FEBRUARY, 3 2017 | VOL. 6 ISSUE 5
COMMERCIAL REAL ESTATE QUARTERLY ISSUE
REALOPS’ PURCHASE OF THE BANK OF AMERICA BUILDING IS A SIGN OF A NEW BOOM
Pictured: Kyle Putnam, Reggie Bell, and Paul Sparks. Photo by Will Crooks
RIS NG
The Ronald McDonald House presents the 4th annual
Join us for a light-hearted event where we roast Greenville Community Leaders! Our 2017 Roastee is
bob howard
Past President, Greenville Tech Foundation Inc.
Thursday, March 16, 2017 6:00-7:00PM / COCKTAILS 7:00-8:30PM / DINNER & ROAST Poinsett Club, Downtown Greenville EMCEE
JDew, Owner at Dew Productions
ROASTING PANEL
Marion Crawford, President at Crawford Strategy Alan Ethridge, Executive Director at Metropolitan Arts Council Butler Mullins, Foundation Manager at Greenville Tech Foundation Knox White, Mayor of Greenville
This fundraiser benefits an organization that makes a tremendous impact on our community
bob howard 2017 Roastee
RESERVE YOUR SPONSORSHIP TODAY PRESENTING
$5,000
• One table for 10 with dinner, open bar, cocktail reception • Exclusive naming rights for event • Opening remarks at event • Corporate recognition on stage • Corporate full page ad in event program • Corporate logo on website • Corporate logo on all media advertisements • Champagne Reception with Roastee prior to cocktail hour
ROAST MASTER $2,000
• One table for 10 with dinner, open bar, cocktail reception • Corporate full page ad in event program • Corporate logo on website • Corporate logo on all media advertisements
GUESTS OF HONOR $1,000
• One table for 10 with dinner, open bar, cocktail reception • Corporate full page ad in event program • Corporate logo on website
AD ROASTER $500
• Four tickets with dinner, open bar, cocktail reception • Corporate half page ad in event program
INDIVIDUAL TICKET $100
• One ticket with dinner, open bar
YOUNG PROFESSIONAL TICKET $60 • One ticket with dinner, open bar
FOR ADDITIONAL SPONSORSHIP INFORMATION please call 864-235-0506 or email Samantha Bauer at: sbauer@rmhcarolinas.com.
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TOP-OF-MIND AND IN THE MIX THIS WEEK
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VOLUME 6, ISSUE 5 Featured this issue: Southern First, UCB report strong Q4............................................................................5 Cocktails, collaborators, and Chick-fil-A..................................................................20 Talkin’ ’bout three generations........................................................................................22
Officials from Clemson University and the Greenville Health System, including Clemson President Jim Clements and GHS President Dr. Spence Taylor, dug in on Monday for the groundbreaking of a new nursing school and learning and resource building on the GHS campus on Grove Road in Greenville. The $31.5 million facility will allow Clemson to double the amount of undergraduate nursing students. Photo provided by GHS.
WORTH REPEATING “I have customers who come in now and tell me they remember when my apron went all of the way around my waist because I was so small.” Page 6
“By having somebody local with skin in the game, your interests tend to be better cared for.” Page 10
“I’ve chosen to offer new and aspiring entrepreneurs some unsolicited advice: Since they can’t predict the future, they should create it.” Page 21
VERBATIM
On what’s new in Greenville “Boutique bowling, speakeasy, and a dog hotel.” The Atlanta Journal-Constitution, listing three of Greenville’s coming attractions: the Stone Pin Bowling Alley, Vault & Vator, and the Noble Dog Hotel. Read more at bit.ly/ajc-gvl.
4 | FINANCE |
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The merger will create a four-state footprint concentrated in 12 of the largest urban markets in the Southeast.
Pinnacle Financial Partners agrees to acquire BNC Bancorp in $1.9B merger DAVID DYKES | STAFF
ddykes@communityjournals.com Pinnacle Financial Partners Inc., the holding and parent company of Pinnacle Bank, and BNC Bancorp, the holding and parent company of Bank of North Carolina, jointly announced a definitive agreement through which BNC will merge into Pinnacle in an all-stock transaction estimated at $1.9 billion. Upon completion of the merger, Pinnacle will merge Bank of North Carolina into Pinnacle Bank. The merger will create a four-state footprint concentrated in 12 of the largest urban markets in the Southeast, adding significant presence in Greenville-Spartanburg, Charleston, Charlotte, Raleigh, Greensboro, and Winston-Salem to Pinnacle’s Tennessee franchise. On a pro forma basis, Pinnacle is expected to be a Top 50 public U.S. banking franchise by assets, with $20 billion in assets, $14 billion in loans, and $15 billion in deposits. Pinnacle will operate the Carolinas and Virginia region out of BNC’s existing corporate headquarters in High Point, N.C. In 2015, BNC said it would acquire several CertusBank branches in Greenville and elsewhere in the Upstate as
Certus sold or closed its remaining operations. Richard D. “Rick” Callicutt II, BNC’s president and chief executive officer, will be named chairman of the Carolinas and Virginia region and join Pinnacle’s board along with three other BNC directors. David B. Spencer, BNC’s senior executive vice president and chief financial officer, will be named executive vice president supporting Callicutt in growing the firm’s presence in the Carolinas and Virginia and working in the combined company’s treasury and corporate finance areas. “BNC represents the single best platform to expand our presence in urban, high-growth metropolitan markets,” Pinnacle President and CEO M. Terry Turner said. “This merger is consistent with Pinnacle’s strategy to become the dominant bank in Southeastern commercial banking. BNC’s success can be attributed to its experienced financial services professionals and the culture they have created. I have admired Rick’s leadership and the significant growth he and the entire BNC team have achieved. I am very excited that we will be on the same team.” Under the terms of the merger agreement, BNC shareholders will
receive 0.5235 shares of Pinnacle common stock for every BNC share. All Terry Turner fractional shares will be cashed out as of the closing. Additionally, BNC’s outstanding stock options will be fully vested upon consummation of the merger, and all outstanding BNC options that are unexercised prior to the closing will be cashed out based on Pinnacle’s 10 trading-day average closing price ending on the trading day immediately preceding the closing date. Based on Pinnacle’s 20-day trailing average closing price as of Jan. 20, the transaction is valued at approximately $35.70 per share, or $1.9 billion. “Both we and Pinnacle have been committed to the idea that the Southeast deserves an impactful financial services firm with significant scale that operates with the culture of a community bank with local decision making led by banking professionals that are experienced and established in each market,” Callicutt said. “Bringing two of the Southeast’s best community banks together is a great thing for the
“This merger is consistent with Pinnacle’s strategy to become the dominant bank in Southeastern commercial banking.” M. Terry Turner, Pinnacle president and CEO region. By joining firms, Pinnacle and BNC can leverage each other’s competitive strengths and offer clients a broader array of superior banking services.” The proposed merger has been approved unanimously by each company’s board of directors and is expected to close in the third quarter of 2017. The merger is subject to customary closing conditions, including required regulatory approvals and the approval of both Pinnacle and BNC shareholders. Pinnacle anticipates the transaction, with cost savings fully phased in and other adjustments, to be accretive to its 2018 earnings per share by approximately 10 percent, excluding acquisition-related and integration costs associated with the transaction.
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INFORMATION YOU WANT TO KNOW
United Community Banks reports higher 4Q earnings DAVID DYKES | STAFF
ddykes@communityjournals.com United Community Banks Inc., a Blairsville, Ga.-based bank holding company, said fourth-quarter net income grew to $27.2 million, or 38 cents per diluted share, compared with $18.2 million, or 25 cents per diluted share, for the fourth quarter of 2015. Net income for the full year of 2016 was $100.7 million, or $1.40 per diluted share. That compared with $71.6 million, or $1.09 per diluted share, for 2015. On an operating basis, net income rose to $28.9 million for the fourth quarter of 2016, compared with $23.8 million for the fourth quarter of 2015. Fourth-quarter 2016 operating net income excludes pretax merger-related charges of $1.14 million and the associated tax benefit of $432,000, as well as a tax charge of $976,000 related to the cancellation of nonqualified stock options. In the fourth quarter, the company completed all systems conversions for Tidelands Bank and achieved the
expected cost savings from that acquisition, said Jimmy Tallent, chairman and chief executive officer. United's banking subsidiary, United Community Bank, has a major banking and corporate presence in Greenville.
HIGHLIGHTS INCLUDED:
• Fourth-quarter 2015 operating net income excluded $3.11 million in pretax merger-related charges. • Income also excluded $5.97 million in pretax charges for impairment on properties acquired for future expansion. • The tax benefit on the fourth-quarter 2015 charges was $3.49 million. • On a per diluted share basis, operating net income was 40 cents for the fourth quarter of 2016, compared with 33 cents for the fourth quarter of 2015. • For the full year of 2016, operating net income was $106.7 million, or $1.48 per diluted share, compared with $83.1 million, or $1.27 per diluted share, for 2015.
Southern First earnings climb in fourth quarter DAVID DYKES | STAFF
ddykes@communityjournals.com Greenville-based Southern First Bancshares Inc., holding company for Southern First Bank, reported net income available to common shareholders of $3.3 million, or 49 cents per diluted share, for the fourth quarter of 2016. That compared with net income available to common shareholders of
$2.9 million, or 43 cents per diluted share, for the fourth quarter of 2015. For the year ended Dec. 31, net income to common shareholders was $13 million, or $1.94 per diluted share. That compared with net income available to common shareholders for the year ended Dec. 31, 2015, of $10.2 million, or $1.55 per diluted share. The bank also recently received regulatory approval to open a new office in the Triangle region of North Carolina.
HIGHLIGHTS INCLUDED: • Fourth-quarter 2015 operating net income excluded $3.11 million in pretax merger-related charges. • Income also excluded $5.97 million in pretax charges for impairment on properties acquired for future expansion.
• The tax benefit on the fourth-quarter 2015 charges was $3.49 million. • On a per diluted share basis, operating net income was 40 cents for the fourth quarter of 2016 compared with 33 cents for the fourth quarter of 2015.
