tax appeal approved thinIf you own or manage property in South Carolina, you will be receiving your property tax bills shortly, if you haven’t already. As you know, taxes are calculated by multiplying the taxable value by the assessment ratio (4% for owner occupied residential and 6% for most others) then multiplied by the millage rate. The only part of the equation that can be appealed is the taxable value. Be sure to review this value closely, and determine if it is reasonable.  If you aren’t sure that the taxable value of  your commercial property is reasonable, email me and I will gladly review it. As a licensed real estate  appraiser, I represent commercial property owners in the real property tax appeal process regularly.

Michael Dodds, MAI, CCIM    mdodds@irr.com

Comments (0)

sold_sign65CNL Growth Properties, a real estate investment trust (REIT) which invested in the development of Class A multifamily communities in the mid-Atlantic and Sun Belt regions of the United States, has completed the successful liquidation of its portfolio according to the plan approved by shareholders in August 2016. The company closed on the sale of its 17th and final property, Haywood Reserve in Greenville, South Carolina, on Sept. 29, 2017, for $53.8 million.

Categories : Greenville
Comments (0)

Categories : Anderson
Comments (0)

irr surveyIntegra Realty Resources (IRR) is seeking your participation in the IRR Interest Rate Survey. The purpose of the survey is to investigate the determinants of interest rate spreads across the U.S. Commercial Real Estate (CRE) industry. IRR will measure how factors such as the property type, loan size, geographic location, and characteristics of the lender affect the financing of CRE assets nationally.

If you complete the survey by 12:00 Midnight EST on October 24, 2017, you will be entered into a drawing to win one of ten $100 American Express Gift Cards we are giving away as a token of our appreciation.

We ask that you provide the financing rate spreads for at least one property type to be entered into both Prize Draws. If you are one of the lucky winners, we will send the $100 American Express Gift Card to the email address you provide.

LINK TO THE SURVEY

Comments (0)
Oct
12

Magna Distribution Center Sold for $80/sf

By · Comments Comments Off on Magna Distribution Center Sold for $80/sf

Magna Distribution Center for PR EmailHolliday Fenoglio Fowler, L.P. has announced the $18.5 million sale of Magna Distribution Center, a 229,950-square-foot, fully leased, Class A+ warehouse and distribution facility in the Greenville-Spartanburg area of Moore, South Carolina.

Recently completed in 2017, Magna Distribution Center is a build-to-suit for Magna Seating of America, Inc., an industry-leading advanced automotive seating manufacturer. The 229,500-square-foot building has an expansion capacity of approximately 50,000 square feet and features 214,450 square feet of production space, 15,500 square feet of office space, LED lighting, 50-by-50-foot column spacing, 32-foot clear height, 30 dock-high doors, 13 knock-out panels, 20 trailer stalls and 250 employee parking spaces. Situated on 19.71 acres within the 882-acre master-planned Tyger River Industrial Park North, Magna Distribution Center is situated along Route 290 and has access to Interstates 26 and 85, the industrial “backbone” of the southeast. Additionally, the property is in the Route 290 Industrial submarket, a major automotive hub that is approximately 10 miles from BMW’s 1,150-acre Greer manufacturing plant.

The HFF investment sales team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally. The seller was SunCap Property Group. A private investor purchased the asset.

Categories : Spartanburg
Comments Comments Off on Magna Distribution Center Sold for $80/sf
Oct
10

Panattoni to Build Spec Building in Duncan

By · Comments Comments Off on Panattoni to Build Spec Building in Duncan

Spec-WarehouseCBRE announced Panattoni Development Company, Inc.’s 373,320-square-foot speculative project at Apple Valley Industrial Park in Duncan. Panattoni recently purchased the 39 acres in Spartanburg County and will invest more than $22 million in the new development.

The first building consisting of 177,320 square feet in Apple Valley Industrial Park has been pre-leased to an automotive related tenant. CBRE’s Marcus Cornelius, and Broadstreet Partners, LLC’s Ryan Koop represented PDC in the transaction.

Apple Valley Industrial Park is set for Q2 2018 delivery. CBRE and Broadstreet Partners are working with Panattoni to market the remaining 196,000 square feet available for lease. Located midway between Greenville and Spartanburg, the park is in close proximity to Interstate 85 and BMW and offers new, Class A construction and flexibility for either single-tenant or multi-tenant users.

READ MORE HERE

Categories : Uncategorized
Comments Comments Off on Panattoni to Build Spec Building in Duncan
Oct
10

Spartanburg Industrial Building Sold for $1.35 Million

By · Comments Comments Off on Spartanburg Industrial Building Sold for $1.35 Million

sold_sign_postcardDrayton Calmes of Norvell Real Estate Group, represented the seller Marshall Bridge Capital, LLC in the sale of a 30,000 SF industrial building on a 3.30 acre parcel located at 1920 New Cut Road for $1,350,000. The property was fully leased to a wholesale tire distributor.

