stone Avenue Partners LLC to Angelica Hernandez Law LLC. 24

UBJ | 7.28.2017

Matt Vanvick was the agent in the lease of a +1,500-SF industrial flex space at 1120 W. Butler Road, Suite C, in Greenville by SC Upstate Investors LLC to Clark’s Termite & Pest Control Inc. Pete Brett, CCIM, David Sigmon, CCIM, and Matt Vanvick were the agents in the lease of a +1,584SF retail space at 3714 Pelham Road in Greenville by Bond Street Fund 6 LLC to Summit 23 LLC. Pete Brett, CCIM, David Sigmon, CCIM, and Matt Vanvick were the agents in the lease of a +1,789SF office space at 3101 Augusta St. in Greenville by 3101 Augusta Street Investors LLC to SC Charities Inc. d/b/a BMW Charity Pro-Am Presented by Synnex. Rick Cauthen, P.E., was the agent in the lease of a +1,270SF office space at 103-B Augusta St. in Greenville by Harpro Properties LLC to Eleven Events LLC. Rick Cauthen, P.E., was the agent in the lease of a +12,000SF industrial building at 700 Ridge Road in Greenville by Fairforest of Greenville LLC to Direct Outbound Services LLC. Graham Howle was the agent in a ground lease for a +2,500SF retail building on +0.122 AC at 512 Augusta St. in Greenville by EGW Properties LLC to Design Development LLC. COLLIERS INTERNATIONAL HAS ANNOUNCED THE FOLLOWING TRANSACTIONS: Scott Burgess and Lance Byars were the

agents in the lease of 1,400 SF of retail space at 655 Fairview Road, Suite I, in Simpsonville by New Market Fairview LLC to Nina’s Inc. Frank Hammond, CCIM, was the agent in the lease of the former Century BMW dealership at 2750 Laurens Road in Greenville by Capital Automotive Real Estate Services Inc. to US Auto Sales Inc. Frank Hammond, CCIM, was the agent in the lease of the retail building at 512 Augusta St. in Greenville by EGW Properties to Design Development LLC. Brantley Anderson and Taylor Allen were the agents in the lease of 10,660 SF of office space at 15 S. Main St., Suite 400, in Greenville by CAPROCQ GREENVILLE LLC SC to DP3 Architects. Brantley Anderson and Taylor Allen were the agents in the lease of 12,441 SF of office space at 15 S. Main St., Suite 700, in Greenville by CAPROCQ GREENVILLE LLC to Jackson Lewis. Brantley Anderson and Taylor Allen were the agents in the lease of 8,207 SF of office space at 15 S. Main St., Suite 900, in Greenville by CAPROCQ GREENVILL LLC to Arthur Gallagher Risk Management Services Inc. Brantley Anderson and Taylor Allen were the agents in the lease of 28,000 SF of office space at 6 Independence Pointe, Suite 100, in Greenville by US REIF ICP SC LLC to Upstate Affiliate Org d/b/a Greenville

Health System.

Optibelt Corporation.

TIM LLC.

Brantley Anderson and Taylor Allen were the agents in the lease of 5,116 SF of office space at 10 Enterprise Boulevard, Suites 111 & 112, in Greenville by US Flagship MOBEnterprise LLC to St. Francis Physician Services Inc.

Kevin Bentley was the agent in the 15,000SF lease of 825 Berry Shoals Road in Duncan by Bell Garrett LLC to Nestle Dreyer’s Ice Cream Company.

Bobby Miller, VP of Land Division, was the agent in the sale of 1.25 AC located at 3409 Augusta St. in Greenville by Najam LLC.

Richard Barrett, MCR, and Brannan Hudson were the agents in the lease of 2,400 SF of industrial space at 120 Old Mill Road, Suites F & G, in Greenville to Aircond Corporations. LEE AND ASSOCIATES HAS ANNOUNCED THE FOLLOWING TRANSACTIONS: Deanna Hudgens was the agent in the 1,680-SF lease of 1209 NE Main St., Unit C, in Simpsonville by BRP Investments LLC to Dr. Joe DuPuy, PC. Randall Bentley and Ashley Trantham were the agents in the 1,280-SF lease of 1016 Laurens Road, Suite B, in Greenville by Wickliffe Properties LLC to Alve Jackson d/b/a Jacksons Appliance Repairs and Sales. Randall Bentley and Ashley Trantham were the agents in the 1,200-SF lease of 38 Ray E. Talley Court, Suite E, in Simpsonville by the landlord Tallula C. Williams, trustee of the Tallula C. Williams Revocable Living Trust, to First Heritage Credit of South Carolina LLC, d/b/a 1st Heritage Credit. Randall Bentley was the agent in the 19,200-SF lease of 105 Ben Hamby Road, Suite F, in Greenville by Friddle Pelham LLC to

