Archive for December, 2015

Dec
17

Greenville Realtors Receive Threatening Phone Calls

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harassing-and-obscene-phone-callsA Greenville real estate agent is warning other agents to be careful about how their information is shared on the Internet after she and other Upstate agents received phone calls from a man who threatened violent sex crimes against family members.

The agent said she got a call early Monday from a man who said he had a family member, who he mentioned by name, and her child, and that if she did not do what he wanted her to, he was going to rape them.

She said the man was “very explicit and intimidating” and wanted her to answer sexual questions. She said the caller referred to brutal child rape several times.

After hanging up on the man, the agent confirmed that her relatives, who live in another state, were safe, and she called Greenville police and filed a report.

She also called Verizon, who she says informed her that the calls can be tracked by law enforcement.

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Dec
16

Wells Fargo Releases Interest Rate Forecast

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Wells Fargo Interest Rate Forecast

Categories : National News
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Dec
16

Lowes Foods Announces Second Greenville Location

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LowesFoodsLogo_2013Carolina grocery chain Lowes Foods announced this week it will build its second Greenville area location at the Village Market-East shopping center on the northwest corner of Woodruff Road and Sunnydale Drive in the Five Forks area of Simpsonville.

In July, the grocer announced plans for its first store in the market at Suber and Hammett Bridge roads in Greer. That store is currently under construction and is scheduled to open in summer 2016.

The Greenville market is an important part of the overall company strategy to accelerate investment in remodeling existing stores, build new stores and evaluate strategic marketplace opportunities, the company said in a news release.

“We are very excited to bring a new and unique grocery shopping experience to the Five Forks area,” said Tim Lowe, Lowes Foods president. “As a family-owned Carolina company, we are very focused on supporting local while providing exceptional service and attention to our guests. Our commitment to local includes offering produce sourced through our partnership with more than 250 Carolina-based farmers, and by featuring uniquely local products found throughout our store.”

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Dec
16

Two Charlotte Apartment Communities Sold for $26.9 Million

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Delta-Crossing-ApartmentsEmma Capital Investments Inc. recently announced the addition of two multifamily properties to its portfolio. The company purchased the properties, Delta Crossing Apartments and Cameron at Hickory Grove, for a combined price of $26.9 million. The garden-style apartment communities are within 1 mile of each other.

Located at 5625 Keyway Blvd., Delta Crossing Apartments was constructed in 1989 and offers 178 units, while the second asset, the 202-unit Cameron at Hickory Grove, is located at 5625 Keyway Blvd. and was constructed in 1987.

Both properties are in the heart of East Charlotte, a strong performer apartment submarket experiencing healthy public and private development. Charlotte leads the Southeast in terms of population growth and emerging industries, and its job growth is outpacing that of the U.S., according to MultiFamilyBiz.com. Demand for the East Charlotte area is also driven by its close proximity to the employment hubs of Uptown and University City. Rental prices at the Delta Crossing Apartments range from $745 to $1,021, and at the Cameron at Hickory Grove rental prices start at $602 and reach $822.

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Dec
16

Beaufort County Considers Increasing Impact Fees

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cash in airThe impact fees Beaufort County charges on new development could be changing next year as the economy rebounds and building resumes, county officials said Monday.

The fees are collected on new commercial and residential development to help pay for the roads, fire service, libraries and parks the new shoppers and residents add to their area of the county.

But the fees have not been adjusted in nearly 10 years — before the county’s building boom was crushed by the economic recession and its population grew by more than 40,000, county administrator Gary Kubic said.

“It’s cause and effect,” County Councilman Jerry Stewart said Monday. “It’s very important to understand what it is we’re trying to accomplish in the county, and is this an impediment or does it accomplish what we want it to? I think we’re sort of out of sync on those things.”

In 1999, the county was behind on the road, park, fire protection and sometimes the school infrastructure it needed to keep up with blooming development along US 278, SC 170 and throughout northern Beaufort County, county officials said. To compensate, the county asked developers to help cover the costs and have been setting aside the money in funds dedicated to particular geographic areas and needs ever since.

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Dec
16

32 Story Charlotte Office Building Sold

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121-west-trade-ext-3868 emailHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has closed the sale of 121 West Trade Street, a 32-story, 330,483-square-foot, Class A office building in Charlotte, North Carolina.

