Archive for May, 2014

May
29

Reis: Retail Trends 1Q 2014 (Video)

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Categories : National News
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May
28

Multi-Family Site at Otarre Sold

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A 299-unit apartment complex is planned for a 19-acre site at SCANA’s Otaree development in Cayce.

The project will be located on Fort Congaree Trail across from the Cayce Tennis and Fitness Center on 12th Street Extension near the SCANA Corp. campus. Amenities planned for the project, designed as a combination of two- and three-story apartment buildings, will include a clubhouse containing a media center, resort-style saltwater pool, business center and fitness facility.

The Columbia office of Marcus & Millichap, a commercial real estate investment services firm with locations throughout the United States and Canada, announced the sale of Otarre Multi Family Site. Drew Babcock, an investment specialist in Marcus & Millichap’s Columbia office, represented the seller, S.C. Electric & Gas Co., the principal subsidiary of SCANA. Babcock also secured the buyer, New York-based Rohdie Group, a privately held residential real estate management firm. The sale price was not announced.

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Categories : Columbia
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May
28

Blossom and Huger Land Sold for Student Housing

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CBRE|Columbia represented Park7 Group in the purchase of four acres of land located at Blossom and Huger Streets. The planned 237 unit, five story student housing project will house 640 students and will include an attached parking garage as well as swimming, fitness and other amenities.

The property has been owned by Arnold Family Real Estate since 1963 and has been under contract for student housing on multiple occasions. “Persistence and patience from the Buyer and Seller, combined with a creative tax incentive lead by the City of Columbia allowed this transaction to be completed,” stated Martin Moore, CCIM, SIOR, and Executive Vice President with CBRE|Columbia.

Construction is expected to begin this summer with a completion date in the Spring of 2016.

Categories : Columbia
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May
27

520,000 SF Distribution Center Sold

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Charlotte-based Beacon Partners has purchased a 520,000-square-foot, fully leased distribution center in Whitsett, about seven miles from Greensboro. The property is located at 6550 Judge Adams Road, within Rock Creek Center. The distribution center sits on a 30-acre parcel located less than one mile from I-85 and with immediate proximity to the I-40 and I-85 interchange. The property features 28-foot clear heights, a truck court with dock-high and drive-in loading and a ESFR sprinkler system. Beacon Partners’ industrial portfolio in the Carolinas spans 5.5 million square feet.

Gregg Copps and Lawrence Shaw of Colliers International represented Beacon Partners in the transaction. Dodson Schenck and Greg Wilson of CBRE represented the seller.

Categories : Greensboro
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May
27

South Carolina Sees The Light About Solar

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The American Legislative Exchange Council’s (ALEC) hold on South Carolina is weakening. The controversial lobbying organization has been so firmly entrenched that there is a special provision for it in the state’s lobbying law. According to Section 2-17-90: “No public official or public employee may accept lodging, transportation, entertainment, food, meals, beverages, or an invitation to a function paid for or by a lobbyist’s principal.” One of the exceptions, listed as 1b, is “American Legislative Exchange Council conventions and conferences.” Sourcewatch compiled a “partial list” of 15 South Carolina Assemblymen and 7 state senators with past or extant ties to ALEC. This may be changing. The state’s House of Representatives just passed a solar energy bill that appears to show that South Carolina sees the light about solar energy and ALEC.

“This is truly a big deal, a giant step in moving South Carolina forward in renewable energy,’’ said state Rep. Robert Brown, D-Charleston.

“Senate Bill 1189 is a significant step forward in providing customers with more renewable energy choices,” Duke Energy states on its website. “The bill provides consumers and producers of electricity with reasonable choices, fair rates and a foothold for solar energy as an ever-expanding part of South Carolina’s energy future. We will continue to work with South Carolina stakeholders on this important legislation.”

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Categories : South Carolina News
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May
23

NAI: Columbia Retail Rents on the Rise

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An influx of retailers and restaurants into the Columbia market is pushing up rental rates for commercial real estate, NAI Avant reports.

