Archive for January, 2017

Jan
31

Berkeley Capital Brokers Mt. Airy Shopping Center

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mt airy centerBerkeley Capital Advisors is pleased to announce the sale of New Market Crossing in Mt. Airy, NC, a 112,176 square foot shopping center anchored by a Lowes Foods. Rob Carter, Rad von Werssowetz, and Erin Green of Berkeley Capital Advisors represented the sellers in this transaction.

The 117,376 square foot community shopping center is anchored by a 54,838 square foot Lowe’s supermarket that is scheduled to be renovated in 2018. Rose’s occupied 32,000 square feet in the center.  There are three local shops vacant, totaling 7,908 square feet.

 

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Jan
31

Charleston’s Citadel Mall Under Contract

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Citadel MallThe Charleston region’s largest shopping center could soon have a new owner.

Citadel Mall is “under contract” to be sold, according to the website for Maryland-based CW Capital, an asset management company. It was previously listed “For Sale.”

A spokesman for CW Capital said it is the company’s policy not to comment on its pending property sales. The proposed buyer has not been disclosed.

The 1.1 million-square-foot retail destination, the centerpiece of West Ashley’s shopping options, faced foreclosure in 2013 when the former owner, CBL & Associates Properties of Tennessee, began missing monthly mortgage payments on the balance of a $75 million loan it took out in 2007.

About 25 percent of the mall remained shuttered for several years following the last recession, cutting into tenant proceeds.

 

READ MORE HERE

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Jan
31

Berkadia Completes Charleston Apartment Sale

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sold_sign65Berkadia announced the recent $12,775,000 sale of Hampton Oaks, a 160-unit multifamily property located in N. Charleston, S.C.

Mark Boyce, Senior Director and Blake Coffey, Associate exclusively listed the property for QR Capital and completed the sale on January 6th. Hampton Oaks was acquired by Toro Real Estate.

“With over a dozen offers generated on this asset and a purchase price at roughly $80,000 per unit, it’s easy to see that the demand for Charleston assets remains strong,” said Boyce.

Hampton Oaks is a 160-unit, two-story, garden-style apartment community located in the city of North Charleston, South Carolina. The property is situated 13 miles from Downtown Charleston, 5 miles away from Boeing facility, 0.6 miles away from Trident Technical College, 9 miles from the new Volvo North America Plant, and 5 miles from Charleston International Airport.

Built in 1971, the property is situated on 7.71 acres of land, and consists of eight masonry constructed buildings with brick and vinyl exteriors and pitched roofs. Hampton Oaks contains a desirable unit mix comprised of 48 one-bedroom units ranging from 651 to 750 square feet and 112 two-bedroom units ranging from 868 to 968 square feet. The property has an overall average unit size of 820 square feet.

This property’s community amenities include: a swimming pool with sun deck, picnic and grilling areas, clubhouse with Internet cafe, fitness center, playground, central laundry facility, business center, and enclosed bark park.

Categories : Charleston
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Jan
24

Q10 | Professional Mortgage Co. Arranges $48,455,000 in Loans

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cash in airQ10 | Professional Mortgage Company arranged the following loans:

  • $12,250,000 fixed-rate loan on Torrence Village, 76,582-square-foot, Walgreens anchored shopping center located at 9810 Gilead Road, Huntersville, NC.
  • $2,000,000 fixed-rate loan on Banberry Plaza, a 12,880-square-foot shopping center anchored by Reeds Jewelry offices. The mixed use property is located at 2515 South 17th St., Wilmington, NC.
  • $21,700,000 fixed-rate loan (two years with interest only) on the newly completed Belle Meade Apartments, a 228-unit, Class A property located at 1109 Matteo Dr. (off Carolina Beach Road), Wilmington, NC.
  • $1,050,000 fixed-rate loan for the acquisition of a 9,002-square-foot free-standing Dollar General store located at 7812 Broad River Road, Irmo, SC.
  • $4,455,000 fixed-rate, fully-amortizing loan on Pelham 85 Commerce Center, a 109,000-square-foot, Class A industrial property located at 105 Ben Hamby Road, Greenville, SC.
  • $7,000,000 fixed-rate loan on Forest Square Shopping Center, a retail property consisting of 64,037 square feet within a Publix, two bank branches, Scotchman and Chili’s. The properties are located in Myrtle Beach, SC. Four of the properties are ground leases.
Categories : Greenville
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Jan
24

Former ITT Tech Space in Columbia Leased

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ITTCBRE arranged a 26,960 sq. ft. lease at Browning Business Center, located at 1628 Browning Road in the St. Andrews submarket, to Southeastern Institute, a for-profit educational institution. Previously located in 10,800 sq. ft. at Colonial Life Plaza, Southeastern Institute is more than doubling its footprint and began holding classes at the new location in January.

The school provides a clinically based curriculum in the Professional Clinical Massage Therapy training program. The Browning Business Center is easily accessible to both I-26 and I-20, offers ample parking for the student body and high-profile building signage. The new facility also enables Southeastern Institute to expand its curriculum into other areas within the medical fields.

The space became available when ITT Tech left the market, leaving behind a turn-key education facility ready for a like-tenant. Features include a newly renovated lobby, elevator and restrooms, multiple large classrooms and labs, student lounge, bookstore, collaboration spaces, and administration offices.

Categories : Columbia
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Jan
23

Pelham Road Office Building Sold for $133/sf

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221 pelhamA Pelham Road office building in Greenville that houses several businesses, including Adam’s Bistro, has been sold, according to Spencer/Hines Properties.