Deanna Hudgens was the agent in the 1,788-SF lease of 127 E. Blackstock Road, Suite 300, in Spartanburg by Blue Tiger LLC to 4 Season Nail. Deanna Hudgens was the agent in the 4,000-SF lease of 127 E. Blackstock Road, Suite 100, in Spartanburg by Blue Tiger LLC to AT&T Mobility. Randall Bentley was the agent in the 1,468-SF lease of 330 Harrison Bridge Road, Suite A, in Simpsonville by Tylan Plantation LLC to OneMain Financial of South Carolina Inc. AVISON YOUNG HAS ANNOUNCED THE FOLLOWING TRANSACTION: Rip Major, John Odom, and Rakan Draz were the agents in the sale of a 20,000-SF industrial building located at 2840 New Easley Highway in Greenville by G. Dan Fletcher. KDS COMMERCIAL PROPERTIES HAS ANNOUNCED THE FOLLOWING TRANSACTIONS: Mark Ratchford, MAI, was the agent in the purchase of a 0.96AC site located on Rocky Slope Road by Dr. Jim Howell. Mike Kiriakides was the agent in the sale of 2.09 AC located on Pelham Road near I-85 by Unique Development LLC to JSF Pelham Road

Mark Masaschi, CCIM, was the agent in the sale of a 4,350SF office building at 110 Williams St. in the Historic Pettigru District to Wilson Properties of Greenville. Brad Doyle was the agent in the sale of 2316 Geer Highway in Travelers Rest by Robert C. Childs III and Barbara C. Daniel Brad Doyle and Larry Webb were the agents in the sale of 2.89 AC at 400 Easley Bridge Road in Greenville by MHL Inc. Mark Masaschi, CCIM, and Mark Ratchford, MAI, were the agents in the sale of 656 S. Main St. in Greenville to 656 Partners LLC. Brad Doyle was the agent in the lease of 3,800 SF of office space at Falls Place Office Building in Greenville to Ambling LLC. Bobby Miller, VP of Land Division, was the agent in the sale of 29 AC on Saluda Dam Road in Easley by Di-Carolinas LLC. Mark Ratchford, MAI, and Mark Masaschi, CCIM, were the agents in the sale of multiple commercial buildings located on Pendleton Street within The Village of West Greenville by Mutual Home Store. Bobby Miller, CCIM, VP of Land Division, was the agent in the sale of 1.5 AC on Highway 290 in Duncan.

COMMERCIAL REAL ESTATE TRANSACTIONS IN THE UPSTATE

Bobby Miller, CCIM, VP of Land Division, was the agent in the sale of 1.82 AC of commercial land on 400 West Georgia Road in Simpsonville. Brad Doyle and Larry Webb were the agents in the sale of 613 E. McBee Ave., Greenville, by Toad Hall LLC to Darryl Holland. Mark Masaschi, CCIM, and Mark Ratchford, MAI, were the agents in the lease of approximately 5,000 SF of Class A office space located on the second floor at 607 Pendleton St. in Greenville. Larry Webb and Brad Doyle were the agents in the lease of the 3,200-SF office building at 11 Cleveland Court by The Phoenix Center to Vita Extentus PA. Mike Kiriakides, CCIM, was the agent in the sale of the 60,000-SF office distribution facility at 15 Pelham Ridge Drive in Greenville to Runner Properties. Bobby Miller, VP of Land Division, was the agent in the sale of .83 AC on East Blue Ridge Drive in Greenville. Mark Ratchford, MAI, and Brad Doyle were the agents in the sale of 2 Ridgeway Ave. in Greenville to Mavin Construction. Bobby Miller, CCIM, was the agent in the sale of 3400 White Horse Road in Greenville. Bobby Miller, CCIM, was the agent in the sale of 1.2 AC on West Blue Ridge Drive by Francis Gibson to local developer John Broadbent. Mark Masaschi, CCIM, was the agent

in the sale of the 47,000-SF West End Market to 1 Augusta Street Partners. Brad Doyle was the agent in the lease of retail Suite C at 802 S. Batesville Road in Greer by Five K Investments LLC to local restaurant operator Tacos and Mas. Bobby Miller, CCIM, and Gary Kirby were the agents in the lease of 11,000 SF at 3254 Wade Hampton Blvd. in Taylors to Northface Concrete LLC. THE BURGESS COMPANY HAS ANNOUNCED THE FOLLOWING TRANSACTIONS: Bill Burgess and Grayson Burgess were the agents in the sale of a 4,700SF retail building at 1411 Laurens Road in Greenville by Sigma Holdings LLC to 1411 Laurens LLC. Grayson Burgess was the agent in the lease of a 3,000-SF restaurant building at 3505 W. Blue Ridge Drive in Greenville by Elizabeth Head to El Capricho de Yeyo. Bill Burgess was the agent in the lease of a 9,300-SF restaurant building at 5 Market Point Drive in Greenville by BF-GVL LLC to The Firmament LLC. Grayson Burgess was the agent in the sale of a 14,000SF retail building at 603 E. Stone Ave. in Greenville by 603 E Stone Avenue LLC to Beezer Molten Properties LLC. Bill Burgess was the agent in the sale of a 14,250-SF office building at 122 Park Place Court in Greenville by Mauldin Investments LLC to

