Archive for May, 2012

May
31

Spartanburg’s Timbercreek Apartments Sold

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LNR Properties has sold the 116-unit Timbercreek Apartments, located at 501 Camelot Drive in Spartanburg, through Auction.com to Upstate Property Rentals for $2.6 million.

Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.

Categories : Spartanburg
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May
31

Beaufort Commerce Park Purchase to Close Today

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The Beaufort Commerce Park is scheduled to belong to the city by Thursday, and officials are making plans for what happens next. The city is buying the 209-acre park from S.C. Bank and Trust for $1.85 million, after the bank bought it at auction last fall for $2 million.

It will be financed through 10-year general obligation bonds carrying an interest rate of 2.11 percent, according to city manger Scott Dadson. BB&T won the contract Friday to issue the bonds.

After the city completes the purchase, City Council will work with the Beaufort Regional Chamber of Commerce to arrange a grand opening event, Dadson said.

READ MORE HERE

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May
30

Tax Credits for Redeveloping Vacant Buildings in SC?

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A bill that lawmakers hope will help turn abandoned buildings across South Carolina into bustling commercial space is heading to the Senate floor.

The measure known as the “Abandoned Buildings Revitalization Act” would give state income tax credits to businesses investing $500,000 or more in a building vacated for at least five years.

Democratic Rep. James Smith of Columbia says his bill would help bring jobs and economic development to blighted areas across the state. Legislators approved a similar law several years ago directed at the renovation of old textile mills. Supporters say it helped create vibrant city centers in Greenville and areas of Columbia.

Categories : South Carolina News
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May
30

New Phase of Fort Mill Subdivision Underway

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Developer Crescent Resources has started construction on a new phase of 43 homesites at Springfield, its Fort Mill community.

Builders have committed to purchasing all 43 homesites, with David Weekley Homes buying 38 and Evans Coghill Homes LLC purchasing the remaining five. Development of the phase is expected to be complete in October, and home construction will start before the end of this year.

“Homes have been selling swiftly in Springfield, and there is a notable increase in demand,” said James Martin, Crescent vice president. “Builders such as David Weekley Homes and Evans Coghill are creating desirable homes in a location that is unmatched in the greater Charlotte area, and buyers are responding.”

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Categories : Uncategorized
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May
29

What’s the Value of a Walkable Infrastructure?

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A newly released Brookings Institution study measuring the value of real estate in neighborhoods with “complete streets” shows that each step achieved in the study’s “walkability ladder” adds – on average – $9 per square foot to annual office rents, $7 per square foot to retail rents, more than $300 per month to apartment rents and nearly $82 per square foot to home values.

This according to Christopher B. Leinberger, a professor at the George Washington University School of Business and a senior fellow at the Brookings Institution, who wrote about the study’s findings for the New York Times.

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Categories : National News
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May
25

Friday Humor: Parking Lot Beautification 101

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Categories : Humor
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May
24

Condo Purchased for $8,000 per Square Foot

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A mystery buyer has agreed to pay a record price in New York of more than $90 million for the duplex penthouse at a Midtown tower, the building’s developer said Thursday.

Gary Barnett, president of Extell Development Company, said the buyer, who declined to be named or to disclose his country of origin, bought the 10,923-square-foot penthouse on the 89th and 90th floors of One57, the building currently under construction at 157 West 57th Street.

The building, which features a Park Hyatt below the condominium units, will offer striking views of the southern end of Central Park and will be among New York’s tallest residential structures when it is completed next year. Since One57 opened for sales in December, about half of its 92 apartments have been sold, Mr. Barnett said.

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Categories : National News
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May
23

Church Foreclosures on the Rise

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Banks are foreclosing on America’s churches in record numbers as lenders increasingly lose patience with religious facilities that have defaulted on their mortgages, according to new data.

The surge in church foreclosures represents a new wave of distressed property seizures triggered by the 2008 financial crash, analysts say, with many banks no longer willing to grant struggling religious organizations forbearance.

