Archive for October, 2016

Oct
26

Retail Single-Tenant Net Lease Cap Rates at Record-Lows

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boulder group logoSingle-tenant net-lease cap rates for retail properties reached a record-low 6.10 percent in the third quarter, reported Boulder Group, Northbrook, Ill.

STNL cap rates for the office and industrial sectors also decreased to 7.08 percent and 7.14 percent, respectively, said Boulder Group Vice President John Feeney.

“The overall net-lease market remains active with 1031 and private investors due to the passive nature of the leases and attractiveness of relative investment returns when compared to other asset classes,” Feeney said.

Feeney noted that uncertainty in some other investments compared to the stable yields generated by the single-tenant sector created “abundant” investor demand for STNL properties.

READ MORE HERE

Categories : National News
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Oct
26

NAI Earle Furman Announces Sale Transactions

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NAI Earle Furman logo squareGreenville, SC: Earle Furman, Jr, SIOR of NAI Earle Furman represented the seller, Park Sterling Bank, in the sale of a 6.1 acre land parcel on Villa Road to Riverplace Office III, Inc.

Travelers Rest, SC: Drew Stamm & John Gray, CCIM of NAI Earle Furman represented the purchaser, Pivot Pizza Company, LLC, in procuring a 2,000 SF flex/retail property located at 164 South Main Street from Specialized-Mathews, LLC.

Clinton, SC: Cameron Babbitt of NAI Earle Furman represented the seller, GYG, LLC, in the sale and Hunter Garrett, CCIM, SIOR and John Staunton represented the buyer in the purchase of College Station, a 41,298 SF retail investment property.

Spartanburg, SC: Jake Van Gieson and Graham Mullikin of NAI Earle Furman represented the seller, Southern Specialty Properties of SC, LLC, in the sale of a 16-unit manufactured housing property at 201 Fernwood Park Drive. Cole Morris and Chris Harrison, also of NAI Earle Furman, represented the purchaser, JBL Properties, LLC.

Woodruff, SC: Kevin Pogue of NAI Earle Furman represented the seller, Dorn & Scott Properties, LLC, in the sale of a 3,000 SF retail property at 123 South Main Street to Farah Enterprises, LLC.

Spartanburg, SC: Kevin Pogue of NAI Earle Furman represented the seller, 1854 East Main, LLC, in the sale of a 5,000 SF retail property at 1854 East Main Street to GGH, LLC.

Greenville, SC: Hunter Garrett, CCIM, SIOR and John Staunton of NAI Earle Furman represented the seller, United Community Bank, in the sale of a 2,135 SF office building at 27 West Road to 722 Grove Road to 722 Grove Road, LLC.

Categories : Greenville, Spartanburg
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Oct
24

New Businesses and Jobs Coming to Downtown Florence

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Live5News.com | Charleston, SC | News, Weather, Sports

Categories : Florence
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Oct
24

Two Upstate Apartment Communities Sold

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two soldMonument Capital Management has recently purchased Park West Apartments in Greenville, S.C. and Magnolia Townhomes in Spartanburg, S.C. The multifamily properties are the fifth and sixth acquisitions for the firm’s Monument Opportunity Fund III, which launched last year and will be managed by Monument Capital Management’s sister company, Monument Real Estate Services. According to Yardi Matrix, the property in Greenville changed hands for $16 million.

Located at 357 Hillandale Road, on over 20 acres in north Greenville, Park West Apartments features 305 one- and two-bedroom garden-style residences and 54 two-bedroom townhomes. Amenities include a fitness center, business center, two swimming pools, three laundry facilities and 640 parking spaces.

Magnolia Townhomes is situated at 201 E Blackstock Road on more than eight acres in southwest Spartanburg. The property offers 98 units consisting of 18 one-bedroom garden-style apartments and 80 two- and three-bedroom townhomes. Residents can enjoy amenities including a clubhouse, swimming pool and laundry room.

The company plans to upgrade each property by improving the curb appeal and unit interiors.

Categories : Greenville, Spartanburg
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Oct
24

Parks at Nexton Apartments Sold

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parks-nextonThe apartment complex at the mixed-use Nexton real estate development in Summerville is under new ownership.

A company affiliated with Woodland Hills, Calif.-based NMS Property Services Corp. paid $53.5 million for the Parks at Nexton, or about $167,187 for each of the 320 units, Berkeley County land records show.

It is the NMS’s only investment property outside of California, according to its website.