| DEALMAKERS

122 Park Place Court LLC. FLAGSHIP PROPERTIES HAS ANNOUNCED THE FOLLOWING TRANSACTIONS: Benji Smith and Josh Tew represented the seller ZMMR LLC in selling a 4,350-SF medical office building at 21 Brendan Way, Greenville, to Atticus Investments LLC. Josh Tew represented the buyer NASI LLC in purchasing a 12,000SF office building at 880 S. Pleasantburg Drive, Greenville.

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Josh Tew represented the seller Sigma Holdings LLC in selling a 4,700-SF office/retail building at 1411 Laurens Road, Greenville, to 1411 Laurens LLC. Josh Tew represented the buyer KX Antrim LLC in purchasing a 2,700-SF office/ retail building at 301 W. Antrim Drive, Greenville. Benji Smith and Josh Tew represented the landlord in the lease of 2,250 SF to AF Global Corp. at 498B Garlington Road, Greenville. Josh Tew served as a transaction broker in the lease of 1,950 SF at 10 Parkway Commons Way, Greer to JDM Pioneering LLC. Josh Tew and Caldwell Johnston represented the landlord in the lease of 1,650 SF at 1263A S. Pleasantburg Drive, Greenville to Hair By Keilani. Josh Tew represented the landlord in the lease of 1,300 SF at 148 Milestone Way Suite D, Greenville to Brio Energy LLC.

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DIGITAL MAVEN |

THE TECHNICAL SIDE OF BUSINESS

Attention, Please

During presentations, the app is not the focus — you are By LAURA HAIGHT President, portfoliosc.com

It’s a familiar sight, repeated endlessly in boardrooms, conference rooms, and ballrooms every day: the presentation. Presentations serve a number of functions, from sales pitches to training programs. We have been doing digital presentations since 1990, mostly on PowerPoint. After Apple introduced Keynote, it took 13 years for another application to challenge Microsoft’s supremacy. And it was not until 2009 that Prezi ushered in the era of ZUIs (zoomable user interface). This month, researchers from Harvard University’s Department of Psychology released the results of a study comparing the effectiveness of

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three presentation types (goo.gl/qLN4xU): verbal only, PowerPoint, and Prezi (representing the ZUIs out there). If you are not familiar with ZUIs in general, or Prezi specifically, it is a graphical interface that enables users to arrange content including text, graphics, and images on one visual canvas and to pan and zoom to animate that content. Not surprisingly, the researchers found that audiences were more engaged and entertained by the ZUI presentations. Also not surprisingly, presenters liked designing in the ZUI interface the least, which is at least somewhat influenced by familiarity. While audiences were engaged with the presentation, the researchers did not discuss how well they had understood or absorbed the information.

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In the final analysis, however, the presentation itself is just a support mechanism for the speaker. Bad presentations created a demand for better tools, like ZUIs. But it’s a poor workman who blames his tools. A geeked up Prezi can be no better than a PowerPoint, because in the end, it is the speaker who matters. Since presentations seem to be a fact of business and academic life for the foreseeable future, it is time to rethink them. A better presentation — one that supports the presenter’s efforts to engage, inspire, educate, or sell the audience — is really just four steps away.

slide with an image, a strong header, and perhaps a few key bulleted points (just one to three words each) to create the backdrop for you to tell your story.

STEP 1: CUT OUT ABOUT HALF THE WORDS

Nearly every presentation I have ever sat through has been distributed at the beginning as a handout. What’s wrong with that? Look around: Instead of listening, everyone is thumbing through the handouts looking for the answer to their question or the section on their key topic. Get your audience’s attention back by holding on to any handouts until the end. Consider emailing the presentation with a transcript of the talk to those who attended. See the previous column on leveraging data points (goo.gl/LBznYX). In an Inc. magazine interview, slide design guru Nancy Duarte suggests (goo.gl/X3EFcB) a three-second rule. “Think of your slides as billboards. When people drive, they only briefly take their eyes off their main focus, which is the road, to process a billboard of information,” she says. “Similarly, your audience should focus intently on what you’re saying, looking only briefly at your slides when you display them.”

We use the presentation as a visual display of a white paper: lots of words, bullet points that go on for two or three lines, and slides so lengthy they must be marked as “continued.” Some “experts” say the rule of thumb for words on a slide is 40. Others say six bullets per slide with six to eight words per bullet. Not counting the slide heading, I suggest around 20 words — or fewer. The presenter is the expert in command of the material. What keeps an audience interested should be a compelling topic, delivered by an engaged and personable speaker. Look at TED Talks. There are no slides, no presentations, and no text sliding across the screen. And yet audiences are enthralled. It’s about the content.