Located at northeast quadrant of Exit 17/State Road 42-40 (New Cut Road). One mile to I-85, 2 miles to I-26 & .25 mile to I-26, 2 miles to I-85, 16 miles to Greenville Spartanburg International Airport.

The buyer, a Charleston SC based investor, was represented by Alan Bolduc and Courtney Marous of Avison Young.

Categories : Spartanburg
Comments Comments Off on Spartanburg Industrial Building Sold for $1.35 Million
Oct
03

Reason #563 Not to Go With the Low Bid Contractor

By · Comments Comments Off on Reason #563 Not to Go With the Low Bid Contractor

humor1

Categories : Humor
Comments Comments Off on Reason #563 Not to Go With the Low Bid Contractor
Oct
03

Size of New Single Family Lots at Record Low

By · Comments Comments Off on Size of New Single Family Lots at Record Low

The median lot size of a new single-family detached home sold in 2016 stands at 8,562 square feet, or just under one-fifth of an acre. This is a new record low and a small decline since 2015, when the median lot size fell under 8,600 square feet for the first time since Census Bureau’s Survey of Construction (SOC) started tracking the series for single-family detached homes.

READ MORE HERE

lot size

Categories : National News
Comments Comments Off on Size of New Single Family Lots at Record Low
Oct
02

460,000 SF CBD Office Building Sold in Columbia

By · Comments Comments Off on 460,000 SF CBD Office Building Sold in Columbia

capitol centerCBRE has arranged the sale of Capitol Center, a 460,020-square-foot Class-A office building in Columbia, South Carolina. Hamilton Equity Partners of New York, New York, acquired the property from a joint venture between M&J Wilkow and Intercontinental Real Estate Corporation on September 29, 2017. CBRE’s Justin Parsonnet, Will Yowell, Ryan Reethof, Patrick Gildea, Martin Moore and Aaron Dupree represented the seller.

Capitol Center is 87% occupied and located in Columbia’s CBD submarket. The tallest building in South Carolina features 25 stories and provides unparalleled views and visibility to its diverse tenant base that spans across government, law, banking, insurance and more. Anchor tenants include Haynsworth Sinkler Boyd, BB&T, Alliance Consulting Engineers, Gallivan White & Boyd, South Carolina Department of Commerce and the building’s own private dining club, Capital City Club.

The CBD is Columbia’s dominant and strengthening office submarket. According to CBRE’s Q2 2017 Columbia Office Marketview, the CBD’s downtown vacancy has declined by more than 50 basis points to 11.3%. Affordable rents and an educated workforce from the University of South Carolina are attracting outside investors drawn to the market’s solid fundamentals. Capitol Center is the fourth office tower in the CBD to trade this year.

CBRE has been hired as the exclusive leasing agent for Capitol Center. Planned improvements for Capitol Center include upgrades to the main lobbies, conferencing facilities, elevators, and common areas.

Categories : Columbia
Comments Comments Off on 460,000 SF CBD Office Building Sold in Columbia
Oct
02

Avison Young Announces Charleston Area Transactions

By · Comments Comments Off on Avison Young Announces Charleston Area Transactions

avison young logoNick Tanana represented the landlord, Kingfisher Investments VI, LLC in the lease of a 120 sf office space located in The School House at 720 Magnolia Road in Charleston, South Carolina to RAZ Productions, LLC.

Gregg Legerton represented the landlord, Tobias, LLC, in the lease of a 1,130 sf office space located in 61West at 1483 Tobias Gadson Boulevard in Charleston, South Carolina to The Kenney Law Firm.

Alan Bolduc, CCIM,SIOR & Courtney L. Marous represented William Stanley Hall as PR for The Estate of William J. Hall & The Estate of Norma C. Hall in the purchase of a 30,000 sf industrial building located at 1920 New Cut Road in Spartanburg, South Carolina, from Marshall Bridge Capital, LLC for $1,350,000.

Todd P. Garrett CCIM, SIOR represented Palms Preferred Properties, LLC in the lease extension of 2,400sf of industrial space located at 4663 Franchise Street, Suite 102 in North Charleston, South Carolina, to Professional Drywall & Paint Co., LLC.

Todd P. Garrett SIOR, CCIM represented Roger K. Davis in the lease extension of a 9,000 sf industrial space located at 4682 Franchise Street Unit A in North Charleston, South Carolina, to Manale Landscaping, LLC. Ryan Welch of Lee & Associates represented the Tenant.

