Archive for November, 2011

Nov
29

How Does SCREnews.com Help You?

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On a conference call yesterday, I was asked why I maintain this website. Well, the original intent was to generate some appraisal/consulting assignments, which it has done. It has also helped with general networking, as I routinely hear “you are the one that does the news website right?” Last week, I interviewed an impressive soon-to-be college graduate. Why did he decide to contact me? His father is a real estate professional and subscriber to SCREnews (Thanks Randy). Maintaining the website also forces me to stay on top of what is happening all across the Palmetto State. Brokers and lenders also send me their press releases on closed deals – as an appraiser, I can’t get data any more current than that. So, let’s see….the three to five hours a week help in the following areas:

  • Business development
  • Networking
  • Employee recruitment
  • Statewide market knowledge
  • Recent sale comparable data

The return on investment far outweighs the time commitment….

I am curious though – how do you use this website? Are you a subscriber to the daily e-mail updates? Do you feel like this website saves you time in researching?  Please give me some feedback, either as a comment below this post, or to the e-mail address below. Constructive criticism is welcomed as well.

Michael Dodds, MAI, CCIM    mdodds@irr.com

Categories : Uncategorized
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Nov
29

Columbia’s Apartment Occupancy up to 90.5%

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Real Data has released their November 2011 Apartment Index Report for Columbia. Highlights of the study include

  • Overall occupany improvement to 90.5% – up from 88.1% in May 2011
  • The average montly rent is $774
  • There are currently four communities under construction
Categories : Columbia
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Nov
28

Lending on Retail is Up – But Only on Top Properties

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Banks and life insurance companies stepped up lending on commercial properties in the third quarter of this year, according to the most recent survey from the Mortgage Bankers Association (MBA), an industry trade group. And retail was among the more favored asset classes, with the MBA’s origination volume index for retail properties increasing 164 percent from the third quarter of 2010. The only asset type to experience a greater origination uptick was hospitality, with a 406 percent change from the third quarter of last year.

What’s more, loan originations for retail properties increased 37 percent between the second and third quarters of 2011. The average loan size on retail assets also went up to $20.9 million, from $15 million in the first quarter.

READ MORE HERE

Categories : National News
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Nov
28

More Charleston Apartments on the Way

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The growing appetite for apartments prompted two Alabama developers to dig into their wallets.

On Johns Island, an affiliate of Birmingham-based Crowne Partners snapped up 35 acres of bank-owned property along Maybank Highway on Johns Island, said buyer representative Trent McChesney of The Peninsula Co. LLC. The $3.03 million price worked out to about $88,000 an acre.

The seller, represented by Eddie Hughes of The Beach Co., was the successor to failed Spartanburg lender First National Bank of the South.

Elsewhere in South Carolina, Crowne Partners is building an apartment complex in Bluffton, and it has a rental property in Columbia. The company has not disclosed its plans for the Johns Island site, but the commercial real estate website CoStar reported that it is proposing to start work on a mixed-use development by the end of 2012.

READ MORE HERE

Categories : Charleston
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Nov
28

Charlotte’s Galleria Village Apartments Sold

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Chicago-based Westdale Investment Partners LLC, a multifamily investment firm, has acquired the 210-unit Galleria Village Apartments at 1616 Galleria Club Ln. in Charlotte for $18.5 million from Charlotte-based Charter Properties. Built in 2005, the complex is a garden-style residential apartment community consisting of seven two- and three-story buildings. Community amenities include a pool and a fitness center, a business with Wi-Fi access, garages and storage, a laundry center, a car care center and picnic areas. This is the first acquisition in Charlotte for Westdale Investment Partners, formerly Redwood Capital Partners. Dean Smith of ARA represented Charter Properties in the multifamily transaction.

Categories : Charlotte
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Nov
28

Plans for Hotel Near Ravenel Bridge Advance

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Developers are eyeing a tall new hotel in peninsular Charleston where traffic leaves Meeting Street to get on the Arthur Ravenel Bridge.

Still in its early stages, the project took a big step forward this week when Charleston City Council agreed to raise the height limit on the 600 Meeting St. parcel from 55 feet to 100 feet.

Mayor Joe Riley cast the sole vote against the increase.

Eddie Buck Jr. and Fred Whittle of Jupiter Holdings originally sought permission to build up to 120 feet, partly because the company’s 1.2-acre site is essentially a small city block near the tall ramps leading on and off the Ravenel Bridge. The city’s Planning Commission recommended a 100-foot limit, and the owners of two properties just across Meeting and Huger streets, Joe Church and Ben Chase, told council members they supported the increase in height.

READ MORE HERE

Categories : Charleston
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Nov
23

Happy Thanksgiving from SCREnews.com

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Categories : SCREnews
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Nov
21

North Charleston’s Palmetto Commerce Park Sees Activity

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The Palmetto Commerce Park area in North Charleston is continuing its run as a hotbed of economic development activity.

One of the latest deals is a proposed 35-job expansion by TWL Precision Inc., a maker of automotive parts. Also, an affiliate of The InterTech Group Inc. has snapped up a 75,000-square-foot building in a development that is accessed via Palmetto Commerce Parkway.

