Archive for February, 2016

Feb
29

East West Capital Acquires Lexington Office Building

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southlake centerEast West Capital has acquired SouthLake Center in Columbia, South Carolina. The building, located at 714 South Lake Drive in the Lexington submarket, has 41,953 sf of 100% leased office space on 4.62 acres of land.

Originally built in 1989 as a cut-and-sew manufacturing facility, the building was renovated into a multitenant ofIice building in 1999. SouthLake is currently 100% leased to six quality tenants representing numerous industries. Three tenants, Teradata, Amedisys and Nucor, are billion dollar public companies and represent over 60% of leased space at the property. SouthLake offers tenants a parking ratio of 6.67 per 1,000 square feet, which is well above the market average. Tenants have been trending towards higher density and few buildings in the market can offer a parking ratio that affords this density.

“The spread between the property cap rate and our debt cost is close to 6%, which makes for an attractive investment.” said Brian Nelson, Managing Partner. “With the Columbia office market fundamentals continuing to improve, we believe we are in a good position to keep the building full.”

SouthLake is located in the Lexington submarket, providing convenient access to Interstate 20 and downtown Columbia, as well as the region’s most prestigious residential areas, such as Lexington, Lake Murray, and Irmo. The property is positioned between Lexington and the Interstate which provides great visibility to the many cars that pass the property.

Categories : Columbia
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Feb
29

Downtown Spartanburg Booming (video)

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WMBFNews.com, Myrtle Beach/Florence SC, Weather

Categories : Spartanburg
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Feb
29

Too Many Hotel Rooms in Charleston?

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hotel question markTo many people who live and work on peninsula Charleston, the last several years have felt like a hospitality sprint. In one recent week the Board of Zoning Appeals approved plans for four new hotels.

There are now 4,826 hotel rooms that are operational or under construction. Eleven more hotels — 763 rooms — have the required zoning approvals. And the number of visitors to book those rooms just keeps growing.

So while a proposed hotel moratorium proved to be unacceptable to Charleston City Council on Tuesday, every member agreed to have city staff research the issue for the next 90 days and report their findings. It was a wise move, supported by preservationists and neighborhood groups.

The city did a major, year-long study of hotels three years ago and significantly limited the places where hotels could be built and, in some cases, their size. But since then, Charleston’s profile has increased considerably. Hotels have been completed and the city is getting real experience dealing with the growth.

READ MORE HERE

 

Categories : Charleston
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Feb
25

Which Presidential Candidate has the Most Real Estate Industry Donors?

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bag-of-saved-money2The real estate industry, which traditionally supports Republican candidates and conservative causes, is reaching across the aisle this election cycle.

Contributors involved in the real estate business are firmly behind the presidential bid of Democratic front-runner Hillary Clinton, according to the Center for Responsive Politics, a non-partisan group that tracks federal campaign contributions.

The group reports that Clinton has raised $2.69 million during this election cycle, over one million more than the second-strongest fundraiser, former Florida Governor Jeb Bush, who raised $1.65 million.

Meanwhile Donald Trump, the front-runner for the Republican nomination, did not gain a lot of monetary support from his peers. The real estate tycoon received just $52,998 in contributions. He has mostly funded his own campaign. In January, he infused $4.9 million into his presidential bid, supplementing the money from donors, which amounted to less than $1 million.

The total campaign contributions, which are based on Federal Election Commission data, were calculated by the Center for Responsive Politics from individual and PAC contributions that exceed $200.

READ MORE HERE

Categories : National News
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Feb
24

Columbia Self Storage Facility Sold

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space place columbiaSpace Place Storage, a 51,750 net rentable square foot self-storage facility located in Columbia, SC, was sold in February to an out of state investment firm. The buyer formed an LLC for the purpose of acquiring the facility.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the property and was successful in securing a purchase price at a 6% capitalization rate. The facility enjoyed 84% occupancy and was managed by a professional third party management company.

The facility is situated on 3.65 +/- acres, and is comprised of 403 climate and traditional self storage units and an office. Amenities include RV, boat and car parking, fencing with computerized gate entrance, a rental office with moving supplies and good visibility. The address is 110 Newland Rd.

Categories : Columbia
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Feb
24

Charleston Retail Center to be Redeveloped

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ashley oaksAlex. Brown Realty, Inc. (ABR) and Lat Purser Associations, Inc., a Charlotte, North Carolina-based investment firm, have acquired Ashley Oaks Plaza in Charleston, South Carolina, and have announced plans to redevelop the retail center. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $4.0 million in the joint venture.

