Archive for November, 2015

Nov
06

Charleston Apartments Sold for $239,000/Unit

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riviera-at-seasideA New York real estate investment firm has added a Mount Pleasant apartment complex to its portfolio, paying $60.5 million for the Riviera at Seaside. The deal worked out to about $239,000 per unit.

The buyer is a group formed by AVR Realty of Yonkers, N.Y. The seller was Riviera at Seaside LLC, which was affiliated with The Beach Co. of Charleston, property records show.

The 253-unit apartment was completed last year. It is in the Seaside Farms mixed-use development, near the Isle of Palms Connector and Rifle Range Road.

AVR’s website shows that the Riviera acquisitsion is its only investment in the Charleston area. The company already owns seven apartment complexes in South Carolina. They are in Aiken, Boiling Springs, Columbia, Florence, Irmo, Lexington and Spartanburg.

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Nov
05

ReisReports: NC Vacancy Snapshot

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Nov
04

Columbia Nursing Home Sold

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nursing homeThe Ensign Group, Inc., the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health care, hospice care, assisted living and urgent care companies, announced today that its subsidiaries acquired the operations and real estate of Millennium Post Acute Rehabilitation, a 125-bed skilled nursing facility in West Columbia, South Carolina. The acquisition was effective November 1, 2015.

“We are excited to extend our growing footprint into South Carolina, and look forward to being a solid contributor to Columbia’s vibrant healthcare community,” said Christopher Christensen, Ensign’s President and Chief Executive Officer. Noting the operation has an outstanding clinical reputation and an excellent team of clinicians, Mr. Christensen added that “this operation is the perfect foundation to establish Ensign’s presence on the East Coast.”

“We are honored to welcome this devoted team into the Ensign family and we are excited to work together to deliver the highest quality of care possible to our patients and the healthcare community,” said Steve Powell, President of Hopewell Healthcare, Inc., Ensign’s new East Coast-based portfolio subsidiary. Mr. Powell also added that the response in Columbia to Ensign’s acquisition of the operation has been very positive and that he expects Millennium, which had an occupancy rate of approximately 78% at acquisition, to be mildly accretive to earnings in 2016.

 

Categories : Columbia
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Nov
04

ReisReports: SC Vacancy Snapshot

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Nov
03

Congratulations to the New SC CCIM Designees

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sc ccimsCongratulations to the newest CCIM Designees from South Carolina!

  • Gerry Schauer – Avison Young, Charleston
  • Ben Goforth – Windsor Aughtry Company, Greenville
  • Scott Peevy – NAI Avant, Charleston
  • John Wright Jr – McCoy-Wright Realty, Anderson
  • Towers Rice – NAI Earle Furman, Greenville
  • Scott Benedict – Commercial Specialty Group, Charleston

 

Categories : South Carolina News
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Nov
03

Carolinas CCIM Joint State Conference is This Week

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Click on the photo below for more information.

ccim 2015

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Nov
03

Hyatt Place Hotel Planned for Greenville CBD

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greenville taraAnother new hotel may be coming to downtown Greenville. Plans have been submitted for a new five-story Hyatt Place Hotel at the corner of Broad and Calvin streets, across from the new Erwin Penland building.

Plans show that the hotel will encompass almost ¾ acre and combine seven parcels of land.

The plans were filed by Tara Investment Group, a family-owned, Charlotte-based firm which specializes in acquiring and managing hotel real estate. According to Greenville County property records, the firm paid $2.8 million for the property.

The architect is Christopher Allred, RBA Group, also out of Charlotte.

The plans are set to be reviewed at the Dec. 3 Design Review Board Meeting.

SOURCE

Categories : Greenville
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Nov
03

Lowe’s Anchored Little River Pavilion Under Contract

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little river pavilionSlate Retail REIT has announced that it has entered into a binding agreement to acquire Little River Pavilion in Little River, South Carolina, within the Myrtle Beach-Conway-North Myrtle Beach Metropolitan Statistical Area. It is just over the NC/SC state line between Little River, SC and Calabash, NC.

The 72,520 square foot property is 91% occupied and anchored by a Lowes Foods grocery store and Dollar Tree. It will be acquired for $10.1 million ($158 per square foot). The acquisition is expected to be completed in fourth quarter 2015 and remains subject to customary closing conditions.

Categories : Myrtle Beach
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Nov
02

Thank You for the Appraisal Referrals!

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referral3I want to thank a few SCREnews.com followers that have referred appraisal assignments to me in the past month or so. You know who you are, and your thoughts are appreciated. As a reminder, I am the Senior Managing Director of the Columbia office of Integra Realty Resources. With 68 offices nationwide, we can handle commercial appraisal assignments anywhere in the United States. We routinely do appraisals for mortgage lending, estate settlement, condemnation and tax appeal purposes. Call me if I can assist with your commercial appraisal needs.

Michael Dodds, MAI, CCIM

803-772-8282  ext 110

mdodds@irr.com

Categories : South Carolina News
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Nov
02

Charleston Medical Building Sold for $5.25 Million

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163 rutledgeA North Carolina firm that already owns two retail centers in the Charleston region has added a medical office building to its local portfolio. An affiliate of Ferncroft Capital, in a deal with co-investor Alexandria One Associates LP of Chevy Chase, Md., paid $5.25 million last month for the four-story corner property at 163 Rutledge Ave., in the peninsula’s hospital district.

Charleston County real estate records show the seller was 163 LLC. The property, also known as the Calcote Building, was built in 2006 at Rutledge and Doughty streets. It is fully leased, with the Medical University of South Carolina as the anchor tenant.

The deal reflects growing demand for medical office buildings, which have become a hot commercial real estate asset.

The sector began to blossom during the last recession. Health care weathered the downturn better than most industries, ensuring investors with stable rent streams. The medical industry also has a captive audience in the rapidly growing senior population that will require more services in the years ahead.

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Categories : Charleston
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