Archive for July, 2009

Jul
22

Lack of Transactions Makes True Cap Rates Hard To Pin Down

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– Retail Traffic

One of the big challenges facing the retail real estate sector is that with so few investment sales getting done there is little confidence that the prices paid reflect true property values or cap rates.

In testimony before Congress’ Joint Economic Committee on July 9, Jeffrey Deboer, president and CEO of the Real Estate Roundtable, said, “With a scarcity of property transactions, there is no effective price discovery, and this further exacerbates the real estate market crash.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://retailtrafficmag.com/news/true-cap-rates-hard-estimate-0721/
Categories : National News
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Jul
22

Development in Lower Vista Continuing

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– The State

An office and retail project, across Pulaski Street from the Publix grocery store in the old Confederate printing plant, promises to continue the redevelopment momentum in the former warehouse district despite the economic downturn and a tight credit market.

The new 10,500-square-foot project — called twelve14 Pulaski — is slated for the corner of Pulaski and Gervais streets on the old Hood Tire location.

“Only five years ago this was one of the most blighted blocks in the city,” said Fred Delk, executive director of the Columbia Development Corp., which promotes and guides investment in the Vista and other downtown areas.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/business/story/872733.html
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BLOG NOTE:
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The Vista development has been interesting to watch. Integra Realty Resources – SC is currently appraising two restaurants and a residential development in the Vista. I will post some good aerials of the area in the next week or so.
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Michael Dodds, MAI, CCIM, MRICS

Categories : Columbia
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Jul
21

Rooms to Go Set to Relocate to Magnolia Park

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– SCbizmag.com

Menin Development Inc. completed the sale of a parcel to Rooms To Go Inc. within its Magnolia Park mixed-use project located in Greenville.

Rooms To Go will be relocating its current store near Haywood Mall and constructing a brand new 35,000-square-foot superstore, which will be a combination of Rooms To Go and Rooms To Go Kids.

“This transaction speaks volumes about both the quality of the location and the co-tenancy of Magnolia Park today and in the future,” said Craig Menin, CEO of Menin Development.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.scbizmag.com/content/view/127325/1/
Categories : Greenville
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Jul
20

S.C. Home Sales Increase 13% in June

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– Columbia Regional Business Report

The number of homes sold in South Carolina has risen for the second-straight month. Nearly 4,200 homes were sold in June, an increase of 13% compared with May, according to the latest report from the S.C. Association of Realtors.

In May, home sales totaled 3,704, which was an increase of 16% over sales in April.

June’s figures also represent the best year-over-year showing so far in 2009, with an 11.3% drop compared with June 2008 numbers.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://columbiabusinessreport.com/news/28621-s-c-home-sales-increase-13-in-june
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Categories : South Carolina News
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Jul
20

USC to Build New Business School in Innovista

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– GSA Business

The University of South Carolina will build a new, $90 million home for the Moore School of Business in Columbia’s Innovista, officials said today.

The university will pay for the new building in part with revenue generated by a new agreement to lease the Close-Hipp Building to the U.S. Department of Justice for 20 years. The Close-Hipp Building is the current home of the Moore School.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.gsabusiness.com/news/28616-usc-to-build-new-business-school

Categories : Columbia
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Jul
20

Report Shows Slight Uptick in Charleston Industrial Activity

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– Charleston Regional Business Journal

Grubb & Ellis Barkley Fraser says a drop in second-quarter industrial vacancy rates could indicate a market turnaround.

Vacancy rates in the tri-county dropped from 13.8% to 12.4%, according to the report released this afternoon. Vacancy rates in the Summerville, West Ashley and the Clements Ferry and East Cooper areas continued to hover around 20%.

But vacancy rates in downtown Charleston, North Charleston and Berkeley County have fallen into the single digits.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charlestonbusiness.com/news/28605-report-shows-slight-uptick-in-industrial-activity
Categories : Charleston
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Jul
20

Home-Building Permits Rise in Columbia

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– The State

Signaling a bright spot for the ailing housing market, Columbia-area builders took out 18 percent more permits for new houses in June than the same month the previous year.

It was the first time in 18 months the region saw an increase in monthly permits. The last monthly increase was in December 2007, when permits were up 27 percent from the previous year.

Since then, permits have plummeted as builders struggled with high inventory and a tightening credit market.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/868746.html
Categories : Columbia
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Jul
17

Good News for the Office Market

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From a recent Grubb and Ellis report……

The inventory of available sublease space increased by a surprisingly slim 1.4 million square feet in the second quarter, by far the smallest quarterly gain since the market began to soften. In each of the prior two quarters, sublease had increased by an average of 10.2 million square feet. The trend bears watching to see if it is a one-quarter pause following panicked cost-cutting by businesses when the credit crisis worsened last fall, or if the sublease inventory is nearing a peak. In the thick of the dot-com bust early this decade, the sublease inventory soared over a span of six quarters, topping out at 146 million square feet. In the current cycle, sublease space has increased for eight consecutive quarters to its current level of 113 million square feet. If the trend continues, sublease may be less of a drag on the next recovery than it was on the last one.