The seller was a joint venture between The Beach Co., a Charleston real estate firm, and Nexton developer WestRock Co. They completed the Parks project in early 2015.

Ken Seeger, president of WestRock’s real estate development division, said in a statement that the company was pleased with the partnership.

SOURCE

Categories : Uncategorized
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Oct
23

Colliers Releases Greenville Retail Market Report

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Click on the image below to download the report.

colliers-retail

Categories : Greenville
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Oct
21

NAI Earle Furman Announces Leasing Transactions

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NAI Earle Furman logo squareEasley, SC: Glenn Batson of NAI Earle Furman represented the landlord, Billy Joe Black, in leasing a 5,500 SF industrial building at 3790 Farrs Bridge Road to Bailey Grading & Hauling, LLC.

Pelzer, SC: Towers Rice, CCIM of NAI Earle Furman represented the landlord, Stanley McJunkin, in leasing a 13,000 SF industrial building at 505 John Ross Court to Grid One Solutions, Inc.

Duncan,SC: Glenn Batson of NAI Earle Furman represented the landlord, Mux Properties – Robin Lake Road, LLC, in leasing a 8,400 SF industrial building at 518 Robin Lake Road to Insulation by Cohen’s, LLC. Grice Hunt, Ford Borders, & Clay Williams, also of NAI Earle Furman represented the tenant.

Woodruff, SC: Kevin Pogue of NAI Earle Furman represented the landlord, Hometown News, Inc., in leasing a 12,000 SF industrial building at 438 North Main Street to D & J Cable Contractors, Inc.

Mauldin, SC: Glenn Batson of NAI Earle Furman represented the landlord, Jassy Jot Commercial Properties, LLC, in leasing 7,000 SF of industrial space at 320 West Butler Road to TriFit Barbell, Inc.

Greenville, South Carolina: Keith Jones, CCIM of NAI Earle Furman represented the landlord, Ramsay Warne, LLC, in leasing a 7,578 SF office space at 850 South Pleasantburg Drive to GFM Wellness.

Inman, SC: Dan Dunn and Stuart Smith of NAI Earle Furman represented the landlord, Steeger Real Estate, LLC, in leasing 10,500 SF of industrial space at 2353 Highway 292 South to Machinery Movers and Structural Specialists of SC, Inc.

Greenville, SC: Earle Furman, SIOR of NAI Earle Furman represented the tenant, Yadkin Bank, in leasing 2,925 SF of office space in Riverplace from RiverPlace Office, LLC.

Spartanburg, SC: Andrew Babb and Peter Couchell, CCIM of NAI Earle Furman represented the landlord, Diangikes Holdings, LLC, in leasing a 7,636 SF retail property at 1071 Fernwood Glendale Road to Guacamole Mexican Grill, LLC.

Categories : Greenville
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Oct
20

Columbia Self Storage Facility Sold

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sold stamp blueNAI Avant senior investment broker Dail Longaker, and broker Peyton Bryant, recently facilitated the investment sale transaction at 1210 Atlas Road in Columbia. The ±43,200 square foot self-storage property will be rebranded as a Save Green Self Storage facility. Save Green currently operates an existing Columbia location at 208 Jamil Road. The approximately 300 unit, six building facility enjoys historically high occupancy rates and has room for expansion through the construction of a seventh building. The property was purchased by Midway Investors, LLC for $2,400,000.

Categories : Columbia
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Oct
20

Newmark Grubb Wilson Kibler’s 3Q16 Market Reports

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Click on the image below to access the reports.

grubb-ellis

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Oct
20

Columbia’s Aspyre Apartments Sold

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holder_aspyre_mainHolder Properties has sold the 400-unit, 760-bed Aspyre at Assembly Station student housing complex in downtown Columbia to New York-based Castlerock Enterprises, according to a press release issued by Atlanta-based ARA Newmark. The sales price was not disclosed.

At the time of the sale, Holder said Aspyre was 97% occupied.

“Aspyre is a tremendous asset near USC’s engineering school,” said Ryan Lang, ARA Newmark’s executive director who represented Holder in the sale. “Many private and institutional investors pursued the asset, but Castlerock was an ideal fit based on its acquisition criteria, strategic outlook and ability to close in a timely manner.”

Castlerock specializes in acquisitions, development and repositioning opportunities.

