SC Biz News Briefs

UPSTATE

GSA Business Report

Maryland investors acquire upstate retail center

A 263,490-square-foot Easley property known in the area for its department stores and national brand names will be Greenberg Gibbon’s first South Carolina investment.

The Maryland based investors recently purchased the Town ’n Country plaza, leased by Belk, Hobby Lobby, Ulta Beauty, HomeGoods, Ross Dress for Less, Staples and Five Below, for $23 million. It was the firm’s third acquisition in 90 days, according to a news release.

“We’re thrilled to further expand Greenberg Gibbons’ footprint into South Carolina with the acquisition of Town N’ Country,” Thomas Falatko, senior vice president of acquisitions at Greenberg Gibbons, said in the news release. “This is already a high-performing asset, and we see exciting opportunities to introduce additional uses to the property that will further increase its value.”

Rapid growth in the Easley area and the center’s current tenant portfolio — which have leased 98% of the building — piqued investor’s interest in property.

The property was purchased through the Greenberg Gibbons Real Estate Income Fund, which launched last March. The fund acquires shopping centers throughout the East Coast, Southeast and Midwest markets and is still on the hunt for similar investments in the area, according to the release, including grocery-anchored centers in need of revitalization. CRBJ

The Town ‘n Country plaza is 98% leased with brand name tenants like Belk and Ulta Beauty. (Photo/Provided)

MIDLANDS

Columbia Regional Business Report

Pandemic effects continue to move through Columbia’s office space

Columbia’s office market felt the effects of the COVID-19 pandemic during the fourth quarter of 2021, with the continuing work-from-home trend and rising construction costs contributing to negative absorption.

A fourth-quarter analysis by Colliers International’s Columbia office found 218,787 square feet of negative absorption, fueled by staff of major office users continuing to work remotely. Vacancy rose in the fourth quarter to 15.5%, up from 14% in the third quarter and 13.9% in the fourth quarter of 2020, according to the report (.pdf).

Total inventory remained at 14.5 million square feet, unchanged from both the third quarter of 2021 and the fourth quarter of 2020. The market saw no new supply, with 75,000 square feet remaining under construction from the third quarter of 2021, according to the report.

Available office space is difficult to sublease, the report found, as it is either too large or expensive to subdivide. Rising construction costs also make upfitting existing space a challenge.

“It is unlikely that this dynamic will substantially change until new product is delivered or older buildings with large amounts of vacancy have sufficient capital invested in them to make them competitive,” the report said.

Class A rents increased to $21.68 per square foot in the fourth quarter, up from $21.44 in the third quarter and $21.36 in the fourth quarter of 2020. Class A rents in Columbia’s central business district remained stable at $23.65 per square foot. CRBJ

With publications in Charleston, Columbia and the Upstate, as well as a statewide magazine, SC Biz News covers the pulse of business across South Carolina. Above are excerpts from our other publications.

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