The average rent for retail space in the Midlands rose 3.78% from Dec. 31 to the end of the first quarter, said NAI Avant’s Marilynn Joyner, author of the firm’s retail market report for the first quarter. Rental rates for retail space averaged $11.12 per square foot on March 31 compared with $10.98 per square foot at the end of the fourth quarter, Joyner said.

The central business district submarket in downtown Columbia maintains the strongest rental rates, averaging $16.03 per square foot, with the Dutch Fork-Irmo, southeast Columbia and Lexington submarkets reporting average per-square-foot rental rates of $11.74 and $11.84, respectively, the report said.

A negative absorption of more than 108,000 square feet pushed up the region’s vacancy rate to 7.8% at the end of the quarter from 7.5% in the previous quarter.

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Categories : Columbia
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May
23

R.J. Reynolds Building to be Converted to Mixed Use

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R.J. Reynolds Tobacco Company has announced that it has sold the historic Reynolds Building to a partnership consisting of PMC Property Group and Kimpton Hotels & Restaurants for $7.8 million. The building will be converted into a mixed-use building consisting of a boutique hotel, restaurant and upscale apartments.

“From the beginning our goal was to take extra time, care and effort ensuring we did this the right way. We wanted to come to the best result, not only for us but also for the city of Winston-Salem and the building itself, considering its historic significance,” said Andrew D. Gilchrist, president and chief commercial officer of RJRT. “We are confident that we have found the right owners to successfully transform this beautiful building while still honoring its place in the community, and once again make the Reynolds Building a centerpiece of downtown activity.”

Located in downtown Winston-Salem, N.C., the Reynolds Building is a 22-story art-deco style building completed in 1929. Designed by the highly acclaimed New York architectural firm of Shreve and Lamb, the Reynolds Building was selected as the 1929 Building of the Year by the National Association of Architects and later served as the model for the Empire State Building.

BLOG NOTE:

PMC Property Group is the same firm that redeveloped the Granby and Olympia Mills in Columbia. My firm did the appraisals on both, and they did a wonderful job. I’m sure that the conversion of the Reynolds Building will be equally as impressive.

Michael Dodds, MAI, CCIM

Categories : Winston-Salem
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May
23

Construction – A Look At Trends Over Time

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Cassidy Turley has released a report on construction trends. Download it by clicking on the report below.

Categories : National News
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May
22

Developer Presents Development Plans for N. Myrtle Beach

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Live5News.com | Charleston, SC | News, Weather, Sports

Categories : Myrtle Beach
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May
22

Congratulations to the SC Chapter of the CCIM Institute

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The South Carolina chapter of the CCIM Institute was recognized for excellence with the 2013 President’s Cup Award at the organization’s Midyear Business Meeting in Nashville, Tennessee on April 28 – May 1.

The CCIM Institute, a commercial real estate affiliate of the National Association of Realtors, confers the Certified Commercial Investment Member (CCIM) designation and has more than 50 chapters across the U.S. and is represented in global markets.

The CCIM Institute’s annual President’s Cup awards program honors CCIM chapters that have demonstrated the highest degree of skill, ingenuity and innovation in promoting the membership benefits of the Institute at the local and regional levels.

The South Carolina CCIM chapter’s mission is to provide value to its members in through Education, Networking, and Designation Promotion. In addition to offering multiple core courses in the state, the chapter offers lunch-and-learns. training seminars and networking functions for its members. The chapter was awarded its first endowed scholarship this year to ensure future CCIM candidates will have the means to participate. Additionally the SC Chapter promotes the CCIM designation through advertising and sponsorships of relevant business seminars.

 

 

Categories : South Carolina News
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May
22

Sellers of Auto Dealership Property in Drivers Seat

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As real estate brokers who handle automobile dealership property sales can attest, investors and car dealers have been clamoring for lots, causing the pace of auto dealership sales to accelerate at double-digit rates since 2009.