Vitré Ravenel Stephens  represented Waxed Salon in the leasing of 1,300 sf of retail space located at 1145 Johnnie Dodds Blvd in Mount Pleasant, South Carolina, from New Market Centre, LLC . Chris Dion and Blair Belk of Belk Lucy represented the Landlord.

David Mantek & Vitré Ravenel Stephens  represented Trolley Square, L.L.C in the leasing of 1,600 sf of retail space located in Trolley Square at 1525 Old Trolley Road Unit E in Summerville, South Carolina, to Carolina Spirits. Trey Lucy of Belk Lucy represented the Tenant.

Vitré Ravenel Stephens  represented Indigo Village, LLC in the leasing of 650 sf of retail space located in Indigo Village at 1662 Savanah Highway in Charleston, South Carolina, to Charleston Roofing and Exteriors, LLC.  Brett Rashtchian of Re/Max Pro Realty represented the Tenant.

Categories : Charleston
Comments Comments Off on Avison Young Announces Charleston Area Transactions
Oct
02

O’Reilly Automotive Acquires Site in Florence

By · Comments Comments Off on O’Reilly Automotive Acquires Site in Florence

florence bojanglesNAI Avant has announced that O’Reilly Automotive, Inc has purchased the property at 3151 East Palmetto Street in Florence, South Carolina.  The site is improved with a restaurant formerly occupied by Bojangles. The building was constructed in 1985 and sits on approximately 1.052 acre at a traffic light corner.

Senior brokers Ben Kelly, CCIM and Patrick Chambers represented O’Reilly in the transaction and the seller, Melsam Legacy LP, was represented by Palmetto Commercial Properties.

Categories : Florence
Comments Comments Off on O’Reilly Automotive Acquires Site in Florence
Oct
02

The Boulder Group Releases Net Leased Report

By · Comments Comments Off on The Boulder Group Releases Net Leased Report

boulder group logoCap rates in the third quarter of 2017 in the single tenant net lease sector decreased across all asset classes when compared to the previous quarter. Cap rates for retail properties decreased by 12 basis points to 6.11%. This represented the lowest level in the net lease retail sector since the third quarter of 2016 when cap rates were at a historical low of 6.10%. Cap rates for net lease office and industrial properties decreased by 16 and 10 basis points to 6.98% and 7.27% respectively.

After two consecutive quarters of increasing cap rates, cap rates decreased across all three sectors. Throughout the course of the third quarter, the 10-year treasury yield reached its lowest level of the year (2.06) before ending the quarter at 2.33. Competition for retail assets increased in the third quarter as evidenced by the spread between asking and closed cap rates. In the third quarter of 2017, this spread decreased by 14 basis points to 21 basis points. While cap rates compressed among all of the net lease sectors, premium pricing for single tenant properties is concentrated in top tier assets with long term leases, credit tenants and core markets. Some investors seeking yield in a compressed cap rate environment have turned to shorter term leases or tenants with credit concerns if the underlying real estate fundamentals warrant the risk.

DOWNLOAD THE REPORT HERE

Categories : National News
Comments Comments Off on The Boulder Group Releases Net Leased Report
Oct
02

Rock Hill Self Storage Facility Sold

By · Comments Comments Off on Rock Hill Self Storage Facility Sold

sold stamp blueZiff Properties, Inc. has announced the disposition of their 87,350-square-foot Rock Hill self-storage facility located on Big Oak Lane in Rock Hill, SC. The property was sold for approximately $11 million to an unnamed buyer with plans to expand the facility.

Chief Operating Officer and Director of Acquisitions, Christian Chamblee says, “While our storage portfolio is rapidly expanding, the sale of our Rock Hill storage facility represented an opportunity to capture value created during our 6 year hold of the asset. We look forward to reinvesting in other storage opportunities.”

Categories : Rock Hill
Comments Comments Off on Rock Hill Self Storage Facility Sold
Sep
28

Wilmington Retail Center Sold for $177/sf

By · Comments Comments Off on Wilmington Retail Center Sold for $177/sf

wilmington strip centerLocal investors recently purchased a Carolina Beach retail center for $2.25 million, brokers said this week.

BBG Real Estate of Carolina Beach bought Cross Bridge Village, a 12,700-square-foot center at 1206 N. Lake Park Blvd., on Sept. 18 from James and Lisa Wilkins.

The center is anchored by Michael’s Seafood Restaurant, and other tenants include Island Massage & Spa, Carolina Beach Jewelers, Unified Alerts, Island Beverage and Nails Image.

In a recent lease, The Southerly Biscuit & Pie is expected to open in the spot at the center that’s currently occupied by Big Apple Bakery, potentially by November. The center is currently fully leased.

READ MORE HERE

Categories : Wilmington
Comments Comments Off on Wilmington Retail Center Sold for $177/sf