Archive for May, 2015

May
28

Intermodal Industrial Facilities Capture Investor Attention

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port craneE-commerce growth and port traffic troubles have dominated the news in the industrial sector this year, but a story that has been relegated to the background has been the increasing popularity of intermodal industrial properties. Investors are now collecting premium rents for intermodal properties located near large container-stacking facilities.

The nation’s logistics sector is now facing a perfect storm of individual consumers and businesses increasing orders and the need for deliveries in the absence of enough transportation growth. Large Panamax ocean vessels are now clogging East and West Coast ports with almost four times the delivery levels as a decade before. Dock worker strikes at Los Angeles-Long Beach and trucker shortages have further exacerbated the port back-ups.

As a result, intermodal properties have been expanding steadily to meet new demand. Thirty intermodal parks opened since 2000, with 19 of those opening in the past seven years. Markets with intermodal facilities, including Chicago, Dallas/Fort Worth, Atlanta, Indianapolis and Kansas City, have the highest rent growth, according to a recent report from commercial real estate services firm Cushman & Wakefield. Traffic at intermodal facilities increased by more than 5 percent from 2013 to 2014, according to the Cushman report. According to a Colliers report, intermodal traffic in January 2015 was at about 251,000 containers per week, the highest January average in history.

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Categories : National News
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May
28

NAI Avant Awarded 2015 Adaptive Use Award

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DuPre_BuildingThe DuPre Building at 807 Gervais Street has been awarded the 2015 Adaptive Use Award by the Historic Columbia Foundation. The DuPre building was built in 1919 and was designed by prominent architect James B. Urguhart. It served as a showroom for DuPre Auto Co., a local distributor of Ford cars as well as Fordson tractors and was the centerpiece of the Capital City’s “Automobile Row”. In mid-2013, NAI Avant purchased the DuPre building for its corporate headquarters and commenced two years of extensive renovations.

NAI Avant worked with architecture firm Studio 2LR, Weathers General Contracting, and interior designer Nan Sammataro to perfect the ambiance within the DuPre Building. The end result of the renovations is a sleek, Class-A office and mixed-use space that is authentic loft-style, featuring 13 to 16 foot ceilings, exposed historic brick, beautiful heart pine beams, exposed spiral duct work, sprinkler lines, with large ventilator windows flooding the space with natural light. The DuPre Building strives to be a unique place to work, play or live – not to mention a symbol of the reenergized local economy and the unprecedented growth happening in the Congaree Vista.

Categories : Columbia
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May
27

Multifamily Developers Favoring Downtown

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apartments for rent signIn the midst of the Great Recession, vacancy in the multifamily sector hit a cyclical high of 8.0 percent. Over the next several years, the vacancy rate nearly halved, reaching 4.1 percent in early 2014. Vacancy now stands at 4.2 percent as of the end of the first quarter, where it has plateaued for 12 straight months.

What these figures don’t reveal is whether a disparity exists between the urban and suburban market segments. So we aim to dissect these headline figures in order to answer some very specific questions, in particular, how has the recovery affected multifamily properties in suburban areas versus those found in urban neighborhoods? Have both subsets of properties shared equally in the recovery and subsequent expansion? And perhaps most importantly, how will the influx of new supply influence market fundamentals in each category?

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Categories : National News
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May
27

10.77 Acres Sold in Southeast Columbia

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10.77Tom Milliken and Tombo Milliken, both brokers with NAI Avant’s brokerage team, recently represented the seller in the sale ±10.77 acres on Garners Ferry Road in Columbia, SC. The site has road frontage on both Garners Ferry and Old Garners Ferry Road. All utilities are available according to Loopnet.

The property sold for $350,000 to satisfy a portion of purchaser’s 1031 tax deferred exchange investment property needs.

Categories : Columbia
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May
27

$8 Million Condo-Hotel Planned in Clemson

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clemson abernathyThe Abernathy, a 41-unit condominium hotel, will be built near Clemson University’s Memorial Stadium. Tom Winkopp Realtor-Developer LLC announced construction would begin in fall on the $8 million project, with completion expected prior to the start of the 2016 football season.

Winkopp said the fully furnished condos, located along S.C. Highway 93 near the intersection of Centennial Boulevard, will provide an opportunity for “true Tiger fans to stay and tailgate one block from the rock,” referring to Howard’s Rock at the east end of the stadium.