The 58,720 sf retail center is located less than six miles from downtown Charleston in the Ashley River Road retail corridor, and is in close proximity to both the largest regional mall in Charleston and I-526. The property was developed in 1985 as a neighborhood shopping center and will undergo extensive redevelopment and eventual rebranding by the joint venture.

“The Charleston retail market has benefitted from the area’s job and population growth over the last five years,” commented Tom Burton, ABR’s chief investment officer. “We plan to enhance the center’s appeal with significant capital improvements, which should attract a major anchor tenant, as well as restaurants and other retailers.” Upon acquisition, Ashley Oaks Plaza was 81% occupied without the benefit of a traditional neighborhood center anchor.

“We are very pleased to be partnering with Lat Purser on this transaction,” said John Prugh, president and CEO of ABR. “We anticipate that their extensive experience with this product type will result in the successful repositioning of the asset and ultimately bode well for our investors.”

Categories : Charleston
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Feb
19

NAI Earle Furman Announces Recent Sales

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NAI Earle Furman logo squareGreenville, SC:John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, Bob Jones University, in the sale of a 4,451 SF retail building at 1560 Wade Hampton Boulevard to J. Dennis Properties, LLC.

Laurens, SC: Bern DuPree, Tony Bonitati and Kay Hill of NAI Earle Furman represented the seller, Ashley Townes, LLC, in the sale of an eleven-unit multi-family property, Ashley Townes, to TBC Rentals, LLC.

Greenville, SC: Earle Furman, SIOR of NAI Earle Furman represented the seller, Arthur Hayden Hays & Brenda Haygood Hays, in the sale of a 4,400 SF office building located at 2 Williams Street to Sean McNally.

Simpsonville, SC: Peter Couchell, CCIM and Rob Schmidt of NAI Earle Furman represented the seller, 684 Fairview, LLC, in the sale of a 6,300 SF retail investment property at 684 Fairview Road to Stella’s Fairview, LLC.

Spartanburg, SC: Earle Furman, SIOR of NAI Earle Furman represented the seller, CR Brands, Inc., in the sale of a 57,950 SF industrial property at 141 Venture Boulevard. Jake Van Gieson, also of NAI Earle Furman, represented 141 Venture, LLC, the purchaser.

Greenville, SC: John Gray, CCIM and Earle Furman, SIOR of NAI Earle Furman represented the seller, Julius, Pam and Deb Aiken, in the sale of 5.78 acres of land on Wade Hampton Boulevard near Stone Avenue to Ron Rallis.

Piedmont, SC: Bernie Bastian of NAI Earle Furman represented the seller, Palmetto Trust, in the sale of 8 acres of land on Carr Road to James Cheatham.

Simpsonville, SC: John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, South State Bank, in the sale of a 7,457 SF office building at 879 Northeast Main Street to Hucks Properties, LLC.

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Feb
19

Higher-Priced Home Sales Up in Myrtle Beach

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MB mansionThe Grand Strand’s real estate year has started just the way you’d want in a healthy market, with a modest rebound in numbers of sales — up 2.6 percent in January over December for single-family homes — and a median price up 8.2 percent to more than $196,000, according to a monthly report from SiteTech Systems, which tracks the local real estate market.

Condo sales were down 3.9 percent during the month after a year of modest growth, the report said, but the median price rose 18.6 percent to $116,500 in January.

While homes priced between $121,000 and $500,000 all hit historic peaks for numbers of sales in 2015, at least some of the area’s real estate watchers are watching as well the strength of sales for homes priced at more than $500,000.

The numbers of upper-end homes sold are modest compared with lower-priced homes, but the annual percentage increase for sales of homes at $500,000 and above harkens back to the Wild West days of the last decade.

READ MORE HERE

 

Categories : Myrtle Beach
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Feb
18

New Hotel Planned for Florence

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WMBFNews.com, Myrtle Beach/Florence SC, Weather

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Feb
17

Hilton Head Office Condos to be Converted

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32 Office Park RdAn Atlanta-based investment-management group wants to add 30 residential units in an office building on Hilton Head Island. Cygnus Capital Real Estate Advisors plans to convert 35 office condos into apartments on the second and third floors of the Courtyard Building, at 32 Office Park Road, according to Matthew Sherman, vice president of investments at Cygnus.

