Archive for September, 2010

– The Post and Courier

Five years on the market and one previously failed sale later, the State Ports Authority on Wednesday received the authorization it needed to unload 50 acres it owns in Port Royal.

The state Budget and Control Board approved the land sale to Charleston-based developer Ben Gramling for $16.8 million. The Beaufort County deal passed in a 3-2 vote after considerable discussion.

Gov. Mark Sanford and Richard Eckstrom, the state’s comptroller general, voted against the deal.

Gramling’s bid came in nearly $10 million below a previous offer, a deal that unraveled more than two years ago as the real estate market soured. But his offer still hovered above the appraised value, reduced to between $15.6 million and $16.3 million in late 2009.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Beaufort
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Sep
29

Charleston Area Apartment Vacancy Rate Falls to 9.8%

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– scbiznews.com

Apartment vacancy in the Charleston area has fallen below 10% for the first time in more than two years, according to a new market report by Charlotte-based Real Data.

The area’s vacancy rate was 9.8%, based on August data.

Also in August, rental rates at existing apartments increased 3.1%, the first gain in 18 months, according to the report.

Real Data publishes a report on apartment market conditions in the Charleston area twice a year, based on data from February and August.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Sep
29

Nationally, Apartment Development Ramps Up

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– National Real Estate Investor

The apartment sector is the only sector within the commercial real estate industry where development makes sense, according to industry experts. While other sectors such as office, retail and industrial are not overbuilt, existing demand is minimal and future demand is not forecasted to be strong. Demand for apartments, on the other hand, is expected to increase substantially over the next three to five years, and apartment owners and operators are ramping up their development activity.

Denver-based UDR Inc., for example, has three communities with 1,104 units under development for a total estimated cost of $218.2 million. During the second quarter, the REIT broke ground on the Savoye II in Addison, Texas, the second phase of its Vitruvian Park development. The community is being built to meet LEED Gold standards and will consist of 352 units and 28,140 square feet of retail and office space, at an expected cost of $69 million.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : National News
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Sep
28

Home Prices Remain Stable According to the S&P/Case-Shiller Home Price Indices

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Data through July 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the annual growth rates in 16 of the 20 MSAs and the 10- and 20-City Composites slowed in July compared to June 2010. The 10-City Composite is up 4.1% and the 20-City Composite is up 3.2% from where they were in July 2009. For June they were reported as +5.0% and +4.2%, respectively. Although home prices increased in most markets in July versus June, 15 MSAs and both Composites saw these monthly rates moderate in July.

LINK TO REPORT HERE

Categories : National News
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Sep
27

Lexington’s Pastime Pavilion Shopping Center Sells For $1.8 Million

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Pastime Pavilion, a 36,874-square-foot shopping center located in Lexington, has traded for $1.8 million. The center is situated at 929 N. Lake Drive. Its major tenants include Regal Cinemas, Palmetto Chiropractic Center and Palm Beach Tan. The buyer was a group of investors represented by Ted McGee of McGee Real Estate. Jason Holliday of Colliers International represented the seller, Carolina First Bank. Colliers has also been the center’s leasing and management agent for the past two years.

LINK TO SHOWCASE LISTING

LINK TO LOOPNET LISTING

Categories : Columbia
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Sep
27

John Burns: 40% Of All Home Sales through 2012 will be Distressed Sales

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– Housingwire.com

A look at stories across HousingWire’s weekend desk…with more coverage to come on bigger issues:

Sales of distressed properties will peak in 2011 at 2.3 million transactions before falling to more normal levels at 850,000 in 2016, according to a report from John Burns Real Estate Consulting.

Because lenders are transferring more of the shadow inventory of foreclosed and defaulted mortgages into real property ready for the market, analysts at John Burns estimate these properties will account for more than 40% of the all resale activity through 2012.

Many market analysts have predicted home sales and prices to trend downward again without the homebuyer tax credit. How fast and deep the market falls depends on how financial institutions manage the flow of these foreclosed and REO homes onto the market.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Sep
27

Jafza Prepares For Construction, Seeks Tenants for Santee Development

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– The Times and Democrat

As Jafza South Carolina LLC plans for the construction of a new building at its 1,322-acre park in Santee, officials say they’re also preparing for bigger things to come.

Senior Vice President Clint Murphy says there’s been considerable interest in the company’s plans for a logistics, manufacturing and distribution park at the site.

“We have written numerous proposals for tenants to locate in our Phase 1,” he said. “Several of these proposals are still active and we remain optimistic that we can sign an agreement in 2011.”

Murphy said assuming an agreement is signed in 2011, a manufacturing facility typically takes a year to plan and construct.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Orangeburg, Santee
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Sep
24

Smaller Port Suggested For Jasper County

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– The Post and Courier

Bumper stickers in this small town at the southern tip of South Carolina proclaim “Jasper Port Now!” but it likely will take decades to develop a major container port in Jasper County on the South Carolina side of the Savannah River.

