July 27, 2018 Upstate Business Journal

INSIDE THIS ISSUE

EL THRIFTY ON GHS SWAMP RABBIT TRAIL • NEW VERDAE PROJECTS • DRAYTON MILLS NEWCOMERS THE

COMMERCIAL REAL ESTATE QUARTERLY ISSUE JULY 27, 2018 | VOL. 7 ISSUE 26

WHAT’S THE DEAL WITH

OPPORTUNITY ZONES? A LITTLE-KNOWN PROVISION IN THE NEW TAX BILL COULD LEAD TO ECONOMIC DEVELOPMENT, TAX BENEFITS FOR INVESTORS

A 286,000-square-foot historic former cotton mill built in 1908 in downtown Greer that recently sold for $1.4 million could be the first revitalization effort that is a result of the new opportunity zone legislation. Will Crooks/Upstate Business Journal

The intersection at Stone Avenue, North Church Street and Wade Hampton is undergoing a transformation into Downtown Greenville’s next highly coveted walking neighborhood community. NorthPointe will feature both residential and retail opportunities – shops, cafes, and an anchor grocer – to serve the entire North Main District.

MIXED USE DEVELOPMENT 1 GROCERY STORE 284 APARTMENT UNITS 22,000 COMMERCIAL SQ. FT. 100 STEPS OFF STONE AVE. STRUCTURED ON SITE PARKING PEDESTRIAN FRIENDLY AMENITIES To learn more about NorthPointe, visit

northpointesc.com

| Just a Step O Stone Creating a new vibrant pedestrian neighborhood off Stone Avenue

864.235.6317 | crhrealestate.com

THE RUNDOWN |

TOP-OF-MIND AND IN THE MIX THIS WEEK

VOLUME 7, ISSUE 26 Featured this issue: Plans for West Greenville DSI industrial property revealed..............................6 Looking at retail rates in downtown Greenville....................................................18 Second-quarter 2018 market reports…………............................................................ 24

Methodical Coffee is teaming up with The Landmark Project to open its second Greenville location called Methodical in Landmark in the former Dapper Ink and Landmark storefront at 2017 Wade Hampton Blvd. between Billiam Jeans and Urban Digs. Read more in this week’s Greenville Journal Feast column. Photo by Will Crooks

WORTH REPEATING “In South Carolina alone, 128 low-income community tracts stand to benefit from the program.”

Cory Ouellette, Page 15

“The types of retailers that are experiencing success are those that provide a strong experience that is impossible to replicate via e-commerce.”

Tommy Molin, Page 18

“Great websites are built using a proven process.”

Chris Manley, Page 26 4

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VERBATIM

On new potential “Instead of having government hand out pools of taxpayer dollars, you have savvy investors directing money into projects they think will succeed.”

Sean Parker, original Facebook president and tech billionaire, speaking to Forbes regarding the Investing in Opportunity Act. Read more on Opportunity Zones on Pages 13-15.

INFORMATION YOU WANT TO KNOW

RETAIL & HOSPITALITY

C L E M S O N

M B A

P R O G R A M

El Thrifty Mexican cantina and social club coming to GHS Swamp Rabbit Trail fall 2018 ARIEL TURNER | STAFF

aturner@communityjournals.com El Thrifty, a new Mexican cantina and upscale gaming concept developed by the former executive chef of Charleston’s acclaimed Indaco and a restaurant developer from Atlanta, will open in late fall 2018 along the Greenville Health System Swamp Rabbit Trail in downtown Greenville at 25 Delano Drive.

Featuring 7,300 square feet inside and 2,000 square feet outside, the space is currently under construction in the same development that currently houses Soul Yoga, Swamp Rabbit Crossfit, The Wheelhouse, and the newest Southern Pressed Juicery location.

“We wanted to create a dynamic, modern gathering place that takes guests from coffee to cocktails,” said co-owners Reid Olsen and Robert Berry of El Thrifty Hospitality. “El Thrifty combines casual dining, local coffee, classic gaming, and entertainment to inspire camaraderie, community, and fun.”

Once open, El Thrifty will include an artisanal coffee bar offering locally roasted Methodical Coffee and a light breakfast menu; a spacious dining room serving

fresh Mexican fare; café-style workspaces and areas for event rentals; classic indoor/outdoor games, including feather bowling, air hockey, shuffleboard, foosball, snookball, pool tables, jump shot basketball, darts, ping pong, and bocce, as well as an interior gaming lounge with stadium-inspired seating and custom banquettes; an indoor/outdoor bar and patio overlooking the Swamp Rabbit Trail and Reedy River; and large HD projectors throughout for viewing sports, live concerts, movies, and more.

The menu at El Thrifty, which will include breakfast, lunch, dinner, and w e e k e n d brunch, will feature authentic Mexican dishes created with fresh, locally sourced ingredients.

Entrées will include carne asada with salsa verde, South C a r o l i na-sourced ceviche, and pork carnitas tacos, as well as a kids’ menu served until 7 p.m. daily.

The bar will feature a large library of agave-based spirits, mescal, and tequila for craft cocktails and frozen drinks, as well as an assortment of local craft beer, wine, and bubbles.

El Thrifty’s hours of operation will be Tuesday through Sunday, 8 a.m.-1 a.m., and Monday, 8 a.m.-3 p.m.

7.27.2018 | upstatebusinessjournal.com

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REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

ARIEL TURNER | STAFF

aturner@communityjournals.com |

@arielhturner

‘Poe West’ revealed as new identity for former DSI industrial property in Village of West Greenville ARIEL TURNER | STAFF

aturner@communityjournals.com The new design and identity have been revealed for the historic, nearly 60,000-square-foot former Poe West Hardware & Supply Co. at 556 Perry Ave. in the Village of West Greenville.

The Furman Co., which purchased the property in fall of 2017, is renovating the tract, which most recently housed Diversified Systems Inc., into Poe West, a Class-A office, restaurant, retail, and educational facility.

The Furman Co. plans to break ground this fall on the approximately $9.5 million property with a projected summer 2019 completion date. Initial plans include transforming the sprawling industrial building into a collaborative environment that includes creative office space, restaurant users, retail, a brewery, and an educational component that will serve as the anchor tenant. The surrounding land on the 5.58-acre property will include adequate parking along with green space designed for community use.

Blaine Hart and Tommy Molin at CBRE Inc. are handling leasing for the project. The property is already 50 percent pre-leased and The Furman Co. will be announcing tenants as partners in the next 60 days.

“We are excited about the idea to create a unique space for innovative business in the central core of The Village of West Greenville,” said Stephen Navarro, president and CEO of The Furman Co. “The Furman Co. has been working for over two years with collaborative organizations already plugged into the Village to meet the programming needs of the right tenant mix; one that will complement the Village and each other. Simultaneously, we’ve been searching for design and application strategies that will enhance the Village’s business and entertainment district. I think the sense of community within the design and space is terrific and will complement the existing vibe of the Village. Collaboration, connectedness, and community are all important elements of what this project brings to this important location. Having local partners help guide us has helped make that happen.”

Architects on the project from Johnston Design Group have worked with Darrohn Engineering and Fathom & Draft to help The Furman Co. realize its vision.

“Our powerhouse team has worked tirelessly to express the planned mix of uses in a contemporary and approachable open

POE WEST

ANCHORAGE

COMMUNITY JOURNALS PERRY AVENUE

PENDLETON STREET

design aesthetic,” said Robert Poppleton, development manager for The Furman Co. “We intend for Poe West to pay tribute to the past, reverencing its rich history and long ties to the Village, while delivering something truly unique and unseen in Greenville before.”

Before moving forward with their plans, Navarro and Poppleton worked with Dan Weidenbenner, executive director of Mill Community Ministries, which is heavily involved in the Village of West Greenville, in the fall of 2016 to ensure their plans aligned with the needs of the community.

“It is clear that The Furman Co. has great intentions to incorporate opportunities that will directly support the economic prosperity of this neighborhood,” Weidenbenner said. “I am grateful for the support

they have shown to the surrounding neighborhood and Mill Community Ministries during this process and I am eager to see how this project will empower and continue to transform West Greenville.”

According to local historian Judith T. Bainbridge, Poe Hardware & Supply Co., founded in 1876, moved from its South Main Street location in 1946 to 556 Perry Ave. where it remained until 1992.

DSI purchased the facility in 1996.

The Furman Co.’s other recent projects include Keys Court on McBee Avenue that houses Cyclebar and Yee-Haw Brewing Co., and the former Claussen Bakery at 400 Augusta St., which was refurbished in 2014 and converted into a mixeduse building that houses McMillan Pazdan Smith Architecture and Upstate Craft Beer Co.

Initial plans involve transforming the former DSI building into a collaborative environment that includes creative office space, restaurant users, retail, a brewery, and an educational component that will serve as the anchor tenant. Rendering by Johnston Design Group.

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REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

ARIEL TURNER | STAFF

aturner@communityjournals.com |

Greenville-based Aline Capital LLC closes $22.5M loan for Atlanta apartment acquisition

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Willow Creek Partners buys Verdae apartments for $19M

Greenville-based Aline Capital LLC recently closed a $22.575 million loan for the acquisition of The Parc at 1875 Apartments, a 352-unit apartment complex in Atlanta.

Austin Reeves, Nick Reinhardt, and Scott Williams with Aline Capital’s commercial real estate debt and equity division arranged the financing on behalf of their Atlanta-based client.

This marks the firm’s fourth deal in Atlanta in the last two years and The Parc at 1875 Apartments. Photo provided second in recent months.

Aline Capital LLC is a boutique “Atlanta is an incredible economic commercial real estate capital advisory power center for the Southeast and we firm headquartered in Greenville that expect it to continue to be a hotbed for specializes in providing debt and equity multifamily investment transactions for financing for commercial real estate some time,” said the firm’s managing transactions throughout the United director, Scott Williams.

States. –Ariel Turner

Graycliff Capital Partners LLC in June announced the sale of Azalea Hill Apartment Homes for $19 million. Located off Verdae Boulevard, Azalea Hill offers views of the Verdae Golf Course and easy access to major employers and retail.

Willow Creek Partners LLC purchased the 160unit development, which was constructed in 1997 and purchased for $9.1 million by Graycliff in 2013.

“Azalea Hill represented high value to its residents, with affordable rents and a strong location,” said Paul M. Aiesi, Graycliff principal.

“Graycliff carefully improved the amenities and units to

complement the location, while still offering rents at a lower price point than competitor Verdae apartments.”

A mix of studio, onebedroom, and two-bedroom floorplans are available at Azalea Hill. Through Graycliff’s strategic value-add program, improvements were made to the clubhouse and dog park, and the units’ interiors were upgraded with new lighting and hardware.

Headquartered in Greenville, Graycliff owns 22 multifamily apartment and senior housing rental communities in nine states and owns six communities in the Upstate.

–Melody Wright

LOCAL ADVANTAGE. CBRE knows the Upstate. Through our industry leading perspectives, scale and local connectivity, we deliver outcomes that drive business and bottom-line performance for every client we serve in South Carolina. How can we help transform your real estate into real advantage?

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Build on Advantage

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REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

CINDY LANDRUM | STAFF

clandrun@communityjournals.com

Two new developments announced for Verdae CINDY LANDRUM | STAFF

clandrum@communityjournals.com Two new projects — one high-end residential and the other office and retail — are slated to begin soon in Verdae.

