Archive for May, 2017

May
22

NAI Earle Furman Announces Recent Sales

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NAI Earle Furman logo squareMauldin, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the seller, Regional Management of South Carolina, in the sale of two office buildings totaling 8,273 SF located at 507 & 509 West Butler Road to JTB, LLC.

Chesnee, South Carolina:  Stuart Smith of NAI Earle Furman represented the seller, Peggy H. Phillips Living Trust, in the sale of 9.5 acres of land located at 2408 Bryant Road to Gibson and Gibson Property.

Simpsonville, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the purchaser, Stage Hawk, LLC, in purchasing 35 acres of land at 1400 Old Stage Road from Ruby Lee Cantrell Hawkins Roberts Trust.

Spartanburg, South Carolina:  Andrew Babb of NAI Earle Furman represented the seller, First South Bank, in the sale of a 41,000 SF retail building located at 174 East Main Street to Good Wal Aug Smith, LLC.

Pauline, South Carolina:  Kevin Pogue of NAI Earle Furman represented the purchaser, William & Stephen Freeman, in purchasing 6.21 acres of land on Stagecoach Road from Sylvia Knox.

Columbia, South Carolina:  Jimmy Wright & Ted Lyerly, CCIM of NAI Earle Furman represented the seller in the sale of the 38,000 SF retail Fresh Market shopping center in Columbia, SC.  Peter Couchell, CCIM and Rob Schmidt with Furman Capital Advisors, the investment services division of NAI Earle Furman, represented the purchaser.

Greenville, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, Julius Garry Green, in the sale of a 45,000 SF retail strip center located at 2390 Laurens Road to SWR of Greenville, LLC.

Piedmont, South Carolina:  Towers Rice, CCIM of NAI Earle Furman represented the seller in the sale of 20.43 acres of land located on Durham Road to Kevin Gilreath.

Anderson, South Carolina:  Bernie Bastian and John Powell, CCIM of NAI Earle Furman represented the seller, 3B & V Properties, LLC, in the sale of a 7,000 SF retail property located at 134 North Main Street to Rogue Holdings, LLC.

Greenville, South Carolina:  Earle Furman, Jr., SIOR and Bill Sims of NAI Earle Furman represented the seller, Creek and Company, LLC, in the sale of a 6,000 SF office building located at 115 Halton Village Circle to Bank Building R, LLC.

Duncan, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, M & T Enterprises, Inc., in the sale of the former Plastic Omnium Building, an 80,000 SF industrial building located at 961 Berry Shoals Road.  Kevin Pogue, also of NAI Earle Furman, represented the purchaser, ATA Properties, LLC.

Spartanburg, South Carolina:  Cole Morris of NAI Earle Furman represented the seller, Westside Holdings, LLC in the sale of a 108-unit self-storage facility located at 115 John Dodd Road to 512 Holdings, LLC.

Greenville, South Carolina:  John Baldwin, CCIM of NAI Earle Furman represented the seller, 3H & S, LLC, in the sale of a 19,000 SF industrial building located at 108 Park Place Court to Richfair Holdings, Inc.

Greenville, South Carolina:  Alex Campbell of NAI Earle Furman represented the seller, GHS Health Resources, Inc., in the sale of a 6,582 SF office building located at 81 Pointe Circle to T. Bishop Properties Corp.

Clinton, South Carolina:  Bill Sims of NAI Earle Furman represented the seller, Browning Clinton, LLC, in the sale of a 9,960 SF Dollar Tree property located at 117 Jacobs Highway.  Earle Furman, Jr., SIOR, also of NAI Earle Furman represented the purchaser, Julius Garry Green, in the transaction.

Seneca, South Carolina:  John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, James Hanahan, Jr., in the sale of the Upstate Family Medicine building, a 9,743 SF office investment property leased to Greenville Health System and located at 12016 North Radio Station Road, to NV, LLC.

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May
22

Berkadia Announces N. Charleston Apartment Sale

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bradford aptsBerkadia has announced the sale of Bradford Apartments, located at 5600 Dorchester Road, North Charleston, SC. Mark Boyce and Blake Coffey of the Charleston office negotiated the transaction. Bradford Apartments sold for $2.7 million. The sales price reflects a per-unit price of $52,940 or $42 per square foot. The property was stabilized and well occupied at the time of the sale.

Built in 1966, the 51-unit property features 1, 2, and 3-bedroom floor plans. All units are townhomes with fully-equipped kitchens, washer/dryer connections, and fully furnished apartments are available. Community amenities include a 24-hour laundry center, courtyard with grill, and a play area with swings.

