shoppes at grand dunesBerkeley Capital Advisors has announced the sale of Village Shops at Grande Dunes in Myrtle Beach, SC, a 69,600 square foot shopping center anchored by a Publix, Chipotle, and Starbucks.

Rob Carter, Alex Quarrier, David Webb, and Rad von Werssowetz of Berkeley Capital Advisors represented the sellers in this transaction.

LINK TO DRONE VIDEO TOUR

Categories : Myrtle Beach
Comments (0)

avison young logoYear-over-year industrial absorption in the Upstate climbed from 4% in the first quarter of 2016 to more than 9% in the first quarter of 2017, according to a report from Avison Young.

From the first quarter of 2016 to the first quarter of 2017, nearly 800,000 square feet of industrial space was completed in the market, but the amount of industrial space under construction has dropped to under 100,000 square feet during Q1 2017.

While absorption has risen over the last year, vacancy has remained steady at around 6.9% year over year.

“Vacancy rates have not changed significantly with the amount of new inventory coming to the market,” the report said.

The report noted that the region continued to see build-to-suit projects and the expansion of facilities already in place in the first quarter.

READ MORE HERE

Categories : Greenville, Spartanburg
Comments (0)

elderly_peopleA joint venture between Alex Brown Realty Inc., Wakefield Capital and Affinity Living Group announced development plans for Indigo Hall, a 120,000-square-foot senior housing facility on James Island in Charleston, S.C. The Class A facility is scheduled for completion in June 2018.

Located at 509 Standard Way, Indigo Hall will offer 116 assisted living units and 40 memory care units as well as abundant community spaces. Planned property amenities include a bistro, movie theater, library and gym. The two-story community will accommodate both rehabilitation and therapy services. The property is four miles from the Medical University of South Carolina.

“There is unmet demand for Class A senior facilities in the Charleston area,” said Charles Trefzger, CEO of property manager Affinity Living Group, in prepared remarks. Indigo Hall will be one of the few senior housing options between affluent Kiawah Island and downtown Charleston.

Categories : Charleston
Comments (0)

hff logoHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has closed the $16.25 million sale of an 18.82-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina. Located at 900 St. Albans Drive, this is the third site closed from the St. Albans at Midtown offering.

HFF marketed the site on behalf of the seller, Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. DeWitt Carolinas Inc. (DeWitt) purchased the site, which is adjacent to DeWitt’s separately owned, 161,000-square-foot One Renaissance Center office building and accompanying land site.

The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has nearly 1.1 million square feet of office space, more than 1,800 multifamily units either completed or underway, and more than one million square feet of retail. The site at 900 St. Albans is located less than a half mile from Interstate 440 and, in addition to North Hills, is proximate to executive housing in North Raleigh, the tech hub of downtown Raleigh and Duke Raleigh Hospital. The new owner successfully rezoned the site in May 2017 to allow for development height between seven and 20 stories.

Categories : Raleigh
Comments (0)

NC-MountainsThe entire Highlands-Cashiers Plateau in North Carolina has been drawing people there to get away or retire for generations. It’s a beautiful stretch, set in the Nantahala National Forest, with old growth trees meandering around the Blue Ridge Mountains, serene lakes, rushing streams and picturesque waterfalls.

Because of the higher elevation, the climate is considerably cooler than Atlanta. It’s easy to understand why many Atlantans head there to find a home, whether for full-time living, weekends, vacations or retirement. And that’s causing real estate in the Highlands-Cashiers Plateau to heat up.

“The Highlands-Cashiers market is strengthening since the 2008 adjustment,” said Jody Lovell, Broker/Owner of Highlands Sotheby’s International Realty. “In 2016, the market was up 8 percent in unit sales and 19 percent in volume. So far this year, the market is up 19 percent in unit sales and 12 percent in volume.”

READ MORE HERE

 

Categories : Asheville
Comments (0)

Florence CBDThe city of Florence is backing an upcoming code-named development – “Project Leopard Orchid” – that will bring a $1.6 million investment to the downtown and surrounding areas.

