Archive for May, 2015

May
14

Triad Apartment Vacancy at 6.9%

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real data LogoThe 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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May
14

Colliers Brokers Greenville Office Building

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greenville saleColliers International’s Richard Barrett, MCR, represented the buyer, BKD Capital, LLC. in the $1.1 million purchase of 429 Roper Mountain Road, in Greenville, South Carolina. The 5,256 square foot office property is located within close distance to Route 385 and downtown Greenville.  BKD Capital, LLC is a private equity accounting, consulting and valuation services firm. This acquisition is their first entry into the Greenville market.

Barrett, a Brokerage Associate, specializes in flex office and industrial brokerage.

Categories : Greenville
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May
14

Berkadia Sells Aiken’s Steeplechase Apartments

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steeplechaseBerkadia announced today the sale of Steeplechase, located at 749 Silver Bluff Road in Aiken, South Carolina. Vice President Mark Boyce of the South Carolina office and Associate Partner Robert DiPietrae of the Seattle office negotiated the transaction. Steeplechase sold for $4.5 million on March 31, 2015. The sales price reflects a per-unit price of $35,524, or $51 per square foot. The cap rate was not reported.

Built in 1976, the 126-unit property features one, two and three-bedroom floor plans, with amenities including a pool, clubhouse and playground. At the time of sale, the property was fully stabilized at 96 percent occupancy. Steeplechase has little to no deferred maintenance and offers the new owner an opportunity to own and manage a well-located asset in a growing secondary market of South Carolina. With minor interior upgrades, new ownership will be able to adjust rents accordingly.

The community is located near State Route 78, providing residents access to the entire Aiken area. Steeplechase is less than two miles from Houndslake Country Club and seven miles from University of South Carolina – Aiken. Top employers in the immediate area include URS Corporation, University of South Carolina – Aiken, Regions Bank and Hubbell Power Systems, Inc.

The seller was a Seattle-based institutional real estate developer and investment group. The buyer was a Georgia-based entity.

Categories : Aiken
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May
13

Avison Young Sells Hanahan Industrial Building

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banktonAvison Young commercial real estate has announced that Todd P. Garrett, CCIM, SIOR represented Bankton Drive, LLC in the sale of a 19,480 SF office/warehouse building located at 1007 Bankton Circle in Hanahan, South Carolina to John J. McDonald Trust for $925,000 or $47.48/sf.

The building has 1,935 sf of warehouse space and 17,545 sf office. It is 100% heated and cooled, and has plenty of parking with approximately 77 spaces around the building. The building is located just off of I-526/I-26 in the center of the metro area in industrial / defense area. It is in close proximity to ports, I-26, I-526, Air Force Base, Boeing and Naval Weapons Station.

Thomas Boulware and Dexter Rumsey of NAI Avant of Charleston represented the buyer.

Categories : Charleston
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May
13

NAI Avant Announces 1Q Industrial Transactions

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nai avant logoNick Stomski, SIOR, NAI Avant’s leading industrial specialist, has completed a significant volume of notable industrial transactions with a total of over 400,000 square feet of industrial space during the first quarter of 2015.

– Stomski represented the owner of 289 Wilbert Way, located in St. Matthews, SC, in the sale of their ±146,781 square foot manufacturing facility for $2,275,000 to Wire Mesh Corporation. The family-owned welded wire products company has announced that they are prepared to invest $13.9 million into the facility and create over 50 jobs over the next five years.

– Stomski represented the owner of 34 Hilltop Road in Johnston, SC, in the sale of their ±107,712 square foot industrial warehouse to Log Creek Timber Company. Log Creek Timber, a family-owned company run by a professional staff of foresters and buyers, offers land owners a full range of forest management and harvest services.

– Stomski and NAI Avant senior broker Rob Lapin represented the landlord of 715 Bluff Road, an industrial facility, located on the edge of downtown Columbia, in the lease of ±60,000 square feet of administrative and warehouse space to the City of Columbia. The gross lease value of this transaction was over $1,000,000.