The Brownstones at Hollingsworth Park will feature 24 luxury brownstones overlooking Legacy Park, and a yet-to-be-named 50,000-square-foot building with office and retail will be built on Rocky Slope Road, it was announced Friday, July 20.

“These are significant projects for Verdae because they help fill out the very heart of Hollingsworth Park,” said Debbie Wallace, president and chief operating officer of Verdae Development. Hollingsworth Park is Verdae’s central residential district. When these projects are complete, Hollingsworth Park will have only about 40 acres left to develop, she said.

The Brownstones at Hollingsworth Park will be unlike any other residential product in the Greenville market, said Chris Bailey, founder of Stoneledge Properties, the project’s developer and builder.

“I truly believe this is a generational product,” he said. “I’ve literally never seen a product like this in Greenville. It will be a truly once-in-alifetime opportunity for 24 people fortunate to own one of the units.”

The 3.68-acre development will feature twoand three-story units ranging from 2,800 to

The Brownstones at Hollingsworth Park will feature 24 luxury brownstones overlooking Legacy Park.

3,200 square feet. Two- and three-bedroom units are available. The two-story units have the master bedroom and bath on the main floor.

The three-story units will have the master bedroom on the third level with an elevator option. Bonus room, recreation room, and theater room options are available.

Interior features will include solid surface countertops and custom cabinets. High-end appliances, home automation and technology, and security systems are available, Bailey said.

All units will have private courtyards large enough for a garden or small therapy pool, and two-car alley-accessible garages.

Prices begin in the $800,000s, Bailey said.

The homes are designed by Kevin Culhan Architects.

“We’re bringing a traditional northern brownstone concept to Greenville with a modern living interpretation,” Bailey said.

Pre-sales will be available in the fall by Coldwell Banker Caine. Those interested can

DEBBIE WALLACE NAMED VERDAE PRESIDENT, COO Debbie Wallace is Verdae Development’s new president and chief operating officer.

Wallace, who joined Verdae as director of marketing in 2008, was promoted at Verdae Development’s board meeting earlier this month. She replaces Rick Sumerel, who retired after serving as president since 2005.

“She’s the perfect person to take over,” Sumerel said. “She’s already proven her ability.

There have been several projects she was responsible for making happen. She’s a good businesswoman, smart, assertive, and can see the big picture while focusing on all the details.”

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Verdae Development Board President Tim Reed said Wallace has been acting in that capacity for the past 12 months.

“We’ve made it official,” he said.

While there’s been a change at the top for Verdae Development, Reed said the plan remains the same. “We’re still working to build out the master plan,” he said.

Wallace said the plan calls for Verdae to complete infills by 2026 and construction by 2030. “It’s a lofty goal, but achievable if the market stays strong,” she said. ­­–Cindy Landrum

call 864-329-8383 to register for early notification. Construction could start this winter, Bailey said.

The new office and retail is being developed

by NHE Inc. and constructed by Creative Builders. The architect is DP3 Architects.

The three-story, 50,000-square-foot building will have office on the second and third floors, and retail on the first, said Taylor Davis of NHE Inc., the developer of the project.

NHE Inc., which currently has offices in two buildings in Verdae, will occupy about 10,000 square feet on the third floor, Davis said. Davis said another 5,000 square feet is available on that floor, and he has a potential tenant who hasn’t signed a lease yet.

The Willson Jones Carter & Baxley law firm will occupy the 15,000-square-foot second floor, he said. This will not be the first time NHE and the law firm have been housed in the same building, Davis said. They shared space on South Pleasantburg Drive at one time, but NHE moved when the law firm needed more space, he said.

“We’re doing 2.0. Going downtown was never really an option for our two firms,” he said.

The building’s first floor will be retail, Davis said. Retail tenants have not been named yet.

Scott Burgess and Lance Byers with Colliers International’s Greenville office are handling retail leasing.

Davis said there could be up to seven retail tenants, but more likely between three and five.

He said he believes another restaurant could be successful in Verdae, and another retail target could be a clothing store.

Davis said the architectural designs are being done now and construction should start early in the fourth quarter. He said construction should take 12 months.

REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

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CBRE Capital Markets secures $8.73 million financing for Mayfair Lofts in Spartanburg MELODY WRIGHT | CONTRIBUTOR

mwright@communityjournals.com CBRE Capital Markets has secured an $8.73 million loan for the refinance of Mayfair Lofts, a 107-unit, Class A/B, mid-rise apartment complex in Spartanburg.

Through CBRE’s Federal Housing Administration lending platform, the loan is being funded through the U.S. Department of Housing and Urban Development’s Section 223(f) mortgage insurance program providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure.

Mayfair Lofts offers a mix of one-bedroom, two-bedroom, and three-bedroom units, and includes communal space with a pool table and sitting area. A swimming pool, dog park, fitness center, library, and outdoor fire pit are also available for tenants.

Located in the Arcadia neighborhood, Mayfair Lofts has close proximity to downtown Spartanburg.

Originally operating as a textile manufacturing plant in 1924, the property was converted by the prior owner into one residential building with five accessory buildings and 191 parking spaces.

The borrower is Mayfair Apartments of S.C. LLC, which is managed by Blevins Family Properties LLC. The loan was originated by Terri Odenweller, vice president of CBRE’s debt and structured finance team in Denver.

The property is managed by Stonemark Management.

Hillary Blevins, managing member of Hudson Capital Investments LLC, said it was a pleasure working with CBRE on the transaction, and their partners are pleased with the loan’s terms.

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MANAGEMENT

Alpha Mode Episode 6: Grady Powell Upstate Business Journal is pleased to present the sixth installment of Alpha Mode, its new, digital feature that appears each month on upstatebusinessjournal.com, in partnership with QLI International LLC and Alex LaCasse (MTN LLC).

This month’s Alpha Mode, “Conversations with Next-Level Leaders,” features Grady Powell, founder and CEO of Openfields. He offers insight into creative thinking, strategy, and a relevant leadership approach of building businesses. Assessing challenges and devising innovative, strategic solutions that foster sustainable results are fundamental in Powell’s world.

Powell is an experienced strategist, nonprofit executive, program designer, and entrepreneur with a passion for building partnerships, developing leaders, and exploring systems innovation to drive social impact. Openfields is a strategy and innovation consulting firm focused on helping organizations develop creative strategies and programs to adapt to the way our world and our work is changing.

In addition to leading Openfields, Powell is a co-founder and board member of Capita, a startup ideas lab committed to harnessing the power of big ideas to ensure a future in which all young children and their families flourish. —Staff Report

ALPHA MODE

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COMMERCIAL REAL ESTATE QUARTERLY ISSUE

OPPORTUNITY KNOCKS WORDS BY ARIEL TURNER PHOTO BY WILL CROOKS

A historic cotton mill in Greer could be the first development in South Carolina that benefits from the new Opportunity Zones program

t’s not often that opportunity comes knocking to the tune of trillions of dollars.

But thanks to the Investing in Opportunity Act, co-sponsored by by Sen. Tim Scott, R-S.C., as part of the Tax Cuts and Jobs Act passed in December 2017, the trillions of dollars U.S. investors currently hold in unrealized capital gains in stocks and mutual funds alone could be funneled straight back into the country’s left-behind locales.

Like, for instance, into downtown Greer, where the 286,000-square-foot historic former cotton mill built in 1908 sitting on 8.37 acres at 300 Connecticut Ave. recently sold for $1.4 million. The new owners, the Walker and Black families, who also own the Southern Bleachery property at Taylors Mill, say the two factors that convinced them to purchase with the intent to redevelop were, first, the prospect of being a partner in the redevelopment and revitalization of downtown Greer, and secondly, the prospect of making Greer Mill the first revitalization effort development in the state that is a direct result of this legislation.

How the Investing in Opportunity Act works is only slightly more complicated than it sounds, and not nearly as regulated yet as it will be once the Department of the Treasury hands down guidelines in August to give a road map for use.

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Essentially, a provision in the new tax law allows for the creation of Opportunity Funds, private-sector investment vehicles that invest

OPPORTUNITY ZONES

EXPLAINED The Opportunity Zones program was established by Congress in the Tax Cuts and Jobs Act as an innovative approach to spurring long-term private sector investments in specific low-income urban and rural communities designated as Opportunity Zones by the chief executives of every state and territory. at least 90 percent of their capital in Opportunity Zones, which are low-income urban and rural communities identified in each state and territory. The benefit of assuming that

risk is that taxes on those gains will be deferred, and the percentage of taxable gains on the investment is dependent on the length it is held. After 10 years, the initial investment, less a tiered percentage, will be taxed, but the gains during that time period will not.

These Opportunity Funds can be used for real estate or business investment.

The reason the Investing in Opportunity Act is just now hitting the national radar is that all of the Opportunity Zones were only recently finalized after state governors submitted their list in the spring for approval on the national level.

“I feel truly blessed to be in a position to help get initiatives like my Investing in Opportunity Act passed into law,” Scott said. “In Greenville County alone, there are nine Opportunity Zones, and more than 130 neighborhoods across our state that stand on the brink of benefiting from this innovative initiative. It is incredibly uplifting to think about the thousands of people that stand to gain from being able to more easily access opportunity right in their own neighborhoods.”

The majority of Greenville County’s Opportunity Zones, four of which are in the city, fall in gateway areas where redevelopment and job creation have been under regular discussion, such as along the Poinsett Highway corridor,

COMMERCIAL REAL ESTATE QUARTERLY ISSUE THE

O-ZONE LAYER This map from the Economic Innovation Group shows the upstate Opportunity Zones

See more at eig.org/opportunityzones

Travelers Rest

THE VILLAGE OF WEST GREENVILLE

Greer Mill

IN THE ZONE CONESTEE

130 statewide 9 in Greenville County 4 in City of Greenville 26,480 population of

Greenville County zones

the Village of West Greenville, Nicholtown, West Washington Street, and between White Horse Road and Interstate 85, while two other areas far outside the city itself have been identified in Travelers Rest and Greer.

In numerical terms, the total population in Greenville County’s Opportunity Zones is

26,480 with 17-44 percent, depending on which zone, of those individuals currently living in poverty. Tens of thousands more in adjacent communities, many of whom also are considered low-income, stand to benefit from the potential redevelopment and job creation in these areas the funds could initiate.

CPA’s Cory Ouellette at Elliott Davis and Mark Cooter at Cherry Bekaert say they’ve been in discussion with clients either looking to create Opportunity Funds or looking to invest in one already seeking investors, with the potential for announcements of local development plans in August.