• For the full year of 2016, operating net income was $106.7 million, or $1.48 per diluted share, compared with $83.1 million, or $1.27 per diluted share, for 2015.
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6 | RESTAURANT |
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Mata realized his dream of being a restaurateur and opened Nacho Taco in August 2016.
Cooking with Vision At 23, Spartanburg restaurateur with Mexican roots is helping to shape downtown’s dining scene TREVOR ANDERSON | STAFF
tanderson@communityjournals.com Fabian Mata can’t remember when he didn’t want to be a restaurateur. The 23-year-old worked in his father’s restaurant — El Mexicano in Boiling Springs — and saved every spare dollar he earned in hopes of one day starting his own venture. In August 2016, he realized that dream when he opened the doors to Nacho Taco, a casual eatery featuring elevated Mexican dishes and craft beer, at 129 N. Spring St. in downtown Spartanburg. “I have customers who come in now and tell me they remember when my [server] apron went all of the way around my waist because I was so small,” Mata said. “We still have a good laugh about it. I started when I was in seventh grade. I saw my brother doing it and he had money. I wanted to do it too.”
Mata was born in Atlanta, but his family put down roots in Spartanburg County when he was a boy. His parents, Maria and Antonio Mata, emigrated from the Mexican state of Jalisco. Antonio started working as a server in a local Mexican restaurant. He eventually saved up enough money to purchase his own eatery. After graduating Boiling Springs High School in 2011, Fabian Mata continued working at his family’s restaurant. He also took a job at UPS. He saved every spare dollar he earned while he was creating a vision for a next-generation type of Mexican restaurant. Mata noticed the “momentum” building in downtown Spartanburg and saw a gaping void in the market for authentic Mexican food. On April 15, 2016, he began selling food within the former Café Around the Corner off Dunbar Street downtown.
“For me, it was a real positive to be self-funded. A lot of people I think go into debt quickly and dig a hole they can’t get out of. You have to be in it for the long haul.” Nacho Taco owner Fabian Mata “I would work my shift at UPS, then go to the restaurant and then go downtown,” he said. “Those were 100hour weeks.” Mata said the positive response from customers and the demand for quality Mexican food shored up his decision to start a new venture near the city’s urban center. By August, he saved enough money and opened his 2,300-square-foot restaurant, Nacho Taco.
Mata recently partnered with the Thomas Creek Brewery in Greenville to develop a craft brew for Mexican restaurants. The beer will debut soon, he said. “For me, it was a real positive to be self-funded,” Mata said. “A lot of people I think go into debt quickly and dig a hole they can’t get out of. You have to be in it for the long haul.”
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Overbrook area to combine a convenient grocery store, butchery, and restaurant where customers can choose between a made-to-order meal, quick drink at the bar, a steak cut to order, or seasonally prepared take-home goods. Jointly owned by Shawn Kelly, current executive chef of High Cotton Charleston, and Roddy Pick and Chad Bishop of Greenbrier Farms, Fork & Plough will have an “ever-evolving menu focused on seasonality” and feature Greenbrier meats and vegetables as well as prepared foods, onsite butchering, specialty items, and beer and wine. Kelly will be the operating partner. Located across from the historic Overbrook district, the location gives a fitting and respectful nod to the past as it sits in the old Cooper’s
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Charleston. The two connected over good food and sustainable agriculvd ture, so much so that Roddy invited l B t S on t Timmons l Shawn to the farm later that year as . e p y rm Park W a am y C p H the guest chef for their farm-to-table p Ki r k wood Po a dinner featuring Bell’s Brewery. t W S Du p ag on t D r After the dinner, there was a clear E St Ci t rcspark between Roddy, Chad, and dS St le s or Av Ha xf Shawn. The three had a strong e O t connection to food and farming and tt S n St co g A s e r wanted to take that passion to create r P ve u d nb ta what they believed to be a place r t a S Sp n rri perfect for the Greenville area — a e t P rth S E No relaxed neighborhood joint concentrating on quality local products that would support their community’s t S Overbrook Ba lsam Bruce D Sp palettes and the local farmers’ hard r St u d ut work.” R rbk. Ove maps4news.com/©HERE r St Stay up-to-date with the progress Grocery building, a neighborhood in 2014 during Pastured Poultry by following Fork & Plough's Facemarket, much like the intent of Fork Week in Charleston, S.C., where book page or @forkandplough on & Plough, according to a press various local restaurants celebrated Instagram. pastured poultry in their dishes. release from the new restaurant owners. Roddy attended the event as GreenThe release also gives this backbrier’s own poultry products were ground on the project: featured. Shawn was there repre“Roddy Pick and Shawn Kelly met senting High Cotton Restaurant of 29
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ARIEL TURNER | STAFF
DIFFERENTIATORS 2016 TOP PRODUCERS
Greenville, South Carolina
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The former Allen Bennett Memorial Hospital has been purchased by Jim Benson.
AUTOMOTIVE
Car dealership planned at former hospital site in Greer
Building with Integrity Since 1976
Preconstruction Design-Build General Contracting Construction Management
Upstate car dealer Jim Benson said he’s struck a deal with the City of Greer to buy the former Allen Bennett Memorial Hospital property and plans to relocate his existing Chrysler Dodge Jeep dealership to the site from its current location directly across Wade Hampton Boulevard. Benson, owner of seven car dealerships in the Upstate, said he may put used car sales in the existing dealership building at 400 W. Wade Hampton Blvd. The city acquired the former hospital property of about 10 acres at no cost from Greenville Health System in September 2010 and has been trying to sell it for redevelopment ever since.
Lear did not announce new jobs, but said the enhancements will support the launch of seating programs for Volvo’s assembly plant in Berkeley County and Spartanburg County-based BMW Manufacturing Co. Lear was one of the first automotive suppliers to follow BMW to Spartanburg County. In 1993, the company announced its plan to build a 40,000-square-foot manufacturing plant at 1825 E. Main St. in Duncan. At the time, the company said it hoped to employ 150 people. Today, Lear has about 800 employees in the county. Volvo is the Duncan facility’s first major customer outside of BMW.
Along the way, the city spent more than $1 million maintaining the property at the intersection of Wade Hampton Boulevard and Memorial Drive and demolishing two buildings on it, the former hospital building and a nursing home, said Greer spokesman Steve Owens.
Lear Corp. is headquartered in Southfield, Mich. The company said it has 140,000 associates and facilities in 36 countries across the globe.
Last Tuesday night, Greer City Council voted 6 to 1 to sell the property to a corporate entity controlled by Benson, Owens confirmed. The property was sold for $3,010,000.
RESTAURANTS
Benson complimented Greer officials, calling them “honorable people” who did “a great job for the city. They ought to be paid more.” —Rudolph Bell
MANUFACTURING
Lear Corp. to enlarge auto-supplier operations in Spartanburg County
www.MashburnConstruction.com
The company said the funds would cover facility improvements and new manufacturing equipment at its plant at 1200 Woods Chapel Road in Duncan.
BMW supplier Lear Corp. announced Thursday it will invest $7.7 million to expand its operations in Spartanburg County.
For more information, visit lear.com. —Trevor Anderson
Spartanburg’s Island Breeze changes name, adds owner A Jamaican eatery on Spartanburg’s east side has changed its name, brought on a new owner, and added more “soul” to its menu. Island Vibes on Main at 2600 E. Main St. in the LeBaron Plaza beside Yannis Restaurant has become The Breeze Restaurant, Lounge and Event Center. Pam Sarto, the restaurant’s owner, is in the process of formalizing her partnership with restaurateur Michelle Hallums, who will move to Spartanburg after operating a restaurant in Sumter. The Breeze occupies an 11,000-square-
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foot space that was originally the popular LeBaron’s Steak House. It includes a spacious ballroom, a lounge, and a dining room and kitchen area. Hallums said the restaurant will continue to serve a few Caribbean favorites, but the focus of the menu has been broadened to include traditional American fare and soul food.
She said the restaurant will operate Tuesday through Saturday from 11 a.m.–midnight and from 10 a.m.–4 p.m. on Sundays. It will be closed on Mondays.
INFORMATION YOU WANT TO KNOW
plications, reduce associated costs, support care providers, and increase the overall quality of care. The company was accepted into the SC Launch program in September 2016. "We congratulate Patrona Medical on their milestones, and we look forward to supporting them as they continue to improve the quality of care for patients through increased detection, accelerated efficiency, and automated communication," said Bob Quinn, SCRA's executive director.
She said the eatery’s name reflects the kind of “cool” environment the owners hope to cultivate that will be accompanied by delicious food, affordable prices, and fun for everyone.
SCRA is a state-chartered organization that fosters job creation and grows South Carolina's innovation economy. The SC Launch program is SCRA's entrepreneurial platform that provides mentoring, grants and investments to qualified South Carolina companies in the advanced materials/manufacturing, information technology, and life sciences industries. —David Dykes
For more information, visit thebreezesc.com.—Trevor Anderson
RETAIL
The lounge will remain open until 1 a.m. Tuesday through Saturday, and will offer happy hour drink specials between 5–8 p.m.
HEALTH CARE
Greenville medical firm receives $200,000 investment from SC Launch SCRA's affiliate, SC Launch Inc., has finalized a $200,000 investment in Greenville-based Patrona Medical, which designs, develops, and markets wireless sensor technology associated with the detection and monitoring of patients during their hospital stay. Patrona Medical's technology creates an automated interface between monitoring systems and patient care providers. Those advancements detect potential com-
FIRST RATE LOANS. FIRST NAME BASIS.
Upscale home décor concept SPRUCE Curated Interiors to open in Spartanburg A new upscale interior design store is heading for Spartanburg’s east side. Mary-Stewart Loring, a native of Spartanburg, has purchased the 10,000-square-foot building at 844 S. Pine St., formerly occupied by Vintage Warehouse, for her new concept, SPRUCE Curated Interiors. The store will occupy 5,000 square feet of the building’s main floor. It will feature interior home décor items, furnishings, and artwork from a range of vendors and artists that will have booths within the facility, Loring said.
