Archive for July, 2014

Jul
23

Kline Site in Columbia’s Vista to be Developed

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A Greenville developer plans to build more than 280 apartments, plus retail and office space on the former location of Kline Iron & Steel Co. in downtown Columbia. The development “will approach $100 million or more,” according to the developer, Homes Urban LLC, which added construction could begin as early as first-quarter 2015.

The 6.7-acre site at the corner of Gervais and Huger streets is adjacent the city’s Congaree Vista neighborhood where some $500 million in public and private projects, ranging from student housing to hotels and restaurants, are underway.

It’s also along the gateway to downtown destinations such as the S.C. State Museum, EdVenture Children’s Museum, the Three Rivers Greenway and the University of South Carolina baseball stadium.

“We are excited to have Homes Urban as our partner on this project,” said Jerry Kline, former president of Kline Iron & Steel Co. “The property has been in our family for 91 years and we know that it is being entrusted to the right people who will do great things for the surrounding community.”

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Jul
23

Greenville Firm Announces Marketplace for State Tax Credits

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The new Greenville-based Tax Credit Marketplace, LLC has announced opening of a marketplace for the efficient transfer of State Tax Credits.  The Company matches developers and property owners who generate State Tax Credits under one of three revitalization acts currently offered in South Carolina with investors interested in purchasing credits.  The process allows developers in South Carolina to monetize their tax credits, bringing additional, often substantial dollars back into their projects.  The process is completed through an online auction website that allows accredited investors to invest in projects, receive an allocation of credits, thereby reducing the out of pocket costs for state income taxes. As of 2014, the principals of Tax Credit Marketplace, LLC have successfully facilitated the sale/transfer of approximately $9 mm in South Carolina credits and several potential projects are currently in various stages of due diligence.  Tax Credit Marketplace, LLC’s auction-style website launched in July and the first auction is scheduled for late August or early September.

Tax Credit Marketplace, LLC also announces the hiring of Michael Wolf as Vice President, Business Development.  He will be located in the Greenville office and will be responsible for sourcing credit-eligible projects throughout the entire state of South Carolina.  Prior to joining TCM, Mr. Wolf spent 10 years in commercial banking.

Categories : Greenville
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Jul
23

Planned Mount Pleasant Development Worries Residents

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Next door to a vacant Food Lion, developers propose building a new grocery store off Long Point Road in Mount Pleasant along with fast-food restaurants and nearly 200 apartments.

Some residents of the nearby Belle Hall subdivision are already bracing for a fight. They say the development would create traffic problems on already-congested roads, while the proposed businesses would duplicate what’s already available within walking distance.

“We have plenty of gas stations and restaurants,” said Belle Hall resident Ryan Nelson. “They need to work first on the (traffic) flow on Long Point Road.”

Josh Martin, a consultant working with the developers, said the Belle Point development would generate $4 million in traffic impact fees for the town of Mount Pleasant, which the town could potentially use for road improvements. He said the developers, all of whom live on Daniel Island and regularly drive on Long Point Road, would naturally want good traffic flow near their new development.

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Jul
22

Dunn, NC Medical Office Building Sold

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Flagship Healthcare Real Estate Fund has acquired Harnett Health Medical Park, an 18,623 square-foot medical office building located at 803 Tilghman Drive in Dunn, North Carolina.

This is the eighth investment for the Flagship Healthcare Real Estate Fund, a private equity real estate fund affiliated with Charlotte, NC-based Brackett Flagship Properties, LLC.

Built in 2012, Harnett Health Medical Park is adjacent to Harnett Health’s 101 bed Betsy Johnson Hospital, founded in 1937. The building is fully leased by Harnett Health with tenants that include Dunn Medical Services, WakeMed Cardiology, and Harnett Health’s Wound Center. Harnett Health Medical Park benefits from its proximity to Betsy Johnson Hospital, which is owned by Harnett Health and managed by WakeMed Health, an 884-bed private, not-for-profit healthcare system.

“We’re excited to purchase Harnett Health Medical Park and look forward to working with the hospital and practices in this first class medical office facility,” said Russell Brown, Brackett Flagship Properties’ Vice President of Investments. “We believe that the property is ideally located across from Betsy Johnson Hospital and well positioned to serve the needs of the community.”

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Categories : Uncategorized
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Jul
21

Greenville a Finalist for 2 Million SF UA Warehouse

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Greenville, SC  is one of three metro regions across the South, including Nashville, Tenn., and Atlanta, that Under Armour is considering, according to industrial real estate executives familiar with the roughly 2 million-square-foot project. Atlanta Business Chronicle and sister publications Baltimore Business Journal, Memphis Business Journal and Nashville Business Journal also confirmed Under Armour’s interest in the Southeast.