READ MORE HERE

Categories : Columbia
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Oct
19

N. Charleston Industrial Building Sold for $43.64/SF

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carolina commercial LLCCarolina Commercial, LLC has announced the investment sale of 135,000 SF multi-tenant industrial building located at 4400 Arco Lane, North Charleston, SC. Carolina Commercial represented the Buyer and the Seller. The sales price was reported to be $5,891,000, or $43.64 per square foot for the multi-tenant property.

The Buyer’s Broker was Dunston Powell, CCIM and the Seller’s Broker was Dan Batten, SIOR.

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Oct
18

Berkadia Brokers Columbia and Charleston Apartments

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two soldBerkadia has announced the sale of two multifamily properties in South Carolina – Greenbrier Apartments located in Columbia, which sold for $30 million, and Ashley Village Townhomes located in North Charleston, which sold for $16.4 million. The sales were completed by Senior Director Mark Boyce and Associate Blake Coffey of the Charleston office.

Greenbrier Apartments, a 526-unit property located at 100 Willow Oak Drive, offers one-, two- and three-bedroom floor plans with gas or wood burning fireplaces and large walk-in closets. The property was bought by Southwood Realty.

Ashley Village Townhomes, a 260-unit property located at 3311 Mountainbrook Ave., features one-, two- and three-bedroom floor plans. The property was sold by URS Capital Partners to PEM Real Estate Group.

Average asking rent in the Charleston market increased 5.6 percent over the course of the year to $1,091 per month in May 2016. The rise comes after rents rose 5 percent during the preceding year. With strong demand in the Charleston market, managers increased rents a metro-leading 7.9 percent annually to $1,161 per month in May 2016.

Categories : Charleston, Columbia
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Oct
18

Columbia Apartments Sold for $28,000/Unit

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marcus millichapPark Place Apartments, a 300-unit property in West Columbia, has sold for $8.4 million to a private Upstate investor who plans immediate upgrades to unleased units to improve occupancy and rents.

Drew Babcock, director of multi-family transactions in the Columbia office of commercial real estate investment service firm Marcus & Millichap, brokered the transaction on behalf of the seller, a partnership that has owned the property since the late 1970’s. Babcock also secured the buyer, said Raj Ravi, regional manager of the firm’s N.C. and S.C. offices. The selling price represents a value of $28,000 per unit.

“Park Place is an attractive investment due to the upside in raising rents and occupancy,” Babcock said in a release.

The 18.42-acre complex at 1035 Comanchee Trail includes a mix of one-, two- and three-bedroom apartments.

 

Categories : Columbia
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Oct
18

Hilton Head Surgery Center Sold

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medical building clipartCommercial real estate investment services firm Marcus & Millichap has sold the Outpatient Surgery Center of Hilton Head for a record $8 million.

The 19,729-square-foot multi-specialty surgery center was built in 2004. It contains three operating rooms, two procedure rooms and two endoscopy suites. The sale price — $405.49 per square foot — was a record for a Hilton Head medical office building.

Marcus & Millichap arranged the sale of the building for the physician owners. Investment advisers in the Atlanta and Charleston offices brought several offers to the owners. It was sold it to a private investor, who was also located by Marcus & Millichap professionals. A long-term lease is in place.

Categories : Hilton Head Island
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Oct
18

North Carolina Tosses Illegal Broker Price Opinion

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Lawsuit moneyThe North Carolina Court of Appeals on Sept. 6 affirmed a trial court’s exclusion of a broker price opinion from evidence because it reported market value instead of price.
In the case before the court, a real estate broker prepared a 124-page BPO that reported the pre-taking value of a 240-unit apartment complex as $15.338 million and a value after the taking of $11,603,733, a difference of $3,734,267. A jury returned a verdict and determined $350,000 was just compensation for damages arising from the taking of the property. The court found that the broker’s report “repeatedly states that it is an opinion of the fair market value of the property … rather than the probable selling price.” The court found that the licensed real estate broker, who was not a licensed appraiser, “is not permitted to prepare ‘a valuation appraisal.’”
The court noted that the state’s Real Estate Licensing Law allows a real estate broker to prepare a broker price opinion or comparative market analysis and to receive a fee for that service. A BPO or CMA is defined in statute as “an estimate … that details the probable selling price or leasing price of a particular parcel of or interest in property.” The statute also states, “A broker price opinion or comparative market analysis that estimates the value of or worth … rather than sales or leasing price shall be deemed to be an appraisal and may not be prepared by a licensed broker … and may only be prepared by a duly licensed or certified appraiser.”
Read the decision in the case of North Carolina Department of Transportation vs. Mission Battleground Park.
Categories : North Carolina News
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