7.27.2018 | upstatebusinessjournal.com

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COMMERCIAL REAL ESTATE QUARTERLY ISSUE

Commercial real estate in the Upstate: Pick a number, any number For our quarterly commercial real-estate issue, the Upstate Business Journal asked local real-estate experts to choose a statistic in the Upstate market that has caught their attention. Here are their responses. —Melody Wright

5

The number of Class A properties in the office market with large blocks of available space exceeding 25,000 square feet for the first time in Greenville-Spartanburg history “This is great because it helps to ease the process for prospective tenants to choose the Upstate as a location to do business. Historically, the market has only had a few high-quality options for tenants to choose from. A tenant that is looking at the market has historically had to look to new construction, which requires a greater leap of faith than having tangible options ready for immediate occupancy. This is a great economic development opportunity for the market.” — Blaine Hart, SIOR, first vice president of CBRE | Advisory & Transaction Services

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The percent of vacancies in the tight Greenville industrial market

“Office market is becoming a tenants’ market. Recently over 600,000 square feet was vacated in the suburbs. And, currently, there is almost 700,000 square feet vacant in the CBD. Rents have maintained, but we think in the coming six months rents will drop and TI and free rent will be offered more and more.” — Brian Young, senior vice president of Cushman & Wakefield | Thalhimer’s brokerage group

23.9

$

The cost per square foot of Class A properties in the Greenville-Spartanburg market “The Upstate has had a significant increase in Class A availability that presents a great opportunity for corporate relocation. While the market has experienced substantial rent growth in the last five years, the market remains highly affordable when compared to other markets in the region.” — Shelby L. Dodson, LEED AP, first vice president, CBRE | Advisory & Transaction Services

3.5 Million The number of square feet of speculative Class A industrial space either delivered, under construction, or announced for 2018/2019 “This is just another indication of the confidence that outside developers have in our market. We continue to see more warehouse operations taking advantage of our distribution networks through the Upstate’s strategic location along I-85 and the convergence of I-26, along with our direct rail access to the S.C. Port of Charleston. The Southeast is one of the fastest-growing regions in the country, and the Upstate of S.C. is at the forefront of that growth. As the region’s population base grows, we expect to see more announcements for future developments in the coming months.” — Clay Williams, broker, NAI Earle Furman

212,676,000

The total number of square feet of industrial space in the Greenville-Spartanburg-Anderson Metropolitan Statistical Area “It’s interesting to me because when you compare it to Atlanta’s 746,927,000 square feet, the Upstate, with an MSA of 1.137 million people, has 55 percent more industrial space per capita than Atlanta with 6.2 million people. This points to how robust our manufacturing, warehousing, and logistics industries are in the Upstate.” — ­ Rob Howell, senior vice president, Avison Young 14

UBJ | 7.27.2018

The city of Greenville Economic Development Department, who recommended the four city Opportunity Zones chosen by the S.C. Department of Commerce, is also looking at harnessing the private sector to create a fund for development in those zones.

“ I really don’t think anyone’s got a good grasp on what the end product looks like. We’re just unfortunately on a wait-and-see approach here and don’t want to get too far ahead of ourselves.”

Kevin Howard, project manager with City of Greenville Economic Development

Kevin Howard, project manager with Economic Development, says an internal group to spearhead the effort was convened a couple weeks ago with members, in addition to himself, Ginny Stroud (community development administrator), Mike Panasko (business development manager), Micheal Williamson (project manager, economic and community development), and Gary Shepard, (director of Greenlink Public Transportation).

But since there’s still a lot unknown as to how this new initiative will work practically, they haven’t made any major decisions.

“I really don’t think anyone’s got a good grasp on what the end product looks like,” Howard says. “We’re just unfortunately on a wait-and-see approach here and don’t want to get too far ahead of ourselves.”

Especially since new guidelines are forthcoming, those who’ve already moved forward with the Opportunity Funds in the required 180 days since realizing gains have been making what Cooter calls “vanilla deals,” because the terms of those deals could change.

Ouellette says he’s interested to see if states will follow suit with additional incentives.

Lawrence Black, one of the members of the families who purchased Greer Mill and plans to redevelop it into a mixed-use development with 50,000 square feet commercial space to be used for restaurant, retail and offices, and more than 100 apartments, sees this financial opportunity as more of a mission than a potential financial windfall.

“Preserving and updating historic properties is not cheap,” he says. “It is a labor of love and can cost 40 percent more than just demolishing it and going with new construction. But that’s not what I’m interested in.

These buildings have meaning. They anchor our past and inspire our present. That’s why they attract artists. Tax credits make preservation possible. There are easier ways to make money as a developer.”

COMMERCIAL REAL ESTATE QUARTERLY ISSUE

Opportunity zones generate economic growth, provide robust tax benefits Picture yourself holding specific guidelines on how the program will operate and what rules $100,000 in capital gains from investment funds must follow — both of which are expected later this shareholder and tax the recent sale of an asset. You year — one thing seems certain: Investments should start happening accountant, Elliott Davis realize if you don’t do any tax quickly. Real estate developers, in particular, are poised to take advanplanning, you’ll be forced to pay tage of the program, and in time, retailers and hoteliers will likely utilize $20,000 or more in taxes. So, the provision to expand their bricks-and-mortar footprints in select you meet with your tax adviser, and then decide to put your money in a areas. For individuals who own property in designated opportunity zones, new tax-deferred fund that offers considerable long-term savings. the future is equally bright, as land will be in high demand.

Fast-forward a decade. You paid the deferred taxes on the original Before deciding to invest in an opportunity fund, you’d be well-served $100,000 capital gains two years ago, and you’re ready to close the to consult a seasoned tax adviser, ideally one who has considerable exaccount. As it turns out, the fund perience and relationships performed well and your investment within the real estate sector. is now worth $200,000. Suddenly, He or she can explain the you envision being hit with a tax bill nuances of the program, Written into the bill by South Carolina’s own Republican for the additional $100,000 profit. conduct financial modeling Or will you?

Sen. Tim Scott, opportunity zones are a federal to show the after-tax impact In this hypothetical scenario, the of investing in an opportuniincentive designed to stimulate economic growth answer is no. That’s because the rety fund, and help you deterin designated regions by allowing investors to defer investment vehicle you chose was mine whether the strategy linked to an “opportunity zone,” an taxes on capital gains income until 2026, provided makes sense for your particeconomically distressed community ular situation. Should you 90 percent of their investment stays in low-income where new investments are eligible choose to invest, your adviser communities via properties or businesses. for preferential tax treatment thanks can help structure the deal to to a little-known, until recently, leverage all available incenprovision buried within the Tax Cuts tives, and then provide and Jobs Act of 2017. ongoing guidance to ensure Written into the bill by South Carolina’s own Republican Sen. Tim you remain in compliance with all regulations.

Scott, opportunity zones are a federal incentive designed to stimulate As with any investment, there’s no guarantee opportunity funds will economic growth in designated regions by allowing investors to defer yield the types of returns realized in the fabricated storyline described taxes on capital gains income until 2026, provided 90 percent of their above. However, should you seize the proverbial opportunity of opporinvestment stays in low-income communities via properties or businesstunity zones, you’ll most certainly enjoy considerable tax benefits as well es. The law goes on to reduce capital gains exposure from the original as the satisfaction of knowing your money is being used for a greater sale by 10 percent for investors who remain in the investment for five good. years, and 15 percent for those who stay invested seven years. Additionally, after 10 years in an opportunity fund, investors can permanently Cory Ouellette is a shareholder and tax accountant for Elliott Davis forgo paying capital gains taxes on the sale or exchange of their opporLLC, a Greenville-based consulting services provider ranked among the tunity zone investment. top 40 accounting firms in the United States. Ouellette has extensive Opinions may differ on the amount of economic growth opportunity tax-planning and compliance experience and has worked with companies zones will ultimately generate, but once the Treasury Department issues of all sizes with a focus on real estate and partnership tax law.

By CORY OUELLETTE

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www.alinecapital.com 7.27.2018 | upstatebusinessjournal.com

15

COMMERCIAL REAL ESTATE QUARTERLY ISSUE

With new tenants, Drayton Mills weaves a pattern of success WORDS BY NEIL COTIAUX | PHOTOS BY WILL CROOKS

T

he “live, work, play” concept at Drayton Mills is about to get livelier.

With the July 26 announcement that three more businesses are leasing space at Spartanburg’s refurbished textile mills, a total of 12 retail and office tenants are now signed on at the historic site.

Along with the near-100 percent occupancy of the 289 apartments on campus, the new tenants — Holliday Brewing, The Lauren Ashtyn Collection, and Hypersign — offer further evidence that the adaptive reuse of historic properties can serve as a catalyst for community growth.

“We’re elated at where we are at,” said Tara Sherbert, managing member at TMS Development, the Charlotte, N.C.-based firm that along with Montgomery Development Group brought to life Pacolet Milliken’s vision for use of the former Milliken & Co. mill. The project was completed in December 2015.

The three new businesses will open in December, Sherbert said, adding about 50 jobs to the current 125 jobs at the site.

Other businesses that have opened or are about to open include Events at Drayton Mills, a venue for weddings, corporate gatherings, and special events; The Standard, a Rick Erwin Dining Group property serving dinner and brunch that will also provide catering to the events space; Burn Boot Camp, a fitness center; Pi-Squared Pizza; Bella Latte, a coffee shop; Melotte Enterprises, the holding company for Bella Latte, Mozza Roasters, and 17 Little Caesars stores; Palmetto Proactive Healthcare; financial adviser Edward Jones; and Seamon Whiteside, a Greenville-based engineering and site-design firm.

HOLLIDAY BREWING

When Jim and John Holliday set out to launch a nanobrewery, they looked beyond their native San Diego.

Rather than compete with the 200 or so 16

UBJ | 7.27.2018

With the addition of Holliday Brewing, The Lauren Ashtyn Collection, and Hypersign, a total of 12 retail and office tenants are now signed on at Drayton Mills in Spartanburg.

breweries there, the brothers chose South Carolina, where Jim Holliday was working as a manufacturing manager. Coming into contact with Sherbert, they visited Drayton Mills and realized they could experiment with homegrown brews in small batches in a location removed from downtown competition.

“Should we move to Charlotte? Should we move to Charleston? We know The Hub has that growth.”

Chris Guest, co-owner, The Lauren Ashtyn Collection

“We’re going for the comfortable hangout” including couches, games on the big screen, and a dog-friendly beer garden, Jim Holliday said of the space, which will serve not only craft beer, but also wine.

Tastings at Holliday Brewing will include spirits such as Aloha Beach, a tropical fruit-forward beer with pineapple, mango, and orange citrus flavors; Hannah, a smooth, light ale; and Johnny Hops, a “big beer full of big flavor.”

Holliday Brewing will be open seven days a week.

Sherbert and the Hollidays are discussing a service agreement with the events venue, and Pi-Squared Pizza is on board to deliver pies and wings to the brewery.

The events venue itself will encompass a Great Hall that can seat up to 300, a cocktail lounge, private “green rooms,” and a dance floor. Gathering space is available outdoors as well, including a lawn where tents and stages can be erected alongside Drayton Mills’ historic pond.

THE LAUREN ASHTYN COLLECTION

Two years ago, Lauren and Chris Guest opened a hair salon and corporate office at 162 E. Main St. in Spartanburg to capitalize on the growing market for hair-extension products.

Using a website, social media channels, and trade shows, “We’re seeing demand from everywhere,” husband Chris said, with spiraling sales in Canada, Australia, and Dubai, where a social media influencer reposted a company video that generated 8 million views.

The Lauren Ashtyn Collection will keep its salon downtown but move its office to Drayton Mills. There, about a dozen employees will develop social media content, inspect and store the hair pieces that arrive from more than 100 overseas workers, and ship out merchandise.

The company’s offerings also include hair care and beauty products.

Guest said he and his wife are committed to keeping their fast-growing business in Spartanburg. “Should we move to Charlotte? Should we move to Charleston? We know The Hub has that growth,” Guest said.

HYPERSIGN

Hypersign, a digital signage business whose software enables subscribers to create and upload their own content, is now finalizing plans to share part of the suite to be occupied by the Lauren Ashtyn Collection.