STEP 2: ADD A PICTURE — BUT JUST ONE

BENJI SMITH, CCIM • JOSH TEW, CCIM • CALDWELL JOHNSTON C OMMERCIAL S ALES , L EASING AND I NVESTMENTS

864 400 4040 26

UBJ | 7.28.2017

If we reduce the text, how will we fill the slide? First, don’t be afraid of white space. It can be powerful. But what should take up most of your slide is an image. One image. Not four or five images that fly in and fade out. The past five years have been a renaissance for photography. Responsive websites, social media sites, blogs, and newsletter templates now utilize designs that demand big, bold, and dynamic photos. Presentations benefit from those strong eye-catching images as well. Fill your

STEP 3: STOP THE NOISE Consistent typography gives the viewer a framework for understanding how elements connect in a presentation. Consistency makes slides easier to follow, while constant changes in color, style, and size are jarring. You know what else is jarring? Text flying in, photos fading on and off screen, and gratuitous music.

STEP 4: STOP THE HANDOUTS

Yes, Prezis are cool when done correctly. So are PowerPoints. But it’s not the application that makes the presentation successful or compelling. The slides, whether well-done or deadly dull, do not tell the story. You do.

MOVERS, SHAKERS, AND DISRUP TORS SHAPING OUR FUTURE

| INNOVATE

Investment Matchmaking The five things we look for in startups

By MATT DUNBAR Managing Director of Upstate Carolina Angel Network and VentureSouth

Given the high failure rate of startups, we must build a portfolio of opportunities that have a chance to generate home-run returns to makeup for the inevitable strikeouts.

It has been a busy first half of the year for VentureSouth and the Upstate Carolina Angel Network. Thus far in 2017, our 11 angel investment groups — which now span from Asheville, N.C., to Hilton Head — have invested over $2 million in promising startups in the region, including Upstate companies ActivEd, Atlas Organics, KIYATEC, and Proterra. As we catch our breath this summer and begin prioritizing our incoming pipeline of candidate companies for the second half of the year, it’s a good time to review and refine our target investment parameters. For aspiring entrepreneurs who might consider seeking early-stage funding, and for potential investors who might be interested in becoming angels, here’s a peek at what we are really seeking as we evaluate startups.

GEOGRAPHY

Like most angel investor groups and venture investors, we are focused on opportunities that are located close to home. We invest locally partly for logistical reasons — we want to be able to easily visit companies for due diligence and board meetings — but also because we want to fill a severe capital gap in our local communities. Not only does entrepreneurial activity offer the opportunity for strong investor returns but also it is the largest driver of job and wealth creation — and we want our investments to generate more economic vitality in communities where we live. As such, we focus on companies located in the Southeast, with the Carolinas as our primary target market. To date, over half our investments have been in South Carolina, and nearly 30 percent are in North Carolina.

TEAM

In the venture business, investors often claim that the jockey is more important than the horse, meaning the entrepreneur is more important to the success of a startup than the idea or technology itself. We certainly agree — although the team still needs to apply itself in an attractive market — and we assign the highest value to this category in our diligence process. We are seeking entrepreneurs and teams who have a rare combination of insight, credibility, motivation, resilience, and resourcefulness. In the startup world, things often take twice as much money and three times as long as expected, so we want to back teams who can

navigate the inevitable ups and downs, extract simplicity from complexity, and create order from chaos. And it should go without saying, but integrity and trust are also crucial and imperative.

To date, over half our investments have been in South Carolina, and nearly 30 percent are in North Carolina. STAGE

Although we invest very early in the lifecycle of an emerging company, we don’t invest when the would-be business is just an idea or a technology. The entrepreneur must lay the groundwork for building the company by developing and testing the product with real customers and planning a robust business model for getting the product to market. In most cases, we expect to see at least some early revenue to demonstrate that the market will pay for this particular solution to a large and painful problem. Then we can provide our capital to help accelerate the company into the market so it can quickly begin funding itself with cash from customers instead of just investors.

INDUSTRY

Given that we have over 220 investors in our angel groups, there’s a high likelihood that at least one of them has relevant industry experience for just about any business that comes our way, so we

can consider any type of company for funding if it meets our other criteria. However, the company must have a compelling and defensible competitive advantage, often in the form of intellectual property, and must be solving a large enough problem to create a sizeable business — and quickly. We are also keenly interested in the company’s exit strategy. Since our investments are private and illiquid, we generally only realize returns when the startup is bought by a larger company — or in rare cases, goes public — so we look for robust mergers and acquisition activity in the sector at attractive revenue multiples, along with exit experience among the management team or board or directors.