HFF marketed the property on behalf of the seller, a partnership controlled by The Dilweg Companies. LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, in conjunction with their local affiliate Lincoln Harris, purchased the asset on behalf of a pension fund client.

121 West Trade Street is situated in the heart of Charlotte’s downtown, within walking distance of nearly all of the city’s amenities and attractions including The EpiCentre, Spirit Square Center for the Arts, Discovery Space Center, Time Warner Cable Arena, the Levine Center for the Arts, and the new Gold Line streetcar system, connecting to the entire light rail system. The property has efficient connectivity to Interstates 277, 77 and 85, and is within 20 minutes of the Charlotte Douglas International Airport and 15 minutes from SouthPark, a popular Charlotte shopping destination. 121 West Trade Street’s largest tenant is Chicago Bridge & Iron. Additional tenants include SAS Institute, Caudle & Spears and Brookwood Associates. The property also features the Charlotte City Club on the top two levels and parking on levels two through nine.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter.

 

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Dec
15

CCIM’s Release Latest Quarterly Market Trends

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ccim 3q2015The Quarterly Market Trends report is produced by the National Association of Realtors® in association with and for members of the CCIM Institute. The report provides timely insight into major real estate indicators for core income-producing properties. The report is a free benefit of CCIM membership and features respected narrative from Lawrence Yun, PhD, NAR chief economist, and George Ratiu, manager of NAR’s quantitative and commercial research. In each issue, readers get an invaluable perspective on the industry, including:

  • U.S. economic outlook
  • National commercial real estate fundamentals and trends
  • Investment conditions forecast
  • CCIM members’ transaction data and trends
  • Major metro market outlook

DOWNLOAD REPORT HERE

Categories : National News
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Dec
14

Columbia Apartment Occupancy Up to 92.5%

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upward-graphAccording to Real Data, absorption figures for the Columbia area were positive over the past six months with the gain of approximately 750 renters. The occupancy rate improved slightly during this time period to 92.5%. Developers remain focused on the Central (Downtown) submarket. There are roughly 1,200 units under-construction and 800 units proposed in that particular submarket. The current average monthly rent for the overall market is $908.

Demand is expected to increase throughout 2016. However, it will fall short of new supply levels allowing vacancies to rise. There will likely be an 1% – 1.5% upturn in rental rates over the next twelve months.

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Dec
14

Net Lease Buyers Chasing Medical Properties

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MOBNet lease investors are proving that they are willing to pay a premium for coveted medical office space.

As medical service providers continue to push further away from traditional hospital campuses to locate closer to their patient base they are embracing net lease as a means to finance that growth. They are also finding a deep pool of eager buyers waiting to snap up those newly built facilities.

A lot of these medical facilities, including specialty surgery centers, urgent care clinics, dialysis clinics, plasma centers and oncology centers, are being introduced to the market to offer greater accessibility and increase the delivery of services to consumers.

“There certainly has been escalating deal flow over the past several years as a lot of these facilities have been developed and delivered to the market,” says Alan L. Pontius, senior vice president in the commercial property group of brokerage firm Marcus & Millichap.

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Categories : National News
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Dec
14

Are Banks Approving Riskier Loans?

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risk knobA survey of 95 national banks and federal savings associations revealed overall on average, those institutions have eased their underwriting standards for the third consecutive year, according to a report from the Office of the Comptroller of the Currency (OCC).

The 21st annual Survey of Credit Underwriting Practices conducted by the OCC showed that underwriting standards at those 95 institutions had not only eased during the period of 2013 to 2015, but reflected trends similar to those seen from 2005 to 2007 immediately prior to the crisis. The survey results cover the 12-month period ending June 30, 2015, and covers loans totaling $5.1 trillion, or about 94 percent of all loans in the federal banking system, according to the OCC.

The survey found that due to the easing underwriting standards, the level of credit risk that came with the loans had increased significantly. A significant share of commercial and real estate loan products reflected increased risk from 2014, according to the OCC—and examiners expect both portfolios to see increased levels of risk over the next 12 months.

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Categories : National News
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Dec
09

What Do Apartment Renters Really Want?

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What are your apartment renters really thinking? A new survey shows the amenities that renters want the most and are willing to pay for. It also shows how renters hunt for apartments and pay attention to the social media efforts of property managers. The National Multifamily Housing Council (NMHC) partnered with real estate research and consulting firm Kingsley Associates to survey nearly 120,000 apartment residents, as a follow-up to their first Renter Preferences Survey, released in 2013.