Neil Will, CEO, said the firm will close its office at 104 N. Daniel Morgan Ave. at the end of July and take temporary space elsewhere at Drayton before settling in at the suite.

Founded in 2013, the Spartanburg firm grew its subscriber base by 300 percent last year.

“We may actually be doubling our staff to 40,” Will said.

The company serves clients in retail, education, health care, and other fields.

Existing tenants at Drayton Mills believe the arrival of new businesses, especially the events

COMMERCIAL REAL ESTATE QUARTERLY ISSUE space, will create a more vibrant atmosphere on campus, where Bella Latte draws “a ton of business people,” Burn Boot Camp pulls in fitness junkies, and where a family of 10 from Columbia recently showed up for dinner at The Standard.

At the apartments are one-, two-, and “We’re elated three-bedroom units featuring amenities at where we are at.” including original maple wood flooring, Tara Sherbert, managing nearly 20-foot-tall member, TMS Development wood ceilings, and 12-foot historic mill windows, some of which provide spectacular views of the community pool below, flanked by the mill’s massive water tanks. A recent price check showed an 806-square-foot unit going for $908 per month and a 2,152-square-foot, three-bedroom unit for $2,098.

Pacolet Milliken still owns more than 200 acres around the former plant and remains committed to its master plan, which includes single-family and multifamily homes and additional commercial development, the family-owned investment company said.

As Drayton Mills becomes even more of a magnet, the undeveloped lot across the street from The Standard is considered a logical site for expansion.

“That should be the next area for development,” said Sherbert, who is also founder and president of TMS’ parent firm, The Sherbert Group.

Sherbert said she intends to make use of a recent tax-reform provision

The three new businesses, set to open in December, will add 50 jobs to the current 125 jobs at the Drayton Mills site.

introduced by U.S. Sen. Tim Scott to help resurrect other aging neighborhoods.

Scott’s provision, now law, provides a permanent exclusion from taxable income on capital gains to investors who make a 10-year commitment to a new development fund designed to kick-start distressed neighborhoods.

“Absolutely, we do have other projects in the Upstate that we are working on … that do qualify,” Sherbert said.

Five Locations to Better Serve You! COMMERCIAL REAL ESTATE | PROPERTY MANAGEMENT | SITE SELECTION

7.27.2018 | upstatebusinessjournal.com

17

COMMERCIAL REAL ESTATE QUARTERLY ISSUE

Downtown retail rates have risen, but remain affordable Of the three primary commercial real-estate sectors — office, industrial, and retail — retail has been altered the most since the recession.

Retail, unlike its commercial counterparts, is more subject to the ebb and flow and relative strength of the local economy. And Greenville has enjoyed sustained economic growth for the last eight years, but retail development during this phase of the cycle is spartan compared to historical precedent.

It is important to understand that not all retail is the same, and the dynamics of downtown Greenville provide a strong case study.

Retailers are evolving in an environment where e-commerce limits the emphasis on physical retail for the sale of goods. While a physical presence still plays an important role, the post-e-commerce retailer typically has fewer stores with smaller footprints. Not all retail is the same, however, as restaurants, as a sector, are doing very well. Additionally, there is growth among grocery-store operators, who to this point have been largely insulated from the evolution of retail.

By TOMMY MOLIN

vice president, advisory and transaction services, CBRE

Over the course of the last five to 10 years, downtown Greenville has undergone a marked shift from a retail perspective. We are more-often finding regional and national chains establish operations in downtown Greenville, including CVS, Brooks Brothers, Anthropologie, and Kilwin’s.

In general, these larger-scale tenants provide stronger credit than local retailers and as a result, are raising the expectations of what developers and landlords can expect in rents from their retail spaces.

This also coincides with a strong economy and the success of experiential retail. The types of retailers that are experiencing success are those that provide a strong experience that is impossible to replicate via e-commerce.

Restaurants that pair quality food with a high degree of customer service meet the exact definition of experiential retail. There is a reason why restaurant retail is flourishing in downtown Greenville.

The retail sector is somewhat unique in that rate information can be misleading. It is not uncommon for locations as little as a block away to have asking rates from $4-$6 per square foot less than the rates on Main Street. Additionally, it is common for top-of-market rates to not be publicly advertised, as retail rates can vary greatly from tenant to tenant.

18

UBJ | 7.27.2018

The availability of vacant space for prospective retailers is dwindling and helping to justify increasing asking rents. Greenville’s current top-of-market retail rent stands at $40 per square foot on a triple-net basis which, upon first glance, may seem high. Downtown retail tenants should take note, however, of the fact that top-of-market rents for Charlotte, Atlanta, Asheville, and Charleston are higher; in some cases, much higher. Top-ofmarket rates in Charleston exceed $90 per square foot. For the purpose of comparison, several other major cities in the Southeast and their respective asking rates are illustrated in the chart below.

Retail asking rates in downtown Greenville are dependent upon a number of factors such as property location, property size, the quality and the condition of the projected building space, as well as the accessibility and convenience of parking. For example, existing properties located along Greenville’s North Main Street maintain an average asking rent of between $24 and $30 per square foot, while those properties located on South Main Street are slightly lower, ranging between $19 and $25 per square foot. The average retail asking rent in downtown Greenville has fluctuated slightly over the last 24 months, but in general has been holding steady around $20 to $21 per square foot, which is affordable compared to other regional cities.

Without a doubt, Greenville is in the midst of an evolving commercial real estate market that will continue to adapt according to economic advancements, shifting demographics, and eventually, the resurgence of new construction. Keep in mind that mixed-use retail construction is often tied to the completion of projects in other sectors, meaning the generation of new supply is not solely driven by retail market fundamentals.

Tommy Molin serves as a vice president with CBRE’s advisory and transaction services team in the Greenville-Spartanburg market, specializing in retail properties. Molin focuses on the leasing, acquisition, and disposition of retail and investment properties in order to create value for property owners and occupiers. He is a native to South Carolina and has worked in the commercial real estate industry since 2001.

PATEWOOD

VENTURE DRIVE

50 International Drive Suite 110 103 S Venture Drive 5,800 SF Class A, furnished 3,000 SF, new medical space ANNOUNCING THE FOLLOWING COMMERCIAL REAL ESTATE TRANSACTIONS office at Patewood for sublet convenient to Eastside hospitals

DEALMAKERS

LANGSTON-BLACK REAL ESTATE INC. Jeff Howell was agent in the sale of 8 acres located at 13730, 13740, and 13750 E. Wade Hampton Blvd. in Greer by Davenport Capital LLC and Davenport Developments to JBM Leasing LLC. Brad Toy and R.W. Abel were agents in the sale of a property located at 955 W. Wade Hampton Blvd., Suite 2A, in Greer by First Piedmont Federal Savings to K&K Technical Group.

Tim Allender and Brad Toy were agents in the sale of 10,000 square feet located at 828-B St. Mark Road in Taylors by Hofden LLC to Tracey Holtzclaw.

Chuck Langston was agent in the sale of 1423 and 1441 S. Buncombe Road in Greer by Pleasant Grove Properties Inc. to Diversified Properties Inc. Roger Barnes of Langston-Black represented the seller.

Bob Ashworth and Chuck Langston were agents in the sale of 22 acres located at 10000 Reidville Road in Greer by Mill Run Properties LLC to ECS Development.

Rick Hammett was agent in the lease of a building at 4200 E. North St. in Greenville by Steve Carter to Foothills ENT. Chuck Langston was agent in the sale of a property located at 910 E. Rutherford St. to CBL State Savings Bank.

Paul Lister and Chuck Langston were agents in the sale of a property located at 601 Wade Hampton Blvd. in Greer.

Tim Allender and Chuck Langston were agents in the sale of 4.4 acres located on North Buncombe Road in Greer to The Southern Growl Micro Brewery.

Brad Toy was agent in the purchase of 2,000 square feet located at 2710 North Road in Orangeburg to Hutton Orangeburg MT LLC. Chuck Langston was agent in the sale of a property located at 461 The Parkway in Greer.

Rick Hammett was agent in the sale of 31 acres located on Burns Road in Spartanburg to Andy Chapman.

COLDWELL BANKER COMMERCIAL CAINE Tim Satterfield was agent in the purchase of a 56,866 square-foot industrial building on 4.82 acres at 8025 Howard St. by from Longleaf Global Commerce LLC to 8025 Howard Street LLC.

Tim Satterfield was agent in the sale of 5.69 acres located at 810 Mt. Pleasant Road and 6.2 acres located at Dewberry Road within Compark Industrial Park by Compark Lts. to GSP Terminal LLC. Tim Satterfield was agent in the sale of 8,052 square feet located at 282 S. Church St. by The Haven Inc. to Watts & James LLC. Tim Satterfield was agent in the purchase of 1,465 square feet located at 852 E. Main St. by Moyer Investment Co. Inc. to The Haven Inc.

BROKERAGE | LEASING | MANAGEMENT

Benji Smith, CCIM • Josh Tew, CCIM • Caldwell Johnston Commercial Sales + Leasing

ACTIVE IN THE 296

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Pete Brett and Sammy DuBose were agents in the lease of 13,166 square feet located in Marketplace Shopping Center, 2437 Laurens Road, by Verdae Properties LLC to Scott Weiner doing business as Kangaroo Jax. Pete Brett, David Sigmon, and Matt Vanvik were agents in the purchase of 3,328 square feet located at 507 W. Butler Road by JTB LLC to AU Properties LLC. Pete Brett, David Sigmon, and Matt Vanvick were agents in the lease of 1,423 square feet located at Forest Park Shopping Center, 27 S. Pleasantburg Drive, by Forest Park 1683 LLC to Hayden Brewer LLC doing business as Mainstream Boutique.

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400 4040

103 S Venture FULLY LEASED

3092 Highway 14 UNDER CONTRACT

4009-4011 Pelham FULLY LEASED

420 The Parkway FULLY LEASED

50 International SPACE AVAILABLE

316 - 318 Prado SPACE AVAILABLE

3527 Pelham SPACE AVAILABLE

148 Milestone SPACE AVAILABLE

Pete Brett, David Sigmon, and Matt Vanvick were agents in the lease of 2,960 square feet located at 105 B Halton Village Circle by Arcuate Real Estate LLC to Amnesty Health Group LLC. Pete Brett, David Sigmon, and Matt Vanvik were agents in the sale of 2,200 square feet located at 110 Whitsett St. by the estate of Gary Robert Cathcart to Michael D. and Lisa A. Moore.

Pete Brett, David Sigmon, and Matt Vanvick were agents in the sale of 2,782 square feet located at 461 The Parkway by Wells Fargo Bank NA to Michael A. Twitchell.

Pete Brett, David Sigmon, and Matt Vanvick were agents in the lease of 14,470 square feet located at 510 Airport Road, Suite A, by 510 Airport Road LLC and WWG-Flex LLC to Green Cloud Technologies LLC. David Sigmon and Matt Vanvick were agents in the lease of 2,375 square feet of retail space located at 18 Augusta St., by West End Investments LLC to Copper Penny.

AVISON YOUNG Chris Prince and Rhett Craig were agents in the lease of 180 square feet located at 301 Rutherford St. 7.27.2018 | upstatebusinessjournal.com

Benji Smith, CCIM

Josh Tew, CCIM

Caldwell Johnston

864 400 4040 | flagshipsc.com

Jim Brown

DEALMAKERS ANNOUNCING THE FOLLOWING COMMERCIAL REAL ESTATE TRANSACTIONS

by Hearsay Properties LLC to WSI3 Arkitekton, LLC.