STRUCTURE

Finally, it is critical that we structure our investments in a way that allows us the potential to generate outsized returns. Given the high failure rate of startups, we must build a portfolio of opportunities that have a chance to generate home-run returns to make up for the inevitable strikeouts. Therefore, we are careful about the price we are willing to pay (usually valuations are in the $1-$4 million range). We also seek preferred equity, which includes several rights and protective provisions for investors. Ultimately, we are seeking opportunities that have the potential to generate a 50 percent rate of return (10 times return in five years, or four times in two years, etc.), so that when bundled with the inevitable losses, we end up with an attractive overall risk-adjusted rate of return. If you’re an entrepreneur thinking about seeking capital, keep these criteria in mind. And if your company might be a fit, please contact us at venturesouth.vc.

7.28.2017

upstatebusinessjournal.com

NEW TO THE STREET |

THE FRESHEST FACES ON THE BUSINESS LANDSCAPE

Open for business Farm Fresh Fast recently opened in Greenville at 860 S. Church St. Learn more at eatfarmfreshfast.com.

CONTRIBUTE: Know of a business opening soon? Email information to aturner@communityjournals.com.

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Hannah Barfield Spellmeyer Technology Recruiter

We’ve already met your next employee.

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50 5

Celebrating Celebrating

PLAY-BY-PLAY OF UPSTATE CAREERS

HIRED

| ON THE MOVE

PROMOTED

HIRED

BARKLEY RICKMAN

SARAH KUZMIC

SUE GAINES

BROOKE VARNER

MARK SPEARS

Joined The Parker Group as a real estate consultant. Rickman comes to The Parker Group after many years at the Greenville Country Club as the assistant director of tennis. He looks forward to bringing his years of customer service and knowledge of Greenville to the full-service real estate company.

Joined VantagePoint Marketing as a digital and print designer. In this role, Kuzmic will support VantagePoint’s creative team with design work and web development for the agency’s clients. Kuzmic worked with VantagePoint as a graphic design student intern for several months before being invited to join the team. Kuzmic obtained her bachelor of ﬁne arts in graphic design from Bob Jones University.

Joined Countybank as a mortgage consultant. With 38 years of experience in the ﬁnancial services industry, Gaines brings a wealth of mortgage lending and customer service experience to the Countybank team. She previously worked with Wachovia and Greer State Bank, holding various roles in the customer service and mortgage lending departments.

Promoted to branch manager at the Simpsonville ofﬁce of Greenville Heritage Federal Credit Union. Since 2010, Varner has held the positions of part-time teller, loan processor, loan ofﬁcer, and branch manager of the SCTAC branch. Earlier this year, Varner successfully completed Blueprints for Managers, an intensive one-year managementtraining program.

Joined Carolina Alliance Bank’s South Carolina leasing division as vice president, South Carolina leasing executive. Spears is based out of Carolina Alliance’s Spartanburg leasing ofﬁce but will be responsible for serving the leasing needs of commercial organizations throughout the state. Spears is experienced in sales, management, and client relations.

MARKETING FerebeeLane recently hired Matt Gaymon as a management supervisor, Katie Driggs as the director of media, and Natalie Monts as the new production manager. Gaymon is a 14-year veteran of the advertising agency world, previously serving in the same role at EP+Co. In his new role at FerebeeLane, Gaymon will assist in overseeing the account department and manage the agency’s relationships with Microban and Kamado Joe. Driggs is tasked with developing and leading the agency’s new in-house media planning and buying department. After spending 15 years in media, Driggs has worked with big-name brands across the consumer and B2B markets, including TUMI, Verizon Wireless, Planet Fitness, and Pilot Flying J. Monts will be responsible for managing the internal production process, developing vendor relationships, coordinating on-site press checks, proofing, and various other projects in support of the entire agency. Monts previously served as art director for Curry Printing in Hilton Head. Infinity Marketing has promoted Chelsea Lawdahl to media buyer, Shannon Rogers to senior marketing coordinator, and Gina Smith to social media coordinator. Lawdahl will develop and execute media plans for various manufacturing and financial clients, including Clayton Homes. Rogers will lead various client accounts in the medical, financial, and telecommunications fields. She will collaborate with the creative and production teams on project management and client deliverables. Smith will be responsible for creating and organizing content for a variety of the agency’s social media accounts and clients as well as for the agency itself.

CONSTRUCTION AND ENGINEERING LCK announced that Scott Rush has assumed the position of director of project management services in Greenville, providing a permanent presence in the Upstate market for the project management services company. Rush is a skilled project manager with a background in real estate development, as well as experience in commercial office, retail, industrial, residential, and civic construction. His portfolio spans across South Carolina, with notable projects including the USC Alumni Center in Columbia and Lexington County’s

