Archive for February, 2010
Real Capital Analytics – Medical Office Building Market Overview
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On a per-square-foot basis, average pricing for medical offices fell just 6% over the course of the year, a small drop compared to the 26% decline for the entire office sector. Reflecting continuing interest in the niche, average cap rates rose much less steeply for medical offices than for office properties as a whole, with increases of 69 bps and 128 bps, respectively. Still, average cap rates for medical offices, at 8.1%, remained a slight 20 bps below that for the office sector as a whole.
REITs represented the largest buyer group, accounting for 28% of all acquisitions. Both local and national private buyers were active investors over the course of the year, each taking a 19% share, although the two groups also comprised 39% of all sellers. Dominating the seller composition, users accounted for 46% of all medical office dispositions.
Charleston, SC Commercial Real Estate Might Be Approaching Bottom
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Predicting that the addition of Boeing could help Charleston’s commercial real estate market rebound quicker than other areas of the country, a regional commercial real estate company says the market might be nearing bottom.
“While 2010 will also be a tough year for sellers and landlords, Charleston is quite possibly approaching the bottom of the market and will hopefully see bluer skies as the year unfolds,” said Anchor Commercial Real Estate Services in its monthly market report.
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Dodds Speaks on Reviewing Commercial Appraisals in a Declining Market
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Year End Transaction Data Released for Columbia Real Estate
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HTA Acquires Hilton Head Island, SC Portfolio for $15.3 Million
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Student Housing Market Snapshot from Real Capital Analytics
Posted by: | CommentsJust $400 million in student housing properties traded in 2009 and comprised less than 3% of overall apartment market activity. Pricing of $113,000/unit was down 10% year-over-year, appreciably less than the 13% per-unit decline for all other apartment properties to an average $86,000/unit. Student housing sales volume topped $119 million in Q4’09, up 131% from the Q3’09 trough but still down 23% from Q4’08. Sellers are still achieving almost 93% of their asking price, up 80 bps from a year earlier.
Average cap rates for student housing properties for the 12-month period ended Dec. 31 increased 150 bps year-over-year, while caps for all other apartments rose just 72 bps. The Southeast had the most volume at just over $129 million for the past 12 months, while the Northeast continues to have no student housing sales activity.
The top 10% of student housing assets sold for $186,000/unit at a 6.2% cap, while the bottom 10% saw caps heading toward 12% and barely topped $67,000/unit. On average, the price-per-unit spread was greater for student housing assets than for other apartments.
Charleston County Hotels Average 47% Occupancy in January
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Average occupancy rate for Charleston County hotels was 47% during January, down slightly from 48% in January 2009.
The total number of room nights sold was down 3.6% from the prior year, according to a monthly report from the College of Charleston’s Office of Tourism Analysis.
The average hotel room rate countywide was $95.87, a decline of 6.6% from last year’s $102.67 average January rate.
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Former Bank Executive Pleads Guilty To Concealing Appraisals from Regulators
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The wave of bank failures in the Pacific Northwest took an ugly twist Friday when a former high-ranking executive of the defunct Bank of Clark County pleaded guilty to concealing material facts from bank regulators.
David S. Kennelly, the Vancouver bank’s chief lending officer, acknowledged in U.S. District Court of Western Washington that in November 2008 he directed bank staff to hide a number of property appraisals from state and federal bank examiners showing that the bank was woefully undercollateralized on certain loans.
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Former Richland Mall in Columbia, SC Sells For More Than $4 Million
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The majority of the former Richland Mall, which has struggled through a series of owners for years, has been sold for $4.29 million.
The purchasers have acquired most of the mall’s 695,000 square feet of retail space, but a parcel that includes the former Verizon call center is still on the market, with a $16.2 million asking price. Another outparcel on the property belongs to yet another owner.
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How the SC Senators Voted on the Point of Sale Law
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– Addressing point of sale is far too important to SC’s economy to let die;
– Please do not give up on this effort; and
– Please help us move this bill forward.
– Addressing point of sale is far too important to SC’s economy to let die;
– All parties had agreed to the compromise that was on the table;
– SC Realtors will not relent on this issue;
North Charleston Plans to Buy Troubled Shipwatch Square Shopping Center
Posted by: | Comments– The Post and Courier
North Charleston city leaders announced a plan late Thursday to buy the troubled Shipwatch Square shopping center on Rivers Avenue for $2.5 million.
Top among their revitalization plans are attracting a grocery store to serve a part of the city where there are none, even if it takes creative leasing on the city’s part to ensure a long-term tenant.
Additionally, the plans announced by Mayor Keith Summey call for razing most of the 18-acre property and bringing in new retail sites, along with housing for those with assisted-living needs, seniors and people suffering from Alzheimer’s disease.
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http://www.postandcourier.com/news/2010/feb/19/city-aims-to-buy-ailing-retail-center/
Join Us for “Retrofitting Suburbia and a Sustainable Future for the Midlands”
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Event Start Date: 02/22/2010 12:00 pm
Event End Date: 02/22/2010 2:00 pm
Locations: Medallion Center, Columbia, SC
Clemson City Council Wants Action on Site near Lake Hartwell
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A clearly frustrated Clemson City Council has directed its zoning and codes director to draft a resolution aimed at getting an eyesore removed from a prime piece of property on Lake Hartwell.
Developers at the old Lake Hartwell Inn site announced two years ago plans for a $5 million condominium project, but to date little has been done there.
Zoning and Codes Director Bob Vecchio told the council Monday night that he has been told “numerous times” by the owner of the property that the old hotel building was going to be demolished – the most recent assurance coming earlier Monday.
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Marcus & Millichap Opens Columbia, SC Office
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Marcus & Millichap Real Estate Investment Services has opened a new local office in the Capitol Center building at 1201 Main St. Scott Taylor and Drew Babcock, formerly with Coldwell Banker Commercial United, will be the office’s lead brokers.
“During the next several years, there will be tremendous opportunity for growth throughout South Carolina,” says Gary Lucas, regional manager of the new office. He adds that Marcus & Millichap’s national marketing platform allows it to be long-term advisors to commercial real estate investors throughout the region.
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