Archive for June, 2012

Jun
29

New Medical Clinic for Cayce

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Lexington Medical Center plans to build a clinic focusing on occupational health services in the heart of a growing manufacturing and warehouse district near the interchange of interstates 26 and 77 in Cayce.

The two-story, 74,000-square-foot facility will be on 12th Street, across from the main entrance to SCANA Corp.’s campus, said Roger Sipe, Lexington Medical’s vice president of revenue cycle and community medical centers. The clinic, which will employ 64 physicians, nurses and staffers, will serve neighboring firms in the area like SCANA and Nephron, which is building a $313 million pharmaceutical plant on a 60-acre parcel at Saxe Gotha Industrial Park, just a mile from the facility.

Other companies in the area include Amazon, CMC Steel, Home Depot, Husqvarna, Republic National Distributing Co. and Janpak.

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Categories : Columbia
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Jun
29

Fifth Third Center in Charlotte Sold

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South Florida real estate investment firm Parmenter Realty Partners has purchased Fifth Third Center in Charlotte, NC, a 654,533 square foot, 30-story, Class A office tower with an attached 10-story parking deck with over 1,000 spaces.

Will Yowell and Ryan Clutter of CBRE acted as sales brokers for the transaction. Charles Foschini, also of CBRE, assisted in securing financing.

The price of the asset trade was not disclosed.

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Categories : Charlotte
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Jun
27

PKF Lodging Forecast for U.S. Remains Strong

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PKF Hospitality Research, LLC (PKF-HR) on Thursday affirmed its strong forecasts of RevPAR growth for the nation’s lodging industry.

According to the June 2012 edition of Hotel Horizons, PKF-HR is projecting RevPAR for U.S. hotels will increase by 5.8 percent in 2012, and another 6.6 percent in 2013.

These forecasts are identical to the RevPAR forecasts presented in the March 2012 edition of Hotel Horizons.

“Given the headlines of late, I understand why our clients are concerned about the future health of the economy and the U.S. lodging industry,” said R. Mark Woodworth, president of PKF-HR. “However, the fundamental questions should focus on how many of these headlines were a surprise.”

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Categories : National News
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Jun
27

Columbia CBD Recovering from SCANA’s Exit

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Columbia appears to be recovering from the body blow it suffered three years ago when SCANA Corp. moved its headquarters and some 900 employees across the Congaree River to Cayce.

“We’re 100 shy of jobs lost since SCANA left town, and that’s a good thing,” Matt Kennell, president and CEO of City Center Partnership Inc., said during a recent work session of the Columbia City Council.

Downtown’s comeback didn’t happen all at once with a new company moving hundreds of workers into a glass-and-steel tower. Instead, it has come in increments of a handful to a dozen workers joining law firms, health care companies, insurance firms, information technology businesses and banks.

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Jun
25

Augusta Firm Focusing on Malls

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Buying unprofitable shopping malls after banks or owners have given up is where an Augusta-based commercial real estate firm is growing its portfolio.

Hull Storey Gibson Companies LLC recently bought its 20th enclosed shopping mall, Village Mall in Auburn, Ala. This was the third mall they have acquired in 2012, bringing their total retail square footage to nearly 13 million, and partner John Gibson said they will continue to pick up properties that are deals with good potential.

“Lenders are starting to capitulate to market forces and are selling properties,” he said. “We’re buying at a good and fair price properties who need only one thing, a good owner with good management.”

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Jun
21

Charlotte’s One Wells Fargo Center Under Contract

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Israel-based Azrieli Group has agreed to buy One Wells Fargo Center, a 42-story office building located at 301 S. College St. in Charlotte, for $245 million. The office tower is the former headquarters for Wachovia Corp.

The company is working to secure $160 million in financing for the acquisition. The company expects to obtain a loan for 10 to 12 years with a fixed rate of 4.5 percent.

The 985,315-square-foot building is 97.7 percent occupied. Wells Fargo & Co. occupies 686,834 square feet, which is approximately 70 percent of the building. Its lease expires in December 2021. The remaining space is leased to various tenants with varying lease agreements. The total average annual net operating income for all the contracts for all lease periods is $18.5 million, representing a return of 7.5 percent. First-year net operating income for the property is expected to be $16.3 million.

According to the Charlotte Business Journal, the building was owned by an affiliate of Childress Klein Properties and was listed for sale with CBRE Group Inc. last year.

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Jun
20

New Hotel for Kiawah Island Resort

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Kiawah Island Golf Resort is in the initial planning stages of constructing a 150-room hotel on the west side of the island and several four-bedroom golf cottages along the Ocean Course.

The resort has enlisted three architectural firms to present style concepts and plans for redeveloping both sites.