The results match what some apartment experts have observed for years. Residents value some amenities at their apartment buildings much more than others.

“Magnificent clubhouses and media rooms may look great on tours, for both prospective residents and equity investors, but they often don’t get used as much as you’d think,” says Jay Denton, senior vice president for research and analytics for apartment data firm Axiometrics.

apts desires

SOURCE AND ADDITIONAL CHARTS

 

Categories : National News
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Dec
08

Vista Capital Management Awarded Management Contract

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stratham PlaceVista Capital Management Group announced it has been awarded management of three multifamily communities totaling 296 units. Of those communities, Stratham Apartments and Oak View Apartments are located in the Greenville, SC area where Vista Capital is headquartered.

While already well established throughout the Mid-Atlantic and South-East, Vista Capital is proud to expand their reach into the Mid-West with the addition of the Realty Accounting and Financial owned, 100 unit community of Country Acres in La Porte, Indiana.

“The addition of Country Acres and the resulting expansion into the Mid-West region is an exciting venture for Vista. We look forward to growing our property management presence in Indiana and the surrounding areas.” said Wayne Redding, Vice President of Vista Capital Management Group.

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Dec
08

Low Vacancy Driving Savannah Spec Building Construction

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spec buildingWith area industrial vacancy rates at historical lows, speculative building is beginning to pick up as developers — still smarting from losses incurred in the recession of 2008-2010 — jump cautiously back into the game.

The latest is California-based Panattoni Development Co. and its equity partner, PCCP LLC. The two have formed a joint venture to buy a 33-acre land parcel in Westport Business Park in Garden City to build a 312,000-square-foot industrial distribution center.

The center, which is expected to be complete by August, will consist of a cross-dock distribution center featuring 32-foot clear ceiling heights with 94 dock doors, 52-by-60-foot stage bays, trailer spaces and 77 car parking spaces.

“We are looking forward to embarking on our second equity investment with Panattoni, a best-in-class developer of industrial properties throughout the nation,” said John Randall, managing director with PCCP. “Based on the local market fundamentals and high demand for quality facilities, we anticipate this property will generate a good amount of interest from large corporate users.”

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Categories : Savannah
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Dec
08

Columbia’s Longtown Self Storage Sold

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longtown ssLongtown Self Storage, a 60,250 net rentable square foot self-storage facility located in Columbia, SC, has commanded a sales price of over $67 per RSF. Multiple offers were received for this professionally managed facility which features 9 buildings and 449 units on 5 + 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, an investment firm based in Upstate New York, formed an LLC for the purpose of acquiring the facility.

Longtown Self Storage was opened in 2004. This facility has both standard and climate controlled units, covered and uncovered parking, a rental office with moving supplies, and an apartment with a separate gated entrance. Amenities include security cameras, computerized gate entrance, fencing and onsite expansion opportunity.

Midcoast Properties, Inc. is a leading broker of commercial real estate in the Southeast focusing on the Self Storage industry. Brokerage services are available in North Carolina, South Carolina, Alabama and Georgia. The firm’s focus is to be a valuable resource to self storage owners, buyers, industry members and investors.

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Dec
07

Upper King Street Rental Rates on the Rise

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sales up graphSharon Graci, co-founder of Pure Theatre, said she worries about affording rent for her 5,000-square-foot space at 477 King St. in downtown Charleston.

“There’s this feeling that all of us will be priced out,” Graci said. “What’s going to be the next business to fall victim to the fact that they could no longer afford to hang on here? We all love being here, and we all wonder how long we can hold on.”

Small businesses along Upper King Street are feeling the pressures of rising commercial rents that often accompany urban redevelopment efforts. The area near Spring Street shows the juxtaposition of a King Street of the past with its potential future — vacant buildings, scattered retail spaces and empty lots surround Midtown, the new, modern, mixed-use development that includes commercial space, a hotel and luxury apartments.

Restaurants and bars populate many of Upper King’s storefronts, with retail sprinkled throughout. PeopleMatter and the Charleston School of Law occupy office space there. Hotels are being built on both ends, and Evening Post Industries, The Post and Courier’s parent company, plans to redevelop about 12 acres near the Crosstown Expressway.

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Categories : Charleston
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