120,000-square-foot speculative industrial building. As director of project management services in Greenville, Rush will be an on-the-ground presence for LCK’s projects throughout the Upstate. O’Neal Inc., a Greenville-based integrated design and construction firm, has received a platinum-level national safety award presented by the Associated Builders and Contractors (ABC). O’Neal was presented with the STEP Award plaque by the Georgia Chapter of the Associated Builders and Contractors at the Annual ABC Safety Awards Program. Established more than 20 years ago, ABC’s Safety Training and Evaluation Process (STEP) Awards program specifically recognizes construction companies for their achievements in safety training and self-evaluation, including their ongoing efforts to develop a quality safety program. Fluor Corporation announced today that Bruce Stanski has been appointed as Fluor’s chief financial officer (CFO), effective Aug. 4, replacing Biggs Porter, whose retirement was previously announced in March. Porter will continue to support Fluor as an advisor on NuScale Power as well as in other capacities. Stanski has served as the president of Fluor’s government group since March 2009 and has substantially grown Fluor’s business in the sale and delivery of value-added services to government agencies, including the United States departments of Defense, Energy, State, and Homeland Security, as well as the United Kingdom’s Nuclear Decommissioning Authority. Thomas D’Agostino will replace Stanski in the role of president for Fluor’s government group. Previously, D’Agostino served as the senior vice president of strategic planning and development for Fluor’s government group. D’Agostino spent more than 36 years in the government sector in a wide variety of leadership positions and currently is on NuScale Power’s board of directors. CONTRIBUTE: New hires, promotions, & award winners may be featured in On the Move. Send information and photos to onthemove@upstatebusinessjournal.com. 7.28.2017

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INFORMATION YOU WANT TO KNOW

THE WATERCOOLER Social Chatter

RE: DEVELOPER WINS FIGHT TO BRING SC’S FIRST SPROUTS ON WOODRUFF ROAD “It shows poor planning. Also, why did they have to develop that corner? The traffic in that area is so congested, and it’s so tacky to develop stores by the cemetery. Keep in mind that there are tons of grocery stores on Woodruff Road, so building yet another is a waste of time and space.”

Jeannie M. Putnam “I’m not so much against the grocery store, although Lord knows I could stand in that corner and hit six of them with a rock. I am against adding more traffic to an already overburdened road. There were no alternate routes planned into the expansion of business, and the side roads can’t handle the traffic as it is. Poor planning.”

“Is this rezoning issue why Graceland put up a wall recently? That green space is such a wonderful sight after driving through the congested, cheap-looking, overdone stretch of Woodruff. This is a shame.”

Harvin Bedenbaugh

RE: IRON YARD TO CLOSE ALL 15 CAMPUSES “I thought they just had a huge infusion of cash and opened a bunch of international locations. I’d love to learn more about what happened.”

Josh Tremper “University of Phoenix. Pockets aren’t as deep, and demand isn’t as great.”

“Just took one of their courses. The experience was so good! Sad to hear of this.”

Christopher Rivers “Big blow for the Greenville tech community.”

John Boyanoski “Sorry to see this!”

Michael Gordon Rosensteel

RE: HUSBAND-AND-WIFE DUO AIMS TO KICKSTART CREATIVITY WITH MAKER PIPE “Very cool. I can see myself building a greenhouse this way... hmmmm.”

Ken Gamble

Jennifer Biuso Dunn

Janice Iddings Thompson

E 29

JULY 21, 2017

| VOL. 6 ISSU

MS PIPE DREA

TOP 5:

a idea to creative simple, rter campaign, From a l Kicksta ker Pipe successfu DIY story of Ma the

1. Iron Yard to close all 15 campuses

2. Netherlands-based manufacturer bringing 71 jobs to Spartanburg County

3. Spartanburg couple opens new eatery near Duncan

E EENVILL TOWN GR INSIDE // S IN DOWN WBOYS ER OPEN COURTS THE CO 24-7 DIN Y AN MP ES CO B HUGH APPAREL HONOR BO THE DRIVE

David and

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Pipe Maker oks litter of Cro Kelly Sch to by Will Pho

GET THE INBOX 4. Greenville-based Southern First Bank opens Atlanta branch

CONNECT We’re great at networking.

5. Husband-and-wife duo aims to kickstart creativity with Maker Pipe

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EVENTS YOU SHOULD HAVE ON YOUR CALENDAR

DATE

EVENT INFO

WHERE DO I GO?

HOW DO I GO?

8/2

Coffee & Connections

Duke Brands 600 S. Main St., third ﬂoor 8:30–9:30 a.m.

Cost: Free, investors only For more info: bit.ly/2tJjpdd; 864-239-3742; lwoodward@ greenvillechamber.org

Thursday

Nonproﬁt Alliance: Budgeting & Cash Flow Management Best Practices

Caine Halter YMCA 721 Cleveland St. 8–9:30 a.m.

Cost: Free for investors, $10 for noninvestors For more info: bit.ly/2uIyrCs; 864-239-3728

Pulse Village Block Party

Lawn of The West Village Lofts at Brandon Mill 25 Draper St. 5:30–8 p.m.

Cost: Free, registration required For more info: bit.ly/2tNDTzX; 864-239-3730; eaustin@ greenvillechamber.org

Black Business Expo

Calhoun Bridge Center 214 Butler St., Clemson 10 a.m.–5 p.m.

