Archive for November, 2014

Nov
28

58 Acres Near Savannah Port Sold

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Commercial Development Company Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company, today announced the acquisition of a 58-acre, environmentally-distressed waterfront industrial site in Savannah, Georgia from Atlantic Wood Industries. Environmental Liability Transfer, Inc. (ELT), an affiliate of Commercial Development Company, has assumed responsibility for legacy environmental liabilities associated with the site and its former operators.

For several decades, this property was a wood treatment facility operated by Atlantic Wood Industries until being shuttered in 2007. Since closing its doors, ground contamination and environmental hazards have prohibited redevelopment efforts. A real estate transaction and remediation plan proposed by Commercial Development Company & Environmental Liability Transfer has given fresh potential to this blighted industrial area.

The transaction has enabled Atlantic Wood Industries the ability to sell surplus real estate and transfer legacy environmental liabilities while receiving a cash payment from CDC.

ELT along with EnviroAnalytics Group (EAG), another CDC affiliate company, will now work with the Georgia Environmental Protection Division (EPD) to address the environmental concerns at the site. The existing structures on the site will be demolished to clear the way for a new port-related redevelopment that will put this blighted site back into productive use.

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Categories : Savannah
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Nov
26

Winston-Salem Office Building Sold for $9.85 Million

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Winston-Salem-based brokerage Linville | Team Partners and Lexington-based Carolina Investment Properties have joined forces to create a private equity fund called Front Street Capital. The fund is raising and deploying capital to buy Class A commercial real estate assets across several markets, said Coleman Team, the “Team” in Linville | Team Partners and son of Robin Team, president of Carolina Investment Properties.

Front Street Capital’s first asset is 101 S. Stratford Road, a 75,000-square-foot corporate office building located at the Five Points intersection in Winston-Salem.

Front Street-Stratford LLC, an entity owned by Front Street Capital, purchased the building on Nov. 20 for $9.85 million, according to a Forsyth County special warranty deed. The seller was Raleigh-based Highwoods Properties (NYSE: HIW), which was represented by brokerage CBRE in the deal.

The building is 95 percent occupied by tenants including Essent Guaranty, Triad Guaranty, Stephens Inc. and SunTrust Bank, according to Linville | Team Partners.

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Categories : Winston-Salem
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Nov
26

Happy Thanksgiving from Integra – SC

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Categories : INTEGRA NEWS
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Nov
25

SC REALTORS Release October Figures

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South Carolina REALTORS® (SCR) today released its October 2014 statewide housing market reports. The reports show housing is normalizing in South Carolina and nationwide, with housing starts and building permits on the rise, inventory levels increasing in metro areas and homes selling quickly and close to list price.

In South Carolina, New Listings increased 8.6 percent to 6,929. Pending Sales were up 9.9 percent to 3,943 and Inventory grew 2.3 percent to 34,001 units. Prices moved higher as the Median Sales Price increased 6.7 percent to $160,000. Days on Market decreased 2.5 percent to 115 days and Months Supply of Inventory was down 4.7 percent to 8.2 months.

Interest rates remain attractive, corporate earnings have been strong and private job gains are exceeding expectations.

Categories : South Carolina News
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Nov
24

Two Free Carolina/Clemson Tickets to a SCREnews Follower

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I have a pair of tickets to this Saturday’s University of South Carolina versus Clemson game to give away. They are in the upper deck and in the Gamecocks section (yes, I am a Gamecock). E-mail me at mdodds@SCREnews.com. I will pick a random winner at 3:00 PM on Tuesday and mail the tickets. Tickets are compliments of Integra Realty Resources – SC and SCREnews.com.

The winner of the tickets is Ashley Rodgers with Newmark Grubb Wilson Kibler. Have fun Saturday Ashley!

Michael Dodds, MAI, CCIM

Categories : INTEGRA NEWS
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Nov
24

Lexington’s Corley Mill Site to be Theater Site

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A developer plans to start work this spring on turning a former sawmill in Lexington into a major retail center with a residential arm. The project, on U.S. 378 two miles west of I-20, is among the biggest developments ever in the steadily growing town of 18,000 residents and perimeter around it.