Bradford Apartments is conveniently located near the convergence of Dorchester Road and Bream Road, two miles from Boeing and less than three miles from Joint Base Charleston. The property is within close proximity to Interstate 526 and 26, providing easy access to Greater Charleston.

Berkadia represented the Seller, Bradford of Dorchester LLC, of Charleston, SC. The Buyer, was Eastside Equities, LLC of Jupiter, Florida.

Categories : Charleston
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May
22

Greer Mill Building to be Converted to Apartments

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Lofts RenderingTucked away off E. Wade Hampton Boulevard in Greer is a former mill community that is undergoing a makeover.

Apalache Mill, which opened in 1888, had a grist mill, a saw mill and a small textile mill. It was one of the first mills to be built in the Spartanburg area, and remained active until 2007. The building and 7.2-acre property it sits on is being refurbished into residential apartments called Lofts by the Lake at Apalache Mill. The development is located at 2200 Racing Road in Greer.

Upstate developer Dale Goodrich is turning the abandoned mill into 97 one- and two-bedroom units. The proposed apartment community will feature high-end, loft-style amenities including massive two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units, and communal resources including lake access and kayak shoots.

 

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Categories : Greer
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May
22

6,000 Square Foot Retail Center in Columbia Sold

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4406 forestNAI Avant senior broker Macon Lovelace, SIOR recently represented the buyer, Rhodes Properties of Walterboro, LLC, in the purchase of a ±6,000 square foot retail investment building in Columbia, SC.

Located at 4406 A Forest Drive, the property was sold by Osprey, Inc.

Current tenants of the retail property include Ingram Comprehensive Eye Care, First Command, Matzner Family Chiropractic, and Edward Jones.

Categories : Columbia
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May
21

N. Charleston Self Storage Facility Sold

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sold sign in yardAthena Real Estate, LLC is pleased to announce the acquisition of Pack Rat Self Storage (to be re-named Out O’ Space Storage), an approximate 400 unit or 45,700 square foot facility located at 2170 Greenridge Road, North Charleston, South Carolina. The property, acquired through an Athena affiliate, is similarly branded as six other Athena affiliate self-storage facilities located in Florida and provides for residential and commercial storage. The property is centrally located and is in close proximity to a number of apartment complexes, universities, technical schools, and businesses. The property offers both climate controlled and non-climate controlled space and sells moving and storage supplies.

This property is one block off of Rivers Avenue, a seven-lane highway with an average daily traffic count of approximately 67,000. The property has approximately 5,000 residential units nearby. Over the past 24 months the property has averaged 87% physical occupancy by unit count and 77% economic occupancy according to management summary reports.

Categories : Charleston
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May
11

Columbia Named a Top Market for Residential Investors in 1Q

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HomeUnion, an online real estate investment management firm, has named the top 10 best housing markets for single-family rental (SFR) home investors in the first quarter, as well as the worst markets for investors. Once again, Cleveland has has earned the top spot with a cap rate of 11.5 percent and a median investment home price of $75,512. Columbia, SC ranks #3.

“For the past two years, we have been tracking the investment and owner-occupied housing markets,” explains Steve Hovland, director of research for HomeUnion. “And metros in the Midwest and Southeast always earn top billing because of their low entry prices and moderate rents. Cleveland has often ranked at the top – or near the top – of the best places to purchase a single-family rental (SFR) property,” he shares.

Here are the top markets for residential real estate investing in the first quarter, based on first-year returns:

cola

Categories : Columbia
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May
08

NAI Avant Releases Charleston Retail Report

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NAI RetailFueled by job growth, consumer spending and tourism, Charleston continues to be on fire in 2017, earning one accolade after the other. Following the significant recognition by Travel + Leisure Magazine as “World’s Best City” in 2016, Charleston ranked number one on Southern Living Magazine’s list of the “South’s Best Cities 2017.” The continuous national and international recognition of this city incentivizes retailers to invest in the market. The saying “when one door closes, another door opens” can be taken literally along downtown Charleston’s iconic King Street, as at least nine retailers prepared to close their doors and nine opened during 1Q17.

Downtown rental rates continue to test new heights, making a jump from $40.54 per square foot (PSF) in 4Q16, to $43.86 PSF, and even reaching as high as $89.00 PSF on lower King Street. Though the peninsula is seeing the most dramatic increase, rental rates across the Charleston MSA are on the rise as well, increasing from $18.57 PSF at the end of 2016 to $20.46 at the end of the first quarter of 2017.