In addition, the number of new auto dealerships is increasing again following fuller economic recovery. According to The National Automobile Dealers Association, there were 17,635 franchised automobile dealerships as of Jan. 1, 2013, which was up from 17,500 from a year earlier. (Newer numbers are to be released in July).

Those numbers don’t include the approximately 37,026 independent used vehicle dealers in the retail automotive industry.

“Auto dealers are enjoying record profits, new vehicle sales are strong and rising, and the economy is improving. Those factors are driving (dealership) valuations to all-time highs. It’s an ideal environment for sellers,” said Alan Haig, head of Haig Partners LLC in Fort Lauderdale.

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Categories : National News
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May
21

Hotel Planned for Babcock Building on Bull Street

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One thing you notice right away about Fluor Field, home of the Greenville Drive, is what it’s made of. The bricks that give the field it’s look don’t just look old, they are old.

The stadium was created with a half million of them, salvaged from mill buildings as the textile industry once so dominant in this region gave way to a more diverse economy.

Saving pieces of the past is also part of the plan to recast Columbia’s Bull Street property. Maybe the most important historical component is the mammoth Babcock building on the southwestern corner of the campus. With origins predating the Civil War, Babcock has been on the National Register of Historic Places since 1981. But finding a new use for it has been a tough problem for Bull Street developer Bob Hughes.

However, that problem has now been solved.

“We’ve got the Babcock building under contract to a great hotel developer with extensive experience in renovating older buildings into hotels,” said Hughes.

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Categories : Columbia
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May
21

Florence Housing Market Rated “Poor”

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The first quarter real estate numbers are in, and the drop in median home values in the Florence area make it currently one of the worst places to buy a home in the country, according to a report on the MSN Real Estate website.

A report from the website Bankrate, which used data from the National Association of Realtors, found that median home values for existing single-family homes fell 12.3 percent in 2014 in the Florence metropolitan area compared to the first quarter last year.

That was enough to give the Florence metropolitan area, which consists of Florence, Darlington, Dillon, Marion, Marlboro and Williamsburg counties, the poor ranking.

But Pee Dee Realtors Association Board Chair Janet Elvington said it doesn’t give a clear picture.

“The Bankrate.com report leads you to believe that home prices are depreciating,” Elvington said. “Our values are not depreciating. We do tend to sell more homes priced at lower rates purely because those homes are the ones selling better.”

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Categories : Florence
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May
21

Cushman & Wakefield | Thalhimer Announces 1Q Transactions

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Cushman & Wakefield | Thalhimer is pleased to announce the firm’s ten Virginia, North Carolina and South Carolina offices completed 419 lease transactions totaling over 3,134,000 square feet and a transactional value of over $111,659,000 during the first quarter of 2014.   Industrial building transactions of 1,975,927 square feet accounted for the largest amount of space leased.  Office and retail leases amounted to 673,423 and 485,644 square feet respectively.

In addition, Thalhimer reported 59 sale transactions in the first quarter totaling over $294,873,000 in sales volume and over 4,300,000 square feet.  The sales included industrial, office and retail buildings and land transactions.  Overall, year-to-date volume exceeds $406,530,000.

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May
20

25-Story Office Building Planned for Charlotte CBD

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Cornerstone Real Estate Advisers has announced the development of a 25-story Class-A office building named 300 South Tryon to be constructed at the corner of Tryon and Third Street in Uptown Charlotte. Groundbreaking is set for the fall of 2014, and construction is scheduled to be completed by the spring of 2017. Babson Capital Management will be the anchor tenant in the new office building, and the firm plans to relocate its existing Charlotte operations from the Duke Energy Center once construction is complete.

The building will achieve LEED Gold Certification, reflecting the city’s strong commitment to sustainable design, and include a state-of-the-art water management system, significant use of sustainable materials during construction, energy efficient use of natural daylight to complement interior lighting, recycling areas within the building and preferred parking with charging stations for low emission vehicles.

Categories : Charlotte
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