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Spartanburg businesswoman Faith Pope’s women’s clothing and accessories consignment shop Top Drawer will also occupy a portion of the space. Loring has partnered with Dunbar Construction Co. of Spartanburg to renovate the building. She hopes to open the store on March 1. “It’s really exciting,” Loring said. “I noticed a need for more décor shopping options [in Spartanburg] that would keep people from having to drive to Charlotte or Greenville.” Loring said she became interested in purchasing the property after Vintage Warehouse relocated to the 34,000-square-foot former Palmetto Textiles facility at 1201-B Union St. Ten vendors and three local artists, including Page Davis, Jean Marie Edwards, and Harrison Blackford, have already signed up for booths within the store, Loring said. The building abuts the Mary Black Foundation Rail Trail. Andrew Babb with NAI Earle Furman brokered the transaction. For more information, visit sprucespartanburg.com —Trevor Anderson
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10 | QUARTERLY CRE ISSUE |
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THE DOWNTOWN
LAND RUSH Low vacancy rates and high asking rates mark a transitional time in Greenville’s center, as new developments blossom and exisiting properties change hands WORDS BY DAVID DYKES PHOTOS BY WILL CROOKS
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aul Sparks, Kyle Putnam, and Reggie Bell had their eyes on greater heights. And they realized that goal when the RealOp Investments trio stepped up in Greenville’s commercial real estate market with the purchase of the 15-story Bank of America building downtown. An ownership group, including Greenville-based RealOp, a real estate private equity firm, bought the tower for about $22.5 million. RealOp will be the operating partner. “We all can see long term that Greenville is a growth market,” said Putnam, RealOp’s chief investment officer. “There is a lot of opportunity.” Importantly, “We’re investing in our local market,” he said.
301 PROJECTS DOWNTOWN Downtown is booming. City data show 301 projects are under construction, completed or planned in or near downtown as of Jan. 18. Included are renovations of the Peace Center and Piazza Bergamo; construction of the Children’s Museum of the Upstate, NEXT Innovation Center, Aloft Hotel, RiverPlace, and the ONE building; redevelopment of the Greenville News office building; and the planned federal courthouse. Greenville’s success has generated several accolades for Main Street, including being named one of America’s Greatest Main Streets by Travel + Leisure magazine. But downtown towers, including the Wells Fargo center and the Liberty Square towers, are also changing hands — and with the sales come prom-
WHAT ARE THE BIG DEALS?
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• An Arkansas-based real estate partnership, CapRocq, has bought the downtown Wells Fargo Center for $33.25 million. The property at South Main and East Washington streets encompasses most of a city block. It is the company’s first asset owned in Greenville. It also owns assets in Columbia and Charleston. • Richmond, Va.-based Lingerfelt CommonWealth Partners LLC acquired One Liberty Square and Two Liberty Square, a pair of downtown office towers. Terms weren’t disclosed, but the property was sold free and clear of existing debt, said Holliday Fenoglio Fowler LP, which marketed the property on behalf of the seller, HB Liberty Square LLC.
• Duke Food Productions, an industrial food manufacturer of branded and private-label brands, is returning to its roots by establishing its company headquarters in downtown Greenville. The company will take up 12,000 square feet on the third and fourth floors of the new Falls Park Place building at 600 S. Main St. The company is moving its headquarters from Easley.
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ises of tenant upgrades. It’s an anomaly so much activity is occurring downtown at once, according to local real estate experts. Activity, however, isn’t limited to the center city. TWO Capital Partners LLC, a privately held Atlanta-based real estate investment company, said it has acquired a 560,000-square-foot suburban office portfolio known as Park East and Park Central in Greenville. TWO said it acquired the portfolio from Terra Capital Partners LLC for $38.5 million. The portfolio includes 12 buildings spread over the two office parks.
‘AN AGGRESSIVE MODE OF EXPANSION’ A strengthening real estate market is aiding Greenville’s development picture, but underlying geographic and demographic changes are adding interesting variables to the equation, according to local experts and analysts. “We have been on an aggressive mode of expansion in terms of where we can grow outside of Charleston,” Dan Doyle, vice president of development at the Charleston-based Beach Company, said during a CREW Upstate real estate panel discussion in Greenville last year. “We want to target markets that have an in-migration of population so we have people that are moving to the area versus moving from,” he said. “A lot of that is fueled by job growth, which is prevalent throughout the Southeast right now.” The region, he said, “is just a real focus for a place where people want to live, where they want to move their families to, where jobs want to relocate to.” And Greenville falls in the middle of that map, Doyle said. There is a key second component, he said. “When you look at the infrastructure that’s in place, to set up a great place to live and to work, Greenville checks that box — and then some. There are very few locations, in my opinion, that can compete with the setting that you all have here in town.” Main Street typically has been Greenville’s downtown development focus, but that focus is moving to other areas, “which is a very positive sign,” Doyle said.
LOW RISK, HIGH RETURNS Investment activity in Greenville is escalating as more institutional investors enter the market looking for steady and secure cash flow investments, due partly to the shift of investors from saturated and competitive primary markets to secondary and tertiary markets, according to Colliers International researchers. High occupancy and asking rental rates are in turn creating a lower-risk environ-
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ment with opportunity for higher returns for local and out-of-market investors, the researchers said. In its fourth-quarter 2016 research and forecast report, Colliers said increasing demand for a downtown Greenville office address has led to record-low vacancy rates in office buildings.
WATCHING THE NUMBERS
• Full-service average asking rental rate for office space in the CBD: $24.12/SF at the end of the fourth quarter (5.9 percent increase from a year earlier). • Class A space: Increased 7.7 percent to an average of $26.92/SF per year. • Vacancy rate: 11.5 percent at the end of the fourth quarter (down from 14.4 percent a year earlier) • Rental and occupancy rates in Greenville are expected to promote further investment sale activity from out-of-market investors over the coming quarters. • With few remaining developable sites on Main Street, development will continue to push toward the outer edges of downtown, particularly the West End and east of Main. For more market reports, see page 16.
Source: Colliers fourth-quarter 2016 research and forecast report That could explain accelerated interest in buildings changing hands. But development also is moving off Main to adjacent areas east of Main Street and further into the West End, Colliers said. “We were at record low vacancies a couple of quarters ago,” Brian Reed, research manager in Greenville for CBRE, said in a recent interview. “In a small market, a bit of little movement here or there happens every quarter.” But the local reality is “vacancy rates are near records lows, asking rates are near record highs, and that’s a really compelling story,” he said. In 2015, Greenville was one of the few U.S. markets that had 10 percent rent growth, Reed said. “That’s unheard of in our market,” he said. “It sparks the attention of investors who are looking for product they can get a return on,” Reed said. Some local rents are topping $30 a foot, said Steve Smith, CBRE’s managing director for South Carolina. For tenants, new owners or investors generally undertake capital improvements, “which mean better space, better common areas, maybe some more new amenities that weren’t at the project beforehand,” Smith said. LAND RUSH continued on PAGE 12
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It also means the work will be doled out locally and that’s good for the economy, he said. The Interstate 385/I-85 market also is beginning to tighten and, to remain competitive, suburban office landlords will need to update entryways and amenities within their buildings, Colliers said.
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“When you look at the infrastructure that’s in place, to set up a great place to live and to work, Greenville checks that box — and then some. There are very few locations, in my opinion, that can compete with the setting that you all have here in town.” Dan Doyle, vice president of development, Beach Company
In recent months, mixed-use projects have dominated downtown development and pushed growth past Main Street. Doyle’s firm is behind the Main + Stone and South Ridge projects in Greenville. Main + Stone is a 292unit mixed-use development under construction in Greenville’s downtown submarket. In addition to apartment homes, it will add 20,800 square feet of retail and commercial space in the North Main area. South Ridge, a mixed-use residential and retail development at South Church Street and University Ridge, has 350 apartment units. The project also includes retail and commercial space, as well as a parking garage at the center of the property. Since 2001, 6 percent of single-family and 70 percent of multifamily permits in Greenville County have been in the city of Greenville, J. Terrence Farris, a Clemson University associate professor, said at last
year’s real estate forum.
KEEPING INVESTMENTS LOCAL William Harrison, a University of South Carolina real estate professor, said local ownership and local money are what likely will move commercial real estate in markets such as Greenville and Columbia rather than institutional investors who target major cities like New York, San Francisco, Los Angeles, Seattle, or Boston. “It could be wealthy investors from Atlanta to see what’s going on in Greenville or wealthy investors in Charlotte to see what’s going on in Greenville,” he said. “But it’s not likely to be CalPERS Pension Fund [retirement for California state, school, and public agency members].” Occasionally, institutional money will come to Greenville or Charleston, “but it’s not going to show
up in terms of the quantities that are going to move the marketplace,” Harrison said. “It never will.” For outside investors, the conventional wisdom is that they should team with local developers or others to co-invest, Harrison said. “By having somebody local with skin in the game, your interests tend to be better cared for,” he said. In larger deals, partnering with a national, institutional player offers enhanced ability to access redevelopment money for renovations and upgrades, he said. “Some national lender or some source of Wall Street financing is going to be much more interested in funding an entity that has Bain Capital involvement in it … than a group of wealthy lawyers and docs [doctors] from Greenville, South Carolina,” Harrison said. LAND RUSH continued on PAGE 14
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Opening March 2017 at Legacy Square Jason and Julia Scholz, owners of Simpsonville-based Stella’s Southern Bistro, will expand by opening their second restaurant location in just a few days at Legacy Square within Verdae. The new restaurant concept highlights a relaxed atmosphere, expanded bar, community seating, and menu that includes small plate options. The first restaurant to open in the Legacy Square town center, Stella’s Southern Brasserie is sure to become a natural gathering spot and excellent destination for a quality meal. For restaurant opening and reservation details, visit: stellasbistro.com or facebook.com/stellasbistro
Legacy Square is located on Rocky Slope Road at Legacy Park. New businesses are taking shape and land sales are underway. For Legacy Square sales and leasing info, call (864) 329-9292 • verdae.com
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RealOps’ Paul Sparks, Kyle Putnam, and Reggie Bell
www.CarltonMB.com (864) 213-8000
Recent commercial real estate transactions have had capitalization rates of about 6 percent, or the expected return based on the income the property is expected to generate, according to local real estate experts. That’s akin in equities markets, Harrison said, to a P/E ratio — the ratio of a company's share price to its per-share earnings. Some investors use that ratio to buy and sell, he said. But in theory, the marketplace doesn’t really price on P/E ratios any more than the real estate market prices on cap rates, Harrison said. For RealOp, Greenville isn’t the only South Carolina market in its sights. RealOp recently announced the purchase of Stephenson Center Office Park, a 105,000-square-foot office property in Columbia. The property consists of three buildings located at 720 Gracern Road, about five minutes from downtown, I-20, and I-26 in the St. Andrews submarket. Stephenson Center was purchased for $7.75 million and is the firm’s fifth acquisition in Columbia in approximately 36 months. But the homegrown firm latched on to the Bank of America building and is considering certain renovations and exploring upgrades and additional amenities. Transitioning from one local owner to another should give tenants “a comfort level that nothing’s dramatically changing,” Putnam said. “We’re right here in the market.”