– Stomski and NAI Avant senior broker Dick Stanland represented the landlord of 1517 Key Road in Columbia, SC, in Bellsouth Telecommunications’ lease renewal of ±30,000 square feet.

– Stomski represented the tenant, UTi Logistics, in the lease renewal of ±60,000 square feet within the 186,000 square foot distribution center at 132 Joseph Walker Drive in Elgin, SC. UTi Logistics is an industry-leading supply chain management company that delivers competitive advantage to clients’ supply chains.

Categories : Columbia
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May
13

More Student Housing for Columbia

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main and college housingA developer has filed plans with the City of Columbia for a 15 story building for student housing near the University of South Carolina.

The project would go up at Main and College Streets where the Baptist Collegiate Ministry and Sandy’s currently sit.

Memphis based collegiate housing company EdR has filed a zoning appeal with the city to allow the property to exceed the city’s ordinance that sets a maximum of beds per acre for a private dorm. Current rules would only allow 189 beds on the site. EdR wants to place 704 beds on the site. The building would contain approximately 246 units with just over half of them being four bedroom units.

Plans also call for retail space and offices for the Baptist Collegiate Ministries. A parking garage would also be built into part of the dormitory building. The garage would hold enough space for 578 cars, 182 bicycles, and 9 scooter spaces.

Developers went before the Board of Zoning Appeals Tuesday to present their request for zoning exceptions. Members of the board did not make any decisions on the project’s request.

SOURCE

Categories : Columbia
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May
13

Pacolet Milliken Selling 2,900 Acres for Industrial Use

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Pacolet Milliken Enterprises, Ipacolet logonc. said it is preparing to sell approximately 2,900 acres in Spartanburg and Laurens counties with the potential for 12 million square feet of industrial development.

Contained in five major tracts, it would represent one of the largest industrial real estate offerings in the Upstate in recent years. It wasn’t known Thursday if any specific industrial projects are planned on the land.

John Montgomery, Pacolet Milliken’s vice president of real estate, said the properties could be used for distribution centers or manufacturing facilities.

Spartanburg-based Pacolet Milliken said it has retained Colliers International for brokerage services.

Pacolet Milliken officials said the property is coming onto the market at a prime time as the Upstate becomes increasingly desirable for major manufacturing and distribution development. Driving the demand is the region’s location between Atlanta and Charlotte, along with access to major highways, airports and railways, the officials said.

READ MORE HERE

Categories : Laurens, Spartanburg
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May
07

STAG Industrial Signs 474,000 sf Lease Near Spartanburg, SC

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stag industrialSTAG Industrial, Inc., a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States, announced today that it has signed a new lease for 474,000 square feet in a distribution warehouse building located in Duncan, South Carolina. The lease includes a 300,000 square foot renewal and a 174,000 square foot expansion of a pharmaceutical manufacturer and has a term of more than seven years.

The Company will provide further detail on the leases signed in the month and quarter in its regular, monthly acquisition and leasing press releases and in its quarterly and annual earnings press releases and forms 10-Q and 10-K.

SOURCE

Categories : Spartanburg
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May
07

Cary Apartments Sold for $136,300/Unit

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cary prestonOhio-based The Connor Group bought the Cary Greens at Preston property, a 292-unit apartment community in Cary, for $39.8 million, according to Wake County records.

“The location is as good as it gets in the Raleigh area,” said Larry Connor, a managing partner in the Dayton-area firm. “It is a great opportunity that really fits our management style.”

The property includes 10 different floorplans with one-, two- and three-bedroom units, a business center, fitness center, dog park and pool. This is the Connor Group’s second major acquisition this year, after it bought a Dayton, Ohio-area community that it had owned and sold previously. The similar sized Dayton community sold for about a quarter of the price of the Cary apartments, which feature more amenities in a much higher-growth market.

SOURCE

Categories : Raleigh
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May
06

York County Reassessment Notices Have Been Sent

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tax appealReassessment notices are being mailed this week to about 115,000 property owners, according to York County Assessor Teresa Simmons.