Though officials didn’t give any specifics, city council documents indicate a project that will bring “quality, authentic grocery items and local produce” to a “store facility” to serve downtown, as well as the northern, northwestern and eastern parts of the city.

The Florence City Council approved a $300,000 incentive package for the project’s developers in order to facilitate the start-up, a common move by the city for downtown development projects.

“It’s a project designed to provide within the North Dargan Street and Darlington Street corridor,” Mayor Stephen J. Wukela said. “Obviously we’re aware of the needs in that area, and this investment meets all of our typical analysis for investment.”

READ MORE HERE

Categories : Florence
Comments (0)
Jun
28

Property Tax Reduction Makes Property Manager Look Good

By · Comments Comments Off on Property Tax Reduction Makes Property Manager Look Good

EN-AB408_ADVICE_GR_20151014153310I recently finalized a property tax appeal on behalf of a commercial property owner. The result was a $23,000 reduction in the property tax bill. Since this was a property that is leased on a full service basis, the reduction directly increased the net operating income. Using a simple 9% cap rate would indicate that the market value increased by about $255,000 as a result of the successful appeal. Who referred the opportunity to me? The property manager did, and it only took about ten minutes of her time. Obviously the property owner was very pleased, and I am pretty sure that the property manager strengthened her relationship with the owner.

Please let me know if you would like for me to review the property tax situation on a South Carolina commercial property. I have worked with owners of properties in all regions of the state.

Michael Dodds, MAI, CCIM    mdodds@irr.com  803-960-8783

 

Categories : South Carolina News
Comments Comments Off on Property Tax Reduction Makes Property Manager Look Good
Jun
28

Disney Sues over Property Assessments

By · Comments Comments Off on Disney Sues over Property Assessments

Lawsuit moneyWalt Disney Parks and Resorts are suing over their property tax assessments from 2016, calling them “excessive.”

Disney filed nearly a dozen lawsuits at the end of last month in Orange Circuit Court, arguing the assessments by Orange County Appraiser Rick Singh exceeded their properties’ fair market value and incorrectly “included the value of certain intangible property in the assessments.”

“The increases in the assessments of our property are unreasonable and unjustified,” a Disney spokesperson said in a statement. “Similar to other property owners in Orange County, we have no choice but to take action to dispute these errors by the property appraiser. We look forward to presenting our case in court.”

It’s not the first time the theme parks have sought to reduce their land values. In October, SeaWorld, Universal Orlando and Disney sued Singh, arguing their properties’ taxes were too high.

READ MORE HERE

Categories : National News
Comments Comments Off on Disney Sues over Property Assessments
Jun
28

Charlotte Self Storage Supply to Increase 6.8%

By · Comments Comments Off on Charlotte Self Storage Supply to Increase 6.8%

There are 22 new self storage facilities under construction in the the Charlotte, NC MSA, which would represent a 6.8% increase in total existing supply if all projects were completed. This is the 14th largest increase in the nation according to The Pipeline Report, which is published by STR.

charlotte self storage

Categories : Charlotte
Comments Comments Off on Charlotte Self Storage Supply to Increase 6.8%
Jun
05

Are Zillow Zestimates Actually Appraisals With a “Z”?

By · Comments Comments Off on Are Zillow Zestimates Actually Appraisals With a “Z”?

NoZillowWhen Barbara Andersen listed her home for sale in Glenview, Illinois, this was not the first time that the real estate litigation attorney had listed her home for sale, with an asking price listed well above its Zestimate value. Anderson alleges that Zillow’s estimates have severely impacted her ability to sell and that the property is being unfairly calculated based upon inferior surrounding real estate that was built within a close proximity to a graveyard, and also located nearby a “less desirable” golf course.

The key allegations of the complaint are the poor quality of the real estate website’s estimates, and the problematic influence over prospective buyers viewing these estimates. According to paragraph 13 of the complaint “a tremendous roadblock to same has been the fact the Zillow posts a ‘Zestimate’ of person’s homes without their permission, consent and/or any license to do so.” Further, she alleges that Zillow’s Zestimate is “a sloppy computer-driven appraisal of the home.”

