Archive for October, 2010

Oct
29

Clemson Student Housing Complexes Sold As Part of Portfolio

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– GSA Daily

Kayne Anderson Real Estate Partners I LP, a private equity real estate fund managed under Kayne Anderson Capital Advisors, acquired nine properties for off-campus student housing from Education Realty Trust Inc. The acquisition includes Berkley Place and Clemson Place serving Clemson University.

“Our acquisition of the EDR portfolio was an extremely compelling investment for us as the deal components were in line with our overall investment strategy and allowed us to buy at an opportunistic price,” said Al Rabil, managing partner of KAREP. “We are pleased that the deal came through a referral from a close operational partner, which speaks to the team’s strong reputation for closing speed, efficiency and a highly specialized knowledge of the student housing space. We expect this investment to generate sustainable and growing cash flows on behalf of our investors.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Clemson
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Oct
29

Chart of the Day: Ratio of New Home Sales to Existing Home Sales

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This chart from Calculated Risk is interesting, and really shows the level of distress that new-home construction is feeling. It can be looked at the ratio of existing homes sold to new homes sold. In “normal times,” the ratio is approximately one new home sale per five existing home sales. A couple of months ago, it was one new per 13 existing. Now, it’s one new per 15 existing.
Categories : National News
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Oct
28

NAI Earle Furman Releases 3Q Greenville Market Reports

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NAI Earle Furman has released the 3rd Quarter Retail, Industrial and Office Market Reports for Greenville. You can download them from the Real Estate Market Reports section on the right side of this website.
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Michael B. Dodds, MAI, CCIM, MRICS

Categories : Greenville
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Oct
28

Integra’s Commercial Real Estate Index Shows Promising Signs

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– REIT.com

Commercial real estate property values showed general signs of stabilization and improvement in the third quarter of 2010, according to the latest data from Integra Realty Resources.

Per the Integra Commercial Property Index (CPI), multifamily properties represented the only sector to register an increase in value last quarter, up 2 percent for the three-month period. However, Integra’s projections indicate that, aside from retail, all sectors will either hold steady or experience gains in the next six months.

Jeffrey Rogers, Integra’s president and chief operating officer, told REIT.com that the latest CPI results should be taken as welcome news for not only the commercial real estate industry, but the broader economy as well.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : National News
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Oct
28

Assisted Living Takes the Lead in Seniors Housing Recovery, Says NIC

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– National Real Estate Investor

While the seniors housing industry is showing signs of stabilization after a deep recession, the recovery remains choppy with assisted living outperforming independent living on the occupancy front, according to newly released data from the National Investment Center for the Seniors Housing & Care Industry (NIC).

Among the nation’s 31 largest markets, the average occupancy rate at assisted living facilities rose 40 basis points in the third quarter over the prior quarter to reach 88.7%, reports NIC. In contrast, the average occupancy rate at independent living facilities fell 30 basis points during the same period to 87.1%.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Oct
27

Boeing Chief Explains Lure of South Carolina

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– The Post and Courier

Boeing chief executive James McNerney seems to recognize that deciding to land a 787 jet assembly plant in South Carolina a year ago was a bit of bet.

But the aerospace boss — in town Tuesday to speak at the Columbia Urban League annual dinner — believes he’s made a good gamble.

“South Carolina clearly worked hard to make the investment productive for us,” McNerney told reporters at a pre-gala reception in the Governor’s Mansion. “We also put all of our chips in. I think we’re in a position where we both are going to make things work. … I am satisfied so far.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Oct
25

Take a Look at a 27 Story Home, Yes….a Home

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A 27-story single-family residential tower recently finished in Mumbai almost certainly vanquishes all pretenders to the throne of world’s most expensive private home, with a price tag estimated at somewhere close to $1 billion.

Built by Mukesh Ambani, the chief executive of Reliance Industries, the home reaches new levels of decadence, with three helipads, swimming pools, four-story “hanging gardens” and a six-story parking garage. Dubbed “Antilla,” the 173-meter tall mansion also includes a 50-seat cinema, ballroom, gym and every room is custom designed.

According to published reports, the tower cost $77 million to build, but that only hints at its value. After all, how do you put a price tag on a one-of-a-kind building in a city where every piece of open land is coveted like gold?

Categories : Uncategorized
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Oct
25

Two Downtown Charleston Hotels Approved by City

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– The Post and Courier

Two downtown hotel projects recently received the next nod they need to get construction started.

The city’s Board of Architectural Review gave its approval to a five-story property at Meeting and Wolfe streets originally proposed more than three years ago. The group also gave the go-ahead to an expansion at the Holiday Inn Historic District.