For more info: 864-247-1257 or 864-506-1057

Wednesday-Friday Greenville and Spartanburg Chambers’ Joint Intercommunity Leadership Visit

Hughes Development Corporation and Johnson Development Associates

For more info: Greenville: 864-239-3729; Spartanburg: 864-347-6080; mmann@greenvillechamber.org, wrothschild@ spartanburgchamber.com

Tuesday

TD Convention Center 1 Exposition Drive 11:30 a.m.–1 p.m.

Cost: $35 investors, $50 noninvestors For more info: bit.ly/2sUsFdd; 864-239-3727; nwhite@greenvillechamber.org

Wednesday PRESIDENT/CEO

Mark B. Johnston mjohnston@communityjournals.com

UBJ PUBLISHER

Ryan L. Johnston rjohnston@communityjournals.com

8/10

EDITOR

Chris Haire chaire@communityjournals.com

ASSOCIATE EDITOR

Emily Pietras epietras@communityjournals.com

Thursday

8/24

DIGITAL OPERATIONS MANAGER Tori Lant tlant@communityjournals.com

STAFF WRITERS

Trevor Anderson, Rudolph Bell, Cindy Landrum, Andrew Moore, Ariel Turner

MARKETING & ADVERTISING VICE PRESIDENT OF SALES David Rich drich@communityjournals.com

Saturday

9/9

9/27-9/29

ACCOUNT MANAGERS

Jonathan Bowden, Donna Johnston, Stephanie King, Rosie Peck, Caroline Spivey, Emily Yepes

ART & PRODUCTION VISUAL DIRECTOR

| PLANNER

11/14

ATHENA Leadership Symposium

Will Crooks

LAYOUT

Bo Leslie | Tammy Smith

UP NEXT

IN THIS WEEK’S ISSUE OF UBJ? WANT A COPY FOR YOUR LOBBY?

OPERATIONS Holly Hardin

ADVERTISING DESIGN

Kristy Adair | Michael Allen

AUGUST 18 THE WORKFORCE ISSUE

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

UBJ milestone

UBJ milestone jackson Marketing Group’s 25 Years 1988 Jackson Dawson opens in Greenville at Downtown Airport

1988

CLIENT SERVICES

Anita Harley | Jane Rogers

EXECUTIVE ASSISTANT Kristi Fortner

1997 Jackson Dawson launches motorsports Division 1993

SEPTEMBER 15 THE REGIONAL ISSUE

Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff

Jackson Marketing Group celebrates 25 years By sherry Jackson | staff | sjackson@communityjournals.com

Solve. Serve. Grow. Those three words summarize Jackson Marketing Group’s guiding principles, and according to owner Larry Jackson, form the motivation that has kept the firm thriving for the past 25 years.

Jackson graduated from Bob Jones University with a degree in video and film production and started his 41-year career in the communications industry with the U.S. Army’s Public Information Office. He served during

Vietnam, where he said he was “luckily” stationed in the middle of Texas at Fort Hood. He left the service and went to work in public affairs and motorsports at Ford Motor Company in Detroit. After a stint at Bell and Howell, where he was responsible for managing Ford’s dealer marketing and training, the entrepreneurial bug hit and he co-founded Jackson-Dawson Marketing Communications, a company specializing in dealer training and product launches for the auto industry in 1980. In 1987, Jackson wanted to move back south and thought Greenville would be a good fit. An avid pilot, he

learned of an opportunity to purchase Cornerstone Aviation, a fixed base operation (FBO) that served as a service station for the Greenville Downtown Airport, providing fuel, maintenance and storage. In fact, when he started the Greenville office of what is now Jackson Marketing Group (JMG) in 1988, the offices were housed on the second floor in an airport hangar. “Clients would get distracted by the airplanes in the hangars and we’d have to corral them to get back upstairs to the meeting,” Jackson said. Jackson sold the FBO in 1993, but says it was a great way to get to know Greenville’s fathers and leaders

with a majority of them utilizing the general aviation airport as a “corporate gateway to the city.” In 1997, Jackson and his son, Darrell, launched Jackson Motorsports Group. The new division was designed to sell race tires and go to racetracks to sell and mount the tires. Darrell Jackson now serves as president of the motorsports group and Larry Jackson has two other children and a son-in-law who work there. Jackson said all his children started at the bottom and “earned their way up.” Jackson kept the Jackson-Dawson branches in Detroit and others in Los Angeles and New York until he sold his portion of that partnership in 2009 as part of his estate planning. The company now operates a small office in Charlotte, but its main headquarters are in Greenville in a large office space off Woodruff Road, complete with a vision gallery that displays local artwork and an auditorium Jackson makes available for non-profit use. The Motorsports Group is housed in an additional 26,000 square feet building just down the street, and the agency is currently looking for another 20,000 square feet. Jackson said JMG has expanded into other verticals such as financial, healthcare, manufacturing and pro-bono work, but still has a strong focus on the auto industry and transportation. It’s