READ MORE HERE

Categories : National News
Comments Comments Off on Are Zillow Zestimates Actually Appraisals With a “Z”?
Jun
05

Myrtle Beach Hotel Sold for $45,075/Room

By · Comments Comments Off on Myrtle Beach Hotel Sold for $45,075/Room

mb hotelLodging Partners, LLC has announced it has arranged the sale of the Quality Inn & Suites Myrtle Beach, South Carolina. The 66-Unit, two-story Quality Inn & Suites Myrtle Beach is very well located directly across the street from the Atlantic Ocean and within walking distance to Family Kingdom Amusement Park, Splashes Water Park, and the Myrtle Beach Boardwalk. The Hotel, which sold for the $2,975,000 asking price, was acquired by a regional hotel investor.

Ford C. Barton, Principal, exclusively represented the seller, a locally-based group, on this transaction. “We have known and worked with the Seller over many years, and we’re delighted to have structured a very successful sale of this asset at the full asking price,” noted Ford Barton.

Categories : Myrtle Beach
Comments Comments Off on Myrtle Beach Hotel Sold for $45,075/Room
Jun
05

Ziff Properties Sells Savannah Parking Garage

By · Comments Comments Off on Ziff Properties Sells Savannah Parking Garage

ziff-properties-logoZiff Properties Inc. has sold the Manger Parking Garage, a 420-space parking structure located at 115 E. Congress St. in Savannah. A local buyer purchased the asset for $20 million. Ziff Properties has retained the historic Manger Building, an adjacent 118,059-square-foot office building located at 7 E. Congress St.

Todd Casper and Michael Hassler of CBRE’s Houston office represented Ziff Properties in the transaction.

Categories : Savannah
Comments Comments Off on Ziff Properties Sells Savannah Parking Garage
Jun
05

300 Acres on Lake Wylie to be Developed

By · Comments Comments Off on 300 Acres on Lake Wylie to be Developed

lake wylieDuke Energy is selling a major piece of property along Lake Wylie.

Residents in the Concord Road area received an invitation to a June 7 open house to discuss plans. Duke officials said they will answer questions during a 5-7 p.m. drop-in at the Clover School District Community YMCA.

The invitation shows a site that, according to county land records, is about 300 acres. It doesn’t specify how much of the property might be sold, or what type of land use the sale might involve. Current zoning is medium density residential. It allows for a variety of residential uses from single-family to patio homes, townhomes and apartments.

“Like other businesses, Duke Energy continuously evaluates the best use of its assets, including real estate,” said company spokesperson Sara Collins. “We own a tract of land on Concord Road that we determined we no longer need for business purposes, including electric generation. Through a land-use analysis, we explored several options for this property and, ultimately, decided the best use is to sell the property.”

READ MORE HERE

Categories : Rock Hill
Comments Comments Off on 300 Acres on Lake Wylie to be Developed
May
22

NAI Earle Furman Announces Recent Sales

By · Comments Comments Off on NAI Earle Furman Announces Recent Sales

NAI Earle Furman logo squareMauldin, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the seller, Regional Management of South Carolina, in the sale of two office buildings totaling 8,273 SF located at 507 & 509 West Butler Road to JTB, LLC.

Chesnee, South Carolina:  Stuart Smith of NAI Earle Furman represented the seller, Peggy H. Phillips Living Trust, in the sale of 9.5 acres of land located at 2408 Bryant Road to Gibson and Gibson Property.

Simpsonville, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the purchaser, Stage Hawk, LLC, in purchasing 35 acres of land at 1400 Old Stage Road from Ruby Lee Cantrell Hawkins Roberts Trust.

Spartanburg, South Carolina:  Andrew Babb of NAI Earle Furman represented the seller, First South Bank, in the sale of a 41,000 SF retail building located at 174 East Main Street to Good Wal Aug Smith, LLC.

Pauline, South Carolina:  Kevin Pogue of NAI Earle Furman represented the purchaser, William & Stephen Freeman, in purchasing 6.21 acres of land on Stagecoach Road from Sylvia Knox.

