Oct
25

Considering a Property Tax Appeal?

By · Comments Comments Off on Considering a Property Tax Appeal?

money countingIt is that time of the year. Property tax bills will be arriving shortly, which generally leads to property owners wondering if they are being assessed fairly. I can help analyze your commercial real estate or high-value residential property tax bill to determine if an appeal is warranted.

Call me and let’s see if we can get that property tax bill reduced.

Michael Dodds, MAI, CCIM  (803) 960-8783

 

 

Categories : Uncategorized
Comments Comments Off on Considering a Property Tax Appeal?
Oct
25

Rock Hill Considering Self Storage Moratorium

By · Comments Comments Off on Rock Hill Considering Self Storage Moratorium

self-storage3The city of Rock Hill could close the door on new self-storage and mini warehouse businesses for six months.

The Rock Hill City Council voted Monday night to put a moratorium on new storage sites, and to limit areas where they might be allowed in the future. Both votes were preliminary, and each require a second vote before they are final.

“I don’t know if this is a fad or what, but it’s just been a proliferation of these things popping up inside the city and outside the city,” said Councilman John Black.

City attorney Paul Dillingham, who presented the two proposals to council for an initial vote, said the moratorium would be 180 days. It would give the city manager and planning staff time to study zoning rules and districts, he said. They could consider zoning changes to make sure storage sites are “compatible with existing businesses” in their area, he said.

READ MORE HERE

Categories : Rock Hill
Comments Comments Off on Rock Hill Considering Self Storage Moratorium
Sep
19

Norvell Real Estate Group Announces Transactions

By · Comments Comments Off on Norvell Real Estate Group Announces Transactions

norvell logoFrank Norvell, SIOR represented the seller, RCF Ashley Center, LLC in the $16,900,000 sale of Ashley Center, a 70,0000 SF Class A office building located at 4401 Belle Oaks Drive, N. Charleston. The buyer was represented by Chris Fraser of Avison Young.

Frank Norvell represented the Landlord, Pelham LP, in the 5,400 SF lease renewal of HF Services, Inc. at Bridgeport Center I, 210 Wingo Way, Mt. Pleasant. The tenant was represented by Charlie Carmody or CBRE.

Drayton Calmes represented Environment Resource Management in their 3,700 SF lease at Gateway Mount Pleasant office building.

Drayton Calmes represented the buyer, Benbrooke North Village, LLC in the $2,650,000 sale of North Village Shopping Center located at 6877 Dorchester Rd, N. Charleston. The seller was represented by Blair Belk and Trey Lucy of Belk | Lucy.

Drayton Calmes represented the Landlord, Benbrooke Creekside Partners, LLC in a 5,059 SF lease to Cirque Salon Studios at Creekside Shopping Center, 205 N. Goose Creek Blvd, Goose Creek, SC. Tenant was represented by Trey Lucy of Belk | Lucy.

Drayton Calmes represented the Landlord, Benbrooke Dorchester Partners, LLC in a 6,500 SF lease to Star Beauty at Evanston Plaza, 5335 Dorchester Rd, N. Charleston.

Categories : Charleston
Comments Comments Off on Norvell Real Estate Group Announces Transactions
Sep
19

Avison Young Announces Greenville Transactions

By · Comments Comments Off on Avison Young Announces Greenville Transactions

avison young logoAvison Young commercial real estate has announced the following transactions:

  • Rakan Draz and John Odom represented WFC Travelers Rest, LLC in the leasing of 1400 sf of retail space located at 2 Benton Road, Suite H in Greenville, South Carolina, to Retail Group Investment, LLC. Anthony Gaito of RealtyLink, LLC represented the Tenant.
  • Rakan Draz and John Odom represented Barmen, LLC in the leasing of 1,444 sf of retail space located at 220 East Coffee Street in Greenville, South Carolina, from Stone Family Properties.
Categories : Greenville
Comments Comments Off on Avison Young Announces Greenville Transactions
Sep
19

Rock Hill Restaurant Sold by NAI Avant

By · Comments Comments Off on Rock Hill Restaurant Sold by NAI Avant

rockhill328NAI Avant has announced the sale of a ±7,390 SF restaurant located at 2124 Celanese Road in Rock Hill, SC. Senior broker Rob Lapin represented the seller, Land Holding, LLC in the transaction.

Doulaveris Holdings, Inc purchased the building for $575,000, or $77.81 per square foot.

The building is now listed as available for lease for $15.00 per square foot.

