Magnolia News
Greenville News: Greenville makes list of Top 20 housing market>>
The Greenville-Mauldin-Easley metropolitan area is expected to be one of the nation’s “front-runners” in the housing recovery this year. Builder magazine’s online version ranked the Greenville-Mauldin-Easley metropolitan statistical area 19 in its listing of top 20 healthiest markets in the nation for 2010. Greenville was cited for, among other things, affordable housing, strong population growth and its position on Interstate 85 between Atlanta and Charlotte. Nick Sabatine, chief executive officer of the Greater Greenville Association of Realtors, said the article states what people in Greenville have already known but what other areas are now finding out. “This is a healthy housing market,” Sabatine said. “We didn’t have the tremendous declines that other markets had, so we’ve been pretty healthy all along. We just remind everyone that it’s going to be a slow, steady recovery, but it’s going to recover.” Micheal Dey, executive vice president of the Home Builders Association of Greenville, said he would like the region to be in the top 10, but the ranking at 19 “tells me we still have some challenges we’re being faced with in the Greenville market, compared to some of the other markets in the Carolinas.” Dey said the report also shows that Greenville didn’t have runaway value appreciation and has been a relatively stable marketplace. “We certainly built more houses than the market was demanding for a while, but compared to some of the other markets in the country, we were very conservative here,” he said. “The marketplace has absorbed the product here relatively quickly, which is good news.”
Building permits from the fourth quarter of 2009 were one of the factors the magazine used for its ranking. Greenville had a 13 percent increase in total building permit activity in the fourth quarter of 2009, the article said. The Greenville-Mauldin-Easley area had 1,591 building permits in 2009, the article said. It is forecast to grow to 1,918 this year. Bob Mihalic, spokesman for Greenville County, said while there has been some improvement in county building permits during the first two months of this year, “it usually takes a couple more months of growth to truly indicate that there’s some positive news out there.” The Greenville-Mauldin-Easley area was one of seven “relatively hot markets” in the Carolinas that accounted for seven of the magazine’s top 20 listings. The Myrtle Beach-North Myrtle Beach-Conway area ranked 15 on the list, while the Charleston-North Charleston-Summerville area came in at fifth. Mark Nix, executive officer of the Home Builders of South Carolina, said Charleston has done a very good job at bringing jobs to the market, especially with the new Boeing plant and its ripple effects. Nix said Myrtle Beach, a “mecca” for tourism, is continuing to attract a lot of new residents from other parts of the country. He said getting people happy and thriving in South Carolina is tied to jobs, quality of life and affordable housing. Builder magazine’s market research arm, Hanley Wood Market Intelligence, expects employment in Greenville to show a 1.1% gain in total employment this year.
Greenville News Article Regarding Planned Superplay USA at Magnolia Park>
February 11, 2010 - A 50,000-square-foot space in the Magnolia Park Town Center development will be transformed into a mammoth playground for families. Frank Entertainment of Jupiter, Fla., will open a Superplay USA bowling and family entertainment center in a portion of the building that was home to the Montgomery Ward department store on Woodruff Road. Rick Albertson, director of real estate for The Frank Entertainment Companies, said the building’s owner has to complete its work and “turn the space over to us prior to us doing our work.” “Once the space is turned over, we can complete our work in 90-120 days,” he said.
Menin Development, based in Palm Beach, Fla., is the owner and developer of that 66-acre former mall property. The company acquired the old Greenville Mall site on Woodruff Road in March 2007 for $52 million. Frank Entertainment is the second tenant to announce plans to locate in Magnolia Park. Rooms to Go purchased nearly 1.3 acres at the Magnolia Park last year with plans to build a 35,000-square-foot super store on the site, Menin said.
Frank Entertainment officials said Superplay USA offers an entertainment and dining along with a state-of-the-art family playground. The company said its Greenville location will feature 34 lanes of bowling, laser tag, an interactive game room, sports bar, martini bar, party rooms, and a billiards room. Albertson said Greenville is a good location for Superplay because demographics show it has a lot of young families and young adults with high education levels and good incomes. Also, he said, there is no venue similar to Superplay in Greenville, “let alone one with this level of fit and finish.”
Rooms To Go at Magnolia Park Slated to Open May 2010>
January 25, 2010 - Menin Development, Inc. is pleased to announce that the brand new 35,000 SF Rooms To Go supercenter at Magnolia Park in Greenville, South Carolina is scheduled to be open this May. Menin completed the sale of a parcel to Rooms To Go within its Magnolia Park mixed-use project in July 2009. Rooms To Go is relocating its current store near Haywood Mall and the new store will include a combination of Rooms To Go and Rooms To Go Kids. Rooms To Go will join existing anchors Regal Theaters, Sports Authority, and Coscto. Bed Bath & Beyond and Old Navy are located on a pad of the campus of Magnolia Park. Please see the below progress photographs:
GlobeSt: Rooms To Go Plans SC Expansion >
July 23, 2009 – TAMPA, FL- Locally based Rooms To Go Inc. plans to expand farther up the East Coast with the $3.5-million purchase of nearly 1.3 acres at the Magnolia Park mixed-use project in Greenville, SC. The regional furniture chain plans to build a 35,000-square-foot super store on the site.
Palm Beach-based Menin Development Inc. worked with Rooms To Go on the transaction at Magnolia Park. We are in discussions with several other anchor tenants to lease an additional 200,000 square feet at the property, says Matt Bloomfield, a Menin spokesman.