In the meantime, one state lawmaker suggested that a smaller “niche” port could provide jobs much more quickly.

State Sen. Tom Davis, R-Beaufort, said a port focusing on barge traffic, smaller shippers and refrigerated foods could jump-start the port in as little as three years.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Jasper County
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Sep
23

New Investors Buy 16-Acre Bank-Owned Site In West Ashley

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– scbiznews.com

Atlanta-based Reynolds Capital Group and Charlotte-based Lincoln Harris have purchased a 16-acre, bank-owned commercial site in West Ashley and plan to move forward with infrastructure development this fall.

The site, called Gateway Village, is located on U.S. 17 near its intersections with Main Road and Bees Ferry Road.

The 16 acres came with approved development plans that called for build-ready sites for retail, restaurant and hotel facilities, said Alex Kelly, vice president of development for Lincoln Harris.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Sep
22

August 2010 Foreclosure Rate Heat Map

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Categories : South Carolina News
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Sep
22

Publix Tries Expanding To North Carolina Again

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– Tampa Bay Business Journal

Publix Super Markets Inc. is making another attempt to enter the Charlotte, N.C., market, starting with a store near Tega Cay in York County, S.C..

According to sources familiar with the plans, it also appears the supermarket chain will broaden that effort, which would include the chain’s first North Carolina location.

Publix, based in Lakeland, is seeking to rezone 3.5 acres in York County to build a stand-alone supermarket.

Vanessa Santo with On Point Development in Tampa requests the rezoning of the site without naming her client. Government records showed Vanessa Santo’s company as Century Retail Inc. Santo’s company is now On Point.

Publix spokeswoman Brenda Reid said the York County store is not confirmed. She describes the potential move into Charlotte as “just a rumor.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : North Carolina News
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Sep
22

Greenville Office Market Shows 17.2% ‘Availability Rate’

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– GSADaily

Vacant office space available from landlords, plus sublease space, is at 17.2% in Greenville, according to a recently released mid-year report from Spectrum Commercial Properties.

The vacancy rate alone in Greenville is 12.3%, below the 12.9% national rate reported by CoStar Group Inc.

“Most consider the vitality of Class A space to be the true barometer of the office market,” said the report. “The overall Class A availability rate was 20.4%, with the CBD (central business district) availability rate being 17%, while the suburban Class A availability rate was 21.7%.”

That 20.4% may be a mixed blessing for the office market with three major Class A buildings on the market that could accommodate a corporate or regional headquarters, or a major call center, the report said.

ARTICLE SHORTENED DUE TO LENGTH….

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LINK TO ARTICLE HERE
Categories : Greenville
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Sep
22

48,750 Square Foot Industrial Property in Columbia, S.C. Sold

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A private investor has purchased a 48,0750-square-foot industrial building, which is located at 161 Windhill Dr. within the Ponderosa Industrial Park in Columbia. The property sold for $2.45 million. Current tenants include Safelite Auto Glass, Sherwin Williams and Parts Plus. Chuck Salley, Dave Mathews and JP Scurry of Colliers International brokered the transaction. The seller was not released.

From Loopnet:

Newly constructed 48,750 sf distribution building. The clear height is 27′ at the eaves. ESFR Sprinkler system and T-5 high bay flourescent fixtures. Located on I-20 between exit 68 (Monticello Road) and exit 70 (Fairfield Road). Interstate visability from I-20. Located between fast growing Lexington and Northeast Columbia. 15,000 sf is available for lease at $4.75/sf NNN.

LINK TO LOOPNET LISTING HERE

Categories : Columbia
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Sep
22

South Carolina Economic Outlook Released

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The August 2010 South Carolina Economic Outlook has been released by the SC Chamber of Commerce. You can download it here:

August 2010 SC Economic Outlook

Categories : South Carolina News
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Sep
22

Student Housing is the Flavor of the Season

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– National Real Estate Investor

Day one of the National Multi Housing Council’s (NMHC) Student Housing Conference in Washington, D.C., saw a range of presenters on various topics speaking fairly optimistically about the industry’s current and future prospects.

It is a fact that the student housing sector has not been impacted too badly during the recession. As one of the panelists here pointed out, the grand ballroom at the conference venue (J.W. Marriott in D.C.) would not have been packed if it were an office, retail or industrial sector conference instead.

But all those comparisons aside, it is true that the sector has been sustained by agency financing. All along, Fannie Mae and Freddie Mac have been very interested in providing loans to student housing properties. In a session titled, ‘Getting the Deal Done: How to close a transaction in the current environment,’ all that the panelists could talk about was Fannie and Freddie.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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