“It’s as close to the stadium as it can be without being on campus,” Winkopp said. The hotel is named after former Clemson Mayor Larry Abernathy, who passed away in 2012.

“He and I were friends for years. He was always very helpful to me, as well as my family,” Winkopp said. “This project embodies what he was all about: Tourism and our favorite hobby, Clemson football.

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Categories : Clemson
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May
27

Fifty New Homes Planned for Kiawah

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kiawah mapState regulators have approved a new permit that would allow development of Captain Sam’s Spit. The move came a little more than five months after the state Supreme Court ruled against granting an earlier permit.

Environmental opponents characterized the move by Charlotte-based Kiawah Partners as trying to find a loophole around the court decision, and have appealed the staff decision to the Department of Health and Environmental Control board, likely setting up another protracted legal fight over the spit.

The DHEC stormwater permit was approved May 8. It provides for the construction of a sheet pile wall nearly a half-mile long that will hold up a road across the narrow neck of the spit to the high ground where 50 homes are proposed. The permit also allows preliminary work on sites for the homes. The company is calling the proposed community Cape Charles.

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Categories : Charleston
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May
22

Happy Memorial Day

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happy memorial day

Categories : INTEGRA NEWS
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May
21

Proffitt Dixon to Build Apartments in Greenville

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pd partnersProffitt Dixon Partners is preparing to build its first luxury apartment community in Greenville, S.C. The Charlotte-based firm plans to break ground this month on a 201-unit luxury multifamily development at 210 East Broad Street.

The five-story community will be built on 2.45 acres at the intersection of S. Church St. and East Broad Street. The location is a five-minute walk from Main Street in Greenville’s the Central Business District, which has the largest concentration of employment in the state.

Fountains Greenville is close to Falls Park on the Reedy, Centre Stage Theater, Peace Center for the Performing Arts, the county Art Museum and private art galleries. It also has convenient access to the Swamp Rabbit Trail, a pedestrian and bike path. The community will have the type of clubhouse, courtyards, pool and fitness facility that residents of a luxurious new property would expect. A Publix grocery store is just one block away.

The developers will follow guidelines established by the National Association of Home Builder’s (NAHB) Green Building Program. The Housing Studio is the architect, and the general contractor is Creative Builders Group.

Categories : Greenville
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May
21

MWV, SunCap Plan Spec Building in Hanahan

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mwv hanahanMWV and SunCap Property Group are developing a 350,856-square-foot Class A speculative building at the North Pointe Business Campus on North Rhett Avenue in Hanahan.

The spec building is designed for distribution companies or light manufacturers. Company officials said the spec building is needed in the Charleston market where demand for more move-in ready, Class A space is high.

“By all measures, Charleston is a strong, undersupplied market,” Kenneth T. Seeger, president of MWV Community Development and Land Management, said in a news release. “Over the last year, we’ve seen record low vacancies for Class A product. Demand in both manufacturing and distribution sectors is far exceeding supply, and we feel the timing is right for this project.”

Charlotte-based SunCap Property Group completed a 254,000-square-foot distribution center for FedEx Ground in Spartanburg last year. The firm also developed a building in the North Pointe Business Campus in 2009, which is currently occupied by XPO Logistics, formerly known as New Breed Logistics.

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Categories : Charleston
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May
21

Cayce Approves Wal-Mart Neighborhood Market

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approved1Cayce has green-lighted a developer’s plans to build the area’s first Wal-Mart Neighborhood Grocery Store at the corner of Knox Abbott Drive and Charleston Highway.

Earlier this week, the city’s Planning Commission approved site plans submitted by Atlanta-based Bright-Meyers Development Corp. for a 40,000-square-foot neighborhood grocery.

The store, which would be about one-fourth the size of a typical 160,000-square-foot Wal-Mart Superstore, is projected to bring 95 new jobs to the area.

READ MORE HERE

BLOG NOTE:

My appraisal firm has appraised several Wal-Mart Neighborhood Markets recently, and we have great data. Let me know if we can assist with your appraisal needs.

Michael Dodds, MAI, CCIM

Categories : Columbia
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May
21

NAI Earle Furman Brokers Anderson Apartments

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anderson aptsTony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, Upstate Property Rentals, LLC in the sale of Springbrook Apartments, a 92-unit complex located at 104 Springbrook Court, Anderson, SC 29621. The 95% occupied multifamily property sold for $2,825,000, or $30,707/unit. According to Loopnet, the average rent is $515/month. The purchaser was Richmond Manor Apartments, Inc.

