Archive for November, 2016

Nov
14

Retail Building on Charleston’s King Street Sold for $600/sf

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cash in airNetting a total of approximately $600 per square foot for a retail property, national commercial real estate investment firm Marcus & Millichap recently turned around a 5,850-square-foot site located at 127 King St. in Charleston.

Raj Ravi, the firm’s regional manager for the Carolinas, announced the $3.5 million transaction that the firm handled on behalf of the seller, a local private investor. Marcus & Millichap’s senior associate Ben Yelm and Andrew Margulies, vice president for investments in the company’s Charleston and Raleigh offices, served as exclusive listing agents.

Additionally, Yelm and Margulies found the buyer — a New York-based family investment firm that plans to maintain the property for rent appreciation and potential development on a long-term basis.

“The trade of this property is evidence of the demand for infill real estate in downtown Charleston, especially for out-of-area investors,” Yelm said.

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Categories : Charleston
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Nov
09

Plan for SCE&G’s Bus Site Released

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bus-siteCity of Columbia officials will hear a developer’s concept to build mixed-used project with a grocery store and apartments on the former South Carolina Electric & Gas Co. bus storage facility on Huger Street.

The project includes a 30,000-square-foot grocery story with 177 residential units, according to documents filed with city planners. In addition, the concept includes 10,000 square feet of amenity and leasing space, a free-standing building of 12,500 square feet, and a combination of structured and surface parking.

The development would be built on about six acres of prime downtown Columbia property bounded by Huger, Hampton, Washington and Williams streets. It’s near the vacant Kline Iron & Steel Co. property that’s slated for a $100 million development project.

The Design/Development Review Commission is scheduled to receive an informational presentation on the proposal at its monthly meeting on Thursday at City Hall. Mark Senn is listed on the application as the project’s developer.

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Categories : Columbia, Uncategorized
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Nov
09

N. Charleston Shopping Center Sold for $22.4 Million

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shoppes-at-centre-pointeA North Charleston shopping center recently sold for $22.4 million, according to a news release.

North Charleston developers SC North Charleston CPD 2G-1B LLC sold The Shoppes at Centre Pointe retail center, located at 4956 and 4960 Centre Pointe Drive, to Rose FP LLC, based in Hoffman Estates, Ill., the news release said.

The 112,302-square-foot center, which was completed this year, sits on 8.48 acres and was fully leased at the time of sale to Field & Stream, Conn’s HomePlus and La-Z-Boy, according to the news release.

“The area boasts a population of 120,739 within five miles, as well as 77,536 daytime employees,” Marc Bonilla, vice president of Colliers International in Phoenix, said in the news release. Bonilla represented Rose FP LLC in the transaction. “We see huge, immediate upside for the area and are forecasting enormous, highly sustainable growth for the Centre Pointe area.”

The seller was represented by Joey Odom, director of Stan Johnson Co.

SOURCE

 

Categories : Charleston
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Nov
08

Two Spartanburg Apartment Communities Sold

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sold-sign6Tony Bonitati, Kay Hill and Bern DuPree represented Georgetown Holdings, LLC in the sale of two Spartanburg, SC multifamily properties totaling 166 units. Georgetown Village located at 1421 John B White Sr. Boulevard (74 units) and Timberlane Apartments located at 106 Kensington Drive (92 units) were sold to Cedar Grove SC II, LLC. The buyer was not represented in the transaction. The portfolio sold for $8,750,000, or $52,711 per unit. Both properties were fully occupied at the time of sale.

Categories : Spartanburg
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Nov
08

New Publix Center Coming to Simpsonville

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simpsonville-publixA new commercial development, Grand Central@Martin Farms, is coming to Simpsonville at the intersection of Fairview Road and Harrison Bridge Road, according to the Windsor Aughtry Company and city officials.

Publix Super Markets, working with JSI Development, is the first Grand Central@Martin Farms tenant to announce plans to locate there. The grocer will vacate its existing store on Fairview Road and become the development’s 54,000-square-foot anchor.