Ashley Trantham and Andrew Harrill were agents in the lease of 2,500 square feet located at 15 International Court, Suite B, by William Von Essen to HSP America Corp.

Rhett Craig was agent in the sale of 15,634 square feet located at 155 Deacon Tiller Court in Duncan by RRS Properties LLC to Greenville Real Estate Group LLC.

LEE & ASSOCIATES Kevin Bentley was agent in the lease of 3,000 square feet located at 1310F Garlington Road by Bell, Garret & Lathan LLC to Heyco Werk USA INC. Randall Bentley was agent in the lease of 15,000 square feet located at 124 Interstate Blvd. by Binkley Enterprises LLC. Kevin Bentley was agent in the sale of 16,000 square feet located at 1523 Antioch Church Road by Q Holdings LLC to Encore Container.

Ashley Trantham and Andrew Harrill were agents in the lease of 2,500 square feet located at 15 International Court, Suite A, by William Von Essen to Specialty Paper & Packaging.

Randall Bentley, Andrew Harrill, and Deanna Hudgens were agent in the lease of 5151 Pelham Road, Suite 103, by Sikes Properties LLC to Perelli & Echeverri Investments LLC.

Randall Bentley was agent in the purchase of 4.1 acres located on Brookfield Oaks Drive, lots 3 and 4, in Mauldin by Brookfield South Associates LLC to Jane Properties LLC. Deanna Hudgens was agent in the lease of 1,500 square feet located at 1209 N.E. Main St., Suite A, in Simpsonville by BRP Investments LLC to Chang Lian Yang doing business as Heavenly Massage.

Randall Bentley and Kevin Bentley were agents in the sale of 14.146 acres located on Suncan Reidville Road in Duncan by T. Walter Brashier to Richard C. Beaty Sr. Randall Bentley and Kevin Bentley were agents in the sale of 3509 Wade Hampton Blvd. in Taylors by L&G Properties of Greenville to Enigma Corp.

Kevin Bentley was agent in the lease renewal of 17,000 square feet located at 366 J.C. Cooper Road in Fountain Inn by Curtis E. Cooper to Trigo, The PIC Group.

Kevin Bentley was agent in the lease

of 2,000 square feet located at 870 Cleveland St. Suite E by DITO LLC to Harris Teeter LLC.

William M. Hendrix to Retail Group Investment LLC.

James McKay was agent in the lease renewal of 1,200 square feet located at 3556 state Highway 153 in Powdersville by Friddle & Friddle LLC to Great Clips.

COLLIERS INTERNATIONAL

Darath Mackie and Ashley Trantham were agents in the sale of 0.727 acres located at 791 E. Butler Road in Mauldin by H&H Brands LLC to Butler Road Properties LLC.

Garrett Scott, Richard Barrett, Brockton Hall, and Brannan Hudson were agents in the lease of industrial space in the Corporate Center in Spartanburg by Kinney Hill Associates to Rohmann LP.

Deanna Hudgens was agent in the lease of 1,000 square feet located at 304 N. Main St., Suite B, in Mauldin

by Real Estate Partners Greenville LLC to The Beauty Lounge.

Brantley Anderson and Taylor Allen were agents in the lease of office space at 10 Enterprise Blvd. by Flagship Healthcare Properties LLC to Upstate Surgery Center LLC.

Chad Stepp was agent in the purchase of 11,2000 square feet located at 19 Grant Park Place in Piedmont by Ace Properties LLC to JRTH LLC.

Frank Hammond was agent in the sale of 2275 Perimeter Road by WM/SP LLC to Classic Management Holdings LLC.

Randall Bentley was agent in the lease renewal of 6,000 square feet located at 1014 Laurens Road by Wickliffe Properties to DNI Auto Parts Inc. Darath Mackie was agent in the purchase of 21.948 acres located on state Highway 292 in Inman by Roon Blang, Mau Cher and Champy Chantha to Inman 21 LLC. Andrew Harrill was agent in the lease of 4,100 square feet located at 1120 N. Pleasantburg Drive, Suites 302 and 303 by Greenville 1120 LLC to Open World Gaming LLC. Darath Mackie was agent in the sale of 4,355 square feet located at 518-524 S. Main St. in Simpsonville by Susan H. Bright to Hucks Properties LLC. Andrew Harrill was agent in the lease of 1,232 square feet located at 198 Roper Mountain Road Extension, Suite C, by Heard and Heard IV LLC and Heard and Heard Two LLP to Clear Path Therapy LLC.

DEMOLITION

|

DIRT

|

ROLL-OFFS

DEMOLITION

|

DIRT

|

ROLL-OFFS

We will find a way, or we will make one!

We will find a way, or we will make one!

COMMERCIAL | INDUSTRIAL | RESIDENTIAL

864.580.2099 | info@demtekllc.com | www.demtekllc.com 20

UBJ | 7.27.2018

Andrew Harrill was agent in the lease renewal of 1,232 square feet located at 198 Roper Mountain Road Extension, Suite A, by Heard and Heard IV LLC to Edward D. Jones & Co. Andrew Harrill was agent in the lease of 2,400 square feet located at 1757 Woodruff Road, Suite A, by RTL Properties LLC to Bellasfood LLC doing business as Tacos & Mas. Randall Bentley, Kevin Bentley, and Chad Stepp were agents in the lease of 40,000 square feet located at 790 Duncan Reidville Road in Duncan by WESWAL LLC to American Alupack Industries LLC. Andrew Harrill was agent in the lease of 1,400 square feet located at 310 E. Main St., Suite F, in Williamston by

Frank Hammond was agent in the sale of 3.23 acres located at 2650 White Horse Road by HSG Realty LLP to Boom Boom Properties.

Brantley Anderson and Taylor Allen were agents in the sublease of 7,230 square feet located at 40 W. Broad St. to Branch Banking and Trust Co. Garrett Scott, John Montgomery, and Brockton Hall were agents in the sale of 213 acres located in Tyger River Industrial Park — North by Pacolet Milliken Enterprises to Keurig Green Mountain.

Garrett Scott, Richard Barrett, Brockton Hall, and Brannan Hudson were agents in the lease of 48,300 square feet located at Corporate Center in Spartanburg by Kinney Hill Associates to Pharmacy Constultants LLC. Frank Hammond was agent in the purchase of 6.64 acres located on Verdin Road in Mauldin by Brookfield Associates LP to Sunshine Retirement Living.

Garrett Scott and Brockton Hall were agents in the lease of 91,055 square feet located at 100 N. Woods Drive in Fountain Inn by Third Generation SC LLC to Fort Dearborn Co. Scott Burgess and Lance Byars were agents in the lease of office space in the Gallery located at 605 Haywood Road by Doolittle Gallery LLC to iLoveKickboxing.

Scott Burgess and Lance Byars were agents in the lease of retail space at The Gallery located at 605 Haywood Road

by Doolittle Gallery LLC to Jorge A. Chagoya and Sandra L. Lopez.

Brantley Anderson and Taylor Allen were agents in the lease of 6,939 square feet located at 105 N. Spring St. by HTI Properties LLC to First Community Bank.

DEALMAKERS ANNOUNCING THE FOLLOWING COMMERCIAL REAL ESTATE TRANSACTIONS

PINTAIL CAPITAL PARTNERS Ross Kester was agent in the sale of 15,300 square feet of professional office space located at 3 Caldon Court

by South East Borders LLC to KR Investments GVL LLC. Alex Phillips and Lakin Parr were agents in the lease of 19,430 square feet of flex space located at 40 Freedom Court in Greer by NFL Office Works to Elite Flooring.

Ross Kester was agent in the sale of 0.875 acres located at 101 ONeal St. by PEDLeasing General Partnership to TD Self Storage Enterprise LLC.

Hope Tz Scmalzl was agent in the sale of an office space located at 38 B Parkway Commons Way. Bryon Culbertson was agent in the sale of 7,000 square feet located at 3527 State Highway 153, Suite A, in Powdersville.

Bryon Culbertson was agent in the lease of a retail space located at 3907 Grandview Drive, Suite D, in Simpsonville.

Joe Teague was agent in the sale of 2.54 acres located at state Highway 14 and Johnson Avenue.

Stuart Wyeth was agent in the sale of 6.5 acres located on Market Point Drive to Greystay GP II LLC.

Matt Carter, Joey Burton, and Charlie Timmons were agents in the sale of an office building located at 617 N. Main St.

CUSHMAN & WAKEFIELD | THALHIMER

Michael Joseph was agent in the lease of a warehouse space located at 12 Ketron Court.

Laura Harmon was agent in the sale of approximately 3.99 acres located at 400 Scuffletown Road in Simpsonville

by Clear Spring Fire-Rescue to Five Forks Athletics.

FLAGSHIP PROPERTIES Josh Tew was agent in the lease of 2,000 square feet located at 3906 Augusta Road to Vaugn Newman Dance.

Josh Tew was agent in the lease of 1,000 square feet located at 880 S Pleasantburg Drive, Building 4 to Resolve Counseling LLC. Josh Tew and Jim Brown were agents in the lease of 1,900 square feet located at 104 Commons Blvd., Suite B, in Piedmont to Woodmen Life/ Woodmen Financial Services.

Jim Brown was agent in the lease of 3,550 square feet located at 3527 Pelham Road to CCA Medical Inc. Josh Tew and Jim Brown were agents in the lease of 1,300 square feet located at 106 Commons Blvd., Suite B, in Piedmont to Americans for Prosperity, South Carolina.

JOYNER COMMERCIAL: THE COMMERCIAL DIVISION OF BERKSHIRE HATHAWAY HOMESERVICES C DAN JOYNER REALTORS Michael Joseph was agent in the sale of a warehouse located at 1801 Rutherford Road.

Hope Tz Schmalzl was agent in the lease of 2,000 square feet located at 242 Adley Way.

Hope Tz Schmalzl was agent in the lease of 1,480 square feet located at 1003 Grove Road, Unit C. Hope Tz Schmalzl and Bryon Culbertson were agents in the lease of an office space located at 107 Lovett Drive.

Hope Tz Scmalzl was agent in the lease of 2,000 square feet located at 143 Commons Way. Joe Teague was agent in the lease of a retail space located at 1791 Woodruff Road, Suite B. Michael Joseph was agent in the sale of an office building located at 513 W. Butler Road.

SPENCER/HINES PROPERTIES

Craig Jacobs was agent in the sale of 135,000 square feet located at 801 Beaumont Ave. in Spartanburg by Key State Capital to Priority Partners.

Craig Jacobs was agent in the sale of 30,000 square feet located at 169 Keltner Ave. in Spartanburg by Key State Capital to Priority Partners.

Remy Skerjanz was agent in the sale of 0.11 acres located at 174 W. St. John St. in Spartanburg by Pitt Bull Investments to Triton Global Holdings.

Craig Jacobs, Andy Hayes, and Ben Hines were agents in the sale of 30,000 square feet located at 601 John B. White Blvd. in Spartanburg by Piedmont Community Action to Boom Boom Property.