Since 2010, 270 churches have been sold after defaulting on their loans, with 90 percent of those sales coming after a lender-triggered foreclosure, according to the real estate information company CoStar Group.

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Categories : National News
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May
23

New 75,000 s.f. Office Building for N. Charleston

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Faber Pointe, a four-story, 75,000-square-foot Class A office building, is being built at The Executive Park at Faber Place, Charleston’s largest office park. The project, which will utilize the 5-acre entrance to The Executive Park at Faber Place at the corner of Leeds Avenue and Faber Place Drive, will be ready for tenants at year’s end. Atlanta-based Holder Properties is developing the office project, while Sandy Springs, Ga.-based Integra Construction Co. is the general contractor and Atlanta-based Warner Summers designed it. Faber Pointe is the third office development for Holder Properties in The Executive Park at Faber Place, following Ashley Overlook and Faber Centre.

LINK TO PROPERTY BROCHURE

Categories : Charleston
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May
22

Woodruff Shopping Center Sold

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The 92,360-square-foot Patton Square, a neighborhood shopping center located in Woodruff, has sold for $6.65 million. Bi-Lo and Ace Hardware anchor the center. Additional tenants include Little Caesars, Jackson Hewitt, Edward Jones and Advance America.

Kyle Stonis and Pierce Mayson of SRS Real Estate Partners’ Atlanta office represented Patton Square LLC, the seller, in the transaction and procured the buyer.

Categories : Spartanburg
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May
15

Columbia City Council to Vote on Student Housing

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Columbia City Council could give the go-ahead as early as tonight to allow private dorms for college students in the 21-story Palmetto Center along Main Street.

The main issue before the seven-member council will be to allow greater densities of people than are currently permitted for office space. The meeting begins at 6 p.m. at City Hall at 1737 Main St.

The project’s developer has not yet announced a final decision on converting much of the building into student apartments. Council must relax current zoning for the project to get started.

READ MORE HERE

Categories : Columbia
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May
15

Summerville to Get New Retail Center

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The Miller-Valentine Group and Gramling Brothers Real Estate broke ground last week on a new, speculative in-line shopping center in the Azalea Square Shopping Center in Summerville.

The two companies partnered for the development and construction of the 12,725-square-foot project. Construction is expected to be completed by September. The Class “A” space is located on one of the last remaining parcels of the 348,000-square-foot shopping center.

Azalea Square is anchored by Target and has visibility from Highway 17 and a signaled intersection.

READ MORE HERE

Categories : Charleston
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May
14

Cayce’s New Amazon Distribution Facility Sold

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According to Real Capital Analytics, the new 1,000,000 square foot Amazon facility in Cayce, SC has sold as part of a three property portfolio. The allocated price is reportedly $46,662,578, or approximately $46.66 per square foot. An allocated cap rate is reportedly 6.5%.

I have no further details on the transaction, and have not confirmed it.

Categories : Columbia
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May
11

Charleston Home Sales Up Again

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The latest in a string of cautiously optimistic reports about the health of the Charleston-area real estate market shows additional gains in sales and prices of homes this year.

Residential sales activity began slowly rebounding last year, but prices continued to fall through 2011. This year, median sale prices have clocked modest year-over-year gains for four months in a row.

Depressed prices, combined with record-low mortgage rates, have prompted more people to get off the fence and buy. The Charleston Trident Association of Realtors said Thursday the number of home showings is about the same as in 2009, but more sales are closing.

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Categories : Charleston
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May
09

Colliers: Columbia Office Rents to Rise

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Continuing cutbacks in state government and downsizing by businesses caused the vacancy rate for the Columbia area office market to rise less than one percentage point in the past quarter, Colliers International reported.

The vacancy rate for the first quarter was 24.97% across the market compared with 24.09% at the end of 2011, Colliers said. The market saw an increase of 87,810 square feet in unoccupied space.

Colliers added that the vacancy rate increased because tenants trimmed “shadow space” from their leases, Colliers said.

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Categories : Columbia
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