Located on Woodruff Road near Interstates 85 and 385, Magnolia Park totals approximately 700,000 square feet of retail space. Anchors include Regal Cinemas, The Sports Authority, Costco Wholesale Club, Bed Bath & Beyond and Old Navy. Magnolia Park is an excellent location and Greenville is a very good market, says Jeff Seaman, CEO of Rooms To Go. The 110-store chain currently has a smaller location in Greenville.
Menin plans another 400,000 square feet of retail at Magnolia Park, plus 375,000 square feet of offices and one or two hotels, according to Bloomfield. The developer owns more than $1 billion worth of retail properties throughout the Southeast.
GSA Business: Menin Sells Parcel to Rooms To Go >
July 20, 2009 – GREENVILLE, SC - Menin Development Inc. completed the sale of a parcel to Rooms To Go Inc. within its Magnolia Park mixed-use project located in Greenville. Rooms To Go will be relocating its current store near Haywood Mall and constructing a brand new 35,000-square-foot superstore, which will be a combination of Rooms To Go and Rooms To Go Kids. “This transaction speaks volumes about both the quality of the location and the co-tenancy of Magnolia Park today and in the future,” said Craig Menin, CEO of Menin Development.
Menin Development purchased the former Greenville Mall property in March 2007. The previous owner, Canyon Gulfside Greenville LLC, a partnership of Los Angeles and Miami real estate firms, originally signed Rooms to Go to the mixed-use development. When Menin acquired the property, the company stopped the demolition of the mall started by Canyon Gulfside. Currently the former mall site features a 20-screen Regal Theaters and a Sports Authority unit. Costco Wholesale Corp. purchased adjacent acreage and opened a store in 2007. “We are very excited about our new superstore at Magnolia Park in Greenville,” said Jeff Seaman, CEO of Rooms To Go. “Magnolia Park is an excellent location and Greenville is a very good market for Rooms To Go”.
Bed Bath & Beyond and Old Navy are also located on a pad of the campus of Magnolia Park. Menin is in the process of leasing the remaining 150,000 square feet of existing available space comprised of a former two-level department store box and existing mall space. In addition, future development at Magnolia Park will consist of an additional 400,000 square feet of retail, 375,000 square feet of office, and one or two hotels. Magnolia Park is located on Woodruff Road at the intersection of Interstate 85 and I-385.
Menin Engages The McGarey Group as Exclusive Leasing Agent on Magnolia Park >
November 26, 2007 – PALM BEACH GARDENS, FL
Today, Menin Development Inc. is pleased to announce it has signed The McGarey Group to be the exclusive retail consultant for Magnolia Park, an approximately 1 million square-foot mixed-use development strategically located at the intersection of I-85, I-385 and Woodruff Road in Greenville, South Carolina.
“We have made the decision to align our development interests in Magnolia Park with The McGarey Group, as further demonstration of our plan to develop the dominant, vibrant town center for the Greenville community,” says Craig I. Menin, President of Menin Development. “The McGarey Group has played a central role in the planning, leasing and marketing of broad shouldered projects like Atlantic Station in Midtown Atlanta and Gallery Place in Downtown Washington, DC., and they have a demonstrated passion for following the mission of their clients and acting aggressively to realize the vision of a project and the people it serves. They think like Menin Development and will deliver the results we are seeking.”
"We are pleased to have an opportunity to work with Craig Menin and the Menin Development team, having admired their many past accomplishments and commitment to excellence in their work,” says The McGarey Group’s President, F. Denver McGarey. “Magnolia Park represents a project with a critical mass of sophistication, that finds itself in one of the true growth cites of the South which is most deserving and capable of supporting the Project. We are honored to be aligned with Menin Development and the first-class team they have assembled to execute on Magnolia Park"
GlobeSt: Menin Moves Into SC With Mixed-Use Buy>
March 25, 2007 - GREENVILLE, SC- Making its entrance into the South Carolina market, Menin Development, Inc. has acquired the Magnolia Park Town Center. The mixed-use development is currently under development.
Canyon Gulfside Greenville, LLC was the seller of the property. In December 2005, Canyon Gulfside Greenville purchased the former Greenville Mall for $37 million with plans to demolish the retail asset and develop Magnolia Park Town Center on the 65-acre site, as GlobeSt.com previously reported. Demolition of the mall began in November.
Now that it owns the Magnolia Park Town Center, Menin Development is taking a step back from the development and re-evaluating the plans, a spokeswoman tells GlobeSt.com. No purchase price or estimated development cost were released.
“We decided to enter the Greenville market with Magnolia Park Town Center because we believe it comprises all of the necessary ingredients that will allow us, in concert with the city and county of Greenville, to create a landmark project that will serve the residents and visitors to the area well for many years to come,” Craig Menin, president, says in a statement.
Original plans called for Magnolia Park Town Center to opening spring 2008. The 676,000-sf development was to be anchored by a Regal Cinemas and Sports Authority, which anchored the Greenville Mall. The mixed-use property was also slated to boast the first Costco in the Upstate region.
At the time GlobeSt.com first reported the development, Canyon Gulfside Greenville, a joint venture between Gulfside Development Co., Inc. and Canyon Realty Advisors, was also considering adding office, residential and hotel components to the project.