Dale Seay was agent in the lease of 2,200 square feet located at 165 W. Main St. in Duncan by Dallas Sims to Game Day BBQ. Dale Seay was agent in the lease of 1,000 square feet located at 1000 N. Pine St., Unit 8, in Spartanburg by Baker & Baker to Ernest Peoples.

Neal Boyett was agent in the lease renewal of 4,500 square feet located at 2528 Boiling Springs Road in Boiling Springs by Sparta Land Holdings to Los Mexicanos.

Guy Harris was agent in the lease of 1,400 square feet located at 150 E. Blackstock Road in Spartanburg by Blackstock Westgate Association to Tutti Fruitti.

Neal Boyett was agent in the lease of 3,598 square feet located at 125 The Parkway in Greer by Parkway Plaza to Fairway Independent Management.

Neal Boyett and Dale Seay were agents in the lease of 6,664 square feet located at 775 Spartan Blvd., Unit 208, in Spartanburg by Pointe West Office to Circor.

Neal Boyett and Dale Seay were agents in the lease of 6,669 square feet located at 775 Spartan Blvd., Unit 209, in Spartanburg by Pointe West Office to Circor.

Neal Boyett was agent in the lease of 1,488 square feet located at 227 W. Blackstock Road, Unit 100, in Spartanburg by Nomisma LLC to Keystone Financial.

Neal Boyett was agent in the lease of 1,368 square feet located at 227 W. Blackstock Road, Unit 300, in Spartanburg by Nomisma LLC to Southern Specialty Finance.

We’re building a better future.

Yours.

There’s a big, beautiful expansion on the horizon.

With more independent living options, more dining and more ways to enjoy life. Groundbreaking Fall 2018.

To learn more, call 864.485.9714.

Dale Seay was agent in the sale of 2.5 acres located at 190 Old Highway 11 in Inman by Peter Miller to Michael Evans.

Dale Seay was agent in the sale of 4,560 square feet located at 149 Horton Road in Roebuck by Bobby Crisp to RGA SC Inc. Guy Harris was agent in the sale of 4,739 square feet located at 1186 Asheville Highway in Spartanburg by JR Freeman III to Asheville Hwy Real Estate Holding.

Andy Hayes and Ben Hines were agents in the sale of 5 acres located at 4751 State Highway 101 in Woodruff

by Highway 101 Assn to Paul and Stacey Fox. Guy Harris and Guy Harris Jr. were agents in the sale of 3,040 square feet located at 668 Springfield Road in Spartanburg by JM Cox to US Expressway.

One Hoke Smith Blvd., Greenville, SC 29615 RollingGreenVillage.com Independent Living | Assisted Living | Memory Care | Rehabilitation | Skilled Nursing

7.27.2018 | upstatebusinessjournal.com

21

DEALMAKERS ANNOUNCING THE FOLLOWING COMMERCIAL REAL ESTATE TRANSACTIONS Dale Seay, Andy Hayes, and Ben Hines were agents in the lease of 1,519 square feet located at 1750 state Highway 14 in Landrum by Foot Hills Plaza to Team Carolinas.

Andy Hayes and Ben Hines were agents in the lease of 7,200 square feet located at 2994 Fariforest Clevedale Road, Unit 4, in Spartanburg by Fairforest Southern to Canopy Hardwoods.

Andy Hayes and Ben Hines were agents in the lease of 11,790 square feet located at 1751 Union St. in Spartanburg by Wherekirk Properties to CCI Construction.

Craig Jacobs was agent in the lease of 2,250 square feet located at 203 Commerce St. by the Estate of Mary Gaylord to The Chalres Lea Center.

Spartanburg LLC. Jimmy Wright and Ted Lyerly were agents in the lease of 3,535 square feet located at 376 College Ave. to Valeo Groupe US LLC. Kevin Pogue, Chris Harrison, and Cole Morris were agents in the lease of 3,902 square feet located in the Montgomery Building in Spartanburg by BF Spartanburg LLC to Sidewall Montgomery Building.

Hunter Garrett, John Staunton, and Parks McLeod Jr. were agents in the lease of 42,000 square feet located at 45 S. Woods Drive, Building A, in Fountain Inn by GTC Proerties LLC to Pack IQ LLC.

LYONS INDUSTRIAL PROPERTIES

Keith Jones and McNeil Epps were agents in the lease of 3,000 square feet located at 274 Commonwealth Drive, Suite B, by Rajman 01 LLC to Carolina Health Choice of Greenville LLC.

Adam Padgett was agent in the lease of 73,461 square feet located at 1071 Fryml Drive by Alliance Development to DARE. Lee Allen with JLL represented DARE.

Hunter Garrett, John Staunton, and Parks McLeod Jr. were agents in the lease of 3,000 square feet located at 2355 State Highway 101 South in Greer by 2355 Hwy 101 LLC to William R. Nash Inc.

Dillon Swayngim and Adam Padgett were agents in the lease of 9,000 square feet located at 1506 Old Georgia Highway in Gaffney by Midway Industrial Park LLC to Superior Bag Manufacturing Co. LLC.

Keith Jones and McNeil Epps were agents in the lease of 6,939 square feet located at 105 N Spring St., Suite 100, by HTI Properties LLC to First Community Bank.

Adam Padgett and Dillon Swayngim were agents in the lease of 12,400 square feet located at 5951 U.S. Highway 221 in Roebuck by Yarbrough Properties to W.O. Cantey Services.

Jackson Keith, Adam Padgett, and Dillon Swayngim were agents in the sale of 51 acres on Anderson Mill Road in Spartanburg by Earthcraft Development Inc. and Greenspace Associates LLC to Mark III Properties LLC. Jordan Skellie and Adam Padgett were agents in the sale of 21,300 square feet located on 4 acres at 1630 Duncan Rediville in Duncan by Ronnie Hopkins Enterprises to ROFA North America Inc. Jordan Skellie and Adam Padgett were agents in the lease of 90,000 square feet located at 130 Derrick Road in Spartanburg by JOJAD LLC to Himatsingka.

Bobby Lyons and Dillon Swayngim were agents in the purchase of 120,000 square feet located at 402 Maxwell Ave. in Greenwood by Self Regional Hospital System to Down Home Manufacturing.

Bobby Lyons and Dillon Swayngim were agents in the lease of 8,500 square feet by Down Home Manufacturing to Eaton Corp.

NAI EARLE FURMAN Jimmy Wright and Ted Lyerly were agents in the lease of 4,600 square feet located at 1175 Woods Crossing Road., Suite 7B, by Ward Stone Jr. to Kid to Kid Greenville LLC. Scott Jones and John Stathakis II were agents in the lease of 4,962 square feet located at 555 N. Pleasantburg Dr., Suite 301 by Two Greenville Park LP to Northwind Inc. Hunter Garrett, Alex Campbell, and John Staunton were agents in the lease of 14,470 square feet located at Haywood Ridge Flex Part by WWG-Flex LLC to Green Cloud Technologies, LLC. Stuart Smith was agent in the lease of 8,750 square feet located at 150 McGuire Road by Deb-Mas LLC and others doing business as MW Developers LLC to GCI of UBJ | 7.27.2018

Towers Rice Jr. was agent in the sale of 9.29 acres located at Mills Avenue by Heavenly Care Services LLC to Park West III Investors LLC. Towers Rice Jr. was agent in the sale of 11.91 acres located at Monroe Drive in Simpsonville by Green Tiger LLC to Monroe 153 LLC. John Powell, Kevin Pogue, and Keith Jones were agents in the sale of 17,776 square feet located at 133 E. Whitner St. in Anderson by Friends of Alverson Center Theatre Inc. to Grace Community Church of South Carolina.

Alex Campbell was agent in the sale of 11,200 square feet located at 19 Grant Park Place in Piedmont by ACE Properties to THJR LLC. Kevin Pogue, Chris Harrison, and Cole Morris were agents in the sale of 18,400 square feet located at 21 E. Settlement Road by Robert Garrett to SIBCO Self Storage LLC. Kevin Pogue, Chris Harrison, and Cole Morris were agents in the sale of 40,000 square feet located at 721A S. Main St. in Greer by Her Will LLC, Donald E. Foster, and Joyce J. Foster His Will LLC to Greer Self Storage LLC. Rusty Hamrick and Clayton Wright were agents in the purchase of 196 acres located on Jalapa Road in Kinards

by Indian Creek Holdings LLC to Lyrane Plantation LLC. Towers Rice Jr. was agent in the sale of 23,649 square feet located at 399 Broyles Ave. in Belton by Meridian Real Estate Investments LLC to South Carolina Properties LLC. Rusty Hamrick IV and Clayton Wright were agents in the purchase of 142 acres located at 184 McCarson Road in Marietta from James Michael Stevens to Wright SC Holdings LLC.

CBRE Trey Pennington, Bob Barrineau, and Brendan Redeyoff were agents in the sale of a 202,566 square-foot portfolio located at 105, 115, and 117 Littlejohn St. in Spartanburg.

DEALMAKERS ANNOUNCING THE FOLLOWING COMMERCIAL REAL ESTATE TRANSACTIONS Campbell Lewis was agent in the sale of a 141,000 square-foot manufacturing facility at 1439 Cambridge St. Extension in Abbeville.

Tripp Sellers, David Redmond, and Trey Pennington was agent in the sale of 135 Interstate Blvd. in Greenville.

Charles Gouch, Blaine Hart, and Shelby Dodson were agent in the sale of a 6,808 square-foot building located at 210 Brendan Way.

Tripp Sellers, David Redmond, and Blaine Hart were agent in the sale of 61,047 square feet located at 300 N. Main St. in Greenville.

Trey Pennington and Marcus Cornelius was agent in the lease of 32,000 square feet located at 170 Parkway West in Hillside Industrial Park.

Charles Gouch and Blaine Hart were agents in the lease of 6,384 square feet of office space located at One Liberty Square, 55 Beattie Place.

Trey Pennington was agent in the lease of 60,000 square feet located at 690 Duncan Reidville Road in Duncan.

Charles Gouch and Blaine Hart were agents in the lease of a 28,098 square-foot office located at Two Liberty Square, 75 Beattie Place.

Ryan Clark was agent in the lease of a 6,384 square-foot office suite located at 55 Beattie Place in One Liberty Square, 55 Beattie Place.

Campbell Lewis was agent in the lease of a 60,000 square-foot warehouse at 1512 Roper Mountain Road.

Nick Hollstegge was agent in the lease of 15,000 square feet located at 124 Interstate Blvd in Pelham Davis Industrial Park.

Nick Hollstegge was agent in the purchase of a 6,200 square-foot office located at 513 W. Butler Road.

Trey Pennington was agent in the lease of 56,000 square feet located at 400 Georgia St. in Fountain Inn.

Charles Gouch, Blaine Hart, and Shelby Dodson were agents in the lease of 12,296 square feet located at 2000 Wade Hampton Blvd.

Charles Gouch, Blaine Hart, and Shelby Dodson represented the landlord in the lease of 43,805 square feet at Harbinger, Building 1, 535 N. Pleasantburg Drive.

Tripp Sellers, David Redmond, and Blaine Hart were agents in the sale of 10,000 square feet located at 123 N. Main St. in Greenville.

Charles Gouch, Blaine Hart, and Shelby Dodson were agents in the lease of 6,075 square feet of office space located at Patewood 2, 30 Patewood Drive.

Shelby Dodson was agent in the purchase of 41,000 square feet located at 910 Fork Shoals Road in Greenville.