1998 Jackson Dawson moves to task industrial Court

also one of the few marketing companies in South Carolina to handle all aspects of a project in-house, with four suites handling video production, copywriting, media and research and web design. Clients include heavyweights such as BMW, Bob Jones University, the Peace Center, Michelin and Sage Automotive. Recent projects have included an interactive mobile application for Milliken’s arboretum and 600-acre Spartanburg campus and a marketing campaign for the 2013 Big League World Series. “In my opinion, our greatest single achievement is the longevity of our client relationships,” said Darrell Jackson. “Our first client from back in 1988 is still a client today. I can count on one hand the number of clients who have gone elsewhere in the past decade.” Larry Jackson says his Christian faith and belief in service to others, coupled with business values rooted in solving clients’ problems, have kept

STORY IDEAS:

ideas@upstatebusinessjournal.com

AS SEEN IN

OCTOBER 13 THE DESIGN ISSUE

EVENTS:

2009 Jackson Dawson changes name to Jackson marketing Group when larry sells his partnership in Detroit and lA 2003

2009-2012 Jackson marketing Group named a top BtoB agency by BtoB magazine 4 years running

him going and growing his business over the years. He is passionate about giving back and outreach to non-prof non-profits. The company was recently awarded the Community Foundation Spirit Award. The company reaffirmed its commitment to serving the community last week by celebrating its 25th anniversary with a birthday party and a 25-hour Serve-A-Thon partnership with Hands on Greenville and Habitat for Humanity. JMG’s 103 full-time employees worked in shifts around the clock on October 22 and 23 to help construct a house for a deserving family. As Jackson inches towards retirement, he says he hasn’t quite figured out his succession plan yet, but sees the companies staying under the same umbrella. He wants to continue to strategically grow the business. “From the beginning, my father has taught me that this business is all about our people – both our clients and our associates,” said his son, Darrell. “We have created a focus and a culture that strives to solve problems, serve people and grow careers.” Darrell Jackson said he wants to “continue helping lead a culture where we solve, serve and grow. If we are successful, we will continue to grow towards our ultimate goal of becoming the leading integrated marketing communications brand in the Southeast.”

2011 Jackson marketing Group/Jackson motorsports Group employee base reaches 100 people

2008 2012 Jackson marketing Group recognized by Community Foundation with Creative spirit Award

pro-bono/non-proFit / Clients lients American Red Cross of Western Carolinas Metropolitan Arts Council Artisphere Big League World Series The Wilds Advance SC South Carolina Charities, Inc. Aloft Hidden Treasure Christian School

CoMMUnitY nit inVolVeMent nitY in olV inV olVe VeMent & boarD positions lArry JACkson (ChAirmAn): Bob Jones University Board chairman, The Wilds Christian Camp and Conference Center board member, Gospel Fellowship Association board member, Past Greenville Area Development Corporation board member, Past Chamber of Commerce Headquarters Recruiting Committee member, Past Greenville Tech Foundation board member David Jones (Vice President Client services, Chief marketing officer): Hands on Greenville board chairman mike Zeller (Vice President, Brand marketing): Artisphere Board,

Metropolitan Arts Council Board, American Red Cross Board, Greenville Tech Foundation Board, South Carolina Chamber Board

eric Jackson (Jackson motorsports Group sales specialist): Salvation Army Boys & Girls Club Advisory Board

November 1, 2013 Upstate bUsiness joUrnal 21

20 Upstate bUsiness joUrnal November 1, 2013

HOW TO CONTRIBUTE

2003 motorsports Division acquires an additional 26,000 sq. ft. of warehouse space

1998

1990 Jackson Dawson

acquires therapon marketing Group and moves to Piedmont office Center on Villa.

NOVEMBER 1, 2013

Order a reprint today, PDFs available for $25. For more information, contact Anita Harley 864.679.1205 or aharley@communityjournals.com

events@upstatebusinessjournal.com

NEW HIRES, PROMOTIONS, AND AWARDS:

onthemove@upstatebusinessjournal.com UBJ welcomes expert commentary from business leaders on timely news topics related to their specialties. Guest columns run 700-800 words. Contact editor Chris Haire at chaire@communityjournals.com to submit an article for consideration.

Got any thoughts? Care to contribute? Let us know at ideas@upstatebusinessjournal.com.

EVENTS: Submit event information for consideration to events@upstatebusinessjournal.com

publishers of

Circulation Audit by Copyright ©2017 BY COMMUNITY JOURNALS LLC. All rights reserved. Upstate Business Journal is published weekly by Community Journals LLC. 581 Perry Ave., Greenville, South Carolina, 29611. Upstate Business Journal is a free publication. Annual subscriptions (52 issues) can be purchased for $50. Postmaster: Send address changes to Upstate Business, P581 Perry Ave., Greenville, South Carolina, 29611. Printed in the USA.

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