Insights and Market News
The Peninsula Company has partnered with Four Raines partners to Construct Multiple Cambria Extended Stay hotels throughout the State
Peninsula Development provided equity to Four Raines for the contruction of multiple Combria Extended Stay Hotels in the Greenville, Summerville and Mt Pleasant markets.
The Peninsula Company welcomes aboard a new team member: Charlie Mogul
The Peninsula company is pleased to announce the addition of new team member Charlie Mogul. A Charleston native, Charlie Mogul attended Porter-Gaud School and Wofford College before starting a career in commercial real estate. His primary focuses at the Peninsula Company are commercial brokerage and development analysis, and he is committed to building long-lasting, confident relationships with all of his clients. In his free time, Charlie can be found enjoying time on the water – surfing, fishing, and spending time with friends and family.
New Partnership with Raines Hospitality
The Peninsula Co. development arm is happy to announce a partnership with Raines Hospitality that will be known as Samrock Capital. Samrock Capital has executed a Master Development agreement with Choice Hotels to develop Woodspring Suites exclusively throughout South Carolina and parts of Georgia. Woodspring Suites is an Extended Stay brand. Samrock will break ground on three in South Carolina in 2020.
Nexton in Summerville
As Nexton continues to grow in Summerville, so do job opportunities. Nexton, once a forested tract owned by WestRock forerunner MeadWestvaco Corp., is now home to several restaurants, hundreds of houses and apartments, a shopping center, office buildings and multiple hotels.
1860 Wallace School Rd
Borsi Van Dyck represented NP Now in the purchase of their new corporate offices at 1860 Wallace School Rd
Home Team Greenville Construction well under way in 2021
Peninsula Development is pleased to annouce the construction of the next Home Team BBQ in Greenville, South Carolina. This will be the first ground up Hometeam and expected delivery is Spring 2021. More to come!!
3 new supermarkets coming to Charleston area in new year
Three relatively new players on the Charleston-area supermarket scene are expected to expand or open their first venues in the new year.
Low-cost competitors Aldi and Lidl and newcomer Opie plan to open new grocery stores over the coming months.
Drive-thru concept Opie is the furthest along and is under construction on U.S. Highway 17 just south of Mount Pleasant Towne Centre and across from Olive Branch AME Church.
Sale of 1107 King St
Charlie Mogul represented the seller in the sale of 1107 King St. The 4800SF building sold for $1,550,000. Home to The Harbinger Cafe and Monarch Wine Merchants, the new owner will be adding a graphic design studio on the second floor and couldn’t be happier with their new space!
The Peninsula Company expands to Georgia and welcomes back longtime Commercial team member
The Peninsula Company, LLC is pleased to announce the recent expansion of Peninsula Commercial to Georgia with the formation of our latest entity, PENCO Georgia, LLC. Additionally we welcome back long time Peninsula Commercial team member Len Meyer CCIM as Principal of our Atlanta Office. With our presence now established in Georgia, we look forward to the opportunities ahead for our Company and our long standing Clients as we both continue to grow our commercial footprints throughout the Southeast. Founded in Charleston, South Carolina in 2003, The Peninsula Company has continued to transform over the years into a versatile establishment assisting our Clients with all aspects of Real Estate Brokerage and Development.
Walmart to build $220M distribution center near Charleston, create 1,000 jobs, boost port.
Retail giant Walmart will build a massive import distribution center near Ridgeville, giving the State Ports Authority an anchor tenant for an industrial park aimed at diversifying cargo shipments through the Port of Charleston.
At 3 million square feet, the huge logistics site will be Walmart’s third-largest in the country, trailing warehouse hubs in Texas and Illinois.
Groundbreaking on the $220 million project will take place in March and the facility will be in operation by April 2022. At buildout, it will employ 1,000 full-time workers and boost the port’s cargo volume by 70,000 containers a year.
“At a time when job creation is so vital, and — more than ever — our customers are relying on Walmart for the essentials they need during this unprecedented time, we are excited about the impact this new facility will have on the regional economy and how it will help us better serve customers across the Southeast,” Greg Smith, executive vice president of the supply chain for Walmart, said in a statement.
It’s a major step in the SPA’s goal of diversifying its cargo base, which has been largely dependent on manufacturing shipments over the past decade.
“The distribution center announcement is tremendous news for the area, and the South Carolina Ports Authority, representing a major strategic success and putting South Carolina on the map for large retail companies,” said Jim Newsome, the authority’s president and CEO.
Newsome said Walmart “represents the cutting edge in terms of supply chain innovation,” adding the two sides have been negotiating since 2017 and the authority’s purchase of the Ridgeville property along Interstate 26 helped swing the deal.
The maritime agency bought the 950-acre Ridgeville Commerce Park, which is roughly 30 miles from the Port of Charleston’s shipping terminals, for $16.2 million in 2018. The Walmart distribution center will sit on 250 acres and will include two buildings, 2,200 spaces for trucks and 500 loading docks. It will support roughly 850 stores in a 150-mile radius and will also fulfill e-commerce orders. For comparison, the distribution center will be the size of 52 football fields or more than eight times the size of Boeing Co.’s towering paint hangar along International Boulevard in North Charleston.Walmart will receive property tax breaks from Dorchester County Council, which gave final approval to the deal during a special meeting Monday.
The S.C. Coordinating Council for Economic Development is providing tax credits to Walmart based on the number of jobs it creates and a $5 million grant to the county to help pay for public infrastructure for the project.