Roger Warren, president of Kiawah Island Golf Resort, said the concepts would be presented to the resort’s ownership board for review. “Based on the estimated costs of the project and the projected health of the resort vacation market, they will determine if the economic environment warrants moving forward with the construction,” Warren said.

The hotel’s site was the location of the Kiawah Island Inn. The new site’s facilities would include boutique accommodations, pools, retail space, meeting space, restaurants and a new clubhouse for the Cougar Point Golf Course.

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Categories : Charleston
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Jun
19

Reis Offers Free Cap Rate Analysis

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Get a Free Cap Rate Analysis Proforma for any commercial property in the Reis  database.

ReisReports provides detailed Cap Rate Analysis Proforma on individual properties in their Sales Comparables details. The analysis projects income and expenses for the first full calendar year of ownership of the property after the indicated sale date, which results in a projected net operating income that is then divided by the sale price to obtain an estimated going in cap rate. The projection of revenue relies largely on a rent roll that Reis estimates based on rents, vacancies and expenses observed during several years of surveys at the property or at nearby properties.

CHECK IT OUT FOR FREE HERE

Categories : National News
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Jun
18

Charleston Housing Market Rebounding

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With nearly 1,000 closings in May, the Charleston-area housing market is showing signs of recovery, according to data from the Charleston Trident Association of Realtors. Sales volumes last reached this level in June 2010 when the homebuyer tax credit was in place to encourage market activity. The last time volumes were this high in a non-incentivized market was August 2007.

“Sales are closing at a faster pace than we anticipated this early in the season and showings continue to rise,” said Herb Koger, 2012 CTAR president. “There is a lot of pent-up demand in the market and those choosing to buy now are benefiting from incredibly low rates and affordable pricing.”

Showings in the Lowcountry also increased during May — 2,000 more than last month. There were 26,040 showings recorded by the Multiple Listing Service. Beyond increased showings and closings, inventory levels have CTAR Realtors excited about the returning health of the market.

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Categories : Charleston
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Jun
18

Cap Rate Spreads are Rising

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Despite cap rate compression over the last 24 months, cap rate spreads over 10-year U.S. Treasuries have actually been increasing since the middle of 2011. Does this mean markets are reflecting rising risk in commercial real estate investing?

The spread between cap rates and Treasury rates reflect the premium demanded by investors from investing in a relatively risky asset like commercial real estate, vis-à-vis keeping their money in risk-free assets like bonds backed by the U.S. government. Increasing spreads therefore reflect heightened risk. (The recent global downturn has, of course, redefined the term “risk-free assets,” particularly when applied to sovereign debt, given heightened perceptions of default risk.)

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Categories : National News
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Jun
18

Monday Humor – Water Conservation 101

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Categories : Humor
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Jun
18

Columbia Among Top Places to Retire

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Forbes magazine has named Columbia one of the nation’s top 25 places to retire.

The business magazine named the Palmetto State capital one of the top places for retirees this year in it’s annual ranking because of the city’s low cost of living and home prices, favorable tax climate and balmy weather. The magazine listed high crime and a poor economy as cons for Columbia.

To see the full list of cities ranked in Forbes’ list, click here

Categories : Columbia
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Jun
18

Hotels Occupancy Rate Cose to Pre-Recession Levels

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Categories : National News
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Jun
11

Charleston MOB Sold

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Tenants in the Roper medical plaza have a new landlord after The Sanders Trust purchased the property earlier this month.

Sanders acquired the Charleston property for $19 million, including closing costs, according to Steve Hewett, senior vice president for Sanders. The company develops and acquires outpatient health care-related properties on or near hospital campuses. “We think it is an outstanding building,” Hewett said. “The developer did a great job.”

The multi-use facility features primary care, eye care, orthodontics, dental care and an ambulatory surgery center. Soon, an on-site testing lab, CT scan and MRI facilities also will be located in the building.

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Categories : Charleston
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Jun
11

Development Continues on Columbia’s Killian Road

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Killian Road at Interstate 77 is quickly becoming the next major mixed-use development and destination area for the Midlands. The largest tract of land being developed is the 400-acre Killian’s Crossing, a residential and commercial development.

The development plans include:

  • 1.3 million square feet of retail space.
  • 2,100 residential units, including apartments, townhouses, single-family units, living spaces above retail shops and assisted living.
  • Two hotels with a total of 400 hotel rooms.
  • 550,000 square feet of office space.
  • A movie theater.

But don’t expect to see this development spring up over night. Matthew Congdon, vice president of DCG Development Co., who is managing the site, said there is a 10-year build-out for the completion of the $750 million project.

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Categories : Columbia
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