Say what you will about the South, but no one ever retires and moves up North. Warmer weather, tax breaks and the appeal of Southern comfort… no wonder last year South Carolina was the second most popular moving destination. Just take Columbia, the Capital of Southern Hospitality, who fully earns its title by boasting 60 city parks and green spaces, plenty of arts and outdoor activities at a low cost of living and an average apartment rent of $885. Not to mention the mouth-watering culinary treats!
With this in mind, Rent Cafe’ was curious to see just what luxury looks like in heart of the Palmetto State and found some of the most expensive rentals on the market right now. We first got warmed up with swanky condos in amenity-laden buildings, then the townhomes and houses took the limelight with authentic displays of Southern charm and splendor. The icing on the cake is an elegant home with enough space to host big family reunion barbecues and plenty of class to wow even your pickiest nana.
Pete Brett, CCIM, David Sigmon, CCIM and Matt Vanvick represented Nick & Kens, LLC (Purchaser) in the purchase of a +5,613 SF restaurant building on +1.24 acres at 3540 Hwy. 153, Greenville, from DGP, LLC (Seller), represented by Brad Toy with Langston Black Real Estate.
Sammy DuBose and Pete Brett, CCIM represented Hollingsworth Funds, Inc. (Seller) in the sale of a +0.95 acre outparcel at Marketplace Shopping Center, 2419 Laurens Rd., Greenville, to Sandhills Group, LLC dba Bojangles (Purchaser), represented by Michael Spiers of Windsor Aughtry Co., Inc.
Pete Brett, CCIM and Matt Vanvick represented Granite Ridge, LLC (Purchaser) in the purchase of a +6,200 SF medical office building on +1.413 acres at 13 Edgewood Dr., Greenville, from Oakwood Properties of the Upstate, LLC (Seller), represented by Benji Smith and Josh Tew of Flagship Properties, LLC.
Tim Satterfield represented Janet R. Lambert & Robert Rhodes (Seller) in the sale of a +1,670 SF office building on +0.4 acre at 12333 Greenville Hwy., Lyman, to B. Scott Streetman, LLC.
Apartment units in the top 20 U.S. metro areas are shrinking. Those built from 2010 to the present are, on average, 7% smaller (70 square feet) than those built from 2000 to 2009, according to real estate research company RCLCO.
Most of that change is attributed to the higher share of studio and one-bedroom apartments relative to larger, mutli-room units. Floorplans are shrinking as well, particularly among studio and one-bedroom units, with just how much dependent on the area of the country. Three-bedroom units, however, are increasing in all but the very high-cost markets.
To some degree, millennials are forcing the mix change to studios and one-bedrooms, according to Bloomberg, as they delay starting families, which reduces their need for space.
The ownership of Randolph Mall could change by November. The potential buyer was in town Tuesday to view the property as part of the due diligence process.
Jim Hull, owner of Hull Property Group, confirmed his company has a binding contract to purchase the local mall but declined to comment on the details. If the deal is finalized, it should close around Nov. 1.
Randolph Mall opened in 1982. The 30-acre site has a combined land and building tax value of $13.7 million, according to the county tax records. It is currently operated by CBL & Associates, based in Chattanooga, Tenn. CBL bought the mall from Richard E. Jacobs Group in 2001.
Since 2014, CBL has been on a mission of “targeted divestitures of stable, but lower-growth malls” in its portfolio. The company still owns 10 properties in North Carolina, including Hanes Mall and Friendly Center.
South Carolina REALTORS® today released its August housing market data indicating that demand is present and creating competitive situations regarding pricing, while inventory continues to drop.
New listings were up ten percent to 10,064. Pending sales decreased almost two percent to 6,678. Inventory shrank by almost six percent compared to last year and is down to 36,099 units.
Prices moved higher and median sales price was up almost six percent to $184,789. Homes are selling quickly with most on the market for only 91 days. Month’s supply of inventory was down almost ten percent to six months, indicating that demand increased relative to supply.
What’s it take to be recognized as a top state for doing business? On one hand, it’s a complicated question to answer, because there are a lot of factors that go into that kind of a reputation. On the other hand, you can get a pretty good idea of what it takes by checking out the attributes of some of the states that top the list.
The overall cost of doing business is, of course, a primary consideration, one that encompasses a wide range of components, from real estate costs to utility rates to labor expenses. The environment created by state and local leaders plays a big role, too — the choices they make on tax structures and business incentives can tip the scales on cost, and they also can impact the no-hassle factor driven by their overall responsiveness, their regulatory practices, and how fast they respond to permitting requests. And the kinds of workforce programs states establish make a tremendous difference in both labor-related costs and hiring challenges. A location or facility project won’t get far without adequate capital, either, and that’s a factor that can vary quite a bit from one place to another.
Site consultants have an insider’s view into all of these factors — and an unbiased perspective, too. That’s why Area Development’s Top States for Doing Business analysis solicits the views of in-the-know consultants. For 2016, we surveyed consultants and asked them to name their top state picks in each of 10 categories that impact location and facility decisions. They shared their top picks in each category, and we weighted those scores to come up with rankings within each factor, along with overall rankings that take all of the factors into account.
> The Columbia, MSA population is expected to grow by 5.4% between 2016 and 2021 to more than 866,000 people.
> Statewide consolidation of medical records will enable healthcare providers to service the community efficiently and at a reduced cost.
> Owners of hospitals are updating their interiors to improve patient experience and safety during their visits.
> Construction has begun at Lexington Medical Center’s 545,000 square-foot expansion.
Click on the image to download the report.
The NC/SC CCIM Fall Conference is in Charlotte next week. There is a great lineup of speakers and networking events. Click on the image below to learn more.