2446 Laurens Road Greenville, SC 29607
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WELLS FARGO CENTER
PARK EAST
BANK OF AMERICA BUILDING
Many capital improvements are planned, including for the main lobby, said David Feild, local market president for Colliers International, which will handle the center’s leasing and management. New signage and lighting packages also are planned. “There are a lot of plans that are going to be going forward,” Feild said. “The ownership really wants the message to be that this is new, this is a new owner that is very tenant-satisfaction driven, that this is an owner that is going to improve the asset, improve the property, and thus improve the tenant experience.” The center was renovated in 1996, 2004, and 2013/2014.
The complex on Executive Center Drive and east of downtown Greenville consists of nine buildings totaling 400,000 square feet on approximately 34 acres. Park Central is an approximately 160,000-squarefoot park on 10 acres, consisting of three buildings at the intersection of North Pleasantburg Drive and Interstate 385. “Our approach will be proactive, flexible, and forward-thinking as we reintroduce the assets to the market,” said Sean O’Brien of TWO Capital Partners, which acquired the portfolio. “We plan to rebrand both parks, invest much-needed capital, and infuse modern technologies and new amenities to improve the overall work environment experience for tenants and employees.” TWO plans to rebrand both parks, add amenities, and install upgrades. TWO will reintroduce Park East and Park Central to the market as Park 37 and Harbinger, respectively. The office space was built from 1974-1998. TWO has immediate plans to modernize elevators, replace roofs and HVAC units, and return occupancy to market levels. It also anticipates generating significant returns for investors. TWO has engaged ASD | SKY, a multidisciplinary design firm, to provide interior, architectural, and graphic design solutions during the rebranding efforts.
Spruced up from a $4 million renovation, the Bank of America building, built in 1973, has 196,152 square feet of Class A office space with 14,283 square feet of ground-floor retail. Tenants include Bank of America, CBRE, IBM, Southern Management, NEXT on Main, The Iron Yard, and others. It is about 77 percent leased, officials from RealOp Investments, purchasers of the property, have said. The largest block of available space in the building is on the top floor. The 12,488 square feet of available space has “sweeping views of downtown Greenville,” and the space is “extremely conducive to tech companies, who often require open, collaborative work environments,” according to marketing materials for the building. “The development of ONE and the renovation of the Bank of America building has established ONE City Plaza as the new center of Greenville, and RealOp’s investment confirms this transformation,” said Robert Hughes, president of Hughes Development, a local firm that sold to the RealOp ownership group.
The buildings at 55 and 75 Beattie Place total 445,612 square feet and have been 81 percent occupied. The tenant base is anchored by Resurgent Capital; Shellpoint Mortgage Servicing; Gallivan, White, & Boyd; Dority & Manning; and the Commerce Club, among others. One and Two Liberty Square were built in 1983 and 1986, respectively, and received multimillion-dollar renovations in 2006 and 2014. Commonwealth Commercial Partners, a property management affiliate, will handle all aspects of the day-to-day asset and property management. CBRE will continue to handle the leasing and marketing.
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CRE quarterly market reports Analysis derived from fourth-quarter 2016 market reports supplied by CBRE, Colliers, NAI Earle Furman, and Cushman & Wakefield | Thalhimer.
Industrial
Office
SUMMARY: Last year was a record year for industrial space in the Upstate. Colliers reported 30 new buildings delivered with nearly 8 million square feet being absorbed. In comparison, in 2015, absorption was at 2.4 million square feet. Manufacturing, automotive, and logistics companies continue to drive this market. In the fourth quarter, more than 340,000 square feet of speculative space was absorbed by multiple tenants, with the two largest being Senator International and Brose, both in Spartanburg, reports CBRE.
OUTLOOK: Look for new speculative construction to continue into 2017. Cushman & Wakefield | Thalhimer says three buildings — a 332,000-square-foot space at Augusta Grove, a 170,000-square-foot space at Caliber North, and 234,000 square feet at White Horse Industrial Park — should ease pressure for “users looking for larger blocks of space.”
SUMMARY: In Greenville’s Central Business District, lease rates continue to rise and vacancy is nearing an all-time low. NAI Earle Furman reports an 8.1 percent vacancy rate in the fourth quarter and a net absorption of negative 1,119,085 square feet. Both suburban and CBD rates continue to climb in both Greenville and Spartanburg. Mixed-use projects have been driving the market, with Colliers reporting that these types of developments “have seen more success on Greenville’s Main Street than any other Main Street in the state.” Investors have also amped up their game in the Upstate with more than 20 percent of the competitive inventory trading hands in the last two quarters, according to CBRE. Major office sales in the fourth quarter include the Bank of America building, The Wells Fargo Center, Liberty Square buildings, Park East, and Park Central.
OUTLOOK: The market will continue to be landlord-driven, reports Cushman & Wakefield | Thalhimer. Available space is low and there are few significant new office development projects underway. There are also very few remaining developable sites in downtown Greenville, which will shift new office development projects off Main Street.
Speculative Absorption History
Retail SUMMARY: Vacancy hit an all-time low at 5 percent in the Upstate, down from 6 percent in 2015, reports NAI Earle Furman. Rental rates are also at their highest average since 2009 at $10.36/SF. For premium retail locations, asking prices are above $30/PSF. As development expands off Main Street in downtown Greenville, the North Main Street and Stone Avenue corridors are “Greenville’s new in-town destination,” says Colliers.
OUTLOOK: Greenville has become well known for its restaurant scene, and there are more than 30 new restaurants planned for 2017, according to the NAI Earle Furman report. New grocery store options will continue to enter the market. Fitness boutiques have been popping up everywhere, but this market is close to saturation, so don’t expect to see too many more. Colliers expects more national and regional tenants to continue to enter the Upstate market, backfilling anchor and junior-anchor empty boxes. Cushman & Wakefield | Thalhimer reports national and Upstate retailer growth trends will continue to be driven by discount, dollar stores, off-price apparel, food (grocery and restaurant), and service retail concepts.
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SPENCER HINES PROPERTIES ANNOUNCES THE FOLLOWING TRANSACTIONS:
Deanna Hudgens was the agent in the .29-AC sale at 2 Williams St. by Sean M. McNally to Joe’s Place LLC.
Dale Seay was the agent in the sale of a 16.4-acre mobile home park at 130 Trey Circle in Duncan by Clarence Rogers Jr. to Hugh Parks LLC.
Kevin Bentley was the agent in the 10.44-AC sale at South Woods Drive in Laurens County by Midland Enterprises to REMA USA LLC.
Andy Hayes, Ben Hines, and Craig Jacobs were the agents in the sale of 2,200 SF of restaurant/ retail space at 221 E. Kennedy St. in Spartanburg by Bennett & Evans to JIM LLC. Andy Hayes, Ben Hines, and Dale Seay were the agents in the lease of a 1,100-SF church at 792 John B. White Blvd. in Spartanburg by LEL LLC to Word of Change Ministries.
Kevin Bentley and Randall Bentley were the agents in an 8,250-SF sale at 466 Rainforest Way by MG Properties Greenville to Cobba Properties LLC. Randall Bentley and Willz Toblert were the agents in the lease of 4,240 SF of office space at 38 Ray E. Talley Court, Suite A, in Simpsonville by Smith Corners LLC to Bon Secours Health System.
Wills Tolbert was the Andy Hayes and Ben Hines were the agents in agent in the lease of the lease of a 1,200-SF 1,200 SF of office space at 38 Ray E. driving school at 473 Talley Court, Suite D, in E. Blackstock Road, Simpsonville by Smith Unit 5, in Spartanburg Corners LLC to Edward by Hidden Hill Road Associates LLC to Atlas Jones. Driving School. Kevin Bentley was the Andy Hayes, Ben Hines, agent in the sale of a and Dale Seay were the 10.44-AC property at agents in the lease of a South Woods Drive in Laurens by Midland 2,400-SF event center Enterprises and 325 at 473 E. Blackstock South Woods LLC to Road, Units 6 & 7, in REMA USA LLC. Spartanburg by Hidden
COMMERCIAL REAL ESTATE TRANSACTIONS IN THE UPSTATE
Randall Bentley was the agent in the 9,388-SF lease at 126 Corporate Drive, Suite D, in Simpsonville by Beck Investments to Performance Automation. COLLIERS INTERNATIONAL ANNOUNCES THE FOLLOWING TRANSACTIONS:
the sale of a 4,350-SF office building at 110 Williams St. by BGC Investments LLC to Wilson Properties of Greenville LLC. Josh Tew was the agent in the sale of a multifamily property at 12 Dempsey St. to KRE VI LLC.
Benji Smith and Josh Tew were the agents in Scott Burgess was the the lease of a 2,250agent in the lease of SF office space at 420 1,800 SF of grocery The Parkway, Suite K, space by Stallings Corner in Greer to Spectrum to Hooked Meat and Commercial Properties Seafood Market. LLC. Scott Burgess was the agent in the lease of 2,035 SF of restaurant space at 705 SE Main St. in Simpsonville by PCC Investors LLP to the Chicken Chopper LLC.