“It’s a sea change for our community and for the center of Lexington County,” said Randy Halfacre, the town’s mayor and president of the Greater Lexington Chamber of Commerce.

Transformation of the 70-acre sawmill site, once a local landmark, will occur in stages, developer Tony Berry of Rock Hill said.

A long-awaited multi-screen cinema and 234-apartment complex are “both a definite,” but plans for about 16 stores and restaurants are unsettled, he said.

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Categories : Columbia, Lexington
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Nov
24

USC to Sell the Wedge Plantation

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The University of South Carolina agreed Friday to sell a 1,500-acre Lowcountry coastal plantation for the $4 million asking price.

The buyer’s name was not released immediately. The buyer is still inspecting the property, known as the Wedge Plantation, USC trustees chairman Gene Warr said.

USC has leased the nearly 200-year-old plantation founded by rice planter William Lucas for years after the school stopped using it for insect research. Plantation renters have included hunters and filmmakers shooting a Kevin Costner movie.

The school asked for at least $4 million when the plantation was put out for sale again in May. USC paid about $1 million for the property in the 1970s.

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Categories : Charleston, Georgetown
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Nov
23

Map of Recent Sears Store Closure Announcements

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Categories : National News
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Nov
21

A $78,000 Gingerbread House?

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You know what would really impress your guests this holiday season? A custom gingerbread house worth $77,910.

The house is being offered to customers who would like it built as a small-scale model of their own home. It will be baked with premium ingredients and come donned with 150 real pearls and a ruby, which the buyer can keep after the neighborhood kids are done gnawing on its fancy walls.

The deal is being offered by VeryFirstTo, a luxury products company, which has teamed up with London-based baker Georgia Green of Georgia’s Cakes.

Whether the house ends up being a millionaire’s chalet in France or a McMansion in Florida, Green is ready for the challenge.

“I’ve made architecture models before,” she said. This will be the first time she’s using precious gems on a creation.Green said the ingredients, which are fair trade and organic, will cost her about £100, or about $150. The accompanying 150 white South Sea pearls come in at a total cost of $44,850 and the five-carat Mozambique ruby has a value of $7,800.

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Categories : Humor
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Nov
21

Two Multifamily Properties Sold by MHA

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Multi Housing Advisors (MHA) has arranged two multifamily sales in the Carolinas totaling $20.18 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

The details of the sales are as follows:

– Hemrick Properties LLC sold the 168-unit Summer Chase, located in Little River, South Carolina, for $11.1 million. Hudson Capital Investments LLC and Apex One purchased the property, built in 2000.

– Spyglass Capital Partners sold the 168-unit Hawk Ridge, located in Winston-Salem, North Carolina, for $9.08 million. Peak Capital acquired the property, which was built in 1998.

 

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Nov
20

Developers’ Remain Positive About Multifamily Market, But Less Than 3Q

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The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), reached 54 in the third quarter, four points below the previous quarter’s reading. This is the 11th consecutive quarter with a reading of 50 or above.

The MPI measures builder and developer sentiment about current conditions in the apartment and condominium market on a scale of 0 to 100. The index and all of its components are scaled so that any number over 50 indicates that more respondents report conditions are improving than report conditions are getting worse.

The MPI provides a composite measure of three key elements of the multifamily housing market: construction of low-rent units, market-rate rental units and “for-sale” units, or condominiums. Although all three components fell from 2014 peaks in the second quarter, all remain at 50 or above. The MPI component tracking low-rent units dipped one point to 51, market-rate rental units fell four points to 64 and for-sale units dropped six points to 50.

“Despite the slight drop in the index, multifamily developers remain positive about where the market is headed,” said W. Dean Henry, CEO of Legacy Partners Residential in Foster City, Calif., and chairman of NAHB’s Multifamily Leadership Board. “Current growth in employment is strong enough to fuel demand for multifamily housing.”

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Categories : National News
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Nov
20

Real Estate Execs Help CompStak Raise $4.4 Million

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CompStak Inc., a startup technology firm that uses crowdsourcing to compile detailed data on office rents and other lease terms, has completed its third round of funding, raising $4.4 million from about one dozen investors.