Categories : Greenville
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Jul
21

Outlet Mall of Georgia at Augusta to Break Ground in December

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The long awaited date for when work will begin on The Outlet Mall of Georgia at Augusta has been set. Ben Carter Enterprises announced it will break ground on the 70 acre shopping center in December. The outlet mall will be next to Cabela’s and Costco and it’s scheduled to open in the spring of 2016.

The announcement came after the company reached an agreement with the owners of Georgia Theater Company, who agreed to reposition a 14-screen complex with a full service restaurant to accommodate the outlet mall.

“They said we’ll break ground once we hit a certain percentage of leases in hand,” said Walter Sprouse, Executive Director of Augusta Economic Development Authority.

The fashion mall will include top tier retailers that will put people to work. Sprouse said, “Somewhere in excess of a thousand jobs. We’re talking about 800 thousand sq ft of retail space, which is bigger than some towns.”

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Jul
21

Furman University to Get Grocer, but Which One?

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Land has been cleared and plans submitted for a grocery store on 14 acres near Furman University. The site, scrubbed of trees after weeks of grading, sits at the corner of Old Buncombe and Duncan Chapel roads, across from Holmes Bible College and a Publix-anchored shopping center.

Cypress Equities out of Dallas has proposed to build a 41,000-square-foot grocery store with six fuel pumps and a kiosk, according to plans filed with Greenville County.

Steve Armstrong, senior project manager for the development firm, said he couldn’t disclose the name of the retailer, though a grand opening for the project is set for early next year.

County planners and the Planning Commission have already agreed to rezone the site, as did County Council’s Planning and Development Committee earlier this month. The more intense commercial zoning was approved over the concerns of several nearby residents and members of the county’s Historical Preservation Commission who want to see an old graveyard on the property preserved.

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Categories : Greenville
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Jul
20

Homes & Assisted Living Planned for Forest Acres Site

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A new high-end, low-density subdivision is part of the vision for a portion of land recently sold by the Carolina Children’s Home in Forest Acres, some of the last remaining undeveloped land in the area.

Midlands real estate investment group H & M Real Estate Holdings LLC purchased 26 acres between Sunnyside Drive and Beltline Boulevard – just off Trenholm Road and not far from Richland Mall – from the Children’s Home for $2.9 million in May.

The new owners’ plans include building single-family homes on a portion of the land and an assisted-living facility on the remainder, according to Forest Acres City Administrator Mark Williams. Last month, the Planning Commission approved a conceptual subdivision plan for the property.

The planned developments would not disrupt the character or traffic flow of the existing neighborhoods, said H & M partner Randy Jones of R. Leon Jones Realty.

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Categories : Columbia
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Jul
18

Demand for Raleigh Industrial Space on the Rise

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The Raleigh/Durham/Chapel Hill Triangle has captured national attention as a powerhouse of innovation and economic growth for many years, winning a steady stream of accolades for growth, technology, entrepreneurial drive and quality of life. So it comes as no surprise that while some parts of the country are still limping along in what has been the longest and most tepid recovery in recent memory, the Triangle is booming.

Indeed, it’s hard to find a metric that shows the region as anything less than thriving. The unemployment rate declined sharply over the past year, down over 2 percentage points from the first quarter of 2013 to 5.1 percent in April 2014, and the region has been adding jobs — more than 26,000 nonfarm jobs in the past four quarters and 7,700 in March 2014 alone. As a result, the region’s industrial market is rapidly accelerating.

Raleigh-Durham has consistently placed in the top 10 fastest growing MSAs since 1980, and the Triangle’s industrial market is primarily geared toward providing goods and services for the burgeoning local population, ensuring that demand for institutional-grade industrial product remains strong. This dynamic has also created a tendency toward a high degree of diversification, and both factors contributed to partially insulating the local warehouse market from the severe corrections suffered by national and regional distribution hubs during the recent economic downturn.

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Categories : Raleigh
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Jul
17

Pointe West Apartments Sold for $34,062/Bed

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San Diego-based Pierce Education Properties L.P. has purchased Pointe West, a 480-bed, 144-unit community west of the University of South Carolina campus in Cayce.

The firm paid $16.35 million in its July 1 acquisition of the student housing community, which was built in 2003. Pierce buys, owns and manages collegiate residential properties. Memphis, Tenn.-based EDR was the seller in the transaction.

Pointe West features two- and four-bedroom units, modern appliances, leather furniture and private balconies, as well as a private washer and dryer in each unit. Property amenities include a pool, sundeck, hot tub, fitness center, Internet cafe with coffee bar, sand volleyball and basketball courts, on-site hiking trails linking to riverfront pathways and picnic style areas with grills.