Benji Smith and Josh Tew were the agents in the lease of 2,250 SF of office space at 420 The Parkway, Suite L, in Greer to Poinsett Financial Group LLC.
Scott Burgess was the agent in the lease of 2,520 SF of restaurant space at 8590 Pelham Road by Pelham Falls Ventures to Pelham Falls Deli.
Josh Tew was the agent in the lease of 1,500 SF of office space at 68 Pointe Circle to Corridor Mortgage Group Inc.
Scott Burgess and Lance Byars were the agents in the lease of 2,024 SF of retail space at 1461 Woodruff Road.
Richard Barrett, MCR, and Brannan Hudson were the agents in the lease of 4,000 SF of flex space at 1040 Hill Road Associates LLC Thousand Oaks Blvd. Darath Mackie was the to Rhonda Gibson. by R&J Investments to agent in the 1,950-SF Sencorables. lease at 115A Southport Lynn Spencer was the Road in Spartanburg by agent in the lease of an Lyn Tyner was the agent MR of the Upstate LLC 800-SF chiropractor in the lease of 4,000 to Fairway Independent office at 5545 Highway SF of industrial space Mortgage Corporation. 9 in Boiling Springs at 159 P&N Drive by by Brian Brown to Dr. Diamond Motors. Darath Mackie was the Sharon Landon. agent in the 6,000-SF lease at 560 Brookshire Brantley Anderson and Lynn Spencer was Taylor Allen were the Road, Suite A, in Greer the agent in the lease agents in the sale of by 560 Brookshire renewal of an auto 1,950 SF of office space Road LLC to Interior shop at 697 N. Pine at 5 Davis Keats Drive to Specialists Inc. St. in Spartanburg by REH Holdings Inc. Trust Helen Proser Randall Bentley and to Affordable Auto Ashley Grantham FLAGSHIP PROPERTIES Painting. were the agents in the ANNOUNCES 2,700-SF lease at 501 THE FOLLOWING LEE & ASSOCIATES Richardson St., Suite TRANSACTIONS: ANNOUNCES D, in Simpsonville by THE FOLLOWING E-Power Trading LLC to Benji Smith and Josh Tew were the agents in TRANSACTIONS: NBL Service Inc.
Josh Tew was the agent in the lease of 1,275 SF at 148 Milestone Way to MRC of Greenville. COLDWELL BANKER COMMERCIAL CAINE ANNOUNCES THE FOLLOWING TRANSACTIONS:
| DEALMAKERS | 17
Tim Satterfield was the agent in the sale of a 25,350-SF industrial building on 3 acres at 2100 Drayton Road in Spartanburg by Smith Pipe Dream LLC to Blue Ridge Cabinetworks LLC.
Rick Cauthen was the agent in the sale of 2.265 acres at 503 N. Main St. in Mauldin by Anne Henderson to RP Mauldin LLC.
Tim Satterfield was the agent in the lease of a 3,750-SF industrial space at 977 S. Church St. in Spartanburg by Orin W. Beach Jr. to Kris Greer and Steve Payne.
Pete Brett, David Sigmon, and Matt Vanvick were the agents in the lease of a 3,800SF office space at 531 S. Main St., Suite ML-1, by Falls Place LLC to Ambling LLC.
Tim Satterfield was the agent in the lease of a 1,520-SF office space at 380 Powell Mill Road, Suite A, in Spartanburg by Estate of Clyde Neighbors to Prim and Proper LLC.
Pete Brett, David Sigmon, and Matt Vanvick were the agents in the sale of 3.21 acres on Augusta Road in Piedmont by Crimson Highway 25 LLC to P and Z Development.
Tim Satterfield was the agent in the lease of a 975-SF office space at 380 Powell Mill Road, Suite C, in Spartanburg by the Estate of Clyde Neighbors to Linda Shands d/b/a New Direction Beauty Salon.
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RUDOLPH BELL | CONTRIBUTOR rbell@communityjournals.com |
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@DolphBell
GADC's main supply of potential factory sites now is the Augusta Grove industrial park along U.S. 25 in southern Greenville County. The Greenville County government developed the property and remains a 40 percent joint venture partner in it.
GADC eyes fund for boosting the supply of industrial property Mark Farris objected last year when a subdivision developer sought to change the zoning classification of a property in southern Greenville County from industrial to residential. Farris is presidevnt of the Greenville Area Development Corp., Greenville County’s economic development organization. The way he sees it, he can’t persuade companies to build new factories in the county if there aren’t any good places to put those factories. The property he wanted to retain as a possible factory site is served by water and sewer and is located about half a mile from the Southern Connector near Michelin’s U.S. 1 tire factory. As it turned out, Greenville County Council voted to rezone the 180 acres anyway, setting aside not only Farris’ objection but also the recommendation of county planners to keep the property classified for industrial use. For Farris, it was a temporary
setback. He’s continuing to prompt county officials to hold onto what he calls a “jobs-producing property.” Now he’s proposing the creation of a new fund that the county would use to join with private-sector partners in developing new industrial parks or so-called “speculative” industrial buildings. The proposed “Product Development Fund” could also be used to pay for roads, utility service, or other “infrastructure” needed by a company to launch a new operation in the county or to expand an existing one, according to a white paper Farris wrote. “Available funding would be provided through contributions of public or private groups dedicated to the creation of new jobs and capital investment for Greenville County,” he said in the white paper. Farris said the fund might also be used to develop office buildings on a speculative basis.
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Augusta Road Perimeter Road
Cytec Engineering Materials
Mark Farris He contends the county could suffer over the long term if it allows too much of its industrial property to be absorbed by residential construction. That’s because residential development doesn’t generate enough property tax revenue to pay for the additional government services it makes necessary, such as new schools or extra sheriff’s deputies, he says. Industrial development, on the other hand, pays for itself — and more. “All I’m advocating for is an appropriate balance,” said Farris, who has a master’s degree in urban planning from Clemson University. Farris says Greenville County is already at a disadvantage compared to Spartanburg and Anderson counties when it comes to recruiting industry because those counties have more industrial land fronting or close to Interstate 85. He isn’t recommending exactly how to generate the public-sector contributions to the fund, saying he’ll leave that to members of County Council if they decide to proceed with the idea. His plan does call for the fund to be self-perpetuating, with proceeds from the sale of property developed through the fund put back into the fund to be available for future deals. The GADC board is expected to decide on Feb. 1 whether to recommend the idea to County Council. County Council Chairman Butch Kirven, a member of the GADC board, said he expects the idea to be “very well received” by County Council if the GADC board votes unanimously to recommend it. “We don’t want to get into a situation where Greenville County becomes a bedroom community and all the jobs are going elsewhere,” Kirven said, “because that would put a tax burden on the homeowners.” Regarding the rezoning that Farris objected to, Kirven said the property
Matrix Parkway
GE Aviation
“would have made a wonderful industrial site.” GADC’s main supply of sites for new factories now is the Augusta Grove industrial park along U.S. 25 in southern Greenville County. That park was developed by the county in the late 1990s and owned and operated by the county until last year when the remaining 709 undeveloped acres were bought by a joint venture of the county and various private-sector investors, including TPA Group of Atlanta. The county retains a 40 percent stake. Farris said he’s glad to be able to market Augusta Grove — and a 331,850-square-foot “spec” building that TPA Group and partners are constructing there — but the county needs more industrial sites to meet today’s demand, as well as tomorrow’s. “This process is about 2030. It’s not about 2017,” Farris said. “It’s about making sure that we’ve got an inventory of property so we can continue having good years.”
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‘Make a difference that is distinctly yours’ Chick-fil-A exec shares insights on curating a brand By JORDAN RUMSEY Multimedia producer, GVLToday
When Joe Erwin left Erwin Penland, he didn’t leave the creative community. He had a plan to bring people and ideas together through an umbrella company called Erwin Creates. Meet Endeavor: 20,000 square feet of co-working space in the ONE building dedicated to helping people work, gather, and connect. The location includes six lockable offices, around 12 private desks, and open space for up to 50 people. Erwin’s goal for the co-working space is to cultivate a community among professionals and companies
that wouldn’t necessarily know to work together without running into each other at Endeavor. The goal? Entrepreneurial involvement. Along with a variety of memberships (varying from daytime memberships to lockable offices), Endeavor hosts monthly events called Collaborators & Cocktails. These networking events feature special guests from Erwin’s extensive business contacts to provide mentoring and help foster potential development opportunities. The goal? Shared success. Speaking from experience working for well known, admired brands, guest speakers share tips on their creative processes and entrepreneurial journeys. At last week’s Collaborators & Cocktails, Chick-filA's New Ventures Senior Director John Featherston discussed using physical space to create brand loyalty. Since that space (or restaurant in this case) is actually where people experience and engage with the brand, it’s important to make that experience memorable. “Make the difference that is distinctively yours,” Featherston said. Chick-fil-A’s own brand identity revolves around customer service, but it isn’t just the people who deliver the service. The lighting, the open seating, and the surroundings (colors, artwork, placement) in every restaurant are a part of that identity. It’s up to the team to focus on a service culture to match the brand and achieve results. “Pick something you would like to be very true of you and make yourself about 10 percent more of that this year,” he said.
COLLABORATORS & COCKTAILS
These events are free for Endeavor members and $25 for nonmembers. Register in advance, because tickets are limited. The event starts with networking at 5 p.m., with the speaker giving a presentation and Q&A session at 5:45 pm.
The upcoming event dates and speakers are: FEBRUARY 21 Jonathan Gantt, director of new & creative media, and Joe Galbraith, assistant athletic director/communications, Clemson University Athletics The marketing team of the 2017 College Football National Champions will share tips on how they drive fan engagement, recruit more players, support the development of facilities, and use success to help nonprofits. MARCH 30 Fabio Tambosi, global football brand marketing director, Nike As a leading voice of this iconic brand, this Clemson alum will share how Nike harnesses the power of its athletes to connect to its global consumer base. Ticket information: Contact endeavor@endeavorgreenville.com.