Categories : National News
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Jul
16

Myrtle Beach Area Seeks New Uses for Old Big Boxes

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– The Sun News

The struggles of big-box retailers have left cities across the nation pondering how to make the best use of the large buildings sitting vacant.

Horry County leaders are trying to fill empty big-box stores with call centers.

The vacant buildings meet the needs of call centers, which want open space inside and large parking lots, said Hugh Owens, president of the Myrtle Beach Regional Economic Development Corp., which recruits businesses to Horry County.

“We are trying to be a little proactive with it,” Owens said. “We are not seeing a lot of — the empty big-box stores —-, but for those buildings that are vacant, our strategy is to try to find businesses like call centers.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/749/story/865777.html
Categories : Myrtle Beach
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Jul
16

Central, S.C. Strip Center Sold

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An unanchored strip retail center at 1286 Eighteen Mile Road in Central, SC has sold. This 35,280 square foot strip center sold on March 27, 2009 for $4,701,200, or $133.25 per s.f. Built in 2004, it is situated on 6.04 acres.

Tenants of the 90% occupied center include Blimpie, H&R Block, Dollar Tree, Payless Shoe
Source and Wal‐Mart (Shadow/Not Owned).


Subscribers to Greenville Property Pulse will receive additional details, including the capitalization rate.

Learn more about Greenville Property Pulse here:
http://www.gppulse.com/

Categories : Greenville
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Jul
15

Professional Affiliation among Freddie Mac’s New Appraisal “Best Practices”

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– Appraisal Institute

Among Freddie Mac’s newly revised guidelines for mortgage lenders is an emphasis on the use of qualified and experienced real estate appraisers, including language that advocates hiring professionally affiliated valuation professionals. According to revised Freddie Mac guidelines, “Sellers should consider membership in a professional appraisal organization as a qualification criterion.”

Such language is seen as a victory by professional appraisal organizations, who for years have been asking for greater emphasis on the qualifications of appraisers and policies that promote the use of highly qualified and experienced appraisers.

“We applaud Freddie Mac for addressing this important requirement that will have a positive effect on millions of home buyers and sellers,” said Jim Amorin, MAI, SRA, president of the Appraisal Institute.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.appraisalinstitute.org/ano/current.aspx?volume=10&numbr=13/14
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Jul
15

Office Occupancy Drops in Downtown Columbia

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– The State

Parking is getting cheaper for some downtown Columbia office workers as landlords try to keep or lure tenants in a tough economy.

A report released Tuesday said the average monthly rate decreased to $65 from $68 a year earlier for a parking space in a garage in the central business district.

But for the first six months of the year, the district saw its first occupancy decrease in office space in at least two years, said Ryan Hyler, spokesman for Colliers Keenan, which released the parking report and recently conducted an office space study.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/864303.html
Categories : Columbia
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Jul
15

Retail Sales Rise but Economists Caution that Recovery is a Long Way Off

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– National Real Estate Investor

The U.S. Commerce Department reports some encouraging news among all the gloom and doom: retail sales including food rose 0.6% in June from the previous month, a performance that was better than anticipated.

Still, although sales increased month over month to $342.1 billion, they were 9% below June 2008 levels, according to the Census Bureau.

Motor vehicles and parts made a strong showing, increasing to $57 billion in sales from $55.7 billion in May, but those figures represented a 14.1% decrease from June 2008 sales levels of $66.4 billion.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://nreionline.com/news/retail-sales-rise-recovery-caution-0715/
Categories : National News
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Jul
14

Columbia Shopping Center Occupancy Rates Drop

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– Columbia Regional Business Report

The overall occupancy level in Columbia area shopping centers dropped below 90% in June 2009 for the first time in seven years, according to a market analysis just released by NAI Avant.

Following strong expansion from 2004 through 2008, when almost 3 million square feet of space was absorbed, there was a 400,000-square-foot net loss during the first half of 2009.

Occupancy levels have remained strongest in the Lexington market, at 96%, among major retail areas in the Midlands region. Trailing in overall performance were the Dentsville/Decker Boulevard area, at 79%, Lower Richland, at 85%, and St. Andrews, at 86%.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.columbiabusinessreport.com/news/28541-columbia-shopping-center-occupancy-rates-drop?rss=0
Categories : Columbia
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Jul
14

210,000 Square Foot Warehouse Lease Signed in Greenville

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Donaldson South Distribution has leased 210,891 square feet of industrial space to an undisclosed tenant in Greenville. The property is located at 513 Old Griffin Rd. The asking lease rate for the building was $2.75/sf NNN. It was built in 1993.
Categories : Greenville
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