Berkeley Capital Advisors has announced the sale of the Mattress Firm in Greensboro, NC for $2.25MM, satisfying a 1031 tax exchange. Located at 2504 Battleground Avenue, Mattress Firm had 8 years remaining on the lease at time of sale. Steve and Ransome exclusively represented the seller in the transaction.
You can review the Loopnet listing HERE
The Columbia office market saw a vacancy of 9.4% at the close of the first quarter 2017, decreasing from 9.8% at the end of 2016. Average rental rates dropped modestly and leveled off at $17.31 square feet (SF), following the highest rate in two years at $17.49 SF in 4Q16. Net absorption for the Columbia office market was positive ±78,643 SF in the first quarter compared to negative ±23,183 SF in 4Q16, the majority of absorption reflecting Class A space.
Continued interest in the Central Business District (CBD) explains the high rental rates (even with a slight downtick this quarter) while costs for tenant improvements are also increasing. Many local tenants are following the lead of companies like Electric Guard Dog, vacating their space in suburban Columbia to set up their headquarters in ±20,572 SF at the new Innovation Center on the University of South Carolina campus. Womble Carlyle Sandridge & Rice, LLP is another example of the desire to be the in heart of the CBD, vacating its office on Hampton Street and subleasing ±8,760 SF of Class A tower space at 1221 Main Street.
Lyons Industrial Properties has announced that they have sold the BICO South manufacturing facility to Colorado investors. The 33,404 SF facility located at 4231 Orchard Park Blvd., Spartanburg, SC offers 30′ ceilings, 5 cranes, heavy power, 3 large drive in doors, 1 dock door, and 3,300 SF of office space.
Bobby Lyons, CCIM and Adam Padgett, VP of Operations, represented BICO on the sale of the facility. The investors were self represented. BICO South is a division of BICO Steel Corporation based out of Akron, Ohio and they have been in business since 1896. Lyons Industrial now represents the new owners in offering the property for lease.
The Columbia office of Integra Realty Resources has completed a number of commercial appraisal assignments in the Florence, SC market within the last two months. These include a Bojangles’ restaurant, a Goodwill store, an unanchored strip center and an apartment complex. Please keep us in mind for your commercial appraisal needs in that market.
Michael B. Dodds, MAI, CCIM email@example.com
Newmark Grubb Wilson Kibler, a leading real estate services firm, has released its market reports for first-quarter 2017. Columbia’s industrial and office real estate markets showed lower vacancy rates over the previous quarter, reflecting a healthy market overall.
The Columbia office market vacancy fell six percentage points from the previous quarter to 6.5%- the lowest rate the market has seen in a decade.
Rental rates remained steady during the first quarter, with a mere 0.1% increase from $15.79/SF from $15.78/SF at the end of the fourth-quarter 2016. The Class A sector boasted rates of $20.78/SF, while Class B rates held strong at $14.96/SF and Class C at $13.27/SF. North Columbia led across classes with the highest rental rates in the market, averaging $23.13/SF.
One building was delivered during first-quarter 2017, totaling 2,500 square feet. This compares to one building totaling 4,300 square feet completed in fourth-quarter 2016. 74,460 square feet of office space remained under construction in the Columbia market by the end of the quarter.
Most members of the Bull Street Commission, a seven-member board appointed by Columbia City Council, said Monday that they are satisfied with progress at the former State Hospital despite raised expectations of a sprawling retail complex that so far have not materialized.
“I still feel the project is coming along at a reasonable pace,” said member Rebecca Haynes, a former president of the Earlewood Community Citizens Organization. “I think it’s way too early in a 20-year project for anyone to start throwing stones.”
But one member, Ellen Cooper, president of the Coalition of Downtown Neighborhoods, said she thinks the project is moving too slowly.
“I’ve been disappointed that more has not happened over there,” said Cooper, a new commission member who lives in nearby Cottontown. “They are doing a good job, but it seems like it’s moving so slowly.”
Avison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR represented 756 St. Andrews Blvd, LLC in the lease extension of 2,100 sf office/warehouse space located at 7187 Bryhawke Circle in North Charleston, South Carolina, to Advanced Glass Services, LLC.
Avison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR and Tradd Varner represented 756 St. Andrews Blvd, LLC in the leasing of 2,100 sf industrial space located at 7187 Bryhawke Circle in North Charleston, South Carolina, to Lennox National Account Services.
Avison Young commercial real estate is pleased to announce that Chris Fraser, CCIM and Leslie M. Fellabom represented the landlord, Charleston Gateway Center, LLC, in the lease extension of a 5,609 sf office space located in Charleston Gateway Center at 40 Calhoun Street in Charleston, South Carolina, to Northwestern Mutual.
