Archive for April, 2015

Apr
29

How Much Is Your State’s Real Estate Worth?

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cash in airAmericans tend to have a good handle on how much their house is worth. But what about the land it sits on? Or all the land in their state?

Or, heck, how much is the continental U.S. really worth? A government economist puts that figure, from sea to shining sea, at $22.98 trillion.

That’s William Larson’s estimate for the value of the 1.89 billion acres of land that accounts for the 48 contiguous states and the District of Columbia. The dollar figure—equal to about 1.4 times last year’s gross domestic product–represents only the value of the land, and not buildings, roads or other improvements, and excludes bodies of water.

He also determined values for every state. California is worth the most at $3.9 trillion and Vermont is worth the least at a paltry $44 billion. On a per acre basis, New Jersey has the most valuable land at $196,410 an acre and Wyoming the least, $1,557 an acre.

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Categories : National News
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Apr
28

Columbia Office Landlords Gaining Upper Hand

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CBD 12-24-09 (41) copysmallLandlords appear to be in the driver’s seat as prospective tenants search for increasingly precious office space in the Columbia market.

The overall vacancy rate for all three classes of office space fell during the first quarter of 2015 to 17.2%, down from 17.3% at the end of 2014 and 17.5% for a comparable period a year ago, Colliers International’s reported. Additionally, the pressure for office space has pushed up rental rates by 8% over the past two years, according to the report by Jessica Rahal, research coordinator at Colliers.

Rents averaged $16.20 per square foot at the end of the first quarter compared with $16.15 at the end of 2014 and $15.57 during the first quarter of 2014, the report said.

“High occupancy and growing competitiveness among prospective tenants is providing landlords a competitive edge, allowing them to raise rental rates to levels never before seen in the market,” Rahal said. Leasing activity during the first quarter was slow due to the lack of available space in the market, Rahal said.

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Categories : Columbia
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Apr
28

Charleston’s East Central Lofts Sold

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east central loftsFederal Capital Partners® (FCP) announced the acquisition of East Central Lofts in Charleston, SC through a joint venture with Kane Realty Corporation, Randolph Development and Canongate Capital. East Central Lofts is comprised of 72 studio, one and two-bedroom loft apartments featuring floor to ceiling windows and dramatic views of Charleston. The joint venture is also considering the opportunity to develop the adjacent parcel into additional Class A apartment units and street-level retail.

East Central Lofts is less than a mile north of Midtown, the new economic, dining and entertainment hub of the Charleston Peninsula. The community is well located next to the Ravenel Bridge, providing immediate access to I-26 and Highway 17 as well as the primary city thoroughfares of Meeting and King Streets.

Categories : Charleston
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Apr
28

Integra Leads Appraisal Profession with 216 MAI Designees

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IRR with borderIntegra Realty Resources (IRR), North America’s largest independent commercial real estate valuation firm, announced that John R. Praytor, newly named Senior Managing Director of IRR’s Jackson office, has earned the Appraisal Institute’s MAI designation in recognition of his remarkable worth ethic, professionalism, and experience in valuing commercial, industrial, residential, and other property types. John’s designation marks 216 MAI-designated professionals at IRR, with one in every four IRR professionals having earned this gold standard qualification.

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Apr
24

What’s the Key to Student-Housing Success?

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college housingStudent housing is very management intensive, and it’s very unforgiving for those who aren’t prepared, DTZ’s senior managing director Justin Glasgow tells GlobeSt.com. We spoke exclusively with Glasgow and several other student-housing experts about the most pressing issues the sector is facing. Stay tuned for a complete feature story about the student-housing sector in GlobeSt.com’s sister publication Real Estate Forum.

GlobeSt.com: What should our readers know about this sector?

William Talbot, CIO, American Campus Communities: The student-housing sector is going through a dynamic period as the sector experiences the continued maturation and institutional acceptance of the space. During the ’60s, ’70s, ’80s and early ’90s, student housing was neglected by mainstream investors as not a desirable property type in which to invest based on incorrect stereotypes of an “animal house” tenant base and the incorrect belief that students and parents would not pay for quality product near campus. As a result, there was barely any modern student-housing product delivered to students during that period. By the mid-’90s, developers discovered the need for purpose-built off-campus student housing, and the market easily absorbed new developments due to pent-up demand and a lack of quality product available to them, which increased investor interest. The stability of cash flows became more evident after ACC became the first student-housing company to go public in 2004, and our investments further exhibited the strong demand through strong rental-rate growth and occupancies.

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Categories : National News
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Apr
23

Will Walgreens Closures Impact Net Lease Sector?

