Posted on July 21, 2014 by info4karnesco - Chapel Hill, Charlotte, Commercial Property Exchange, Development, Durham, Greensboro/Winston-Salem/High Point, Industrial, KARNES Perspective, KARNES Tri-City Report, Raleigh, SiteIndex, Triad CIE, Triangle, Triangle CPE, Western NC, WNC CPE
Karnes divides the industrial market is into two categories – warehouse and flex. At the end of 2013, the Tri-City markets contained a total of 105 million square feet of warehouse space and 34.6 million square feet of flex space. With over 52 million square feet of warehouse space, the Triad market accounted for approximately 50% of the Tri-City warehouse market. The Charlotte market ranked second with 34 million square feet, while the Triangle market maintained 18.4 million square feet.
The 178,250 square feet of warehouse space completed in the Triad market during 2013 accounted for all of the new warehouse space completed among the Tri-City regions. For the Triangle market, 2013 marked the fourth year in a row where no new warehouse space was delivered. Two warehouse buildings were delivered in the Triad market during 2013 with the largest being a 134,650-square-foot speculate building at 1023 Corporate Park Drive in Mebane. A total of only 564,738 square feet of new warehouse space was delivered in the Charlotte market between 2009 and 2013, while the Triangle market reported even less at 412,940 square feet. With the additional space delivered during 2013, total warehouse construction in the Triad during the same period totaled 469,750 square feet.
CIP Real Estate sold the Airport Distribution Center off of Chimney Rock Road in Greensboro, North Carolina on March 14, 2014 for $19.2 million to PRF III / SPI-ADC LLC. This park is made up of five buildings totaling 764,500 square feet. The first building is located at 202 Chimney Rock Road and totals 220,000 square feet. The second building is located at 204 Chimney Rock Road and totals 28,000 square feet. The third building is located at 206 Chimney Rock Road and totals 200,000 square feet. The remaining two buildings are located at 311 Chimney Rock Road and are 187,500 and 129,000 square feet respectively.
CIP Real Estate purchased the property from Highwoods Properties in 2010 for $12.3 million. Following a renovation, successful leasing efforts have reduced the vacancy levels at the property. Current tenants include Bunzl Distribution, FedEx Office, Lewis Storage, Mediterranean Snack Food Co, and Polo.
The Rock Creek Center in Whitsett, North Carolina reported one of the largest tenant moves within the Triad Region during the fourth quarter of 2013 when Lenovo leased an additional 68,000 square feet at 6350 Franz Warner Parkway. The building, which is now 100% leased, is located in the Guilford – Southeast submarket, where the industrial vacancy rate was 14.3% at the end of the third quarter of 2013, according to the KARNES Report. The Guilford – Southeast warehouse submarket reported strong leasing during the first nine months of 2013, with approximately 589,640 square feet of net absorption.
The growth in the Triad Market was not a first for Lenovo. In January of 2013, Lenovo began operating a new production line nearby in their 240,000 square foot building at 6540 Franz Warner Parkway where they also operate a customer solutions, logistics, and national returns center.
Posted on May 1, 2013 by sales4karnesco - Charlotte, Commercial Property Exchange, CPE Weblink, Greensboro/Winston-Salem/High Point, Online Training, Raleigh, Retail, Triangle, Webinar, Western NC
As Spring welcomed us with cool temperatures here in North Carolina, KARNES heated up April by adding new organizations, subscribers and completing our first series of webinar trainings! Since we are now in a new month in 2013, we would like to reflect on new companies and brokers across North Carolina that have joined in April. We would like to welcome the following organizations and subscribers, who will be utilizing the power of a KARNES-powered commercial property exchange.
Welcome New Members
- General Realty Partners
- Daryl Hayes at KW Commercial
- Knox Campbell at The Keith Corporation
- Arey Properties
- The Liberty Solution, LLC
- Atlantic Commercial Concepts
- Prudential Carolinas Realty – Gastonia
- O’Shaughnessy Realty and Development
- Craig Upshaw at Piedmont Realty Associates
- Christopher Hull, Appraiser
- The Marquardt Group, LLC
- Clayton Commercial Realty
Welcome New CPE Weblink Organizations
- RL West
- SouthMark Properties, Inc
Not a subscriber? Contact our sales team today!
Posted on April 18, 2013 by info4karnesco - Charlotte, Commercial Property Exchange, Construction Update, Greensboro/Winston-Salem/High Point, In the News, Industrial, KARNES Perspective, Office, Raleigh, Retail, Triangle
Andrew Jenkins, managing partner of KARNES, was a speaker today at the Appraisal Institute 2013 Real Estate Valuation Conference, which took place in Charlotte. The panel event featured various industry experts including Mark Vitner (Senior Economist, Wells Fargo), Roger Cobb ( Broker, Selwyn Property Group), Jon Morris (Broker, Beacon Partners), and Henry Breaux (Broker, The Providence Group).
Mr. Jenkins’s discussion provided an insight into commercial market data, analysis and trends, from the largest regions across North Carolina.
Click here to download a PDF version of the presentation and read on for a transcript of the presentation’s key points:
Tri-City Market Overview
April 18, 2013
Presented by Andrew Jenkins, Managing Partner, KARNES
Tri-City Market Overview Introduction
- KARNES began producing the Tri-City Commercial Real Estate Market Report in 2012 in an effort to bring a standardized analysis method across the state.