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Categories : Columbia
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Jul
16

MHA Brokers Four SC Apartment Complexes

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Multi Housing Advisors (MHA) has recently brokered four multifamily sales in South Carolina for a total of more than $39 million.

“The offerings received tremendous investor interest and illustrate that investor demand for multifamily assets in the Southeast is very strong,” Robinson said.

Details are the deals are below:

  • Covenant Capital acquired the 246-unit Century Forest, located in Greenville, South Carolina, from Centennial Holding Company, LLC for $19.3 million. Century Forest, constructed in 1985, includes a swimming pool with a sundeck, a fitness center, tennis courts, a car-care facility, and picnic and grilling areas.
  • PRG Real Estate sold a two-property portfolio in Spartanburg, South Carolina, comprised of The Corners Apartments and Magnolia Townhomes, to Graycliff Capital for $10 million. Both assets were constructed in 1974. The Corners Apartments comprises 176 units and Magnolia Townhomes includes 98 units.
  • Hudson Capital purchased the 120-unit Fox Run, located in Camden, South Carolina, for $9.79 million. Pulliam Investments sold the property, constructed in 2002. Amenities include a fitness center, laundry facility and swimming pool.

Marc Robinson and Jordan McCarley of MHA’s Charlotte, North Carolina, office represented the sellers of the properties.

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Jul
16

Colliers Brokers Three Industrial Transactions for $7.75 Million

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Colliers International’s Chuck Salley, SIOR and Dave Mathews, SIOR completed the sale of three industrial properties totaling nearly 500,000 square feet for $7.75 million. The properties include:

  • 2 Business Parkway located in Lugoff, South Carolina, consists of 164,000 square feet and sold for $3.4 million.
  • 220 Commerce Drive located in Greenville, South Carolina, consists of 162,400 square feet and sold for $2.35 million.
  • 2630 Highway 15 located in Sumter, South Carolina, consists of 172,863 square feet and sold for $2 million.

Salley and Mathews represented the buyer, Reger Holdings, LLC, in the purchase of the three properties. Colliers’ Givens Stewart, SIOR and Richard Jackson of the Colliers International Greenville, South Carolina office represented the seller of 220 Commerce Drive in the Greenville, South Carolina.

 

Categories : Columbia, Greenville, Sumter
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Jul
16

Why Order Commercial Appraisals from Integra?

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Recently, Integra’s corporate headquarters completed a client satisfaction research effort that was performed by an independent research firm. In summary, here is what our clients had to say about IRR:

  • 94% of our clients tell us that they are satisfied; and nine out of ten of these clients say they are “very” or “extremely” satisfied.
  • 72% of our clients say that they have referred IRR to their friends and colleagues.
  • IRR has earned a Net Promoter Score of 57, which is significantly higher than the average net promoter score for a top-100 brand business to business company (the average is 35).

In short, we found that the majority of our clients are satisfied with the appraisals we prepare, and that our clients likely to recommend our company and services to a friend or colleague.

When choosing an appraiser for your valuation needs, it is very important to choose a reputable firm with a proven track record of satisfied clients. Not only will this instill confidence that you will be receiving a quality appraisal report, but this also shows that the appraiser is active in your area, which means that they will have a best data available to prepare an accurate valuation.

Please let me know if I can assist with your appraisal needs in the Carolinas.

Michael Dodds, MAI, CCIM

Categories : INTEGRA NEWS
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Jul
16

Where is the New Construction Happening in the Carolinas?

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The Expansion Index from Reed Construction Data is a 12 to 18 month “look ahead” at the construction marketplace. It indicates whether a location’s construction volume is expected to expand or shrink in the upcoming 12 months. The data is all commercial, non residential data, with vertical markets such as retail, medical, government, education, etc. included. A value of 1.0 or better indicates an expanding market. A value of 1.0 or less indicates a contracting market. The Expansion Index is updated monthly, with the chart below representing data from July 2014 by MSA in the Carolinas. I will try to post this data monthly going forward.

Be sure to e-mail this post and chart to your contacts or co-workers that would find it useful by clicking on the red e-mail button at the bottom of this post.

 

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Jul
16

Bluffton Holiday Inn Express Sold

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Banyan Investment Group and Investra Investments have formed their second joint venture this year to purchase the 112-room Holiday Inn Express & Suites in Bluffton. The hotel features 1,250 square feet of meeting space, a business center and seasonal outdoor swimming pool.

The hotel is located six miles from Hilton Head, 25 miles from Savannah and 90 miles from Charleston. The joint venture purchased the asset from Veritas Hospitality Group, a division of the Stafford Cos. Loxi Hospitality provided advisory services in the transaction.

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