Categories : Rock Hill
Comments Comments Off on Rock Hill Restaurant Sold by NAI Avant
Sep
19

Summerville Self Storage Facility Sold

By · Comments Comments Off on Summerville Self Storage Facility Sold

summervillePublic Storage Inc., a self-storage real estate investment trust, has acquired Summerville Self Storage in Summerville, S.C. The property at 11055 Dorchester Road is 23 miles northwest of Charleston, S.C. Built in 2007, and expanded last year, it comprises 53,859 net rentable square feet of storage space in 405 units.

The seller was a partnership between an Austin, Texas-based private company and Absolute Storage Management (ASM), which owns and operates 105 self-storage facilities in 15 states. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston.

Categories : Summerville
Comments Comments Off on Summerville Self Storage Facility Sold
Sep
13

Public Storage Acquires Summerville Self Storage

By · Comments Comments Off on Public Storage Acquires Summerville Self Storage

self-storage3Public Storage Inc. has acquired Summerville Self Storage in Summerville, S.C. The property at 11055 Dorchester Road is 23 miles northwest of Charleston, S.C. Built in 2007 and expanded last year, it comprises 53,859 net rentable square feet of storage space in 405 units.

The seller was a partnership between an Austin, Texas-based private company and Absolute Storage Management (ASM), which owns and operates 105 self-storage facilities in 15 states. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston.

Categories : Charleston, Summerville
Comments Comments Off on Public Storage Acquires Summerville Self Storage
Sep
10

Why Hire Out-of-State Property Tax Consultants?

By · Comments Comments Off on Why Hire Out-of-State Property Tax Consultants?

appeal approvedI get that it is easier to deal with a single point of contact for property tax representation, but some of these national companies do a poor job on properties less than $1.5 million. I recently handled a successful appeal for a community bank and during my research discovered many other branch banks that are over-assessed. When I reached out to the real estate manager for a regional bank, I was told that a firm out of Dallas handles their property tax work. That firm probably does a decent job on the bank’s $40 million headquarters building, but they aren’t going to make the same effort on a 4,500 square foot suburban branch bank. They just aren’t. If you manage a bank’s real estate, I would welcome the opportunity to review your property list. I am very confident that I can reduce your property taxes.

Michael Dodds, MAI, CCIM   (803) 960-8783

Categories : Uncategorized
Comments Comments Off on Why Hire Out-of-State Property Tax Consultants?
Sep
09

Chester County Industrial Building Sold

By · Comments Comments Off on Chester County Industrial Building Sold

ecologyNewmark Grubb Wilson Kibler’s George McCutchen, CCIM, SIOR represented the seller in the recent sale of 23,911 square feet at 564 Ecology Ln. to ShayoNano USA, Inc. The 21.84-acre campus will house SayoNano’s new Chester county operations. The building has clear heights ranging from 42′ to 47′.

ShayoNano develops nanomaterials for use in various commercial applications, including paints and coatings, fire retardants and more. The company’s $14.7 million capital investment is projected to bring approximately 40 new jobs to the community.

“It brings tremendous satisfaction to help a company expand to South Carolina and create jobs, which increase the well-being of those workers, their families, and our whole state,” said McCutchen of the recent sale.

Categories : Chester
Comments Comments Off on Chester County Industrial Building Sold
Sep
04

New Looks, Uses for Old Augusta Mills

By · Comments Comments Off on New Looks, Uses for Old Augusta Mills

Categories : Augusta
Comments Comments Off on New Looks, Uses for Old Augusta Mills
Sep
04

City of Savannah Shedding More Real Estate

By · Comments Comments Off on City of Savannah Shedding More Real Estate

downtown-historic-districtTwo city of Savannah-owned buildings will soon be back in the hands of private designers – one of those for the first time in decades.

With a 6-3 vote in favor, the Atlantic Coast Line building at 601 East Liberty, as well as the Thomas Gamble building right next to City Hall, were sold with a combined net value of just over $17 million. However, not all council members were on board with the sales.

The city approved the sale of the Liberty Street building during last week’s council meeting. The plan is to make it mixed-use, residential, and commercial street-level. The city bought the Atlantic Coast Line building back in 2015 for $3.5 million. Just over three years later, the majority of council approved the sale price of $5.9 million to developer, Standard Companies. This agenda item was the first up for debate, with those opposed stating their reasons why for the record.

