According to Real Data, demand rebounded for the Charleston area apartment market with a record number of units absorbed over the past six months. As a result, the vacancy rate improved to 5.3%. The overall Charleston market has approximately 3,100 units under-construction and nearly 4,000 units proposed. The Mt. Pleasant submarket is currently the market leader in construction activity. Same-store rents increased over the past six months bringing the average monthly rent to $959.
Demand is anticipated to keep pace with rising supply levels going into 2015. We expect rent growth in the 3-4% range for the coming year as occupancies remain in the 93-94% range.
Are Chick-fil-A and another Walmart coming to Hilton Head Island?
Developers want to build a 7-acre shopping center at Palmetto Bay and Target roads, according to a proposal submitted to the town. The center will include a grocery store, a gas station and two other stores. Few additional details about the shopping center were revealed Monday.
The engineer who filed the plans, Larry Barthelemy of Hanahan, declined to disclose who is developing the site. He said he didn’t know what grocery or retail stores were planned. Barthelemy’s plans, filed Oct. 3, show Marietta, Ga.-based Crown Development Group as the developer.
On Crown’s website, a June 26 site plan for the shopping center shows a Walmart Neighborhood Market in the space reserved for a grocery store. A Chick-fil-A is pictured as one of the stores in the center. No tenants are listed for the six-pump gas station and the other store.
Passco Companies, LLC has acquired the 244-unit Class A multifamily community Vinings at Laurel Creek for $30.9 million. The newly constructed community, which was completed in 2013, is located at 3434 Laurens Road in Greenville, S.C..
According to Goodman, Vinings at Laurel Creek is in close proximity to downtown Greenville, and is also adjacent to two of Greenville’s newest business and technology parks, including Clemson University’s International Center for Automotive Research (CU-iCar), as well as the Millennium Campus Business Park.
Vinings at Laurel Creek features one-, two- and three-bedroom floor plans with nine-foot ceilings, breakfast bars, wood-style laminate flooring, walk-in closets, laundry rooms and other modern touches. The community also features modern amenities, with a beach-entry resort style pool, indoor-outdoor clubhouse, cyber café, dog park and fitness center.
I wanted to make readers aware that Integra Realty Resources – SC has been working in the Asheville, North Carolina market on a regular basis. Four of our appraisers are certified general licensees in North Carolina, and we enjoy working that area. Please keep us in mind for your commercial appraisal needs in western North Carolina.Michael Dodds, MAI, CCIM Senior Managing Director
NNNet Advisors Releases the Q3 2014 Single Tenant Net Lease Report. Click on the report below to download it.
Clemson University’s ongoing $96 million core campus project, which will demolish and replace three major buildings in the middle of the school’s campus, has a 2016 completion date, according to the project’s architecture firm.
The 700-bed project will include 179,000 square feet of residential space, 76,000 square feet of dining space and 5,000 square feet of academic space for a total 260,000 square feet.
The facility will be used as the new home for the 400-student Calhoun Honors College and will include central lounge space, study rooms, a library space, a grand hall and two classroom spaces, according to the university’s project page.
The project was approved by Clemson University’s Board of Trustees and the S.C. Budget and Control Board earlier this year, and is part of the university’s 20-year housing master plan, which includes replacing aging buildings that are functionally or financially obsolete.
Talk to any green building expert and he or she will tell you that high-performance buildings—those that save energy and water—can be built with modest or no increases in cost. And the list of benefits for doing so is long: lower utility bills for owners and tenants, healthier work environments, and a more valuable asset for owners (and investors), among other positives. So what’s stopping high-performance buildings from becoming the norm?
For those unfamiliar with this debate, stubborn barriers exist. In the commercial sector they include split incentives, short investor hold periods, a knowledge gap, and others—you can find out more about these barriers in the first chapter of IMT & MIT’s (yes, you read that correctly) Guide to Energy Efficiency Finance for Cities.
A key barrier in the residential sector is proper appraisal. An inherent part of real estate is internal valuation (as in, hands rubbed together eagerly: how much is my building worth?). Real estate appraisers are in a critical position to translate an owner’s hard work on green upgrades into hard currency and developers and owners need to work more conscientiously with appraisers to highlight the value of energy-efficient features.
Thousands of new homes planned for Greater Charleston. Fifteen thousand new residents each year. Low vacancy rates for retail, office and industrial buildings.
