Archive for March, 2011

Mar
31

Meritage Homes Plans to Announce a Move into the Carolinas

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– BIG BUILDER Online

Meritage Homes, which–considering the fairly hostile conditions that continue to plague new-home building’s marketplace–has struck early-recovery lightning in a bottle with an affordable sustainability home building strategy, will extend its six-state operational footprint to a seventh and eighth state in the weeks and months ahead.

Although it’s not official and company executives won’t comment, word on the ground is that Meritage will bring its Meritage Green program to the Raleigh, N.C., market, a beachhead in a plan to run operations eventually in Charlotte and South Carolina as well, as the Carolinas are expected to lead an otherwise tepid new-home market place back toward recovery. An announcement on Meritage’s plans could come as early as the next couple of weeks.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
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Mar
31

Colliers Releases 2010 Year End Market Report for Charleston

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The 2010 Year End Investment Market Report for Charleston, SC can be downloaded by clicking on the report below.
 
Categories : Charleston
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Mar
31

NAI Avant brokers $2.8M sale in Columbia’s Vista

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– Columbia Regional Business Report

The sale of land and a 31,741-square-foot building at the corner of Williams and Senate streets in Columbia’s Vista is expected to signal new development on that site.

In an area where prime commercial real estate prices run at $60-$70 per square foot, the so-far-unnamed buyers of 1101 Williams St. paid about $65 a square foot for the 1-acre parcel, said Bruce Harper, broker in charge at NAI Avant. The property was recently advertised for $3.3 million.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

A FOLLOW UP ARTICLE CAN BE ACCESSED HERE

Categories : Columbia
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Mar
31

Ouch….Extended Stay Hotels Relocating from Spartanburg to Charlotte

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Extended Stay Hotels announced today that they will relocate their corporate headquarters from Spartanburg to Charlotte. This is a blow to the Spartanburg office market, which had seen an increase in occupancy rate of 200 basis points over the past year, according to CoStar. Over the past three quarters, the Spartanburg submarket experienced office absorption of about 131,000 square feet, and even saw asking rental rates increase in each quarter. Hopefully, Spartanburg will be able to continue what appered to be a strong office market recovery.

Michael Dodds, MAI, CCIM 

Categories : Spartanburg
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Mar
30

8,175 Square Foot Charleston Office Building Sold

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Grubb & Ellis WRS has arranged the sale of an 8,175-square-foot, net-leased office property located at 4200 Faber Place in North Charleston. ADDCO LLC acquired the property from Lifepoint Inc. for an undisclosed amount. Christopher Fraser and Todd Garrett of Grubb & Ellis represented the seller in the deal. Michael Ferrer, also of Grubb & Ellis, represented the buyer.

FROM LOOPNET:

9,175 SF Class A office building just off of Leeds Avenue exit off I-526 on 2.51 acres of light industrial zoned land. Corner of Leeds Avenue and Faber Place Dr, just off of I-526. Asking price not shown.

Categories : Charleston
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An apartment in the Plaza Hotel just sold for $48 million, which is the highest price ever paid for a single condo in New York, Bloomberg reports.

The record-setting pad is 6,000-square-foot and now belongs to a Russian composer named Igor Krutoy and his wife, Olga. Their new unit is on the 12th floor, and “while it has sweeping views of Central Park, it is not even a full-floor unit,” the New York Post reported.

According to Curbed, the couple “picked up the place after a rather epic hunt that also included 15 Central Park West and the Time Warner Center.”

WANT TO SEE PICTURES OF A $48 MILLION CONDO? CLICK HERE

Categories : Uncategorized
Comments (1)
Mar
29

260,133 Square Foot Industrial Lease Signed In Hanahan, SC

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New Breed Logistics has leased  260,133 square feet of industrial space at North Pointe Industrial Park in Hanahan. Inland American Industrial Management leased the space, which is located at 7405 Magi Road, for an undisclosed price. Dan Rose of Carter & Associates and Dunston Powell of Carolina Commercial Real Estate represented the tenant; Hagood Morrison, Peter Fennelly and Simons Johnson of Colliers International represented the landlord in the transaction. 
FROM LOOPNET:
Class a cross-dock distribution facility totaling 390,180 sf. 32′ clear height, ideal for distribution, light manufacturing or assembly. In close proximity to the Port of Charleston and easy accessibility to i-26 and i-526. Possible foreign trade zone status. Abundant trailer parking. Class A Industrial Park located directly across from SPAWAR off North Rhett Avenue. Interstate 526 is approximately five miles from the site.
Categories : Charleston
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Mar
29

Charleston’s Restoration on King Hotel Could Be Headed for Foreclosure

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– postandcourier.com

The Restoration on King, a boutique hotel that Southern Living magazine in January dubbed the South’s best new romantic stay, could be headed for foreclosure.

An attorney representing Synovus Bank recently filed a legal notice with the Charleston County Court of Common Pleas that precedes a formal foreclosure lawsuit.

The bank’s attorney, Tom Harper, said in an email to The Post and Courier that his client “is working with the owner in an effort to avoid that.”