The notices reflect the new value of all property in York County valued by the Assessor’s Office. Notice of Assessments for manufacturing property will be mailed by the S.C. Department of Revenue later. The taxpayer has 90 days from the date of the notice to appeal their value.

The assessment notices are provided so taxpayers can review the value, assessment ratio and offer objections or corrections. The amount of taxes will not be known until the budgets are approved and the millage rates set, usually around the end of September. The tax notices are mailed around the middle of October. However, property owners who object to the new valuation of their property must appeal within 90 days of the date of the reassessment notice. Property owners can’t wait until receiving their tax notice later this year to appeal.

If you need assistance with determining whether to appeal a reassessment of a commercial property, please email Dale Stigamier, with Integrity Real Estate Advisors, at dale.stigamier@IntegrityREA.com.

Categories : Uncategorized
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May
05

Lease Types – What’s Included in the Base Rent?

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lease structures

Categories : National News
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May
05

Please Help Friends of Mt. Zion Institute

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FOMZII don’t recall ever asking for donations of any kind in the seven years of SCREnews.com, but I would like to ask that you consider a donation to help preserve the Mt. Zion Institute campus in Winnsboro, SC. Mt. Zion Institute sits on a site that was first improved with an educational use in 1777. The existing school buildings, which were built in 1936, have stood closed and silent since 1991. I would like to ask that you consider helping the Friends of Mt. Zion Institute (FOMZI) with the renovation/preservation of the school.

Midlands Gives is Central Carolina Community Foundation’s online resource that connects donors with nonprofit organizations like FOMZI. Funds donated during Midlands Gives will go directly to the on-going stabilization of the Mt. Zion auditorium chimney and roof to stop rain infiltration that is damaging the interior of this 1936 landmark facility. A 3-story classroom building was done in 2014 and the auditorium is the next big step. FOMZI is a third of the way there with funding at this time.

Midlands Gives provides a secure online portal to help save this piece of history. You can help by clicking HERE.

Michael Dodds, MAI, CCIM

 

Categories : Winnsboro
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May
04

North Carolina Officials Warn of Real Estate Scam

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Categories : North Carolina News
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May
04

NAI Avant: Columbia Industrial Vacancy at 8.9%

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nai industrial 5-4-2015Current overall vacancy in the Columbia industrial market, which totals about 54 million square feet, hovers at 8.9% and continues to fall as an improving economy prompts new companies to move into the region and existing firms to expand.

Inside the numbers, only 4.1% of Class A industrial space and only 6.9% of Class B space was vacant, Nick Stomski, senior broker at NAI Avant, said in the firm’s first quarter 2015 report.

Stomski The remaining Class C space is comprised mainly of functionally obsolete or much less desirable buildings that will continue to face challenges, he added.

Class A industrial space has seen dramatic decreases in quoted rental rates, Stomski said.

READ MORE HERE

Categories : Columbia
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May
04

Greenville CBD Hotels Performing Well

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greenville westinCharleston lawyer Richard Burke hadn’t been to Greenville on a business trip for about five years until last week, when he came to town for a mediation and spent Thursday night at the Hampton Inn & Suites downtown.

Burke said he knew the RiverPlace area was popular and that there was a jazz festival taking place downtown over the weekend. Even so, he was surprised to get billed $299 for a single night in a standard room.

“It seemed a little bit higher than I would expect for what’s typically associated with Greenville,” Burke said as he ate breakfast in the hotel’s lobby. “But Greenville seems to be coming up in the world.”

For the five hotels along Main Street, Greenville’s strongest hotel market, business is very good. An online check by The Greenville News showed that some of them sometimes charge more than what Burke paid. A check last Friday found $399 the best available price at the Hampton Inn and the Courtyard by Marriott for a single guest on Saturday, May 9, during the weekend of the Artisphere festival and local college graduations.

READ MORE HERE

Categories : Greenville
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