The sale of Springbrook Apartments represents the fifth property that the NAI Earle Furman Multifamily Division has sold for Upstate Property Rentals, LLC.

“We are pleased to have assisted our client in the sale of more than 300 units in the Upstate this past year, including Springbrook Apartments. This seller’s formula for stabilizing and rehabilitating apartment communities, combined with our national marketing platform, has helped our client achieve maximum returns,” said Tony Bonitati, multifamily broker at NAI Earle Furman.

Categories : Anderson
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May
19

Forest Acres Denies H&M Rezoning Request

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denied stampFor the second time, members of the Forest Acres Planning Commission did not approve a rezoning application by H&M Real Estate Holdings LLC, who are looking to build near the old Carolina Children’s Home. The developers were in front of the commission initially in February.

On Monday night they presented a new plan with hopes to move forward. However, residents sitting in on the meeting were not optimistic about the proposed mixed-use development.

“I urge you to vote against this because the community doesn’t want this and the community doesn’t need it,” says Joseph M. McCulloch, Forest Acres resident.

H&M Real Estate wants to build residential property as well as a Memory Care facility on the 26-acres they purchased from the former Carolina Children’s Home.

The commission voted 4 to 1 not to approve their rezoning plans, but H & M Real Estate’s attorney says they still plan on going before the town council. “I don’t think the reasons given for the denial of the plan are going to be sufficient to deny the plan in the last analysis,” says Robert Fuller.

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Categories : Columbia
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May
19

Vista Fire Station Redevelopment Plans Underway

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vista stationThe historic Columbia fire station in the Vista, which was once considered the most advanced fire station in the country when it opened in 1952, is getting a new chance at life, thanks to a new potential owner who has already launched the redevelopment of the property and a campaign to lease it.

The Columbia Central Fire Station was built between 1949 and 1951 and served as the Columbia Fire Department’s Headquarters from 1950 until 1995. In 2009, it was added to the National Register of Historic Places. Located in the heart of the Vista, the fire station is located close to the State Capitol and the University of South Carolina, and sits on a very prominent corner in an area which has seen recent additions such as Urban Outfitters, Hickory Tavern and Grill Marks.

Wheeler Development has already begun pre-construction and design work relating to the redevelopment of the property, with a goal of breathing new life into the building while maintaining its historic character. Current plans include renovation to first and second floors and adding a rooftop area. At the same time, Wheeler has partnered with Colliers International’s JP Scurry, CCIM and Scottie Smith to launch a leasing campaign to find restaurant, retail and office users to lease the property.

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Categories : Columbia
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May
18

Real Data: Columbia Apartment Vacancy at 7.7%

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sorry rentedAccording to Real Data, the Columbia area’s occupancy rate remains healthy at 92.3%. The area recorded positive absorption over the past six months. Development activity increased during this time period with approximately 1,400 new starts, the majority of which are located in the Central (Downtown) submarket.

Same-store rents increased by 1.6% over the past six months bringing the average monthly rent to $893.

During the second half of 2015, demand is likely to remain at a healthy level, however, it will not be able to keep pace with the abundance of new supply expected to come on-line. Vacancy rates are forecast to approach 9% in the next twelve months.

Categories : Columbia
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May
15

Five Story Senior Housing Project Coming to Hilton Head

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hhi seniorA five-story, luxury senior-living center finally has the greenlight from town leaders to redevelop Salty Fare Landing on Hilton Head Island.

Bayshore Retirement Partners plans to build a 150,000-square-foot senior center near the Skull Creek dock, on the west side of Squire Pope Road, at the former Daufuskie Island Ferry launch.

The building will include 126 one- and two-bedroom units, a library, dining facilities, a pool, a full-service bar and lounge, a fitness room and a theater, among other amenities.

Bayshore also plans to refurbish the dock on the property and add swing trellises, a small formal garden, a seating terrace, a putting green and a fire pit along the waterfront.

The facility now has the support of all of its neighbors, thanks to a handful of design changes, town urban designer Jennifer Ray told the Design Review Board on Tuesday. Bayshore will build 10 feet farther away from The Cypress, providing more space between it and its Hilton Head Plantation neighbor, Ray said.

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Categories : Hilton Head Island
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