Led by venture capital firm Canaan Partners the funding round also included executives in the brokerage, appraisal, real estate investment businesses.  “We used this round in particular to bring in strategic people who would be useful in broadening our reach,” said Michael Mandel, CompStak’s chief executive.

The round increased CompStak’s funding to $10 million. The firm collects hard-to-get data on specific leases through a crowdsourcing system in which brokers and others report data in exchange for access to other CompStak information.

The new investors include top executives of Rubenstein Partners, a Philadelphia-based real estate private equity fund with close to $1 billion under management. Jeremiah Kane, the head of Rubenstein’s New York office, said that he and others at the firm decided to invest partly because they use CompStak’s data and are impressed with its quality. “You need good information to make good decisions,” Mr. Kane said.

Categories : National News
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Nov
20

NAI Earle Furman Announces Recent Sale Transactions

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Spartanburg, South Carolina: Dan Dunn and Grice Hunt, SIOR of NAI Earle Furman represented the seller in selling a 36,413 industrial building at 1750 Dewberry Road to Polydeck Screen Corporation.

Simpsonville, South Carolina: Tyson Smoak, CCIM of NAI Earle Furman represented the seller in selling a 5,834 SF medical office building at 103 Fairview Pointe Drive. Ross Kester, also of NAI Earle Furman, represented the buyer, Wolfram Enterprises, LLC.

Travelers Rest, South Carolina: Glenn Batson of NAI Earle Furman represented the seller in selling a 48.5-acre land parcel at the intersection of W. Darby Road and State Park Road to DSP1, LLC.

Greenville, South Carolina: Jake Van Gieson, Bill Sims and Gaston Albergotti of NAI Earle Furman represented the buyer in purchasing the Brookfield Promenade, a 18,000 SF retail complex at 1099 E. Butler Road.

Greenville, South Carolina: Peter Couchell, CCIM and Rob Schmidt of NAI Earle Furman represented the buyer in purchasing a 20,920 SF retail building at 509 Haywood Road, where The Tile Shop will remain as the tenant.

Travelers Rest, South Carolina: Ford Borders, SIOR and Grice Hunt, SIOR of NAI Earle Furman represented the buyer in purchasing an 11.85-acre land parcel on Cherry Blossom Drive.

Greenville, South Carolina: Tyson Smoak, CCIM and Ross Kester of NAI Earle Furman represented the seller in selling a 31,000 SF medical office building.

Greenwood, South Carolina: Towers Rice of NAI Earle Furman represented the seller in selling a 46.76-acre land parcel at 1541 Emerald Road.

Simpsonville, South Carolina: John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller in selling a 4,940 SF office building at 3421 Industrial Drive.

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Nov
20

Cassidy Turley: 2015 to be Strongest Year in Current Cycle

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The US economy has kicked into a higher gear, and low gas prices and other tailwinds will make 2015 the strongest year in the current cycle, according to the U.S. Macro Forecast from Cassidy Turley.
Regardless of Fed actions, global forces will keep U.S. interest rates low, the report says, adding that property markets are beginning to resemble pre-recession form.

DOWNLOAD THE REPORT BY CLICKING THE REPORT BELOW


Categories : National News
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Nov
19

Walgreen Guts Real Estate Department, Hires SRS

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Walgreen gutted its in-house real estate department in a cost-cutting move, bringing in a Texas brokerage to handle key issues related to the company’s growing store portfolio.

The Deerfield-based pharmacy giant recently laid off about 16 in-house real estate managers and outsourced the work to SRS Real Estate Partners out of Dallas, a Walgreen spokesman confirmed in an email. SRS will work on site selection and lease negotiations for new Walgreen stores, he added.

People familiar with the managers Walgreen fired say many were company veterans, some with more than two decades on the job. The move will contribute to a Walgreen plan to slash costs by $1 billion over the next three years, the spokesman said.

Walgreen is under pressure to find savings after deciding to keep its headquarters in the Chicago area rather than move it to a lower-tax country. That proposed move, known as an inversion, could have saved the company as much as $4 billion over a five-year period.

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Categories : National News
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