TWL Precision, which supplies turbocharger components for engine giant Cummins Inc.’s nearby operations, opened its Lowcountry plant in 2007. It contacted Charleston County officials last year about a $5 million investment and expansion. The deal would increase employment at the company’s plant to about 90 positions.

READ MORE HERE

Categories : Charleston
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Nov
18

Anderson Building to Get Modern Facelift

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A two-story building at South Main and West Benson streets in downtown Anderson is about to go through a facelift, bringing a modern style to accent the early 20th-century buildings that are there now.

The building houses J Peters Grill and Bar on the first floor, and the second floor is empty.

Steve Kay, who owns the building, said Thursday that he plans to renovate the exterior, covering it from the ground to the rooftop in a wall of glass. When construction is complete, the building will be called “The Plaza,” because it overlooks the Anderson County Courthouse plaza, Kay said.

READ MORE HERE

Categories : Anderson
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Nov
18

2012 Looks Positive For U.S. Lodging Industry

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PKF Hospitality Research (PKF-HR) has released their preliminary Hotel Horizons® updated forecast for the U.S. lodging industry. Based on performance data through September of 2011 (provided by Smith Travel Research), and Moody’s Analytics’ October 2011 domestic economic forecast, PKF-HR believes that RevPAR in the U.S. will increase by 8.1 percent in 2011, and rise another 6.2 percent in 2012.

“The ongoing recovery of U.S. hotels in 2011 has continued to slightly outpace our forecasts. The 8.1 percent revised RevPAR forecast for the current year represents a 90 basis point increase over our previous forecast released earlier this year,” said R. Mark Woodworth, President of PKF-HR.

READ MORE HERE

Categories : National News
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Nov
18

Hilton Head Area Home Sales Rise

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The Hilton Head Island area stretched its lead over all other regions in South Carolina in 2011 home sales compared to 2010, according to S.C. Realtors.

Local sales of homes, condos and villas in October rose 37 percent over the same period last year, to a total of 220. Year-to-date in 2011, sales are up 8.2 percent in the Hilton Head area, while the state, on average, saw a 3 percent decline.

The Beaufort area has sold exactly the same amount of homes year-to-date, 828, as it had through the first 10 months in 2010.

READ MORE HERE

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Nov
17

The Town of Jackson Wants a Supermarket

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The Town of Jackson wants a supermarket and has asked for Aiken County’s assistance in the creation of a tax increment financing district to pave the way, but the plan was met with mixed reactions Tuesday.

Attorney Gary Pope, who is working with the Town of Jackson on the project, said the town believes bringing a grocery store into the area is the last and best option to reinvigorate the community by becoming a focal point for a business district, which will attract further economic development. The business will be a shot in the arm to the town that is “drying up,” he said.

Pope presented the proposal to Council during its work session Tuesday with Jackson Mayor Todd Etheredge and the town’s clerk in attendance. The Town of Jackson will also approach the Aiken County Board of Education next week with the same plan.

READ MORE HERE

Categories : Aiken
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Nov
14

Continental Tire HQ Building in Fort Mill Sells

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A 74,844-square-foot, single-story office building fully leased to Continental Tire of the Americas LLC has sold for $15.1 million. Forsite Development Inc. sold the Fort Mills property to Investors Associated LLP, a private investment group, as part of a 1031 exchange. Located at 1830 MacMillan Park Dr., the office building is situated along the Interstate 77 corridor in both York and Lancaster counties just outside of Charlotte, N.C. The property was a build-to-suit for Continental Tire of the Americas LLC in 2009. The lease is guaranteed by Continental AG, one of the world’s top five automotive suppliers.

Categories : Charlotte, Rock Hill
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Nov
14

Two Sale Transactions by NAI Earle Furman

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Greenville, South Carolina: Earle Furman, SIOR, Jon A. Good, SIOR and Alexi Papapieris of NAI Earle Furman, LLC represented the owner of 1290 Ridge Road in selling the 63,600 SF industrial property. The property was purchased by Image Investments Inc. for $2,995,000.

Spartanburg, South Carolina: Jon A. Good, SIOR and Earle Furman, SIOR of NAI Earle Furman, LLC represented Beresford Box Company, Inc. in selling a 54,000 SF industrial facility located at 5405 North Blackstock Road in Spartanburg. The facility was purchased by Nemato Composites USA, LP for $1,200,000.

Categories : Greenville, Spartanburg
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Nov
14

Charleston Housing Market Adjusts to New Normal

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The Charleston area new homes market isn’t what it used to be, with single-family-home construction permits hovering around a third of the numbers seen before the real estate crash. But builders say they are adjusting to the new normal and trends appear to be improving.

“I would say we’re not seeing a whole lot of opportunity to increase prices, but there are more people out there looking,” said Jason Esposito, sales manager for the Charleston division of Charlotte-based Eastwood Homes. “We’re going through what is out there a lot quicker than we were before.”

In the new-home market, as in the existing-home market, sales fell sharply when the economy soured. The most positive sign that builders are seeing today is a substantial reduction in the inventory of homes for sale.

READ MORE HERE

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