Archive for November, 2010

Nov
16

Greenville’s Industrial Real Estate Market Improves

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– GSA Business

For the first time in more than two years, market numbers indicate growth for a second consecutive quarter in the industrial real estate market, according to report released today by the CB Richard Ellis The Furman Co.

The industrial-vacancy rate in the Upstate dropped to 10.2% during the third quarter. There was more than 1.5 million square feet of positive absorption.

“While the growth rate of the last quarter was comparable to that of the boom years in 2006 and 2007, the majority of the market growth consisted of the delivery of BMW’s 900,000-square-foot expansion in the Spartanburg West submarket,” the report said.

ARTICLE SHORTENED DUE TO LENGTH….

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Categories : Greenville
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Nov
15

Daufuskie Island Resort Can Be Sold In Parcels

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– The Post and Courier

A bankruptcy judge has divided the assets of the Daufuskie Island Resort & Breathe Spa into groups and allowed creditors to claim many of them after an auction last month produced no bidders for the entire property.

In the meantime, the trustee overseeing the bankruptcy will continue trying to sell the property as a whole.

If a single buyer doesn’t emerge, AFG, one of the resort’s lenders, will assume the Melrose golf course and other amenities.

Bank of North Carolina will assume the Melrose beach club and several cottages.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Hilton Head Island
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Nov
15

SCAPA Recognizes Innovista as Outstanding Planning Project

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The South Carolina Chapter of the American Planning Association (SCAPA) recently presented its 2010 planning awards, which recognized the University of South Carolina, City of Columbia, Guignard Associates and Sasaki Associates Inc. for the Innovista Master Plan for downtown Columbia and the Congaree River waterfront.

The projects won the award for Outstanding Planning Project in a multi-jurisdictional area.

ARTICLE SHORTENED DUE TO LENGTH….

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Categories : Columbia
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Nov
15

Marcus & Millichap Releases 3Q 2010 CRE Investment Outlook

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Marcus & Millichap, in Partnership with National Real Estate Investor, has released the Third Quarter 2010 Real Estate Investment Outlook.
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– Property Fundamentals at or Near Bottom
– Apartments in Full-Scale Recovery
– Low Interest Rates, Modest FinancingImprovement
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DOWNLOAD THE INVESTOR SURVEY REPORT HERE
Categories : National News
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Nov
11

Columbia, SC Rated Among Top Five Most Affordable College Towns

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Categories : Columbia
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Nov
10

Liquidity for Retail Assets Increases Even as Fundamentals Lag

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– National Real Estate Investor

Commercial real estate lending has loosened up considerably in the past six months, leading to more acquisition activity and making it easier for borrowers facing maturity to refinance their loans. And most industry experts feel that liquidity will only increase in 2011.

The bad news, however, might be that the capital marketplace has recovered from the credit crunch a bit too quickly, with many transactions spurred on by record low interest rates rather than improving property fundamentals.

Industry leaders gathered to discuss these and other topics at ICSC’s 2010 Capital MarketPlace Conference in New York City on November 8.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Nov
10

Banking Humor: Just Poking a Little Fun at Troubled Banks

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Categories : Humor
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Nov
08

Hendersonville, NC Walgreens Sold For $5.03 Million

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A Florida-based limited liability company has acquired a 15,371-square-foot Walgreens pharmacy located at 1148 Asheville Highway in Hendersonville. The property traded for $5.03 million. Allen Smith of Marcus & Millichap’s Charlotte office and Larry Curry of the firm’s Tampa, Fla., office represented the buyer. The seller’s name was not released.

From Loopnet:

Rent commencement: 02/16/2009
Lot Size: 1.55 AC
Asking Cap Rate: 7.35%

Note that the cap rate above is based upon the asking price, which is not shown on the Loopnet page.

CLICK HERE FOR MORE
Categories : Asheville
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Nov
08

Foreclosures Slash Residential Value in Myrtle Beach Area

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– The Sun News

Properties in rapidly expanding areas such as Carolina Forest and oceanfront condominiums in Myrtle Beach have lost the most value in the past five years, which has left some residents feeling trapped in their homes as foreclosures continue to eat away at their property values.

Ryan Sears bought a condo in Turnberry Park in Carolina Forest in 2006 for $125,900. Since then he married his wife, Shalissa, and they have a 2-year-old daughter, Isabella.