Charles Gouch, Blaine Hart, and Shelby Dodson were agents in the lease of an 8,955 square-foot office located at Harbinger, Building 3, 555 N. Pleasantburg Drive.

Nick Hollstegge was agent in the purchase of a 34,925 square-foot industrial facility located at 325 Old Greenville Road in Spartanburg.

Charles Gouch and Blaine Hart were agents in the lease of a 7,542 square-foot office located at One Liberty Square, 55 Beattie Place.

Shelby Dodson was agent in the sublease of 5,326 square feet at 340 E. Main St. in Spartanburg.

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Meet the bank behind Waterstone Dentistry.

T HE BA NK BEHIND YOUR BUSINESS Member FDIC

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7/19/18 3:52 PM

COMMERCIAL REAL ESTATE QUARTERLY ISSUE

CRE quarterly market reports Market analysis derived from second quarter 2018 CRE market reports provided by Avison Young, CBRE, Colliers, Cushman & Wakefield | Thalhimer, NAI Earle Furman, and Newmark Grubb Wilson Kibler.

Office SUMMARY: Market conditions remained relatively unchanged in the Greenville/Spartanburg market for the second quarter of 2018. Vacancy rates remained at 7.7 percent, reported NAI Earle Furman. Outside investment companies are still very interested in the market, with two large Greenville-area buildings having sold recently — the Ogletree Building on North Main sold for $11.4 million to a Raleigh, N.C., company, and the Jacobs Building on Butler Road sold to a Missouri-based group for $24.3 million.

The market is still a tenant’s market with free rent, moving allowances, furniture, fixture and other equipment allowances, and TI conversions all being considered in lease negotiations, says Colliers. With vacancies decreasing, however, rental rates are on the rise.

OUTLOOK: With no significant blocks of new office space expected to be completed in the next quarter or two, market conditions are not expected to change significantly. Since all “anticipated givebacks” have been realized, the market may see additional growth moving forward, reports CBRE.

24

UBJ | 7.27.2018

Industrial SUMMARY: Even with five new buildings delivered in the second quarter with more than 600,000 square feet, the industrial market in the Upstate remains strong, absorbing more than half of that space. A large announcement from Keurig for their Green Mountain Coffee brand in Spartanburg continues to fuel growth in the area, reports Cushman & Wakefield | Thalhimer, along with the Inland Port in Greer and expansions in the manufacturing segment.

OUTLOOK: There’s more than 3.6 million square feet of Industrial property in the pipeline, but there’s also still plenty of demand. Economic investment remains strong as does investment activity. It will be worth watching to see how or if tariffs impact the market, although most CRE companies are predicting they will have little to no impact.

Retail SUMMARY: Overall vacancy rates saw a slight decrease to 6.3 percent. Positive net absorption and an increase in rental rates along with leasing and sales activity in the Upstate remain strong, reports Avison Young. Average triple net shop space rental rates increased in the second quarter 2018 to $13.63 per square foot from $13.17 per square foot, reports Colliers.

New out-of-market franchise concepts continue to land in the Upstate with international chain Burgerim, Georgia-based River Street Sweets, and Tennessee-based Buttermilk Sky Pie, all set to enter the market soon, says Avison Young.

OUTLOOK: The closing of Toys R Us and Babies R Us stores will have an impact on the retail market with their vacant space needing to be backfilled.

Colliers is predicting Greenville’s new Unity Park downtown will increase retail demand around the new park. Both Greenville and Spartanburg downtown area’s continue to see high demand and robust rental asking prices.

DISTINGUISH YOURSELF. HIRE A CCIM.

John Baldwin, CCIM

Randall Bentley, CCIM

Pete Brett, CCIM

NAI Earle Furman jbaldwin@naief.com

Lee & Associates rbentley@lee-associates.com

Coldwell Banker Commercial Caine pbrett@cbccaine.com

Frank Dupree, CCIM

Hunter Garrett, CCIM NAI Earle Furman hgarrett@naief.com

Frank Hammond, CCIM

Colliers International frank.hammond@colliers.com

Ben Hines, CCIM

B. Greg Huff, CCIM

Keith Jones, CCIM

Vista Capital Management Group AMOÂŽ fdupree@vistacm.com

Spencer Hines Properties benhines@spencerhines.com

Joyner Commercial ghuff@joynercommercial.com

Mark Massachi, CCIM

Laurens Nicholson, CCIM

KDS Commercial Properties, LLC mark@kdsproperties.com

Windsor Aughtry lnicholson@windsoraughtry.com

Matt Carter, CCIM

Peter Couchell, CCIM

Joyner Commercial mcarter@joynercommercial.com

NAI Earle Furman couchell@furmancap.com

Paramount Development Corporation dharner@paramountdevcorp.com

David Harner, CCIM

Howard Hill, CCIM Waypoint Properties hh@waypointproperties.net

NAI Earle Furman keith@naief.com

KDS Commercial Properties, LLC mike@kdsproperties.com

Mike Kiriakides, CCIM

Ted Lyerly, CCIM

David Sigmon, CCIM

Benji Smith, CCIM

Tyson Smoak, CCIM

Coldwell Banker Commercial Caine dsigmon@cbccaine.com

Flagship Properties benjismith@flagshipsc.com

NAI Earle Furman ted@naief.com

Pintail Capital Partners tyson@pintailcp.com

Discover why only 5% of all commercial real estate professionals hold the elite CCIM designation.

Lynn Spencer, CCIM

Spencer Hines Properties lynnspencer@spencerhines.com

Josh Tew, CCIM

Flagship Properties joshtew@flagshipsc.com

John Wright, Jr., CCIM

McCoy-Wright Realty, Inc. johnwrightjr@mccoywright.com

John Wright, Sr., CCIM

McCoy-Wright Realty, Inc. johnwright@mccoywright.com

CALL YOUR LOCAL CCIM.

PROFESSIONAL |

STRATEGIES FOR HONING YOUR PROFESSIONAL SKILLS

Want a new website before 2019? Here’s what you need to know

By CHRIS MANLEY CEO, Engenius

Most of us start the year with goals: those things we hope to accomplish between New Year’s parties. For some, it’s a company mandate.

For some, it’s self-driven. No matter the root of your goals, the calendar indicates that we’re halfway to the deadline.

I’ve heard from several folks who said they want a new website before 2019. One of them said, “Yeah — I’ll start looking into it in the fall.” While his intentions were good, his timeline was anything but.

Understanding how long it takes to complete a project is vital to setting deadlines for your goals.

Over the years, I’ve often had conversations with executives who believe a professional, high-quality website can be created in three or four weeks.

While that may be true in some situations, my experience of watching and being a part of hundreds of website builds tells me it is a misguided assumption. There are several key things to consider when sketching out your new website timeline:

What is the caliber of website you are expecting?

Do you want it to be a strategic marketing vehicle that generates new business leads and reassures prospective customers? Strategy takes time to develop if it is based on data. Poring over analytics reports, potential keywords to employ, and user data is not an overnight task. Do you desire quality content? Great copywriters can work quickly — but if they don’t have time to properly research your brand and your industry, the words on the page may not motivate customers to buy from you.

Great websites are built using a proven process.

In fact, the process my company uses has undergone a decade of refinement and now has more than 150 steps to ensure that every website produced achieves a minimum level of quality.

High-quality websites that achieve revenue-based results are not built in a day.

How much preparation have you given to the process?

Have you considered a list of competitor websites that appear to be successful? Have you taken time to understand your own brand enough to articulate it well to a marketing firm? Have you documented your sales process and how you hope to receive leads from your new website?

It is not vital to do all of these things before talking to a web-design firm; in fact, they may be able to help walk you through answering these questions. It is, however, important to realize that answering these questions takes time.

How much time and what level of priority can you devote to your new website?

If you are thinking you can hand a pile of paper to your website company and walk away, you are mistaken. In our modern world, your website is the hub of your entire marketing strategy. Devoting time to scheduled review checkpoints with your website team will determine the success of the project.

Only you work in your business day-in and day-out, meeting with customers, understanding the needs of those you work with. Your website team should be experts in developing great websites — but you cannot expect them to know every nuance of your company, your brand, and your approach to sales and marketing.

Is a new website a goal you set for 2018? Now is the time to get your ducks in a row and begin the process. Waiting until fall will lead to one of two things: sacrificing quality or missing your deadline.

Put succinctly: You must make time to be available to your website team throughout the process.

Determining how much time you have to devote to the website-build process is vital for setting your own expectations. If you are going to let weeks elapse between giving content, reviewing, and giving feedback and approval to your website team, then expect the project to last awhile. If you have the flexibility to review and give approval within two days, expect the project to move along at a more normal pace.

My experience tells me that a great modern website takes about three months to build, from the day the contract is signed to the day it launches — if everything is optimal, the client doesn’t take a vacation in the middle of the project, and the client responds within two business days to all requests. Because many clients have multiple priorities to juggle and the new website is merely one of them, most great website projects take between four and five months to realistically get from contract to launch.

Chris Manley is the CEO of Engenius, a marketing firm specializing in helping businesses navigate digital marketing through strategic web design, search optimization, and digital advertising.

You can contact him at chris@engeniusweb.com or by visiting www.engeniusweb.com.

Polly LaBarre, one of the founders of Fast Company, author Mavericks at Work: Why the Most Original Minds in Business Win, and a co-founder of the Management Lab, a “think-and-do” tank dedicated to rebooting management for the 21st century.

26

UBJ | 7.27.2018

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STRATEGIES FOR HONING YOUR PROFESSIONAL SKILLS

| PROFESSIONAL

Land, building costs are primary factors for businesses evaluating locations for new facilities

By MICHAEL TROTTER founder, Bearing Resources Inc.

In order for a county to be seriously considered for an economic-development project, it’s paramount for it to first have a site or building that meets a project’s requirements.

There are numerous factors a business considers when choosing a location for a new operation. Previously, I listed several of those factors; if you didn’t read the previous article, the list was: 1 Workforce skills — Does the area have sufficient labor to support the company’s operation?

2 State and local taxes — Are the taxes competitive to other locations?

3 Transportation infrastructure — Can incoming raw materials, as well as finished product and employees, travel to and from the location unencumbered?

4 Utility infrastructure — Are the water, sewer, electric, natural gas, and communications utilities in the immediate area adequate for supporting the new operation?

5 Land or building costs and supply — Is the site or building reasonably priced?

6 Permitting and regulatory structure — Are the local and state permitting and regulatory environments conducive to operating a business? Is it a friendly environment, or are they “anti-business?”

In this article, I’ll elaborate on No. 5, “land or building costs and supply.” It’s important to note that the list may be considered to be in the order of importance, but it can also be construed as a simple list of the criteria all economic-development projects consider.

Although the list may be in an order of importance, my personal philosophy is that land or building cost and supply is actually the most significant factor. It’s my belief that, in order for a county to be seriously considered for an economic-development project, it’s paramount for it to first have a site or building that meets a project’s requirements. If a county doesn’t have a site or building available for a prospect to even consider, the other factors, which are usually critical, don’t matter. They can’t be a part of the decision process. There’s a saying within the economic-development industry that says nobody buys a car from a dealership without any cars on the lot. In other words, when you’re in the market for a new car, you wouldn’t ever think of visiting a dealership that doesn’t have any vehicles anyway.