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MOVERS, SHAKERS AND DISRUP TORS SHAPING OUR FUTURE
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An Effectual Prediction Since you can’t predict the future, you should try to create it By MATT DUNBAR Managing Director, Upstate Carolina Angel Network
In the early part of each new year, experts and opinion leaders in many fields customarily offer their predictions for what will transpire in the 12 months to come. Of course, the world of venture capital and entrepreneurship is not immune to prediction season, as I was reminded last week at a venture outlook conference for entrepreneurs in Raleigh. The packed event included a distinguished group of very well-respected and accomplished venture investors. While their outlooks for 2017 varied somewhat, there seemed to be general agreement on a slowing of overvalued venture capital investments, an increase in acquisition and IPO activity, and the continued inexorable progress of dogged entrepreneurs finding ways to solve problems and create value. All of which are healthy potential indicators for innovators and investors in the year ahead. In each case, I’m generally inclined to agree. However, I’ve learned to grow skeptical of trusting my own predictions. My reading list of late has included several books and articles that probe our cognitive biases — including our overconfidence bias — and so I revisited Nassim Taleb’s book “The Black Swan.” Taleb points out that while most of life occurs in that reasonably steady, predictable area in the center of bell curve probabilities, the really impactful stuff happens way out in the tails of the curve — and those things are inherently unpredictable (although in hindsight we think they could have been anticipated — another bias). In a subsequent book, “Antifragile,” Taleb goes on to explain that since we can’t predict what the truly impactful events will be, nor when they will happen, we can work instead toward positioning ourselves and our organizations to gain from that stress rather than remaining fragile in the face of it. He coined the new term “antifragile” to describe systems that gain from volatility. As I was listening to the insightful predictions at the venture conference,
I was also thinking about the entrepreneurs we work with who, according to Taleb, can’t predict the future — and what they should do about it to help them become antifragile. Since I too am a poor prognosticator, rather than offering predictions for this year, I’ve chosen instead to offer new and aspiring entrepreneurs some unsolicited advice: Since they can’t predict the future, they should create it. That’s the essence of what entrepreneurs do, and that’s the lesson from another insightful thinker named Saras Sarasvathy, who has done groundbreaking research on “what makes entrepreneurs entrepreneurial.” Sarasvathy says that true entrepreneurs don’t have to rely on predicting the future, because they set to work finding ways to shape it. In traditional “causal” management, the process starts with a stated goal (say, 10 percent revenue growth), and then managers marshal resources to meet the target. But in effectual thinking, the entrepreneur flips that logic on its head. The entrepreneur doesn’t start with the narrow goal, but rather begins by considering the means already available to her (who I am, what I know, and who I know) and then experiments with combining those inputs to determine what valuable new thing might emerge.
While most of life occurs in that reasonably steady, predictable area in the center of bell curve probabilities, the really impactful stuff
happens way out in the tails of the curve.
So therein lies my advice to entrepreneurs and my addition to the litany of predictions for 2017: Predictions will continue to be risky business, and at UCAN and VentureSouth, we’ll be looking to invest in effectual and antifragile entrepreneurs who are creating the future. (P.S. We’re also seeking more investors to join us in this unpredictable adventure! Learn more at venturesouth.vc.)
fruit into something more appealing. In other words, he learns to gain from volatility, as Taleb would say — or in the lingo of the day in startups, he is willing to pivot when necessary. • Finally, instead of spending isolated time analyzing potential competitive risks, the entrepreneur employs the “crazy quilt” principle to weave together partnerships with people and organizations willing to help craft the new future.
In short, effective entrepreneurs are effectual doers.
With a mindset of controlling the controllable, the entrepreneur leans on four additional principles: DEMOLITION • The “bird in hand” principle means the entrepreneur starts to take action with the means and resources available without waiting for the perfect plan or We will timing. • Unlike the myth of the risk-seeking entrepreneur who bets it all, the “affordable loss” principle suggests the entrepreneur take incremental steps with limited downside — not risking more than she can afford to lose. • The entrepreneur also embraces surprises and setbacks, using the “lemonade” principle to turn sour
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2.3.2017
Leading a Multigenerational Workforce By MANFRED GOLLENT CEO, QLI International
The other day I got two acquaintances together over lunch. One was a seasoned, highly experienced consultant in health, environment, and safety with excellent credentials, about my age (i.e., a baby boomer). The other was a bright young professional, a manager at one of the large companies here in the Upstate on the fast track to leadership. Our conversation touched on many different business issues, but at one point, the young manager asked me why I, as an executive business coach, have such an interest in millennials. “Because it is very important that we focus on millennials the right way,” was my somewhat enigmatic response. My older friend added that there is probably too much fuss about generations and millennials. I steered the conversation back to other topics, but that exchange illustrated the importance of addressing gener-
ational misconceptions. Not recognizing the differences between the generations and being unwilling to create a better understanding between them causes rifts, unnecessary tensions, and serious leadership challenges. If we ignore that, we as current leaders will fail our organizations and potentially cause significant economic harm. The challenge is not the millennials but the actual mix of a multitude of generations, each with their specific characteristics, affecting community life and the workplace. This mix creates new, additional demands on leaders — and consequently leadership development.
A FIRST IN HUMAN HISTORY We live in a unique period. This is the first time in human history that we have the active participation of four distinct generations in the workplace. Historically, generational characteristics have changed much more slowly. For example, the Middle Ages generation lasted for almost five centuries, and the Renaissance generation lasted two or three centuries. Even the Industrial Revolution
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TALKIN’ ’BOUT THE GENERATIONS BABY BOOMERS:
Born 1945-1964 66 million+ in U.S. 29% of current workforce
GENERATION X:
Born 1964-1984 66 million in U.S. 34% of current workforce
MILLENNIALS (GENERATION Y): Born 1984-2000 90 million + in U.S. 34% of current workforce Source: Pew Research
generation lasted about 120 years. Advances in travel, individual mobility, flow of information, advanced education, and modern communication infrastructure have accelerated the change of characteristics — thereby shortening the span of a distinct generation. This raises several questions:
• What are the current generational groups? • Why are generational differences so challenging for today's leaders? • How do these differences manifest themselves? • As a leader, how should I deal with those differences in the most productive way? • How can I create the best organizational output? • Is there an upside to the generational divide? WHO ARE THE GENERATIONAL GROUPS CURRENTLY IN THE WORKPLACE? While not actively in the workplace anymore, there is the so-called Greatest Generation, which came before the baby boomers. Due to age, that generation has become very small. However, while not actively in the workplace, their lasting impact on the work environment is still felt in places. Currently, the initial relevant generation in the workplace is the “baby boomers,” born between 1945 and 1964. There are now a little more than 60 million in the U.S. and they still hold some 50 percent of upper-echelon leadership positions. A key challenge is the rapid retirement of baby boomers,
leading to a brain drain of very valuable knowledge and expertise. To manage a productive process of transferring that important knowhow to millennials is one of the leadership challenges of a multigenerational landscape. Then comes Generation X, born between 1965 and 1984 (although some experts suggest 1981 as the end date). Gen X is a smaller generation in sheer volume and will not be able to fill the ranks of retiring boomers. However, the Xers are now in the prime of their working lives and are stepping up in the leadership ranks, making their mark. Next is the largest generational group — Generation Y, aka millennials, born between 1984 and 2000, with some experts suggesting 2004 as the turning point. This group represents more than 90 million people in the U.S., and they will represent 75 percent of the active workforce by 2025. We must take our millennials seriously. The changes they initiate will create a profound impact on our society. They are going to create an exciting new world. Unfortunately, my more mature peers often complain about millennials as being lazy, needy, and self-absorbed. Such a patronizing and sarcastic approach — especially from leaders — is not going to be productive. We, the baby boomers and early Gen X, have created and molded the millennials. They are the product of our influences as parents and the environment we created for them. Last, there is the Generation Z, aka post-millennials or the “iGeneration,” soon starting to enter their work lives. Gen Z’s identity is still evolving, but two characteristics stand out already: technology-savviness and “living in the internet.”
NEXT STEPS Effective leaders recognize that a differentiated approach is needed to maximize the potential of different generations. To lead with impact, one needs to get a better understanding of the specific characteristics common to each generational group. If we consider the extensive variety and the intrinsic characteristics of each generation, we can better understand active and latent frictions important for improved results. Look for future columns, where I will elaborate on the specific characteristics of each generation and provide some practical leadership ideas.
2.3.2017
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upstatebusinessjournal.com
INSIDE THE UPSTATE’S NETWORKING AND SOCIAL SCENE
ONE SPARTANBURG LAUNCH Last Tuesday, Spartanburg officials publicly launched the One Spartanburg initiative at the Chapman Cultural Center. The strategic plan is intended to provide the framework for efforts that seek to boost the cultural and economic prosperity of the community, and elevate the lives of its citizens for decades to come.
| SOCIAL SNAPSHOT | 23
24 | ON THE MOVE |
UBJ
PLAY-BY-PLAY OF UPSTATE CAREERS
HIRED
HIRED
HIRED
HIRED
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2.3.2017
HIRED
ELEANOR VAUGHN
KRISTEN CLARKE
STEPHEN WATKINS
ANGELA REID
ED TEAGLE
Joined Greenville Literacy Associate as development coordinator. Vaughn will oversee fundraising event and initiatives, support marketing and communications, and assist with grant writing. Most recently, she was an English instructor with Wetzel Languages. Prior to that, she helped execute events with La Bastide at the Cliffs Communities and worked as an overseas marketing contractor for Pong Research.
Joined McCrory Construction as a project engineer assigned to the Duke Energy Operations Training Center. A graduate of Appalachian State University, Clarke won the school’s Building Science Program Leadership Award and the Professional Construction Estimators Award. In addition, her team took second place in the Associated Schools of Construction’s regional design-build competition.
Joined McCrory Construction as a project manager in the Upstate South Carolina office. Watkins has nearly 30 years of experience in the construction industry and is currently assigned to the Duke Energy Operations Training Center. He holds a bachelor’s degree in construction science and management from Clemson University.