“It’s too early to speculate whether litigation will eventually be necessary, but nobody wants that,” Harper said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE


Categories : Charleston
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OK, so this property sold for $190,000 in 2002 and now the City of Camden is paying $362,500 for it? That price would indicate an annual appreciation rate of about 7.4%. Not too bad considering the, well…you know, the recession. The City offered 90% of the asking price, which I haven’t seen very often in recent years. On the surface, it sounds like the City didn’t do their homework. I’m sure they saved $1,000 by not getting an appraisal, so they’ve got that going for them……
Michael Dodds, MAI, CCIM
Categories : Camden
Comments (1)
Mar
28

Four States Weigh Bills to Make Appraisers Disregard Foreclosures

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I think this is interesting…..
Four states are considering legislation that would prohibit or restrict appraisers from using distressed sales, such as those of foreclosed properties, as comparable sales when estimating the value of a home. The rationale for the bills in Illinois, Nevada, Missouri and Maryland is that the prevalence of foreclosures and short sales — almost four out of 10 sales in the country are distressed — is distorting the markets.
The rationale for the bills in Illinois, Nevada, Missouri and Maryland is that the prevalence of foreclosures and short sales — almost four out of 10 sales in the country are distressed — is distorting the markets.

But lenders are worried that excluding these transactions from appraisals will lead to the kind of inflated valuations that contributed to the housing crash four years ago.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

BLOG NOTE:

As someone who reviews appraisals from all over the Carolinas, I feel that foreclosures should never be the basis for estimating “market value”. With that being said, you can’t just put blinders on and pretend that they don’t affect values and marketability.

Michael Dodds, MAI, CCIM 

Categories : National News
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Mar
28

South Carolina Retail Centers Snapped Up In Spree

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– postandcourier.com
The world’s largest private equity firm is investing some of its war chest in nine South Carolina retail centers, including three in the Charleston region, courtesy of a recent shopping spree। Blackstone Group LP is buying Centro Properties Group’s collection of U।S. properties in a deal valued at $9.4 billion, it was recently announced. The deal was of the distressed variety: Australia-based Centro has been hobbling, partly under the weight of $8 billion in debt it owed on its 588 U.S. retail centers in 39 states. It sold the portfolio at a 1.3 percent discount based on the Dec. 31 book value.
ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : South Carolina News
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Mar
23

Greer Apartment Complex Sold

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Santa Monica, Calif.-based Columbus Pacific Properties has acquired a distressed apartment community in Greer for $11.1 million. West Chase Apartment Homes was built in 2000. The Class A community contains 192 garden-style units on 14.23 acres. Amenities include a resort-style swimming pool, a playground, picnic areas, a fitness center, a dog park and a car care center.

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Mike McGaughy and Jon Kleinberg of Transwestern represented Columbus Pacific as well as the seller, Greystar Management Services, which was acting as receiver for the property. Walker & Dunlop and George Smith Partners arranged acquisition financing, consisting of a permanent loan with a 65 percent loan-to-value ratio, on behalf of Columbus Pacific.

Categories : Greenville, Greer
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Mar
21

Secondary Multifamily Markets Likely to See More Cap Rate Compression

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– Multifamily Executive

It seems to happen at this point in every cycle: Core assets in primary markets recover first, followed by a trickle-down into secondary markets, B assets, and value-add deals.

But this year feels different. As more investors increase their risk tolerance and cast a wider net in search of yields, that trickle may be more like a flood.

“It’s happening faster this time; there’s more capital floating around at this point in the cycle than usual,” says Dan Fasulo, managing director of New York-based market research firm Real Capital Analytics. “Secondary markets are certainly picking up steam. The promise of extra returns really gets investors to venture out along the risk spectrum.”

Last year offered a brief window of opportunity to play it safe. The ultra-low yield on the 10-year Treasury produced a big spread between cap rates and interest rates. The ability to borrow at 4.25 percent covered many sins, allowed many deals to pencil out, even given a low cap rate.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : National News
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Mar
15

Charleston Mixed Use Development Sold for $525 per Square Foot

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– The Post and Courier

A sizable real estate deal has gone down near the heart of the College of Charleston.

Two buyers needing to reinvest some real estate winnings for tax purposes recently snapped up an 18,000-square-foot high-traffic mixed-use retail spot at George and St. Philip streets. The property is anchored by a CVS pharmacy.

The buyers — Greer-based Randolph Freezer LLC and a Colorado entity called Red Sled Properties LLC — paid $9.5 million, or north of $525 a square foot.

The site is fully occupied. The other tenants include the popular high-end grocer and specialty food purveryor Caviar & Bananas.

The seller was George Street Retail LLC, which includes developer Anthony McAlister of McAlister Development Co. Inc.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Categories : Charleston
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Mar
14

A "Don’t Miss" Event: Interface Carolinas

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France Publications’ InterFace Conference Group has announced that the 2nd annual InterFace Carolinas information and networking conference will be held on May 12th at the Charlotte Convention Center. I had the privilege of participating on a panel discussion at last year’s event and walked away very impressed with the event.

Last year’s event attracted over 300 attendees and I am willing to bet that this years event will be even larger. If you are a commercial property owner, investors, developer, brokers, lender or attorney, then you will want to be there!

While the speaker list is still be assembled, the topics to be covered include:

– The state of commercial real estate in the Carolinas-

– The outlook for leasing, investment and development in the four principal property types

– The status of the investment sales and financing markets, including distressed assets

– Economic and job development in the region

Jerry and Scott France do a great job with all of their publications, and we are lucky to have them covering the Carolinas in my opinion. If you go to the event, be sure to introduce yourself to them, they are good people.
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Michael Dodds, MAI, CCIM
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FOR MORE INFORMATION CLICK HERE
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