JULY 1, 2014

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Randolph Freezer LLC and Red Sled Properties LLC purchased Ocean Bay Market in Myrtle Beach, S.C., for $14.1 million.

MYRTLE BEACH, S.C. -- NAI Avant has arranged the $14.1 million sale of Ocean Bay Market, a 58,000-square-foot grocery-anchored shopping center in Myrtle Beach. Dail Longaker of NAI Avant represented the buyers, Randolph Freezer LLC and Red Sled Properties LLC, in the transaction. Carolina Forest Investment Group LLC, a partnership formed by Red Rock Developments LLC, recently developed the shopping center.


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Inland American Lodging Management has sold the
166-room Crowne Plaza in North Charleston, S.C.

NORTH CHARLESTON, S.C. -- CBRE Hotels has brokered the sale of the 166-room Crowne Plaza in North Charleston. Arpit Shah of CBRE Hotels' Charlotte office represented the seller, Inland American Lodging Management LLC, in the transaction. This is the 10th hotel in the Carolinas that CBRE Hotels has brokered on behalf of Inland since 2010. Atlanta-based Peachtree Hotel Group purchased the asset for an undisclosed amount.

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The new J.McLaughlin store will open at Phillips Place this fall.

CHARLOTTE, N.C. -- J.McLaughlin, a sportswear and accessories retailer, is relocating its Charlotte store to Phillips Place, a mixed-use development in Charlotte featuring 133,059 square feet of retail space. Tenants at Phillips Place include Brooks Brothers and Dean & Deluca. The new J.McLaughlin store will open this fall. Charlotte-based Lincoln Harris, owner of Phillips Place, inked the lease with J.McLaughlin.


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Nils Kok
Maastrict University


LOS ANGELES -- The 2014 Green Building Adoption Index, a joint project between CBRE Group Inc. (NYSE: CBG) and Maastricht University, has named Minneapolis as the greenest city in the nation, with 77 percent of the city's commercial real estate certified as green. The term green is in reference to buildings that are either certified by the EPA's Energy Star rating or the U.S. Green Building Council's LEED program.


Top 10 Green Cities
1. Minneapolis (77 percent)
2. San Francisco (67.2 percent) 
3. Chicago (62.1 percent) 
4. Houston (54.8 percent) 
5. Atlanta (54.1 percent) 
6. Los Angeles (49.7 percent)
7. Denver (49.3 percent) 
8. Seattle (46.6 percent) 
9. Miami (46 percent) 
10. Washington, D.C. (42.4 percent)


The study also emphasizes the dramatic increase in the number of green commercial real estate properties in the United States since 2005. During that time frame, the amount of Energy Star-labeled buildings has increased 600 percent, and the proportion of buildings that are LEED certified has jumped up 1,000 percent. LEED-certified space now totals 19.4 percent of the total building stock in the 30 office markets reviewed in the study when measured by floor area. 


The study is the first project in CBRE's Real Green Research Challenge (RGRC), the company's $1 million initiative for research and innovation in sustainability. CBRE launched the RGRC in September 2012. 

Click on the above image to view a larger version of the chart.
Dave Pogue


"We have all seen the rapid growth in the number of green-certified buildings in the markets in which we work. However, we were quite surprised to see how large the numbers actually are. Green is absolutely the new norm," says Dave Pogue, global director of corporate responsibility for CBRE. "We wanted to do something in the built environment to help advance the discussion of sustainability. With the RGRC, we have the opportunity to affect the entire real estate industry and have a lasting effect on the way real estate is built, occupied and financed, and in doing so be a force for positive environmental change." 


Dr. Nils Kok of Maastrict University of the Netherlands leads the Green Adoption Index and works in close collaboration with CBRE and the USGBC. The study reviews more than 34,000 buildings - totaling more than 3.5 billion square feet - in the central business districts (CBDs) of the top 30 U.S. markets, in terms of square footage. 


"This is the first study to quantify the relevance of green building practices in the commercial real estate market," says Dr. Kok, associate professor in finance and real estate at Maastricht University. "While we all know examples of LEED-certified buildings, the results presented here are facts based on robust methodology, not anecdotal evidence. The evidence shows that green has become mainstream in all major U.S. cities." 


-- Staff reports


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Upcoming Events
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Raleigh/Durham Lunch Meeting: August 12

BOMA Raleigh/Durham's lunch meeting will feature Kenneth McArtor with the Wake County Department of Revenue. He will speak about the overall revaluation process and drill down on the income approach, which is applicable to commercial properties.
Tuesday, August 12; 11:30am - 1:00pm
One Eleven Place
111 Realtor's Way
Cary, N.C. 27513
Click here to RSVP by August 6.
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BOMA Fall Conference: September 12

BOMA Carolinas/West Virginia Fall Conference.
Friday - Sunday, Sept. 12 - 14
Hilton DoubleTree
181 Church Street
Charleston, S.C. 29401
Click here for more information.
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