Columbia, South Carolina:  Jimmy Wright & Ted Lyerly, CCIM of NAI Earle Furman represented the seller in the sale of the 38,000 SF retail Fresh Market shopping center in Columbia, SC.  Peter Couchell, CCIM and Rob Schmidt with Furman Capital Advisors, the investment services division of NAI Earle Furman, represented the purchaser.

Greenville, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, Julius Garry Green, in the sale of a 45,000 SF retail strip center located at 2390 Laurens Road to SWR of Greenville, LLC.

Piedmont, South Carolina:  Towers Rice, CCIM of NAI Earle Furman represented the seller in the sale of 20.43 acres of land located on Durham Road to Kevin Gilreath.

Anderson, South Carolina:  Bernie Bastian and John Powell, CCIM of NAI Earle Furman represented the seller, 3B & V Properties, LLC, in the sale of a 7,000 SF retail property located at 134 North Main Street to Rogue Holdings, LLC.

Greenville, South Carolina:  Earle Furman, Jr., SIOR and Bill Sims of NAI Earle Furman represented the seller, Creek and Company, LLC, in the sale of a 6,000 SF office building located at 115 Halton Village Circle to Bank Building R, LLC.

Duncan, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, M & T Enterprises, Inc., in the sale of the former Plastic Omnium Building, an 80,000 SF industrial building located at 961 Berry Shoals Road.  Kevin Pogue, also of NAI Earle Furman, represented the purchaser, ATA Properties, LLC.

Spartanburg, South Carolina:  Cole Morris of NAI Earle Furman represented the seller, Westside Holdings, LLC in the sale of a 108-unit self-storage facility located at 115 John Dodd Road to 512 Holdings, LLC.

Greenville, South Carolina:  John Baldwin, CCIM of NAI Earle Furman represented the seller, 3H & S, LLC, in the sale of a 19,000 SF industrial building located at 108 Park Place Court to Richfair Holdings, Inc.

Greenville, South Carolina:  Alex Campbell of NAI Earle Furman represented the seller, GHS Health Resources, Inc., in the sale of a 6,582 SF office building located at 81 Pointe Circle to T. Bishop Properties Corp.

Clinton, South Carolina:  Bill Sims of NAI Earle Furman represented the seller, Browning Clinton, LLC, in the sale of a 9,960 SF Dollar Tree property located at 117 Jacobs Highway.  Earle Furman, Jr., SIOR, also of NAI Earle Furman represented the purchaser, Julius Garry Green, in the transaction.

Seneca, South Carolina:  John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, James Hanahan, Jr., in the sale of the Upstate Family Medicine building, a 9,743 SF office investment property leased to Greenville Health System and located at 12016 North Radio Station Road, to NV, LLC.

Comments Comments Off on NAI Earle Furman Announces Recent Sales
May
22

Berkadia Announces N. Charleston Apartment Sale

By · Comments Comments Off on Berkadia Announces N. Charleston Apartment Sale

bradford aptsBerkadia has announced the sale of Bradford Apartments, located at 5600 Dorchester Road, North Charleston, SC. Mark Boyce and Blake Coffey of the Charleston office negotiated the transaction. Bradford Apartments sold for $2.7 million. The sales price reflects a per-unit price of $52,940 or $42 per square foot. The property was stabilized and well occupied at the time of the sale.

Built in 1966, the 51-unit property features 1, 2, and 3-bedroom floor plans. All units are townhomes with fully-equipped kitchens, washer/dryer connections, and fully furnished apartments are available. Community amenities include a 24-hour laundry center, courtyard with grill, and a play area with swings.

Bradford Apartments is conveniently located near the convergence of Dorchester Road and Bream Road, two miles from Boeing and less than three miles from Joint Base Charleston. The property is within close proximity to Interstate 526 and 26, providing easy access to Greater Charleston.

Berkadia represented the Seller, Bradford of Dorchester LLC, of Charleston, SC. The Buyer, was Eastside Equities, LLC of Jupiter, Florida.

Categories : Charleston
Comments Comments Off on Berkadia Announces N. Charleston Apartment Sale