READ MORE HERE

Categories : Savannah
Comments Comments Off on City of Savannah Shedding More Real Estate
Sep
03

Florence Hotel Sold and Will be Renovated

By · Comments Comments Off on Florence Hotel Sold and Will be Renovated

ramadaThe Ramada Inn on U.S. 52 near Interstate 95 has been sold to a new hospitality company, which will invest $1 million-plus into a two-phase renovation.

The hotel, which opened on 10 acres in the 1970s as a Holiday Inn, will become a Rodeway Inn & Suites and will then become a Clarion Inn & Suites by the end of the year, according to an announcement.

H&L Hospitality has signed a franchise agreement with Choice Hotels International. Gary Hodgins is the managing partner and Stephen Lam is the general partner of the new company.

The renovated hotel will feature 51 two-bedroom suites along with 20 standard king and 100 standard double-queen rooms for a total of 171 units. The renovation will include the reopening of the extensive restaurant, bar and banquet facilities.

READ MORE HERE

Categories : Florence
Comments Comments Off on Florence Hotel Sold and Will be Renovated
Aug
20

Charleston Residential Real Estate is Setting Records

By · Comments Comments Off on Charleston Residential Real Estate is Setting Records

home-prices-riseCharleston is hitting some interesting records!

Within the last 3 months, Charleston has seen the lowest number of homes for sale in over 10 years (5,236 homes)… the highest median sales price ($274,000)… the highest median price per square foot ($145)… the least median days on market (14).

In short, Charleston continues to max out prices with fewer and fewer homes available, selling faster and faster. Here’s an area by area break-down:

  • This month James Island hit it’s highest average price per square foot ($202/sqft).
  • Last month Mt Pleasant hit over a half-million average sales price ($508,000).
  • North Charleston inside of 526 is steadily becoming more attractive than N. Charleston outside of 526, with a faster increasing $/sqft since January 2018.
  • The Downtown area and Mt Pleasant are the only areas around Charleston showing an increasing number of homes available.
  • The Peninsula inside of Crosstown saw the lowest median price per square since January 2016 ($368/sqft).
  • Summerville continues to show the strongest trend in increasing price per square foot.

Be sure to check out my friend Terry Peterson’s website if you are looking to buy or sell in Charleston.

Categories : Charleston
Comments Comments Off on Charleston Residential Real Estate is Setting Records
Aug
20

What’s Next for All These Vacant Upstate Grocery Stores?

By · Comments Comments Off on What’s Next for All These Vacant Upstate Grocery Stores?

vacant storeSitting at high-traffic intersections along some of the Upstate’s busiest roads, grocery stores and big box retailers are among of the community’s most visible assets — by design.

So when they close, those vacancies stand out like a sore thumb.

Several readers reached out to Upstate Lowdown looking for answers regarding the future of stores like the recently shuttered Bi-Lo on Fernwood Drive in Spartanburg, or properties like the old Ingles near the intersection of Asheville Highway and Pisgah Church Road that has been empty for years. Upstate Lowdown is a Herald-Journal and GoUpstate.com feature that allows readers to ask questions for the newspaper to answer.

But in this case, there are no easy answers. The stores’ parent companies aren’t talking, and commercial real estate agents will tell you that these are tough properties to sell.

READ MORE HERE

Categories : Spartanburg
Comments Comments Off on What’s Next for All These Vacant Upstate Grocery Stores?
Aug
20

Greenville, NC Apartments Sold for $86,345/Unit

By · Comments Comments Off on Greenville, NC Apartments Sold for $86,345/Unit

signature aptsAvison Young announced today that it has brokered the $14.8-million acquisition of Signature Place Apartments located in Greenville, NC.

The property was purchased by CMF Signature Place, LLC, a subsidiary of Carter Multifamily based in Tampa. The sale closed at a price per unit of $86,345.

Signature Place is a 171-unit apartment community located at 410 Beasley Drive, near Vidant Medical Center and East Carolina University (ECU) Health Sciences.
“This asset was uniquely positioned directly across from Vidant’s main campus in Greenville,” comments Cadwallader. “The acquisition provides an exceptional value-add opportunity for our client, and we are excited to see the potential it will bring.” Built in 1980, the property is situated on 15.24 acres near one of Greenville’s most active commercial areas. The complex includes 48 one-bedroom units, 84 two-bedroom units and 39 three-bedroom units. Amenities at the complex include a pool, dog park, courtyard, grilling area, fitness center and clubhouse.

Avison Young’s Craig Cadwallader, Vice President, and Gary Lyons, Senior Vice President, exclusively represented the buyer in the transaction.

Categories : Greenville NC
Comments Comments Off on Greenville, NC Apartments Sold for $86,345/Unit