Joined Caldwell Banker Caine as a residential sales agent. She spent the past 16 years raising her two children while also maintaining a small catering business. She moved to Greenville in 2004 after living in Colorado, where she was an assistant to a top-producing Realtor. She attended Georgia Southern University.
Joined Colliers International as a building engineer for the Wells Fargo Center. Teagle has more than 22 years of professional experience in commercial property management, operations, maintenance, and engineering. He has extensive experience with HVAC and energy management systems, LEED Gold and high-rise office buildings, and maintaining and operating all mechanical and electrical equipment.
VIP Michael Ian Fanning Michael Ian Fanning, who recently retired as Michelin North America’s director of sustainable development, has been elected president of the Business Partnership Foundation for the Darla Moore School of Business at the University of South Carolina. Fanning began his role as president on Jan. 23 and brings nearly four decades of communications and executive experience to the BPF. Fanning joined Michelin North America in 1999 and in 2000 became vice president of corporate affairs. In 2011 he moved to France to lead the company’s global program in sustainability from Michelin’s worldwide headquarters. He returned to the United States in 2015, where he led Michelin’s sustainable development efforts in North America.
LAW FIRM
Wyche P.A. has added four new attorneys to the firm. Michael Brearley, Camden Navarro Massingill, and Chris Schoen have joined Wyche as associates. Chad LaBruyere has joined as an of counsel attorney. Massingill’s practice includes counseling and assisting clients on a broad range of labor and employment matters, including all facets of workplace-related litigation in federal and As your Re state courts. Schoen focuses his practice on First Amendment media defense, intellectual property disputes, False Claims assists com Act cases, and a range of other complex litigation, including CORPOR shareholder oppression, catastrophic personal injury, and Having li antitrust litigation. With 12 years of private practice and in-house counsel experience, LaBruyere represents clients years, V in labor and employment, litigation, and general corporate you SA and transactional matters.
>> TO
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2.3.2017
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BUSINESS BRIEFS YOU CAN’ T MISS
Clemson University wins more than $420,000 grant for textile manufacturing innovation
| THE FINE PRINT / NEW TO THE STREET | 25
Open for business 1
The Walmart Foundation and the U.S. Conference of Mayors announced Clemson University as one of this year’s U.S. Manufacturing Innovation Fund grant recipients. The Foundation granted $422,549 to Clemson University for their proposal to create a more sustainable water- and oil-repellent fabric process. The process will significantly reduce costs while using no additional finishing chemistry, significantly reducing the amount of fluorochemistry required. Clemson University is one of six universities that will collectively receive nearly $3 million in grants from the fund this year to support research proposals that strive to create new manufacturing technologies and reduce the cost of producing goods in the U.S. with the ultimate goal of creating jobs that support America’s growing manufacturing base.
Greenville Chamber announces partnership with Nika White Consulting The Greenville Chamber announces its new partnership with Nika White Consulting effective Feb. 1. White has served as a vice president for the Greenville Chamber since the organization launched its diversity and inclusion initiative in August 2012. The Chamber’s diversity and inclusion programming and efforts will expand in 2017, with White serving as senior advisor to the Greenville Chamber’s Diversity and Inclusion Initiative. In addition to the Minority Business Accelerator, ATHENA and ACE Leadership Symposiums, Hispanic Business Council, and the popular NETnight programming, all initiated under White’s leadership, the Chamber will host its inaugural Diversity Summit in October 2017.
Photo provided
1. The Salvation Army of Greenville Area Command opened its new administrative office building at 501 Rutherford St. Pictured (from left to right) are Amy Ryberg Doyle, Major Pete Costas, Major Cathy Costas, Ginny Beach, Major John Birks, and Rachel Wilkes.
CONTRIBUTE: Know of a business opening soon? Email information to aturner @communityjournals.com.
>> REAL ESTATE
MARKETING
Coldwell Banker Caine recognized its top-producing agents in property sales and listings from November through the Circle of Excellence program. The Circle of Excellence distinction is awarded to agents within the company’s five offices — Easley, Greenville, Greer, Seneca, and Spartanburg — and celebrates $1 million in listing or closing volume, or four units listed or closed. Circle of Excellence agents achieving $1 million in listing/closing volume or four listed/closed units include Andrew Little, Donna Morrow, Faith Ross, Francie Little, Heather Durbin, Helen Hagood, Jacob Mann, Jake Dickens, Jennifer Simms, JoAnn Williams, Spencer Ashby, Karen Mascaro, Kiersten Bell, Lynn West, Marshall Jordan, Mike Dassel, Pat Loftis, Susan Reid, Trey Boiter, and Virginia Abrams.
VantagePoint Marketing has been named one of Chief Marketer’s 2017 B2B Top Shops, a listing of the top business-to-business marketing agencies in the country. Locally based VantagePoint is a B2B marketing and advertising agency serving local and national clients in food service, transportation, and other industries. The agency has previously been recognized as an eight-time Agency of the Year by the Business Marketing Association of the Carolinas and a BtoB Magazine Top Agency.
JOY Real Estate announces its top-performing agents for the Greenville area during the month of November 2016. Listing units: Sherry Bruce, Jo Singleton, and Sandra Johnson. Listing Volume: Michael McGreevey, Leah McGee, and Jo Singleton. Sales units: Betty Jo Pearce, Marcia Simmons, and Jill Pearce. Sales volume: Marcia Simmons, Jill Pearce, and Veronica Posey.
HEALTH CARE Clemson University’s School of Health Research (CUSHR) has appointed eight Greenwood Genetic Center (GGC) faculty members as clinical professors within the school. From the Greenwood campus of GGC, Luigi Boccuto, Chin-Fu Chen, Charles Schwartz, Steve Skinner, Anand Srivastava, Roger Stevenson, and Tim Wood have received appointments to CUSHR, along with Walter Kaufmann of GGC’s Greenville office. Through CUSHR, Clemson is partnering with health care systems, including GGC, to offer clinical opportunities for students and researchers, as well as to collaborate on a variety of health-related research agendas.
CONTRIBUTE: New hires, promotions & award winners may be featured in On the Move. Send information and photos to onthemove@upstatebusinessjournal.com.
26 | #TRENDING |
UBJ
INFORMATION YOU WANT TO KNOW
OVERHEARD @ THE WATERCOOLER >Larry Durham “As in, there are a dozen or more Greenvilles, but only ONE Spartanburg? Clever.”
JANUARY 27, 2017
| VOL. 6 ISSUE 4
PLANNING 15 MONTHS OF BUDGET $5.15 MILLION LETE 5 YEARS TO COMP S 297,302 CITIZEN
AT AN INSIDE LOOK S PLAN THE AMBITIOU M TO TRANSFOR THE COUNTY
CROOKS PHOTO BY WILL
DIGITAL FLIPBOOK ARCHIVE >> The layout of print meets the convenience of the Web. Flip through the digital editions of any of our print issues, and see them all in one place. >> upstatebusinessjournal. com/past-issues
>> WEIGH IN @ THE UBJ EXCHANGE >Nika White “I’m excited for Spartanburg. When any county in the Upstate S.C. thrives, the entire state is elevated!” >Bert Barre “The future can be nothing but bright with a launch like that. Thanks Allen Smith and Todd Horne and everyone involved in #onespartanburg.” >Mott Bramblett “I’m all in for Spartanburg!”
>> CONNECT WITH US We’re great at networking. LINKEDIN.COM/COMPANY/ UPSTATE-BUSINESS-JOURNAL
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Got something to offer? Get it off your chest. We’re looking for expert guest bloggers from all industries to contribute to the UBJ Exchange. Send posts or blog ideas to mwillson@communityjournals.com
RE: GREENVILLE COUNTY SOLICITING PROPOSALS TO REDEVELOP COUNTY SQUARE
@CWHaire
@arielhturner
@AndersonTrev
@daviddykes
@jamesandrewmoore
@melindagyoung
@DolphBell
@EPietras_GVL
@clandrum
@jerrymsalley
The Top 5 stories from the past week ranked by shareability score
>> 388
1. One Vision, One Spartanburg
>> 181 2. Upscale home décor concept SPRUCE Curated Interiors will open in Spartanburg
>> 152 3. Greenville County soliciting proposals to redevelop County Square
>> 121 4. Lear Corp. will invest $7.7 million to expand Spartanburg County operations
>> 119
>Sam Ligon “Build a robust office building, not in height but footprint to accommodate all. This will leave acreage for development styled after the School for the Arts. Maybe even space for the federal court house.”
5. Joe’s Place bookstore moving from Main Street to Pettigru District
>Don Dillard “Just upgrade what you have. Why destroy the site? I don’t get it. Well, yes I do. There are leaders in Greenville who are just interested in how our city looks. Let’s concentrate on function over form.”
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>Joey Burton “Great opportunities ahead for this site. Just because it can be developed doesn’t mean it should be developed all at once.” >Harold Sargent “Would be a good place for a convention center. Downtown, hotels, parking, restaurants.”
@UPSTATEBIZ
2.3.2017
BIZ BUZZ
Distilled commentary from UBJ readers
RE: ONE VISION, ONE SPARTANBURG
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>Aaron Janicz “What about parking for Greenville Drive games?” >John Malik “I’m predicting a giant QT.” >Peter Gorham “We need a Target downtown!”
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DATE
EVENTS YOU SHOULD HAVE ON YOUR CALENDAR
| PLANNER | 27
EVENT INFO
WHERE DO I GO?
HOW DO I GO?
How The Trump Presidency Will Affect HR in 2017 with Ogletree Deakins attorney Stephen Woods
Human Technologies 105 N. Spring St., Ste. 200 8:30–9 a.m.
Cost: Free and open to the public For more info: bit.ly/2j2maSQ
Leadership Laboratory
Clemson’s Center for Corporate Learning 1 N. Main St., 7th floor 8 a.m.–5 p.m. (2 p.m. on Friday)
Cost: $1,500 For more info: thinkclemson.com/programs/leadership-lab
Small-Business Tax Workshop
Greenville Area Small Business Dev. Center Cost: $15 124 Verdae Blvd. #202 For more info: 370-1545, ranceb@ 9 a.m.–3 p.m. clemson.edu, bit.ly/clemson-taxworkshop
Public Relations Workshop
Sidewall Pizza 99 Cleveland St. 9:30–11:30 a.m.