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walgreens_logoIn the net lease world, Walgreens has ranked as the most desirable retail asset for decades. Investors like the chain’s dominant position, long-term leases, and investment grade credit. The recent announcement that Walgreens plans to close 200 U.S. stores won’t diminish investor interest, but it will compel investors to be more thorough in their due diligence, net lease experts say.

“I do not see this announcement affecting investor interest, given that Walgreens is still an investment-grade tenant and held in very high regard … not to mention Walgreens still commands some of the best loan terms in the market if an investor is considering debt,” says Chris Schellin, president of St. Louis-based Westwood Net Lease Advisors LLC.

The plan to shutter 200 stores is part of previously announced cost-cutting initiative. “After a rigorous analysis, the company has identified additional opportunities for cost savings, primarily in its Retail Pharmacy USA division,” Walgreens said in its second quarter 2015 earnings report. “These additional opportunities will increase the total expected cost savings program by $500 million to a projected $1.5 billion by the end of fiscal 2017. Significant areas of focus include plans to close approximately 200 USA stores; reorganize corporate and field operations; drive operating efficiencies; and streamline information technology and other functions.”

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Categories : National News
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Apr
23

BofA to Sell 13 Branches to South State Bank

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bofa south statesSouth State Corp. said today that it plans to purchase 12 S.C. branch locations and one Georgia branch location from Bank of America.

The deal will give South State entry into six new markets and three existing markets that the company already serves, the Columbia-based company said.

The acquired branches are located in Florence, Greenwood, Orangeburg, Sumter, Newberry, Batesburg-Leesville, Abbeville and Hartsville, as well as Hartwell, Ga.

The acquisition will place South State among the top 10 banks in market share in all the markets, and South State anticipates it will assume about $580 million in deposits and purchase approximately $3 million in loans from the acquisition.

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Categories : South Carolina News
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Apr
23

Columbia Ranked Among Slowest Moving Housing Markets

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snails paceBuyers need to move a bit faster this year in order to snag their dream house, even in some of the slowest-moving markets. Homes are going especially quick in the San Francisco Bay Area, Southern California, Seattle, and Salt Lake City.

Housing inventory remains tight, and one of the questions on the minds of many homebuyers this spring is just how fast they will have to move to get the home they want and can afford.

To find out how long homes are staying on the market, we calculated the share of homes for sale on Trulia over a two-month period. We first looked at homes listed on February 5, then counted how many were still for sale on April 5. Faster-moving markets had a lower percentage of homes still on the market after two months, while slower-moving markets had a higher percentage.

Our two-month measure is similar to a common housing statistic: days on market (DOM). In general, housing markets with more inventory and fewer buyers will have a higher share of for-sale homes remaining on the market after two months and a higher median DOM. But we prefer our two-month measure over the widely watched DOM as a way to determine how quickly homes are moving in a market.

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Categories : Columbia
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Apr
22

Myrtle Beach Hospital Site to be Developed

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mb hospital siteThe now-void space that once held the Myrtle Beach Hospital may finally be developed soon. It’s hard to imagine because it is so overgrown, but plans are in motion to build 78 residential units on the space right on 79th Avenue North and Ocean Boulevard.

Some of the buildings would be quad-plexes; some, duplex townhomes. It’s prime real estate in Myrtle Beach: right on Ocean Boulevard and a mere block from the ocean.

The space has been empty since the early 2000s when the hospital was demolished. Neighbors wish something had been done before now.

“You never know what might be hiding out, or sleeping in, or whatever,” said Patsy Hunt, who lives across from the empty space. “And it would just be nice to see it be pretty again.”

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Apr
22

DTZ Q1 2015 Industrial Trends Video

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Categories : National News
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Apr
21

Greensboro/Winston Salem Apartment Vacancy at 6.9%

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greensboro apt chartThe average vacancy rate for apartments in the Triad is now 6.9%, according to the latest report published by Real Data.

The development pipeline remains active with more than 3,000 units under construction throughout the region and another 2,000 units proposed. Downtown Greensboro is the most active submarket, having more than 500 units currently under construction.

Apartments in the Triad now rent for $741 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at $995 per month.

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Apr
20

Sale of Port of Port Royal Falls Through Again

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Cancelled_stampThe fourth attempt to sell the Port of Port Royal has fallen through, according to the buyers and the S.C. State Ports Authority. The authority accepted a $15.42 million offer from The Furman Co. of Greenville on Nov. 19.

According to a statement from authority spokeswoman Erin Dhand, the contract with The Furman Co. was terminated “despite the good efforts of the proposed purchaser” and because the contract would expire with requirements incomplete.