- The intention of the report is to provide an annual review, at a high level, of the commercial markets in the three major NC regions.
KARNES was pleased to be in attendance for the Charlotte Business Journal’s Commercial Real Estate Quarterly (CREQ) Live event this morning, which featured Johnny Harris, President and Chief Executive Officer of Lincoln Harris. Mr. Harris provided the audience with a fireside chat, conducted by the Charlotte Business Journal’s Will Boye, covering a range of topics including his involvement in the development of commercial real estate in Ballantyne, SouthPark, and Uptown Charlotte.
The keynote by Mr. Harris was preceded by a lively roundtable discussion involving the winners of the 2013 CRCBR® Deal Makers Awards, an annual awards program officially audited by KARNES. Award winners and panelist included Jensie Teague of Selwyn Property Group, Inc., Rob Pressley of Coldwell Banker Commercial-MECA, Christopher Skibinski of The Skibinski Company, Brian Brtalik of Cusham & Wakefield | Thalhimer, and Phil Brosseau, Jr. of CBRE.
The CREQ Live event is the Charlotte Business Journal’s semi-annual event that brings the Charlotte Business Journal’s Commercial Real Estate Quarterly (CREQ) publication to life. For over 20 years KARNES has been the source for the Charlotte Business Journal’s CREQ exclusive commercial real estate content and looks forward to many more years working together with the Charlotte Business Journal.
Please be sure to update your commercial real estate listings at SiteIndexCharlotte.com to be included in the next CREQ publication, which will be available on May 17th, 2013.
Join us on March 12th in Charlotte and March 13th in Cary, as KARNES and local commercial real estate professionals attend the 2013 CCIM Market Forecasts. KARNES is pleased to be a Tri-City Bronze Sponsor of these events and will be providing copies of our annual Tri-City North Carolina Commercial Real Estate Market Report at each of these events as well. Be sure to attend in order to get your copy of this report, which provides a year-in-review of commercial markets in the Charlotte, Greensboro/Winston-Salem/High Point, and Raleigh-Durham regions.
The Charlotte event will be moderated by Jim Rogers, Flagship Capital and Drew Showfety, NC-CCIM President, will be held at the Carmel Country Club. The Triangle event will be moderated by Thomas “Skip” Hill, Highwoods Properties and Drew Showfety, NC-CCIM President, will be held at the Embassy Suites in Cary. Registration and networking will begin at 11:15am, and the program luncheon will begin at 11:45am for both events.
At the end of 2012, the Tri-City markets contained a total of 105 million square feet of warehouse space and 34.8 million square feet of flex space. With 52.4 million square feet of warehouse space, the Triad market accounted for approximately 50% of the Tri-City warehouse space. The Charlotte warehouse market ranked second with 33.5 million square feet, while the Triangle market maintained 18.8 million square feet.
The 270,400 square feet of warehouse space completed in the Charlotte market during 2012 accounted for all of the new warehouse space completed among the Tri-City regions. For the Triangle and Triad markets, 2012 marked the third year in a row where no new warehouse space was delivered. The 270,400-square-foot Ridge Creek Distribution Center IV building in Charlotte was the only warehouse completion during 2012. The building, which was developed as a speculative warehouse project, completed with Averitt Express occupying 68,000 square feet. While new warehouse deliveries in the Charlotte market totaled nearly one million square feet between 2008 and 2012, the Triangle market reported only 412,940 square feet of new warehouse deliveries during the same period. New warehouse completions in the Triad market totaled 1.18 million square feet between 2008 and 2012, with all of the new construction occurring during 2008 and 2009.
Join us on March 6th, 2013 as KARNES and local commercial real estate professionals attend the 2013 CCIM Triad Market Forecast. KARNES is pleased to be a Tri-City Bronze Sponsor of this event as well as the Charlotte and Raleigh Market Forecasts to be held the week following. KARNES will be providing copies of our annual Tri-City North Carolina Commercial Real Estate Market Report at each of these events. Be sure to attend in order order to get your copy of this report, which provides a year-in-review of commercial markets in the Charlotte, Greensboro/Winston-Salem/High Point, and Raleigh-Durham regions.
Keynote speakers at the Triad Market Forecast include:
The event moderated by Dodson Schenck, Managing Director CBRE Triad Region and Drew Showfety, NC-CCIM President, will be held at The Marriott Downtown Greensboro. Registration and networking will begin at 11:15am, and the program luncheon will begin at 11:45am.
With over 245 attendees at The Westin Charlotte, CRCBR’s 2013 Deal Makers Awards Program was a huge success. As the official auditing firm, KARNES was honored to be a part of this annual awards program, which recognizes the Charlotte region’s top performing brokers and developers in the commercial real estate industry. Congratulations to all of the 2013 winners!
Here are a few interesting statistics based on applications for the CRCBR 2013 Deal Makers Awards Program:
- 130 applicants, the most since 2007
- Each applicant averaged $42.9 million per transaction and 29 transactions last year
- 20% of the applicants accounted for 68% of the transactions
- Applicants represented more than $5.6 billion in transactions during 2012.