Archive for October, 2015

Oct
16

Wal-Mart Neighborhood Market Announced for Columbia

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walmart neighborhood market coming soonCushman & Wakefield | Thalhimer is pleased to announce the sale of approximately 4.49 acres of land situated along Emanuel Church Road in Columbia, South Carolina. Cypress Acquisitions, LLC purchased the land from Wyndham Enterprises, LLC for $375,000 to develop a Walmart Neighborhood Center and street retail.

John DeStefano of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.

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Oct
15

Hotel Sales Market: ‘Active and Liquid’

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thumbs-up1The lodging sector’s performance lately and over the long term is giving rise to “unvoiced hopes” that this cycle will be different from its predecessors, Marcus & Millichap says in a new report. One macroeconomic trend that could create turbulence in the months ahead, though, is stock market volatility, the firm states.

“The recent turmoil in global equity markets illustrates the difficulty involved in anticipating unforeseen events capable of disrupting positive trends,” according to MMI’s report, with input from a team led by Peter Nichols, director, national hospitality group. In particular, the Federal Reserve’s timing on an interest rate increase, as well as the extent of its actions, could be affected by the markets’ uncertainty, triggering “a reconsideration among hotel owners of near-term objectives. An inevitable rise in the Fed Funds rate will likely affect the prime rate, a frequently used benchmark in hotel debt.”

At the moment, the hotel investment market remains liquid, with “considerable equity and competitive debt providers” both helping to sustain a high volume of transactions that are holding cap rates near cycle lows. MMI sees a tilt toward the upper midscale, with more properties trading in this bracket than in any other chain segment during the first half of the year. “More than half of these deals occurred in the 100 largest metros, but one-fourth took place in much smaller interstate, college and military markets to illustrate the ongoing search for yield,” according to MMI.

READ MORE HERE

Categories : National News
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Oct
15

S.C. Tax Credit Expanded for Abandoned Buildings

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Economic developers seeking new life for abandoned and/or historic buildings in their communities recently received a boost.

Gov. Nikki Haley recently signed into law some amendments (H. 3725) to existing tax credits for abandoned and historic buildings. The changes further encourage rehabilitation of these types of buildings, which can be found throughout South Carolina. Here are the key changes:

  • For historic structures, a taxpayer may now take a 25 percent tax credit in lieu of the previous 10 percent tax credit, not to exceed $1 million dollars per building.
  • The credit for historic structures must be taken in equal installments over a three-year period beginning with the year in which the property is placed in service.
  • The abandoned building rehabilitation tax credit can now be applied to insurance premium taxes.
  • The abandoned building credit must be taken in equal installments over a three-year period beginning with the tax year in which the applicable phase or portion of the building site is placed in service. Unused credit may be carried forward for the succeeding five years.
  • The abandoned building credit may not exceed $500,000 for any taxpayer in a tax year for each abandoned building site.

READ MORE HERE

Categories : South Carolina News
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Oct
15

Columbia Among Top 15 in Student Housing Deliveries

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Axiometrics reports that  49,977 new purpose-built student housing beds were built nationally for the fall 2015 school year. The University of South Carolina ranked 13th, with 1,174 new beds completed.

cola student housing

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Oct
14

Bluffton New Home Construction on the Rise

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New Home ConstructionHouses are going up in Bluffton–all part of a booming real estate business.At Village Park Homes, they are seeing success first-hand.

“In the last two years we’ve seen incredible opportunity to expand our company, as well as a lot of other homebuilders in our area. the growth has been wonderful, we’ve gone from two communities to twelve, and we have a few more on the books, and that’s just in the local Bluffton area,” said CEO, Richard Schwartz.

Schwartz says the homes going the fastest are at a price point between $200-350,000 and are literally flying off the lots.

“The buyers are coming in so quickly, that we cant put up some of the houses fast enough in some of the communities.”

Which means more jobs in our area, Schwartz says just one home can account for up to 50 jobs, and in the last couple years they built about 500 homes. and there’s more to come because we are still in short supply.

READ MORE HERE

Categories : Bluffton
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Oct
14

Mall to Offer Free Rent to Businesses Displaced by Flooding

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floodedColumbia Place Mall wants to help relieve the financial burden on businesses who recently had flood damage. The mall is offering free rent to qualified businesses just in time for the holiday shopping season.

“Many business owners invest their life savings in addition to time and hard work into building their businesses,” stated Shawl Pryor, Senior Vice President of Moonbeam Capital Investments LLC and its affiliated company Columbia Place Mall SC LLC, the owner of Columbia Place Mall “The recent flooding in Columbia, SC right now affects more than the displaced businesses in the flood zone – it affects the lives of those within the community and surrounding areas.”

The mall is stepping in to assist local businesses by offering a place to do business as they recover from the storm. Columbia Place Mall did not have any water damage from the recent storm.

The free rent program is available to qualified businesses to temporarily relocate their business while recovering.

For any anyone interested in applying, they should contact Courtney Brumbelow, Vice President of Leasing at C.brumbelow@mlgpllc.com.

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Oct
14

Charlotte Retail Center Acquired as Part of Portfolio

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matthews cornersViking Partners Fund III, LLC , a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets in the Midwest and Southeast United States, announced the acquisition of three retail shopping centers for an aggregate purchase price of $59.0 million. The addition of these properties to Fund III’s portfolio expands the company’s presence in Illinois and represents the first acquisitions for Fund III in Florida and North Carolina.

Matthews Corners, located in Matthews, North Carolina is a 167,459 square foot shopping center anchored by national tenants including Marshalls, Hobby Lobby and Jersey Mikes. The property is located 11 miles south of Charlotte and benefits from a strong and growing population with approximately 158,000 people within 5 miles of the shopping center. Matthews Corners was 76 percent occupied at the time of acquisition, providing upside potential through the leasing of 40,000 square feet of vacant retail space.  The allocated purchase price was not provided.

Categories : Charlotte
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Oct
14

Two Self Storage Properties in Marion Sold

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whites storageWhite’s Mini Storage, a 84,985 net rentable square foot self-storage facility, and Francis Marion Plaza Storage, a 42,000 net rentable square foot self-storage facility, both located in Marion, South Carolina, were sold in early October and commanded a combined sales price of $1,960,000. The facilities feature 608 standard and climate units, including retail/commercial units, a clubhouse and a warehouse with loading dock on a combined 18 acres.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the property. The buyer, a private investor, formed an LLC for the purpose of acquiring both of the facilities.

White’s Mini Storage was opened around 1975 with the last expansion in 2009. The facility consists of 22 buildings. Francis Marion Plaza Storage was opened around 1991, and consists of 11 buildings. Amenities include fencing, lights, security cameras and rental offices. There is room for on-site expansion at both facilities.

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Oct
01

Pelham Place Shopping Center Sold

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sold stamp bluePelham Place, a 57,158-square-foot retail shopping center at State 14 and Batesville Road anchored by the vacant former home of a Bloom grocery store, has been sold for $5,825,000, the second-highest sale price for a grocery-anchored retail property in Upstate South Carolina so far this year.

Officials from Avison Young, a commercial real estate firm tapped to sell the foreclosed shopping center, announced they brokered the sale from Torchlight Investors to RealOp Investments, a Greenville investment group that’s so far made no announcement of plans for the property.

The 38,003-square-foot anchor space has a long-term lease but has been unoccupied since 2012. The original Bloom store became a Food Lion in July 2011 as Food Lion discontinued its Bloom chain.

READ MORE HERE

Categories : Greenville
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