This part of our state has experienced tremendous growth, resulting in wonderful job opportunities for the people who live here. This substantial growth has, however, reduced the number of sites that are available for future projects. Many economic developers across South Carolina, as well as across the entire United States, will say having a good supply of available sites and buildings is one of their largest challenges.

To help address the problem of the lack of buildings, many communities across this country build “speculative” — or spec — buildings that may be considered by a prospect. The implementation of a spec-buildings program is a much longer subject and can’t also be adequately covered in this article, but suffice it to say, their implementation can be a very important and legitimate technique for communities to use.

To better convey the problem I’ve described, assume a plastics company is shopping around for a new location. They’re a specific type of plastics manufacturer that must be serviced by a railroad. Railroad companies throughout the United State aren’t expanding their systems in significant ways by constructing new rail lines in a wholesale fashion. Therefore, the number of sites the company could choose from is already inherently limited. Also, assume the company is only interested in properties that are 100 acres in size.

Now, imagine you’re the economic developer in the county where you live. You do indeed have a couple of sites at your disposal that are on the railroad. However, one is 25 acres and the other is 50 acres. Contemplate for a moment: What chances do you think your county has of being considered for the project? None. There’s not even a site that will meet the requirements. If there’s not a site that’s available, will your areas workforce skills come into play? How about your state and local taxes? What about the transportation infrastructure? What about the utilities?

How about the permitting and regulatory process?

Any company considering a new location will consider all of the factors mentioned in the list.

In reality, the company’s actual list of criteria will be even much more extensive than the list mentioned here. The ones in this article are simply some of the more critical ones that are common to every project.

After considering the perspective I’ve described in this article, perhaps you may also believe that “land or building cost and supply” is a key prerequisite if a county wants to attract a new company to their area.

Michael Trotter is the founder of Bearing Resources Inc. Prior to founding Bearing, Trotter enjoyed a 22-year career at Duke Energy, which included a managerial role within Duke Energy’s Economic Development organization, where he was responsible for economic development efforts 7.27.2018 | upstatebusinessjournal.com

27

ON THE MOVE |

PLAY-BY-PLAY OF UPSTATE CAREERS

HIRED

ELECTED

HIRED

HIRED

HIRED

KATIE HILDEBRAND

MARK A. CLARK

ASHLEY FENLON

JACK NETTER SMITH

KATHRYN PAYNE

Has been named executive director of Clemson University’s Erwin Center for Brand Communications.

Hildebrand helped to develop the Erwin Center’s first digital-marketing course and taught for three years. She previously worked at Escendance LLC and held positions at EP+Co. She earned a degree in journalism and advertising management from Ohio University.

Has been elected chairman of the Greenville Airport Commission, which owns and operates the Greenville Downtown Airport (GMU), the busiest general aviation airport in South Carolina.

Has joined Colliers International as the marketing coordinator in Spartanburg.

Fenlon is a graduate of the University of Northern Michigan with a Bachelor of Arts in public relations and English. Fenlon has worked with several digital-marketing companies as well as independent software vendors.

Has joined Flagship Properties’ commercial division. Smith is currently attending Furman University studying business administration. Smith is a current member of the Greater Greenville Association of Realtors. Smith will assist the Flagship sales and leasing team in financial analytics, market research, feasibility studies, and marketing of investment properties.

Has joined FinTrust Capital Advisors as a financial planner. Payne earned her master’s degree at Appalachian State University, as well as her CPA/PFS and CFP certifications.

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, CPA, PFS Managing Partner, Greenville mcooter@cbh.com 864.233.3981 Greenville Office 110 East Court Street, Suite 500 Greenville, SC 29601

Atlanta | Augusta | Austin | Charlotte | Greenville | Hampton Roads | Miami Nashville | Raleigh-Durham | Richmond | Tampa | Washington D.C.

28

UBJ | 7.27.2018

PLAY-BY-PLAY OF UPSTATE CAREERS

| ON THE MOVE

IN THIS ISSUE

DOWNTOWN TRANSPORTATION SURVEY RESULTS • CITY MANAGER SEARCH • BOHICA PEPPER HUT

GREENVILLEJOURNAL

LAW

GREENVILLEJOURNAL.COM • Friday, July 20, 2018 • Vol.20, No.29

Thomas, Fisher, Sinclair & Edwards, P.A. has announced that Randy E. Fisher, Thomas G. Sinclair, Matthew B. Edwards, and Jeffrey K. Gurney were selected by their peers for inclusion in Greenville Business Magazine’s 2018 Legal Elite of the Upstate. Fisher, Sinclair, Edwards, and Gurney are listed in the practice area of taxes and estate. Fisher is also listed in the practice area of business litigation, and Edwards is also listed as the top vote recipient in the practice area of corporate law, mergers & acquisitions.

RETAIL & HOSPITALITY At the national Pizza Inn convention, Greenville Pizza Inn franchisee Amanda Cartegine received a lifetime achievement award for her dedication and consistency in demonstrating the highest-quality products and services for the brand.

Daven Acker, a Spartanburg franchisee, also received an award for his leadership roles on the Pizza Inn Franchise Association and Advertising Council.

FOR HOME DELIVERY CALL 864.679.1200 READ ONLINE AT GREENVILLE JOURNAL.COM

$1.00

From

GREENVILLE IS STILL ON THE RISE,

BUT GROWTH HAS SLOWED And that’s not all bad

UTILITIES Holder Electric Supply recently celebrated its 50th year of business. The company was established in 1968 by Edward Paul Holder and is owned today by his son, Edward Paul “Ed” Holder Jr. Holder Electric Supply is a full-service wholesale electrical distributor. Holder also services home builders, remodelers, and design companies through The Gallery of Lighting Showroom, which was recently voted the best lighting store in the Upstate for the third year in a row.

Contribute: New hires, promotions, & award winners may be featured in On the Move.

Send information and photos to onthemove@upstatebusinessjournal.com.

WE’RE JUST AROUND THE CORNER.

GREENVILLEJOURNAL Now available at these fine area locations.

7.27.2018 | upstatebusinessjournal.com

29

#TRENDING |

INFORMATION YOU WANT TO KNOW / NEW FACES OF BUSINESS

THE WATERCOOLER 1. N erd Out: Greenville entrepreneur Rob Young is growing his haven for comic book fans

2. El Thrifty Mexican cantina and social club coming to GHS Swamp Rabbit Trail fall 2018

GET THE INBOX ION • S ISSUE S TO REG INSIDE THI TO BRING 400 JOB SAMSUNG

JULY 20,

3. Two new projects — one residential, one office-retail — slated for Verdae

VOL. 7 ISSUE 2018 |

S • WHEN INTERVIEW VIDEO JOB

ING IS BOOM BUSINESS

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S DS COMIC BORDERLAN AN UPSTATE ES, AND GAM R COMIC BOOK FO DOUBLE ITS FIXTURE ION EPARES TO FANS, PR CE AT NEW LOCAT RETAIL SPA

4. County Square redevelopment proposals included affordable housing, a re-created Furman bell tower, expanded Governor’s School

5. Samsung bringing 400 jobs to Upstate with new connected care center

*The Top 5 stories from last week ranked by Facebook reach

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UBJ | 7.27.2018

Follow up on the Upstate’s workweek.

The Inbox – our weekly rundown of the top 10 local biz stories you need to know. upstatebusinessjournal.com/email

of g, owner Rob Youn and Games ics Journal ds Com Borderlanpstate Business ks/U Will Croo

CONNECT We’re great at networking.

DIGITAL FLIPBOOK ARCHIVE The layout of print meets the convenience of the web. Flip through the digital editions of any of our print issues, and see them all in one place. upstatebusinessjournal.com/past-issues

LINKEDIN.COM/COMPANY/ UPSTATE-BUSINESS-JOURNAL FACEBOOK.COM/ THEUPSTATEBUSINESSJOURNAL @UPSTATEBIZ

EVENTS YOU SHOULD HAVE ON YOUR CALENDAR

UBJ PUBLISHER

Mark B. Johnston mjohnston@communityjournals.com

| PLANNER

DATE

EVENT INFO

WHERE DO I GO?

HOW DO I GO?

Tuesday

Ten at the Top’s Connecting Our Future

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

Cost: $25 For more info: www.conta.cc/2kPv2LX; anottingham@tenatthetop.org

Ten at the Top’s A Cleaner Future: A Look at Air Quality, Sustainability & Energy Innovation in the Upstate

TD Convention Center 1 Exposition Drive 10 a.m.–2 p.m.

Cost: $20 For more info: https://conta.cc/2KJ8sjv

Greenville Chamber of Commerce’s Business Growth Expo

TD Convention Center 1 Exposition Drive 11:30 a.m.–7 p.m.

Cost: See registration for details.

For more info: www.bit.ly/2H4jHQS; eaustin@greenvillechamber.org

The Greenville Chapter of the Society for Human Resource Management’s REthinkHR

Ogletree Building (Aug. 28) & TD Convention Center (Aug. 29) - 300 N. Main St., 500 (Ogletree); 1 Exposition Drive (TD Convention Center) 7:30 a.m.–4:45 p.m.

Cost: Aug. 28: $100 members/nonmembers; Aug. 29: to July 1: $150 members/$175 nonmembers; to Aug. 15: $175 members/$200 nonmembers For more info: www.greenvillehr.org/meetinginfo.php

Tuesday

Ten at the Top’s Winning the Future – Regional Summit

TD Convention Center 1 Exposition Drive 8:30 a.m.–1:30 p.m.

Cost: $60 For more info: https://tenatthetop.org/2018-upstate-regional-summit/

Tuesday

Greenville Chamber of Commerce’s Diversity & Inclusion Summit

TD Convention Center 1 Exposition Drive 9 a.m.–7 p.m.

Cost: $150 for members, $225 general For more info: https://bit.ly/2zKXdG3; nikawhiteconsulting@greenvillechamber.org

8/7

EXECUTIVE VICE PRESIDENT Susan Schwartzkopf susans@communityjournals.com

MANAGING EDITOR

Emily Pietras epietras@communityjournals.com

Friday

8/17

COPY EDITOR Rebecca Strelow

STAFF WRITERS

Ariel Gilreath, Cindy Landrum, Andrew Moore, Sara Pearce, Ariel Turner

Tuesday

8/23

MARKETING & ADVERTISING DIRECTOR OF SALES Emily Yepes

MANAGER OF BUSINESS DEVELOPMENT Donna Johnston

Tuesday- Wednesday

8/28-8/29

MARKETING REPRESENTATIVES Heather Propp, Meredith Rice, Caroline Spivey, Liz Tew

CLIENT SERVICES

Anita Harley | Rosie Peck

9/25

ART & PRODUCTION VISUAL DIRECTOR Will Crooks

LAYOUT

Bo Leslie | Tammy Smith

GRAPHIC DESIGNER

10/16

Amanda Walker

ADVERTISING DESIGN Michael Allen

VICE PRESIDENT OF OPERATIONS Holly Hardin

EXECUTIVE ASSISTANT Kristi Fortner

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AUGUST 3 FINANCE 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

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1997 Jackson Dawson launches motorsports Division 1993

1990 Jackson Dawson acquires therapon marketing Group and moves to Piedmont office Center on Villa.

>>

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

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

1998

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

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

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-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 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 inVolVeMent & 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

AS SEEN IN

NOVEMBER 1, 2013

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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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7.27.2018 | upstatebusinessjournal.com

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