The authority intends to seek new purchase offers “without delay,” Dhand said.

Company president Steve Navarro originally hoped to bring documents and information to the public by late February, but that kept being delayed while the developers worked on due diligence. In a statement, Navarro said the developers met with the Ports Authority last week to advise the agency there was not enough time to complete that work before the contract expires.

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Categories : Beaufort
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Apr
20

Recent Sales by NAI Earle Furman

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Greenville, South Carolina: Jake Van Gieson, Bill Sims, and Gaston Albergotti of NAI Earle Furman represented NLJ Ventures in the purchase of 1,936 SF retail investment property at 117 State Park Road.

Greenville, South Carolina: Keith Jones, CCIM, Jake Van Gieson, and Bill Sims of NAI Earle Furman represented the seller in selling a 1,900 SF office property at 900 Pendleton Street.

Clemson, South Carolina: Jimmy Wright, Ted Lyerly, CCIM, and Brendan Gower, CPM of NAI Earle Furman represented the seller in selling a 3,351 SF retail property at 1070 Tiger Boulevard.

Greer, South Carolina: Robert Schmidt, of NAI Earle Furman represented the Buyer in purchasing a 5,280 SF office property at The Village at Thornblade.

Greenville, South Carolina: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the seller in selling a 5,256 SF office property at Keys Crossing, Building 100, 429 Roper Mountain Road.

Greenville, South Carolina: Scott Jones, SIOR and John Baldwin, CCIM of NAI Earle Furman represented the seller in selling a 9,240 SF office property at 217 East Stone Avenue. John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the buyer.

Piedmont, South Carolina: Peter Couchell, CCIM, and Robert Schmidt of NAI Earle Furman represented the seller in selling a 56,600 SF self-storage investment property at 2531 River Road

Travelers Rest, South Carolina: Alex Campbell, Ross Kester, and Tyson Smoak, CCIM, of NAI Earle Furman represented the seller in selling 49.32 acres of land on Painter Road.

Anderson, South Carolina: Tyson Smoak, CCIM and Ross Kester of NAI Earle Furman represented the buyer in purchasing 2.13 acres of land at 3416 Highway 81 North.

Easley, South Carolina: Tyson Smoak, CCIM and Ross Kester of NAI Earle Furman represented the buyer in purchasing .78 acres of land at 708 North A Street.

Greenville, South Carolina: Kay Hill of NAI Earle Furman represented the seller in selling 3.1 acres of land at 9 & 13 E. Parkins Mill Road.

Pickens, South Carolina: Peter Couchell, CCIM, and Robert Schmidt of NAI Earle Furman represented the Buyer in acquiring a Dollar General in Pickens, SC

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Apr
20

Summerville Retail Center Sold for $433/SF

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sold sign56A seven-tenant retail building across from the Azalea Square Shopping Center in Summerville was recently sold for $5.2 million, according to the real estate firm that represented the seller.

The Shoppes at Azalea, a nearly 12,000-square-foot building, was fully leased to Moe’s Southwest Grill, Chicken Salad Chick, Great Clips, UltraSkin, TCBY, Which Wich and Noodle Nerd when it was purchased by a family partnership based in New York. The company name was not disclosed.

Mark Cothran, president of Greenville-based Cothran Properties LLC, sold the newly built facility and was represented by Andrew Margulies, associate vice president of Marcus & Millichap. The commercial real estate investment service firm has nearly 80 offices in the United States and Canada, including a site on King Street in downtown Charleston and on Main Street in Columbia.

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Categories : Charleston, Summerville
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Apr
17

MHA Sells Five SC Apartment Communities

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Multi Housing Advisorssold signs (MHA) has arranged, in separate transactions, the sales of five South Carolina apartment communities for a total of $52.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

Details of the deals are below:

  • Greystone & Co. sold the 152-unit The Reserve at Cavalier and the 130-unit Hampton Forest, located in Greenville, to two separate funds controlled by Monument Capital Management.
  • Applegate & Co. sold the 312-unit Polo Village, located in Columbia, to an affiliate of EBSCO Income Properties, LLC.
  • LNR Partners sold the 176-unit Pocalla Springs, located in Sumter, to an undisclosed buyer.
  • Southwood Realty sold the 132-unit Heather Heights, located in Rock Hill, to Varden Capital Properties.

These transactions come after a very busy 2014 for MHA. Last year, the 13-year-old firm closed 129 multifamily investment sales in the region, more than any other brokerage firm, according to CoStar data. MHA’s transactions totaled $1.09 billion in sales volume and included 21,500 units.

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