Tara Group, a Charlotte-based hospitality business, plans to build the first hotel on land it purchased in 2006 for $2.5 million. This time, the group’s proposal skirts the Burris Discount Beverages property that stalled its previous attempt when a tenant on the liquor store land refused to release its lease.

The Wolfe Street side will follow a historic brick pattern that blends in with surrounding buildings, but the Meeting Street side will flaunt a glass tower that gives a window into the lobby.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Oct
22

Subscribe to Receive Daily News for FREE

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Please follow the link on the right side of the web page to subscribe to receive a daily e-mail update. We update our website constantly and you will receive a summary of the new posts around 11:10 AM each weekday. Our current e-mail subscriber list includes developers, mortgage bankers, municipal officials, attorneys, contractors, economic developers, appraisal reviewers and brokers.

Of course you can unsubscribe at any time, although we have only had five people unsubscribe since the site was started in March 2008. I assume that means that subscribers are finding it useful.

Note: I don’t use any ad tracking or the like, nor do I sell e-mail addresses to anyone!

Michael B. Dodds, MAI, CCIM, MRICS
Categories : Uncategorized
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Oct
22

Charleston Commercial Real Estate Experts Offer Different Market Outlooks

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– scbiznews.com

Local industry leaders at the Charleston Trident Association of Realtors’ commercial market forecast today highlighted positive indicators amid tough times. But the event’s keynote speaker painted a picture of protracted gloom on the national level.

Everett Allen Greer, managing member of Greer Advisors in Los Angeles, said that “2011 is going to be a terrible year.” The U.S. economy and the real estate industry will not recover until financial markets improve, he said.

In the past, Greer said supply and demand drove the economy. Now that’s not the case.

“The fundamentals today are financial fundamentals,” Greer said. “They have nothing to do with supply and demand. … It’s everything to do with who can get a loan and who can’t.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Oct
22

Seniors Housing Rent Growth Outperforms Core Commercial Real Estate

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Categories : National News
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Oct
21

Development of Concord Park Office Building in Charleston Underway

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– The Post and Courier

The first piece in the puzzle of the long-delayed Concord Park development slipped into place Wednesday as work began on an $18 million office building that will anchor a prominent corner of the vacant city block.

The four-story project, known as 25 Calhoun St., is a rarity given the shaky state of the commercial real estate market. It also is noteworthy that it is the first major privately funded office project to go up on the peninsula in about five years.

“This would be a big deal at any time, but it’s a really big deal now,” Charleston Mayor Joe Riley said at a groundbreaking ceremony at the site Wednesday.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Oct
21

NAI Avant Brokers Three Sales in Downtown Columbia

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NAI Avant has brokered three commercial sales in downtown Columbia for a total of $2.88 million. A property located at 1507 Hampton St. traded for $1.05 million. A 23,125-square-foot office building located at 2001 Assembly St. traded for $980,000. Finally, the building located at 2912 Devine St. traded for $850,000. NAI’s Cam Kreps brokered the Hampton Street and Devine Street deals. NAI’s Jeff Hein and Roger Winn brokered the Assembly Street deal. Additional details about the transactions were not released.
Categories : Columbia
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Oct
20

How Long Can Cap Rate Compression Last?

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– Multifamily Executive

Many multifamily buyers and sellers have been surprised at just how quickly, and how steeply, cap rates have fallen this year.

Several factors have conspired to drive down cap rates a little more each month this year. A wealth of opportunity funds looking for acquisitions has resulted in frenzied bidding wars for Class A assets. Low-priced debt from Fannie Mae and Freddie Mac has allowed more deals to pencil out. And stabilizing fundamentals have inspired confidence in the future value proposition.

But just how sustainable is this cap rate compression? Most multifamily finance professionals don’t expect it to last into next year. In a poll of 168 senior-level professionals conducted by Apartment Finance Today conducted in August, half of all respondents expected cap rates to stay flat in 2011, while more see cap rates rising (27 percent) than falling (23 percent) next year.
ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE
Categories : National News
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Oct
19

40,042 Square Foot Industrial Property Sold In Ladson, SC

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Grubb & Ellis WRS has completed the $1.85 million sale of an industrial building located in South Carolina’s Low Country. The building totals 40,042 square feet and is located at 10009 Highway 78 in Ladson. Michael Ferrer of Grubb & Ellis represented the seller, 10009 Highway 78 LLC. The buyer was Investment Property Exchange Services Inc., which is acting as a qualified intermediary for WED Properties.
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MORE INFO ON THE PROPERTY HERE
Categories : Charleston
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