The neighborhood isn’t what they thought it would be when Ryan Sears moved in. A second phase was turned into rentals instead of being more condos, and college students who are loud and drive fast have moved in. It’s not the perfect setting for the young family, Shalissa Sears said.

ARTICLE SHORTENED DUE TO LENGTH….

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Categories : Myrtle Beach
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Nov
05

Office Vacancy Rate in the Upstate Dropped To 17.2% during 3Q

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– GSA Business

The office-vacancy rate in the Upstate dropped to 17.2% during the third quarter, according to a report released today by CB Richard Ellis The Furman Co.

Property owners continue to lower rental rates, however. Asking rates in the Greenville-Spartanburg market averaged $16.42 per square foot, the largest quarter-to-quarter decline in more than two year, CBRE said.

“If declines in vacancy can be sustained, rates should eventually rise,” the report said.

While rates were down quarter-to-quarter, they were up year-over-year.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Greenville
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Nov
04

Greenville’s Main at Broad Office Building Now 62% Leased

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– GSA Business

Windsor/Aughtry Co. announced today that Carolina Holdings Inc., Phoneworx and Godsey & Gibb Associates have signed long-term leases in the new Main at Broad development in downtown Greenville. These will be the first Upstate offices for both Phoneworx and Godsey & Gibb.

With these new leases, Main at Broad will be at 62% capacity five months after its completion.

Carolina Holdings Inc., a real estate development, asset management and brokerage firm, will occupy 3,705 square feet of office space on the fourth floor of the development. Phoneworx, a telecommunications company, will occupy 2,612 square feet of space on the development’s third floor.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Green Development
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Nov
03

South Carolina Ranks #5 in Site Selection’s 2010 Top State Business Climate Rankings

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Site Selection magazine has released its 2010 Top State Business Climate Rankings. South Carolina picked up the #5 spot in the 2010 Rankings.

According to Site Selection, “South Carolina is quietly becoming a transportation-industry powerhouse, with automotive investment clustering in the Upstate and aerospace anchored by Boeing in N. Charleston, with many other sector projects announced in recent years.”
Site Selection evaluates the states annually using a four-part index of criteria linked to the magazine’s proprietary New Plant database of new and expanded facilities and a survey of corporate site selectors indicating their preference for state business climates. The index and survey each weigh 50 percent in the final point score and ranking.

Categories : South Carolina News
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Nov
02

Commercial Appraiser Needed

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Integra Realty Resources is seeking a commercial appraiser for either the Columbia or Greenville, SC office. Responsibilities include appraising general commercial properties, as well as maintaining good working relationships with clients. Candidate must be a certified general appraiser, as well as comfortable in Windows environment and proficient with Word and Excel. Assignments are located primarily in South Carolina with periodic travel as required. Compensation plan will be based upon experience, but features competitive fee split, health and dental insurance, and education/dues reimbursement.

The office has access to most data sources, including Real Capital Analytics, Reis, CRS, Loopnet, Smith Travel Research, STDB and statewide CoStar access. In addition, Integra has a national comparable database.

Please forward confidential cover letter and resume to:

Michael B. Dodds, MAI, CCIM, MRICS
mdodds@irr.com

Categories : INTEGRA NEWS
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Nov
02

Real Estate Brokers’ Commissions Lowest since 1982 as Percent of GDP

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Categories : National News
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Nov
02

Apartment Sales Volume Jumps 63% in Third Quarter

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– Multifamily Executive

The increases in sales just keep coming. Sales volume rose 63 percent to a total of $8.5 billion from the second to third quarter of the year, according to Real Capital Analytics (RCA). That’s the biggest jump in the past five years. Even more impressive: It’s a 130 percent jump over the third quarter of 2009.

Still, there’s one caveat. While sales volume rose 63 percent, the number of transactions only rose 5 percent, meaning deal size played a huge role in the transaction numbers. So far, $18.5 billion of apartments sold this year. That’s almost double the volume of the first nine months of 2009, but the number of properties sold only represented a 31 percent increase.

“A lot of the assets that sold are of higher quality,” says Ben Thypin, senior market analyst at RCA. “That’s why the jump in volume is bigger than the jump in count.”

ARTICLE SHORTENED DUE TO LENGTH….

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Categories : National News
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