Archive for March, 2016

Mar
31

McDonald’s Ground Lease in Chapel Hill Sold

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berkeley mcdonaldsBerkeley Capital Advisors has announced the sale of the McDonald’s Ground Lease in Chapel Hill, NC for $2.15MM, satisfying a 1031 tax exchange. Located at US Highway 15-501 at Plaza Drive, McDonald’s had a new 20 year lease at the time of sale. The restaurant is on a 1.01 acre parcel that is an outparcel of North Chatham Village (formerly Cole Park Plaza), which is currently under renovation. The neighborhood center has a complementary tenant mix in Dollar Tree, Subway, Goodyear, and Chapel Hill Tire among others.

Steve Horvath and Ransome Foose of Berkeley Capital Advisors exclusively represented the seller in the transaction.

Categories : Chapel Hill
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Mar
31

Is Charlotte Near the End of the CRE Boom?

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charlotte 2016If Charlotte’s real estate boom were a baseball game, the general consensus seems to be we’d be somewhere between the seventh inning stretch and heading for the stadium exits.

That’s what a panel of experts concluded at the annual Charlotte Commerical Forecast, hosted Wednesday by the North Carolina Chapter of the CCIM Institute at Carmel Country Club. While they agreed that 2016 is likely to be another good year, all kinds of uncertainties – from the presidential election to the state of China’s economy to interest rate hikes in the U.S. – could derail the local real estate market beyond that.

“We’re somewhere between the seventh and the ninth inning,” said Mark Vitner, Charlotte-based economist for Wells Fargo. He was trying to quantify where Charlotte is in the real estate cycle before the next bust hits.

Local economic indicators are mostly positive. Apartments are under construction at a record pace in Charlotte, with about 25,000 either planned or underway. Office buildings are being built from uptown to Ballantyne, and the $284 million sale of One Wells Fargo Center that closed last week set a new record as the most paid for an office building in the state. Home prices are rising, and jobs growth continues in Charlotte.

READ MORE HERE

Categories : Charlotte
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Mar
31

Player in Big SC Mortgage Fraud is Sentenced

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go to jailOne of the perpetrators in an elaborate coastal mortgage fraud that grew out the pre-recession real estate boom was sentenced to 30 months in federal prison Wednesday.

Steven F. Weiss, 67, also was ordered to pay restitution of nearly $5 million based on the losses tied to his involvement in the Summerville-based scheme.

Weiss, a former loan officer at a Trolley Road mortgage firm, had sought a punishment without prison time, according to a document filed with U.S. District Court in Charleston.

He was facing five years behind bars.

Judge Richard Gergel said he cut the prison term in half based on Weiss’ age, his failing health, his lack of a prior criminal record and his cooperation with prosecutors. He also said he balanced those factors against the “elaborate and methodical” nature of the crime.

READ MORE HERE

 

Categories : Charleston
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Mar
25

The Low Bid Parking Lot Painter (humor)

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parking humor

Categories : Humor
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Mar
25

Former Tiger Woods Golf Course Site at Cliffs For Sale

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golfA 795-acre parcel that was part of the now-defunct Cliffs at High Carolina development and Tiger Woods-designed golf course is for sale. The price is listed as $23,995,000, or $30,182 per acre.

In addition to its star-studded past, the land is significant because it’s a large, contiguous parcel in Buncombe County. It’s about 25 minutes’ drive from downtown Asheville in Fairview. Such parcels are becoming harder to find as Asheville grows, said Drew Reisinger, Buncombe Country register of deeds.

“We don’t see parcels of land that are that big that come through this office hardly ever anymore,” he said. “It would be a big deal, especially if there’s a price tag that’s substantial that comes with it, which brings in a lot of excise tax to the county as well.”

The Cliffs at High Carolina was eviscerated by the collapse of the real estate market and, perhaps, the decline of Woods’ star power on and off the golf course.

READ MORE HERE

Categories : Asheville
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Mar
23

Columbia Self Storage Facility Sold for $96/SF

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plantation storagePlantation Storage – Sparkleberry, located in Columbia, SC, has commanded a sales price of over $96 per RSF. The buyer, an out of state investment firm, formed an LLC for the purpose of acquiring the facility.

Plantation Storage was opened in 1996. This facility features 62,470 net rentable sf, 14 buildings and 462 units on 3.4 + acres. It has both standard and climate controlled units, parking, a rental office with moving supplies, and an apartment. Amenities include security cameras, computerized gate entrance and fencing.

Dale C. Eisenman, CCIM, of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the property.

Categories : Columbia
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Mar
22

NAI Earle Furman Announces Lease Transactions

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NAI Earle Furman logo squareGreenville, SC: Glenn Batson of NAI Earle Furman represented the landlord, Lewis Young, in leasing to Systems Integrators, Inc. a 3,200 SF industrial space at 10 Echelon Road.