Cost: $25 For more info: scsbdc.com, 370-1546, clemsonsbdc@clemson.edu
CREW Upstate's February Luncheon
Poinsett Club 807 E. Washington St. 11:30 a.m.–1 p.m.
Cost: $20-30 For more info: bit.ly/2j9fSCH
2/15
Coffee & Conversation: Revitalizing the Textile Crescent
Upstate SC Alliance Office 124 Verdae Blvd., Ste 202 8–9 a.m.
Cost: Free to members; others contact LScoggins@upstatealliance.com. For more info: bit.ly/2jO5f5i
Tuesday
Collaborators & Cocktails: Jonathan Gantt, director of New & Creative Media, and Joe Galbraith, assistant athletic director/communications of Clemson University Athletics
ONE Main Building 1 N. Main St., 4th floor 5–7:15 p.m.
Cost: Free to members, $25 for registered guests. For more info: Endeavor@EndeavorGreenville.com
Clemson University's Men of Color Summit: TIckets available now
TD Convention Center 1 Exposition Drive 8 a.m.–5 9.m.
Cost: $249 (thru 2/28), $329 (thru 4/15) For more info: clemson.edu/inclusion/ summit, menofcolorsummit@clemson.edu
Friday
2/3 Wednesday-Friday
2/8-2/10 Wednesday
2/8 Thursday
2/9 Thursday
2/9 Wednesday
2/21 Thursday-Friday
4/27-4/28
CONTRIBUTE: Got a hot date? Submit event information for consideration to events@upstatebusinessjournal.com.
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FEBRUARY 17 THE DIVERSITY ISSUE There’s room for the whole spectrum of backgrounds, ideas and talents.
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UBJ milestone jackson Marketing Group’s 25 Years 1988 Jackson Dawson opens in Greenville at Downtown Airport
Bo Leslie | Tammy Smith
Mark B. Johnston mjohnston@communityjournals.com Ryan L. Johnston rjohnston@communityjournals.com
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
UBJ milestone
Holly Hardin Kristy Adair | Michael Allen
1988
1997 Jackson Dawson launches motorsports Division 1993
1990 Jackson Dawson
acquires therapon marketing Group and moves to Piedmont office Center on Villa.
>>
with a majority of them utilizing the general aviation airport as a “corporate gateway to the city.” In 1997, Jackson and his son, Darrell, launched Jackson Motorsports Group. The new division was designed to sell race tires and go to racetracks to sell and mount the tires. Darrell Jackson now serves as president of the motorsports group and Larry Jackson has two other children and a son-in-law who work there. Jackson said all his children started at the bottom and “earned their way up.” Jackson kept the Jackson-Dawson branches in Detroit and others in Los Angeles and New York until he sold his portion of that partnership in 2009 as part of his estate planning. The company now operates a small office in Charlotte, but its main headquarters are in Greenville in a large office space off Woodruff Road, complete with a vision gallery that displays local artwork and an auditorium Jackson makes available for non-profit use. The Motorsports Group is housed in an additional 26,000 square feet building just down the street, and the agency is currently looking for another 20,000 square feet. Jackson said JMG has expanded into other verticals such as financial, healthcare, manufacturing and pro-bono work, but still has a strong focus on the auto industry and transportation. It’s
Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff
Jackson Marketing Group celebrates 25 years By sherry Jackson | staff | sjackson@communityjournals.com
Solve. Serve. Grow. Those three words summarize Jackson Marketing Group’s guiding principles, and according to owner Larry Jackson, form the motivation that has kept the firm thriving for the past 25 years.
Jackson graduated from Bob Jones University with a degree in video and film production and started his 41-year career in the communications industry with the U.S. Army’s Public Information Office. He served during
Vietnam, where he said he was “luckily” stationed in the middle of Texas at Fort Hood. He left the service and went to work in public affairs and motorsports at Ford Motor Company in Detroit. After a stint at Bell and Howell, where he was responsible for managing Ford’s dealer marketing and training, the entrepreneurial bug hit and he co-founded Jackson-Dawson Marketing Communications, a company specializing in dealer training and product launches for the auto industry in 1980. In 1987, Jackson wanted to move back south and thought Greenville would be a good fit. An avid pilot, he
learned of an opportunity to purchase Cornerstone Aviation, a fixed base operation (FBO) that served as a service station for the Greenville Downtown Airport, providing fuel, maintenance and storage. In fact, when he started the Greenville office of what is now Jackson Marketing Group (JMG) in 1988, the offices were housed on the second floor in an airport hangar. “Clients would get distracted by the airplanes in the hangars and we’d have to corral them to get back upstairs to the meeting,” Jackson said. Jackson sold the FBO in 1993, but says it was a great way to get to know Greenville’s fathers and leaders
>>
2003 motorsports Division acquires an additional 26,000 sq. ft. of warehouse space
1998 1998 Jackson Dawson moves to task industrial Court
also one of the few marketing companies in South Carolina to handle all aspects of a project in-house, with four suites handling video production, copywriting, media and research and web design. Clients include heavyweights such as BMW, Bob Jones University, the Peace Center, Michelin and Sage Automotive. Recent projects have included an interactive mobile application for Milliken’s arboretum and 600-acre Spartanburg campus and a marketing campaign for the 2013 Big League World Series. “In my opinion, our greatest single achievement is the longevity of our client relationships,” said Darrell Jackson. “Our first client from back in 1988 is still a client today. I can count on one hand the number of clients who have gone elsewhere in the past decade.” Larry Jackson says his Christian faith and belief in service to others, coupled with business values rooted in solving clients’ problems, have kept
2009 Jackson Dawson changes name to Jackson marketing Group when larry sells his partnership in Detroit and lA 2003
2009-2012 Jackson marketing Group named a top BtoB agency by BtoB magazine 4 years running
him going and growing his business over the years. He is passionate about giving back and outreach to non-prof non-profits. The company was recently awarded the Community Foundation Spirit Award. The company reaffirmed its commitment to serving the community last week by celebrating its 25th anniversary with a birthday party and a 25-hour Serve-A-Thon partnership with Hands on Greenville and Habitat for Humanity. JMG’s 103 full-time employees worked in shifts around the clock on October 22 and 23 to help construct a house for a deserving family. As Jackson inches towards retirement, he says he hasn’t quite figured out his succession plan yet, but sees the companies staying under the same umbrella. He wants to continue to strategically grow the business. “From the beginning, my father has taught me that this business is all about our people – both our clients and our associates,” said his son, Darrell. “We have created a focus and a culture that strives to solve problems, serve people and grow careers.” Darrell Jackson said he wants to “continue helping lead a culture where we solve, serve and grow. If we are successful, we will continue to grow towards our ultimate goal of becoming the leading integrated marketing communications brand in the Southeast.”
2011 Jackson marketing Group/Jackson motorsports Group employee base reaches 100 people
2008 2012 Jackson marketing Group recognized by Community Foundation with Creative spirit Award
pro-bono/non-proFit / Clients lients American Red Cross of Western Carolinas Metropolitan Arts Council Artisphere Big League World Series The Wilds Advance SC South Carolina Charities, Inc. Aloft Hidden Treasure Christian School
CoMMUnitY nit inVolVeMent nitY in olV inV olVe VeMent & boarD positions lArry JACkson (ChAirmAn): Bob Jones University Board chairman, The Wilds Christian Camp and Conference Center board member, Gospel Fellowship Association board member, Past Greenville Area Development Corporation board member, Past Chamber of Commerce Headquarters Recruiting Committee member, Past Greenville Tech Foundation board member
MARCH 17 THE INNOVATION ISSUE What’s the big idea(s)?
David Jones (Vice President Client services, Chief marketing officer): Hands on Greenville board chairman mike Zeller (Vice President, Brand marketing): Artisphere Board,
Metropolitan Arts Council Board, American Red Cross Board, Greenville Tech Foundation Board, South Carolina Chamber Board
eric Jackson (Jackson motorsports Group sales specialist): Salvation Army Boys & Girls Club Advisory Board
November 1, 2013 Upstate bUsiness joUrnal 21
20 Upstate bUsiness joUrnal November 1, 2013
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“SVN provides effective Commercial Real Estate solutions with National Reach and Local Expertise.” FEATURED DEALS Q4 2016: • Office; SVN Blackstream leased 2,060 SF of office space to MCS Recruitment, LLC, a staffing company out of Savannah, Georgia. This is the first location for MCS in Greenville, located at 5 Century Drive (Century at Keith Office Park). • Office; SVN Blackstream leased 1,500 SF of office space to Aiut, Inc, an automation and robotics technology company based out of Poland. Now located at 5 Century Drive in the Century at Keith Office Park. • Retail; SVN Blackstream leased 1,500 SF of retail space at 1401 Woodruff Road to Wade Jurney Homes – a private residential home builder. This will be the first new home studio for WJH in Greenville, opening in Spring of 2017. • Retail; SVN Blackstream represented Golden Llama Rotisserie & Grill in the lease of 1,600 SF of retail space at 2607 Woodruff Road. This will be the second location for Golden Llama, opening in Spring of 2017.
Ryan Robertson & Kristina Lane head the SVN | Blackstream Leasing Team, specializing in Commercial Landlord Representation, Tenant Representation, Redevelopment, and Re-Positioning Property Assets.
• Retail; SVN Blackstream represented Crepe Du Juor, a new authentic French Crepery concept, in leasing 2,863 SF at 20 S. Main Street in Downtown Greenville. • Retail; SVN Blackstream represented one the of the largest Verizon retailers in the lease of 1,774 SF in Downtown Greenville, at 103 N Main Street.
Full-service commercial real estate division of BLACKSTREAM, LLC. All SVN offices are independently owned and operated.
To reach a Leasing Specialist call
Ryan 864-706-8740
|
Kristina 864-359-9940
• Retail; SVN Blackstream represented the Landlord in the purchase and lease of 2,000 SF at 1268 Pendleton Street. The Village will now be home to Neo Burrito, an Asheville, NC based restaurant.