That all adds up to the Charleston region being on the cusp of a time of new construction for commercial properties, according to the latest Commercial Real Estate Market Forecast from the Charleston Trident Association of Realtors.
“Growth” appeared to be the takeaway word from the annual look ahead.
“I think you will continue to see growth,” said Margaret Brockinton, president of Carolina Retail Property, who focuses on the retail sector. “The market is robust, to say the least. We are running out of property. All areas are having a good bit of activity.”
Batson-Cook Construction has broken ground on The Gibson, a 250-unit apartment community in Charlotte, N.C. being developed by Atlanta-based Pollack Shores Real Estate Group.
The project is the first between the partners, who are also planning future multi-family developments in the Southeast. The $25 million complex is expected to be delivered in the fourth quarter of 2015. The mid-rise, infill apartments will total 202,000 rentable square feet and be located at 1000 Central Avenue. The project was designed by Poole and Poole Architects.
“We are honored to be starting on this first project with the great team at Pollack Shores,” said Randy Hall, President and CEO, Batson-Cook Construction. “Charlotte is a market that is well known to us and we are honored to be building again in the Queen City.”
The West Point, Ga.-based general contractor built two of the iconic buildings that define Charlotte’s skyline; the Duke Energy Center and Hearst Tower. Batson-Cook Construction is currently building Marvin Road, a 300-unit garden-style apartment community in the Ballantyne area and SkyHouse Uptown, a 24-story luxury high-rise on the corner of 10th and Church streets. Both are in Charlotte.
With lending still tight in the Caribbean, several island nations are embracing an unorthodox method of financing resort and villa projects: selling citizenship.
The Caribbean vacation-home market has seen an uneven recovery from the downturn. Sales volumes and prices for existing homes are rising in larger markets and those with direct flights to the U.S. But new construction of resorts and for-sale villas remains hobbled, especially in smaller nations eschewed by most conventional lenders.
One solution for islands such as St. Kitts, Nevis, Grenada and Antigua has been to grant citizenship to qualified investors who agree to spend several hundred thousand dollars buying home lots or investing in hotel projects there.
The infusions help the islands get tourist destinations constructed. The investors, for their part, receive Caribbean passports.
Click on the photo to view the report.
The Orangeburg County Assessor’s Office began mailing 2014 assessment notices the property owners on Sept. 30.
An assessment notice is being mailed to the primary owner of record, as of Dec. 31, 2013, on each of the approximately 65,000 parcels in the county.
Reassessment is the process of reappraising all taxable real estate within the county at its estimated value on Dec. 31 of the year prior to reassessment. Only real property is appraised during a reassessment.
State law mandates that each county appraise and equalize those properties under its jurisdiction every five years. Orangeburg County implemented reassessment programs in tax years 1998, 2003 and 2008. Orangeburg County Council delayed the 2013 program one year, which is allowed by state law.
If you need assistance appealing the Orangeburg County tax value of a commercial property, call Dale Stigamier, CCIM at Integrity Real Estate Advisors. He has a wealth of experience working in Orangeburg County. He can be reached at (803) 772-9100 or dale.stigamier@IntegrityREA.com.
Michael Dodds, MAI, CCIM
Evidence continues to roll in that although the domestic economy still has its share of weaknesses, US commercial real estate is powering ahead. CBRE Group reported Monday that the third quarter saw across-the-board strengthening, with office in particular making its strongest showing in eight years.
“The real estate recovery clearly gained in strength in the third quarter as all property types saw notably improved demand trends,” says Jon Southard, managing director of CBRE’s Econometric Advisors group. “Especially important, office tenants showed greater confidence in expanding their footprint and finally appear to be shaking off the lingering effects of the recession.” Q3’s office vacancy decline of 40 basis points to 14.1% was the steepest quarterly drop since Q2 2006, while industrial availability declined 20 bps from the previous quarter, as did that of retail.
A report last week from Cassidy Turley also charted the quarterly progress that office made in Q3. The 80 US office markets tracked by the firm absorbed 20.5 million square feet during the quarter, an increase of 20% from Q2 and a 38% rise year over year. Kevin Thorpe, chief economist with Washington, DC-based Cassidy Turley, makes the linkage between stronger employment trends and tightening office supply.