Allegiancy is in the midst of an extensive renovation and branding project at 4130 Faber Place Drive, located in the Executive Park at Faber Place Park in North Charleston. The renovations will include significant upgrades to both the interior and exterior of the building.
Allegiancy, a Richmond VA based commercial real estate Asset Management firm, has been managing properties in N. Charleston for nearly a decade. The company acquired the building in April and made its first step in rebranding the asset by changing its name to Faber Crossing. The building’s extensive renovation project has been ongoing since the time of purchase.
The company is incorporating modern finishes to the interior lobby, common areas, restrooms and elevator. Outside, the building now showcases an extensive landscaping upgrade, complete with local flowers and shrubs. All vacant spaces have been white boxed to allow new tenants the ability to design a custom space that will fit their needs. A modern monument sign and new roof complete the renovations.
Faber Crossing, formerly Ashley Corporate Center, is well located in one of Charleston’s premier office parks just off I- 526. The asset, with 11,402 RSF available for lease, is being leased by Frank Norvell of Norvell Real Estate Group.
The building upgrades are expected to be completed by early Fall 2016 and Novell and Allegiancy will host an exclusive broker event to reveal the upgrades at that time.
Ladson – Kristen Corri Krause of Coldwell Banker Commercial Atlantic Intl. / Historic District Real Estate represented the Tenant, Feyen-Zylstra LLC, in the lease of a 7,500-square-foot Industrial/Office space at Acro Commerce Center, 8351 Palmetto Commerce Parkway in Ladson, SC. Alan Bolduc of Avison Young represented the Landlord.
North Charleston – Brent Case, CCIM and Marlena Franklin, CCIM of Coldwell Banker Commercial Atlantic represented the Buyer, Mummert Financial LLC, in the purchase of 1.668-acres of land for $837,500. Chris Rozakos of Christopher David Properties represented the Seller.
At 1,100-acres, The Matrix, the largest industrial park of its kind in Greenville County, has a new owner, a new name, and will soon have a new look. The park’s new ownership entity, Augusta Grove – Greenville, LLC, is a partnership led by TPA Group of Atlanta and Appian Investments, a Greenville-based investment group, together with Greenville County Business Park Public Facilities Corporation as a minority partner. TPA/Appian will manage the venture that now owns more than 700 acres that remain undeveloped within the park. NAI Earle Furman will be overseeing a substantial rebranding effort to reintroduce the park as Augusta Grove – A Greenville SC Business Park. The park will also receive a number of significant improvements including new signage, landscaping and lighting plans.
The Matrix was created more than 15 years ago has until now has been owned and marketed by a county-led initiative. Fueled by the proximity to major interstates, Greenville’s central position along I-85 between Atlanta and Charlotte, and the neighboring South Carolina Technology and Aviation Center (SCTAC, the 2,600-acre former Donaldson Airforce base and home of an expanding group of nearly 100 corporate users such as Michelin and Lockheed), The Matrix has seen success attracting a diverse mix of key successful manufacturing and logistics owners such as GE Aviation, KI Logistics, Roy Metals, The Blood Connection, Sun City Produce, JTEKT, Magna Industries and others.
NAI Earle Furman represented the buyer, Augusta Grove – Greenville, LLC, and will facilitate future land sales and development as well as manage the overall park.
Integra Realty Resources is proud to sponsor the 13th Annual Greater Greenville Commercial Market Forecast to be held on Thursday, September 29, 2016. The Greater Greenville Association of REALTORS®, CCIM South Carolina Chapter, and SIOR Carolinas Chapter, have partnered to bring you the most comprehensive discussion of commercial real estate trends in the Upstate. I hope to see some SCREnews followers at the event. Click on the photo below to learn more about the event.
NAI Avant senior broker Nick Stomski, SIOR, and Dick Stanland, CCIM, SIOR, recently represented the landlord, Shop Grove Warehouses, LLC in the lease transaction at 195 Shop Grove Drive in Columbia. Alimex Precision in Aluminum, Inc. leased ±23,392 square feet (SF) of the modernized distribution space that was completed in April 2015. This lease brings the ±130,500 SF industrial park to 100% occupancy. The third and final phase of the park is under design and permitting, and ground breaking is expected in the fourth quarter of 2016.
According to The State newspaper, a house on Lake Murray just sold for $1,425,000.
The “Zestimate” for the same house, at 18 Scott Branch Road in Chapin, SC is $822,368.
Think twice before placing any weight on anything from Zillow.com……..
The DoubleTree by Hilton located in Columbia has been sold. Newmark Grubb Knight Frank (NGKF) represented the seller, Columbia Hotel and Conference Center LLC. North Carolina-based TT&C Hotel Group LLC/Smith Curry Hotel Group purchased the five-story property for an undisclosed amount. The buyer plans significant renovations to retain the DoubleTree by Hilton affiliation.
“The DoubleTree has substantial meeting space and the largest ballroom in the market, allowing it to effectively compete for group business to complement its transient market share. The buyer sought to expand its existing Charlotte portfolio and capitalized on an opportunity to acquire the property at a discount to the current market replacement costs,” said Sam Winterbottom, executive managing director, NGKF. “Meanwhile, the seller disposed of a non-strategic asset and recycled capital into Augusta, GA, where it’s based.”
The hotel offers 237 guestrooms, 23,000 sq. ft. of event/meeting space, a lounge, an on-site restaurant, an outdoor swimming pool, business center, fitness center and gift shop. Nearby destinations include the University of South Carolina, the South Carolina State House, the Columbia Metropolitan Convention Center, the central business district and The Vista, a live-work-play area.