Avison Young commercial real estate is pleased to announce that Chris Fraser, CCIM and Leslie M. Fellabom represented the landlord, Charleston Gateway Center, LLC, in the leasing of a 1,410 sf office space located in Charleston Gateway Center at 40 Calhoun Street in Charleston, South Carolina, to Iris Consulting Group, Inc. Lauren Morrow of Morrow Hill represented the Tenant.
Avison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR and Tradd Varner represented the landlord, Ed Young, in the leasing of 2,000 sf industrial space located at 7358 Peppermill Parkway in North Charleston, South Carolina, to All American Portable Air .
Avison Young commercial real estate is pleased to announce that Tradd Varner represented the landlord, WJJS Properties, Ltd in the leasing of 1.60-acre parcel of land located at 0 Innovation Dr in Summerville, South Carolina, to The Greenery Inc.
According to Axiometrics, there has been sufficient development activity at the University of South Carolina over the last few years, with nearly 3,000 off-campus beds delivered from 2014-2016. On average, supply has outpaced demand, but more than 40% of students are living in something other than purpose-built student housing.
Rent levels are growing for most properties compared to last fall. However, leasing velocity is slowing for many properties in the market. Prelease is averaging 54% as of February, down more than 600 basis points (bps) from last February. Older assets, especially those located more than one-half mile from campus, sustain the most impact from new supply.
Large, luxury apartment and condo developments have been dominating headlines and casting a big shadow over the “little guys” in rental housing. A new report released by Enterprise Community Partners and the University of Southern California’s Bedrosian Center on Governance aims to call attention to this overlooked segment of the market.
The Understanding the Small and Medium Multifamily (SMMF) Housing Stock report emphasizes the formidable size of this segment of the market and its importance as a source of naturally occurring affordable rental housing. SMMF properties with two to 49 units account for more than half (54 percent) of all rental housing in the United States, according to the report. Many of these properties were originally built in the 1960s, 1970s, and 1980s. That aging inventory, along with limited amenities in many cases, contributes to lower average rental rates compared with those obtained by its larger, newer competitors.
I wanted to thank the brokers and leasing agents that routinely provide assistance in verifying the sales and leases that are used in our appraisal process. Integra Realty Resources wants the best quality data in our database, and information from these real estate professionals is invaluable. I recognize that responding to phone calls and emails regarding a transaction can be a burden, but it is greatly appreciated.
Frank Lloyd Wright once proposed The Illinois, a mile-high skyscraper set on the shore of Lake Michigan in Chicago, a towering giant of a building powered by atomic elevators. It’s clear symbol of the current race to raise skylines around the world that Wright’s vision from the ’50s, yet to be realized, is coming closer and closer to reality.
Developments in building technology and a surfeit of construction projects in Asia makes the title of tallest building more temporary than ever; none of the buildings on this list of the ten tallest in waiting are in North America, and seven of them eclipse the height of One World Trade Center. This list contains the tallest under construction based on data from the Council on Tall Buildings and Urban Habitat. There are many others on the drawing board, but this is meant to showcase the projects likely to be completed.
Bobbitt Design Build recently completed phase one of renovations to a 6,500-square-foot gymnasium for Autism Academy of South Carolina (AASC) located at 1505 Blanding Street in Columbia.
AASC – a non-profit organization helping children with autism to acquire necessary life skills – will use the gym as a recreational space for students and a training area for staff. In the future, the non-profit organization plans to make the facility a fully functional event space.
Initially, Bobbitt became involved with AASC through a service project with Leadership Columbia, which involved repairing classrooms in the building. The group also wanted to restore the gymnasium that was closed due to its dilapidated condition; however, the amount of work needed to restore the area was beyond the capabilities of the volunteer group.
AASC received a grant to pay for a portion of the renovations, but funding did not cover the entire cost. After discussions with AASC staff, Bobbitt developed a phased renovation plan with manageable budgets for each stage. This approach enabled AASC to identify monetary goals needed to achieve short-term and long-term targets for the space. Together, Bobbitt and AASC determined the appropriate scope of work for phase one to restore the gym as a usable space for the school.
About 1.8 million square feet of office space, more than 1,400 apartments, an expansion to the city’s most prominent gym, uptown’s first full-size grocery store – and that’s just what’s actually under construction in the approximately one mile radius covering Stonewall Street down to the upper part of South End.
Throw in what’s still on the drawing boards and you can add two hotels, another office tower, along with hundreds more apartments, shops and restaurants. In a city that’s booming, the Stonewall Street corridor and the area just south of it in Dilworth and South End makes a strong case for Charlotte’s busiest area.