The SPA’s board is expected to approve transferring the 250 acres of industrial park property to the retailer.
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Walmart spokesman Casey Staheli said average wages for distribution center workers won’t be finalized until “we get closer to finishing up the building and start structuring the management team.”
The import distribution center will be Walmart’s 11th in seven states, most of them located close to major seaports, according to logistics consulting firm MWPVL. They take in containers of retail goods made in Asia and then redistributes them to regional warehouses that move the merchandise to individual stores.
Bentonville, Ark.-based Walmart is by far the nation’s largest importer, according to the Journal of Commerce, bringing nearly 450,000 cargo containers of goods through U.S. ports each year.
By comparison, No. 2 Target imports roughly 300,000 containers per year. Walmart does not specify the percentage of its goods that are imported, but said 85 percent of overseas merchandise is processed through its import distribution centers.
Newsome has said the agency hopes to lure more retail-based importers to the industrial park as well as warehouses that will use the site’s Norfolk Southern rail service to transport agricultural and forestry products as well as plastic pellets for export.
Ridgeville Commerce Park Walmart will occupy buildings 4A and 4B at the Ridgeville Commerce Park, located on S.C. 27 at its intersection with Interstate 26 at Exit 187 near Ridgeville. State Ports Authority/Provided Plans filed with the Army Corps of Engineers show 5.5 million square feet of space in a dozen warehouses on the tract as well as a 40-acre site to store the trailers that truckers need to haul containers.
The ports authority’s board last month approved spending $1 million on site work for the project, which is expected to see its first tenants during the first half of 2021.
Walmart has 10 supercenter stores in the Charleston area as well as five Neighborhood Market locations and a Sam’s Club store.
In addition to the planned distribution center, Walmart currently operates a 550,000-square-foot import distribution hub for its Sam’s Club stores on Charleston Regional Parkway in Charleston and ships some goods through a transload warehouse operated by TradePort at the SPA’s Wando Welch Terminal in Mount Pleasant.
“Walmart is the recognized leader in supply chain innovation and performance,” Newsome said. “Having this world-class company choose our market for their distribution center is the ultimate vote of confidence in South Carolina Ports and in South Carolina.”
Charleston-area home sales surge 21% in January as mortgage rates continue to fall
Falling borrowing costs and a record job market fueled home sales across the Charleston region to a double-digit surge in January, a year after a partial government shutdown depressed sales.
Residential real estate transactions jumped nearly 21 percent compared to the same month a year ago, according to preliminary data released Monday by the Charleston Trident Association of Realtors.
The climb in sales in the traditionally slow month of January comes after a 20 percent gain in December to close out last year’s record-setting sales.
Last month, 1,148 homes changed hands throughout the region at a median price of $287,523, a price up 8.1 percent or nearly $22,000 over January 2019.
The number of residential listings on the market throughout the region stood at 4,823 as “active” for sale in January in the CHS Regional MLS, formerly known as the Charleston Trident Multiple Listing Service. That’s down nearly 19 percent from January of last year.
With home prices continuing to march higher, mortgage rates have remained low, falling for the third straight week in early February. That’s expected to spur more interest in home purchases.
Mortgage buyer Freddie Mac said in its latest report the average rate on a 30-year home loan dipped to 3.45 percent as of last week. The average rate on a 15-year loan edged down to 2.97 percent.
“The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months,” said Sam Khater, Freddie Mac’s chief economist.
Charleston-area industrial sites filling almost as fast as they’re built
Developers of Charleston-area industrial sites are managing to find tenants for most of their new projects despite an unprecedented amount of new construction in recent years
Hometeam BBQ Opens Fifth Location
Hometeam BBQ opened the doors to it's fifth location this week. The Peninsula Co. aided in the development process and are excited to begin work on the sixth location slated for Greenville, SC. Read about the Columbia location here: https://www.thestate.com/news/local/article230253639.html
Low Line Moves Forward
More than 60 years after the construction of Interstate 26 splintered several downtown Charleston neighborhoods, a rail-to-trail project that would reunite those streets inches closer to reality.
Charleston Harbor Deepening Is Largest Dredging Contract In Army Corps History
A key part of the plan to dredge Charleston Harbor to 52 feet received the go-ahead Monday with the announcement of the most expensive contract in the history of the Army Corps of Engineer [The Post & Courier reports] — a $213 million deal to help make the waterway the deepest on the East Coast and more accessible to supersized cargo ships visiting the Port of Charleston.
“We look forward to seeing dredges in our harbor in the next few months,” said Jim Newsome, president and CEO of the State Ports Authority. “The investment in harbor deepening … and multiple other projects to improve our existing and inland infrastructure will pay dividends to South Carolina’s economy for many years to come.”
The contract for the second phase of the project was awarded to Great Lakes Dredge and Dock of Oak Brook, Ill. The second phase includes deepening the 20-mile inner harbor to 52 feet from 45 feet, from the entrance channel to the Wando Welch and North Charleston container terminals, including the Hugh Leatherman Terminal under construction on the former Navy base…
Great Lakes also earned the previously awarded $47.2 million first-phase contract to dredge the harbor’s entrance channel to a 54-foot depth.
Two more phases will complete the estimated $529 million project.
Charleston County Marks Record Year For Economic Development
As reported by the Post & Courier, Steve Dykes, executive director of Charleston County Economic Development, wasn’t entirely sold on the idea in the beginning, but Charleston County’s economic development director admits he’s grown fond of the ringing sound he hears with each new industrial announcement.
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