Plans are preliminary, Sherman said, but pre-application materials submitted to the Town of Hilton Head indicate the group plans to add 30, two- and three-bedroom units that total 35,500 square feet. The anticipated cost to renovate the building’s interior is $1.5 million.

“We typically look for distressed opportunities and clean up any litigation and legal situations that need attention,” Sherman said. “We reposition the asset as needed.”  The proposed Courtyard Building project matches the company’s model of refitting properties and their uses for the local market. “Our thought is that there is an oversupply of office units,” Sherman said. He added there is more significant demand in the local market for residential uses.

READ MORE HERE

Categories : Hilton Head Island
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Feb
17

Summerville Self Storage Facility Sold for $1.7 Million

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grand oaks self storageGrand Oaks Self Storage, located in Summerville SC, was sold in February to an out of state buyer and commanded a sales price of $1,700,000 which factored in the onsite expansion land that has been approved for over 55,000 sf of self storage. The buyer formed an LLC for the purpose of acquiring the facility and intends to expand the facility in the near term.

This facility was comprised 24,705+/- RSF, and 152 units on over 5 acres. Amenities include drive-up and climate controlled units, RV, boat and car parking, security cameras, computerized gate entrance, and a rental office with moving supplies and good visibility.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc., a leading self storage broker in the Southeast, represented the seller and had the listing to market the facility. Some unexpected situations arose during the due diligence process, but Dale was able to facilitate a satisfactory resolution leading to the successful closing of the transaction.

Categories : Charleston, Summerville
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Feb
16

Study: Would $30M Arts Center Affect Hilton Head Home Values?

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home-prices-riseA study to determine what effect a $30 million arts center would have on Hilton Head Island property values is up for consideration today by Town Council.

The study, which is scheduled for a vote at the council meeting that begins at 4 p.m. at Town Hall, would cost $35,000 and be conducted by researchers from the University of South Carolina Beaufort and Clemson University.

Town Council has put a new arts center at the top of its list of projects for a proposed 1 percent sales tax being considered by Beaufort County to go before voters in November. Council is also scheduled today to form the Venue Committee, which would have nine to 12 members and be made up of representatives from various arts, cultural and historical groups and real estate, financial and hospitality industries.

Members should be “familiar with the future wave of arts and culture as desired by the younger generations,” according to a town memo. The committee would recommend the types of venues and programs needed for the arts, as well as determine the costs and to what extent town government and other entities should finance it, the memo says.

READ MORE HERE

Categories : Hilton Head Island
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Feb
16

N. Charleston Apartment Sold for $104,000/Unit

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Jamison ParkKettler and The Stillman Group recently announced they have purchased Jamison Park in North Charleston, S.C. from Middle Street Partners for $22,500,000, or $104,167/unit. This apartment community was built in 2001 and has 3 stories with 216 units.

Jamison Park is located in the rapidly growing submarket of North Charleston which is home to several major employers, including the Joint Force Air Force Base, the Charleston International Airport, and The Boeing Co.

The transaction comes just months after Kettler and Stillman acquired a two asset portfolio in Charleston. “Kettler and The Stillman Group just recently established a presence in Charleston. In fact, this is the third multifamily property the partners have acquired in Charleston within a span of 75 days. This demonstrates the continuing trend of institutional capital identifying Charleston as a stable, rapidly growing market with favorable economic trends and recognized employer expansion into the area,” said Kevin Kempf, CBRE Carolinas.

Phil Brosseau and Kevin Kempf, with CBRE  brokered the transaction.

Categories : Charleston
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Feb
16

SUBSCRIBE TO RECEIVE DAILY CRE NEWS FOR FREE

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Please follow the link on the right side of the web page to subscribe to receive daily e-mail updates. We update our website constantly and you will receive a summary of the new posts around 11:15 AM each weekday. Our current e-mail subscriber list includes developers, mortgage bankers, municipal officials, attorneys, contractors, economic developers, appraisal reviewers and brokers. All real estate news, nothing else.

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Of course you can unsubscribe at any time, although we have only had seven people unsubscribe since the site was started in March 2008. I assume that means that subscribers are finding it useful.

Note: I don’t use any ad tracking or the like, nor do I sell e-mail addresses to anyone! We also won’t bother you with updates on the weekends.

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Categories : SCREnews
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Feb
16

‘Big Announcement’ for Grand Strand Economy Coming in April

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WMBFNews.com, Myrtle Beach/Florence SC, Weather

Categories : Myrtle Beach
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