Greenville, SC: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the landlord, Peden Properties, LP, in leasing to MMR Constructors a 41,000 SF industrial building at 910 Fork Shoals Road.

Greenville, SC: Alex Campbell of NAI Earle Furman represented the landlord, 560 Brookshire Road, LLC, in leasing to Arbon Equipment Corporation a 6,000 SF industrial space in Gateway International Business Center.

Piedmont, SC: Glenn Batson of NAI Earle Furman represented the landlord, NF Trust, in leasing to Fresh Chef Foods a 5,000 SF industrial space in Saluda Park.

Travelers Rest, SC: Drew Stamm & John Gray, CCIM of NAI Earle Furman represented the landlord, Trailhead Properties, LLC, in leasing to Anytime Fitness a 5,400 SF retail property at 28 South Main Street.

Greenville, SC: Ted Lyerly, CCIM and Jimmy Wright of NAI Earle Furman represented the landlord, Lanspring, LP, in leasing a 4,500 SF retail building at 416 Haywood Road to LeCroy interiors.

Greenville, SC: John Baldwin, CCIM of NAI Earle Furman represented the landlord, Hawkins Generation Skipping Trust, in leasing to United Catalyst Corporation a 19,000 SF industrial space at 846 North Highway 25 Bypass.

Categories : Greenville
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Mar
22

IRR study: Natural Gas Pipelines Don’t Negatively Impact Home Values

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pipelinePipelines may have their supporters and detractors, but one thing is for certain: They certainly don’t bring down the value of your home. That’s the key finding of a study done by Integra Realty Resources on behalf of The INGAA Foundation Inc. – the presence of an underground natural gas pipeline doesn’t affect the sales prices or value of residential properties.

For the “Pipeline Impact to Property Value and Property Insurability” report, IRR examined approximately 200 homes in five states up and down the East Coast, and the data shows that key fact was verified in every case. INGAA had previously conducted a similar survey in 2001, and the findings were the same both 15 years ago and today.

READ MORE HERE

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Mar
21

Three Upstate Apartment Communities Sold

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Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of three apartment communities located in Upstate South Carolina. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

  • Carlisle Residential Properties sold Bent Oak to DBC Real Estate Management. The 120-unit property was built in 1980 and is ideally located with quick access to major thoroughfares. Large employers, business and shopping centers are minutes away, along with the Greenville-Spartanburg International Airport located just three miles away.
  • Graycliff Capital Partners sold Park Square to Monument Capital Management. The 96-unit property was built in 1972 and is located in the heart of West Spartanburg near Westgate Mall, with convenient access to I-26 and I-85.
  • VTT sold Hunters Park to Greystone Capital, who has since changed the name to Hawk’s Landing Apartments. The 353-unit property was built in 1973 and is located close to public transportation, entertainment, major highways and Downtown Greenville.
Categories : Greenville, Spartanburg
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Mar
21

Remaining Carolina Children’s Home Acreage Sold

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nai avant logoNAI Avant senior broker Cam Kreps recently brokered the sale of ±19 acres of land located in the heart of Forest Acres. Near the intersection of Trenholm Road and Sunnyside Drive, the ±19 acre property represented the remaining portion of property owned by the Carolina Children’s Home.

The Purchaser was Epworth Children’s Home, who intends to continue to utilize the property under a similar mission.

Categories : Columbia
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Mar
21

NAI Earle Furman Announces Sale Transactions

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Anderson, SC: Towers Rice, CCIM of NAI Earle Furman represented the purchaser, American Prime Property, LLC, in purchasing 5 acres of vacant land at the intersection of American Business Park and American Way from Thrift Properties.

Spartanburg, SC: Kevin Pogue and Andrew Babb of NAI Earle Furman represented the seller, Neuburger Management, Inc., in the sale of a 9,624 SF office property at 245 East Blackstock Road to J & G Replacement Properties, LLC.

Piedmont, SC: Towers Rice of NAI Earle Furman represented the seller, Synovus Bank, in the sale of a 4,500 SF industrial building at 125 Trotter Drive to Summerhill Property, LLC.

Nichols, SC: Rusty Hamrick & Dan Dunn of NAI Earle Furman represented the seller, Kay Phillips & Craig Phillips, in the sale of Lumber River Retreat, an 887.65 acre recreational land tract.

Spartanburg, SC: Kevin Pogue of NAI Earle Furman represented the purchaser, Grace Community Church of Carolina, in purchasing a 52,000 SF hospitality property located at 501 Willis Road from The Westside Club, Inc.