A junior anchor and outparcels will be announced at a later date.

Work on the development has begun. The Publix is anticipated to open in the fall of 2017.

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Categories : Greenville
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Nov
08

Rivergate KW Residential Acquires NC Apartment Communities

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sold signsRivergate KW Residential, a multifamily property management company based in Miami, is continuing its growth in the Carolinas, recently taking over operations of 621 new multifamily units. The company added four new communities to its portfolio over the last few months.

In September, Rivergate took on the management of Vistas @ 707, a 190-unit property in Charlotte’s Uptown area, consisting of one, two and three bedrooms and amenities like a game lounge, fitness center and saltwater pool.

The acquisitions also include Cedar Flats, a new, 82-unit boutique community, located in Charlotte Center City.

Retreat at the Park, a new 249-unit apartment community in Burlington, N.C., is now under Rivergate’s operation, too.

In Charlotte’s SouthPark neighborhood, the company acquired Mezzo1, a 100-unit boutique community with studio, one- and two-bedroom apartments.

Categories : Charlotte
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Nov
02

SC Looks to Revise Property Tax Law

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taxesA panel of S.C. House members is aiming to change the state’s controversial property tax law and tax some sales now exempt from the state’s sales tax, exemptions that cost the state $3 billion a year.

Reducing the state’s 7 percent top income tax rate also is on the table.

Most on the 14-member panel agreed changes need to be made to the tax laws as they began discussions to prompt changes during the legislative session that starts in January.

S.C. residents “want something comprehensive and something they can trust” in terms of changes to the state’s tax laws, said state Rep. Todd Atwater, R-Lexington.

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Categories : South Carolina News
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Nov
01

What’s Happening in the Augusta Industrial Market?

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Categories : Aiken, Augusta
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Nov
01

Speculative Industrial Building Announced for Greenville County

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Augusta Grove, the largest industrial business park of its kind in Greenville County, today announced plans for a new, best-of-class speculative building that will be under construction by the end of the year.

At 331,850 square feet, the Class A, concrete, tilt-wall industrial project known as Augusta Grove #17 will have a 32-foot minimum clear height and create a commanding presence in the park. Located on a premier 46.1-acre site at the intersection of Matrix Parkway and Old Grove Road, the rear-load facility can accommodate a multi-tenant configuration, but is best suited for a dominant lead single tenant. Auto parking is ample with room for expansion in the design; likewise for trailer storage. An ESFR sprinkler system and LED lighting program are just a few examples of the quality features in this property.

The park’s existing tenants include a mix of successful manufacturing and logistics owners such as GE Aviation, KI Logistics, Roy Metals, The Blood Connection, Sun City Produce, JTEKT, Magna Industries and others. NAI Earle Furman is confident that the announcement of new spec inventory will attract more of the same.

Augusta Grove #17’s cutting-edge, flexible design is the product of collaboration between Wakefield Beasley & Associates, a multi-national architectural firm out of Atlanta, and BlueWATER Civil Design, based in Greenville with a solid presence across the southeast. Harper Corporation, an award-winning general contractor also based in Greenville, will be handling construction.

The project is being developed by a group led by TPA Group of Atlanta and Greenville-based Appian Investments together with Boston-based Long Wharf Real Estate Partners.

Design plans are solidified, site work and construction have started, and NAI Earle Furman is actively marketing the Augusta Grove #17 building for lease or sale. The project’s estimated date of completion is late summer, 2017.

Categories : Greenville
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Nov
01

Myrtle Beach Walmart Market Ground Lease Sold

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wal mart market soldBerkeley Capital Advisors has announced the sale of the Walmart Neighborhood Market Ground Lease in Myrtle Beach, SC for $7.86MM. Located at 3650 Walton Heath Drive, Walmart had 20 years remaining on the lease at time of sale. The asking cap rate was 4.5%.

Steve Horvath and Ransome Foose exclusively represented the seller in the transaction.

Categories : Myrtle Beach
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