Regulators Holdings LLC bought the 21,835-square-foot retail-office building at 221 Pelham Road for $2.9 million, or about $133 per square foot, according to Spencer/Hines’ Lynn Spencer, who represented the buyer.

Existing tenants are expected to remain at the location, Spencer said. The seller was Pisgah LLC, Spencer/Hines said.

SOURCE

Categories : Greenville
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Jan
23

NAI Avant Handles Sale of Used Car Dealership

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driveway carsNAI Avant is pleased to announce the recent sale of 830 Anderson Road in Rock Hill, SC. The property currently operates as an auto dealership containing approximately ±10,000 SF of improvements sitting on 4.30 acres.

NAI Avant represented the buyer, JTMG, LLC in the $1,200,000 transaction. The property was sold by Anderson Road, LLC.

Categories : Rock Hill
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Jan
23

Words Like ‘Cautious’ are Heard in Charlotte CRE Forecasts

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cautionIt’s commercial real estate forecast season in Charlotte – I’ve been to three in the past week – and the general consensus seems to be that 2017 is shaping up to be sort of an “eh” year.

That’s a very precise business term, of course. Experts and real estate professionals seem agreed that while Charlotte’s white-hot pace of growth in everything from rent to new construction might slow down a bit this year, there aren’t any big, flashing signs warning “Crash ahead!”

Put another way, most professionals don’t think we’re sitting on top of another pre-recession bubble here, a la 2006 and 2007. They point to Charlotte’s strong fundamental metrics: A growing number of jobs, influx of new population and major public investments such as the Blue Line light rail extension set to open this year.

READ MORE HERE

Categories : Charlotte
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Jan
18

Belk to Anchor Augusta Retail Center

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belksA new, nearly 85,000-square-foot Belk department store is expected to anchor phase II of Mullins shopping center in Evans.

Although no official announcements have been made, commercial real estate firm Collette has started advertising on its website for about 37,4000 square feet that is available for lease surrounding Belk.

The site also states that phase II will include a new intersection with signals and has outparcels available for “build-to-suit or ground lease.”

Site plans shown on Collette’s website indicate that two retail spaces, one about 18,241 square feet and the other about 6,700 square feet, will be situated to the left and right of Belk. Two additional retail spaces, one about 19,161 square feet and the other about 12,651 square feet, are shown at the front of the shopping center, closer to Washington Road.

READ MORE HERE

Categories : Augusta
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Jan
05

NAI Avant Represents Colony Tire in New Lease

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NAI Avant has announced thatleased-agreement-with-keys it has assisted Colony Tire & Service (Colony Tire) in a ±4,800 square foot (SF) lease at 505 N. Gum Street in Summerville, for its premier South Carolina location. Broker Shep Benjamin, MRED of NAI Avant represented the tenant, while broker Rick Minassian of Lowcountryfinest.com represented the landlord, in the transaction.

Colony Tire is one of the leading tire distributors and automotive service providers in North America, with more than 25 locations throughout North Carolina and Virginia. The automotive ambassador will occupy the entire ±4,800 SF industrial building for a new auto services shop.

“It was privilege to assist and work with Colony Tire Corporation and its Colony Tire & Service team. Having now established itself in South Carolina, Colony Tire will be a major asset for multiple industries (automotive, logistics, transportation, etc.) throughout the Charleston Tri-County market,” said Benjamin.

Categories : Summerville
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Jan
05

Can You Rent Your House Out and Claim Homestead Exemption?

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taxesShould local homeowners lose their homestead exemption — a property tax break given to seniors and residents with disabilities — if they rent out their homes for a significant portion of the year?

Beaufort County officials have argued yes.

But state courts have said the county is wrong.

A court battle has dragged on for years after the county assessor’s office stripped Hilton Head Island homeowner Frank Mead of his homestead exemption in 2011.

 

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Jan
05

Two Senior Living Facilities in the Carolinas Sold

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elderly_peopleGreystone Real Estate Advisors announced it closed the $33,000,000 sale of Brookdale Hendersonville in Hendersonville, NC and Brookdale Skylyn in Spartanburg, SC. A private equity group purchased the seniors housing properties from Brookdale Senior Living, Inc., on December 15. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction.

Brookdale Hendersonville, located in a southern suburb of Asheville, North Carolina, is an independent living and memory care community that consists of independent living cottages, an independent living clubhouse, an administrative office building, and a separate memory care building. Built in 1985 and 1993, the community sits on a total of 21.36 acres of land.

Brookdale Skylyn, located between Greenville, South Carolina and Charlotte, North Carolina, is an independent living, assisted living, memory care, and skilled nursing community. The property consists of two senior living buildings and one skilled nursing building. Built in 1986, the community sits on 17.61 acres of land.

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Jan
04

Former Caterpillar Plant in Fountain Inn Sold

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sold_sign65An investors group has purchased a 203,000-square-foot industrial building in Fountain Inn that once housed a Caterpillar Inc. plant. Terms weren’t disclosed.

Southchase Investors 107 LLC purchased the building on about 26 acres at 107 Southchase Blvd., according to NAI Earle Furman’s Hunter Garrett, John Staunton and Tom Daniel, who represented the buyer.

The seller, Caterpillar, was represented by Charlie Whitmire of Cushman & Wakefield | Thalhimer. The property is located in Southchase Industrial Park off Interstate 385 in Greenville County.

Caterpillar said in April 2014 it would close its Fountain Inn plant and shift production of its marine and midrange engines to facilities in Georgia and Texas.

The move displaced an estimated 380 full-time employees and 130 temporary workers.

Categories : Greenville
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