Clinton, SC: Bill Sims, Jake Van Gieson and Gaston Albergotti of NAI Earle Furman represented the seller, 210 South Broad, LLC, in the sale of a 4,882 SF office building located at 210 South Broad Street.

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Mar
21

Graying of Hilton Head Could Drive Housing Costs Higher

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retirement boatState regulators say Beaufort County needs 1,400 nursing home beds to serve its current population. Just 491 beds exist countywide.

That could spell trouble for Hilton Head Island, a rapidly aging town that is expected to continue to “gray.”

“People don’t realize what we’ll be facing in 10, 15 years,” said Edwina Hoyle, the executive director of Memory Matters on Hilton Head, a nonprofit that helps people with dementia. “We need to prepare for it. The active 65-year-old of today will eventually need a level of care and resources that I’m not sure Hilton Head can meet.”

Hoyle, who works with people everyday who are struggling to find the support they need for themselves or a senior they love, calls it Hilton Head’s “silver tsunami.” New admissions to her daycare program for residents with dementia have nearly doubled from 24 to 49 participants in the past five years.

READ MORE HERE

Categories : Hilton Head Island
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Mar
18

Charleston Building Sells for $811 per SF

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charleston cooksCarolina Commercial, LLC has announced the sale of 194 East Bay Street in Charleston, SC. The sales price for the 4,500 square foot building was $3,650,000, or $811.11 per square foot. The seller was MSK Headquarter LLC, and the buyer was Pavilion Development Company. The seller’s agents were Buddy Bebergal and Kit Regnery.

From Loopnet:

Two-story building containing 4,500 SF divided equally between the two floors. First level is up fitted for retail (Charleston Cooks) and includes a demonstration/classroom kitchen. Second level is up fitted for general office use. Stand-alone corner building with 16 parking spaces on site. This premium property has some of the highest foot traffic in the city of Charleston, one block from Market Street and the US Customs House. It is surrounded by restaurants, hotels and offices and back up to the waterfront of Charleston Harbor where a major mixed use development is planned.

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Mar
18

COLDWELL BANKER COMMERCIAL CAINE RECENT Leases

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Brokers from Coldwell Banker Commercial Caine’s Greenville and Spartanburg offices recently represented the following area real estate sales for January and February of 2016:

  • Nicholas Sardone, MRICS represented H & B Properties, LLC (Landlord) in lease renewal negotiations with SiteOne Landscape Supply, LLC (Tenant) for a +6,000 SF industrial building at 3141 Tenth Ave. N., Myrtle Beach.
  • Sammy DuBose represented Thrift Properties (Landlord) in lease renewal negotiations with ASC Construction Equipment USA, Inc. (Tenant) for a +6,000 SF industrial building at 407 Oak Rd., Piedmont.
  • Pete Brett, CCIM, David Sigmon, CCIM and Matt Vanvick represented Emily Austin, Inc. d/b/a Emily Austin (Tenant) in the leasing of +1,577 SF of retail space at Pelham @ 85 Shopping Center, Bldg. D, Greenville, from Central Realty Holdings, LLC (Landlord), represented by Bill Runge with Collett Realty.
  • David Sigmon, CCIM represented Mountain City Land & Improvement Co., LLC (Landlord) in the leasing of +2,883 SF of office space at INNOVATE, 148 River St., Suite 202, Greenville, to BDV Investment, LLC (Tenant), represented by Scott Jones with NAI Earle Furman.
  • Tim Satterfield and Angela Halstead represented TCFM, LLC (Landlord) in the leasing of +3,510 SF of office space at 131 E. Main St., Suites 106 & 108, Spartanburg, to George Sink, PA.
  • Matt Vanvick represented Stone Avenue Partners, LLC (Landlord) in the leasing of four small office suites at 217 E. Stone Ave., Greenville.
Categories : Greenville
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Mar
17

Real Data: Charlotte Apartment Vacancy at 6.2%

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real data LogoAccording to the latest issue of the Charlotte Apartment Report published by Real Data, the average vacancy rate for apartments in the Charlotte metro area is now 6.2%. Demand remains strong with nearly 6,000 units absorbed over the past year. Same-unit rents continue to grow and the average rental rate is now $1,011 per month.

Charlotte has one of the most active development pipelines in the country, with nearly 13,000 units currently under construction and another 13,000 units proposed. The Southeast-1 submarket is the most active with close to 2,500 units currently under construction. This submarket includes the South End and Southpark neighborhoods. The average vacancy rate for Southeast-1 is 11.3%, with rents at $1,332 per month or $1.405 per square foot.

As a wave of new supply comes on-line in the next year, the average vacancy rate could approach 8.0%. Rent growth will be hindered as new communities compete for renters.

Categories : Charlotte
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