As the rental rates increase, so does the amount of overall vacant space in the market. Sky-high rates and a struggling brick-and-mortar industry are causing tenants to leave their spaces, nudging the vacancy rate up to 3.4% at quarter’s-end. While some property owners are closing on-site businesses, and selling their real estate to hungry buyers, others are choosing to sublease their spaces. Vacant sublet space has trended down, lessening from 36,900 square feet (SF) at the end of 2016 to 12,497 SF, currently.

DOWNLOAD THE REPORT HERE

 

Categories : Charleston
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May
08

Recent Charleston Area Sales Announced

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sold signsDunston Powell of Carolina Commercial represented the seller, East Bay 7 LLC, in the $2.75 million sale of 235 East Bay St. in Charleston to Apex Real Property LLC and Apex 1031 Exchange LLC.

Robert Pratt of RE/MAX Pro Realty represented PR Properties of Summerville LLC in its $1.35 million purchase of 9,100 square feet of commercial space at 5208 State Road in Holly Hill. Greg Googer of Googer Real Estate represented the seller, CDP Holly Hill LLC.

Miles Martschink of Clement Crawford & Thornhill Inc., represented Lee-Walpole LLC in its $900,000 sale of 4.37 acres at 3291 Maybank Highway on Johns Island. The buyer, Sievers Construction Co. Inc., was represented by Mark Mizell of Birchin Lane Realty Advisors.

Eddie Hughes of Beach Commercial represented the buyer, Mount Pleasant Waterworks, in its $218,000 purchase of a 0.61-acre lot at 1643 Rifle Range Road in Mount Pleasant. The seller, Charles Goodwater, was represented by Henry Wolfe of Brand Name Real Estate.

Todd Garrett of Avison Young represented CDH 2360 Air Park LLC in its $310,000 purchase of 4,000 square feet of industrial space at 2360 Air Park Road in North Charleston from William W. Barrett Jr. and H. Russell Barrett.

Ryan Welch of Lee & Associates represented Anglo Fund Partners in its $860,000 sale of 11,680 square feet of warehouse space at 6491 Dorchester Road in North Charleston. The buyer, Silverton Partners LLC, was represented by R. Milton Thomas III of Lee & Associates.

Mark Erickson of Cushman & Wakefield|Thalhimer represented Port City Concrete Land LLC in its $800,00 purchase of 3.84 acres of industrial land on Pace Street in North Charleston from XJM Co. LLC.

Jack Pratt of Carolina One Commercial represented Kahsyne LLC in its $155,000 sale of a 0.684-acre commercial lot on Dewesbury Lane in North Charleston to the City of North Charleston. Bruce Berlinsky represented the buyer.

Walter Barton and Jeff Bowers of RE/MAX Pro Realty represented B & B in its $610,000 sale of 9294 Medical Plaza Drive in North Charleston to Trident Medical Center LLC.

Robert Pratt of RE/MAX Pro Realty represented J. Fred Weathers in the $1.165 million sale of 36 apartment units at 115 W. 7th North St. in Summerville. The buyer, Colonial Park LLC, was represented by Chris Garcia of RE/MAX Pro Realty.

Eddie Hughes of Beach Commercial represented Beach Village LLC in its $400,000 purchase of 3.62 acres on Highway 17-A in Summerville from The Sandman Crew. The seller was represented by Charles Fitzhenry II of RealityLink LLC.

Eddie Buxton and Jenna Philipp of Palmetto Commercial Properties represented, respectively, the seller, Two Hipp Properties LLC, and the buyer, Exclusively Bimmers LLC, in the $575,000 sale of 5.5 acres at 1161 College Park Road in Summerville.

Bob Nuttall and Lindsey Halter of Lee & Associates represented Mooring Capital Fund LLC in the $805,000 sale of a 3,247-square-foot office condominium at 1470 Tobias Gadson Blvd. Tim Harrison of Whitney Commercial Real Estate Services represented the buyer, Catherine Cole Ferndelli Living Trust.

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May
08

Berkadia Announces Augusta Apartment Sale

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soldBerkadia announced today the sale of Oak Hill, located at 817 Hickman Road, Augusta, Georgia. Mark Boyce and Blake Coffey of Berkadia’s Charleston office, along with Jeremiah Jarmin of the Atlanta office, negotiated the transaction on behalf of seller Oak Hill 2008, LLC of Lakewood, NJ. Oak Hill sold on May 1, 2017 to Augusta Hickman Road Multifamily Partners, LLC of Nashville, TN for $6.8 million. The sales price reflects a per-unit price of $56,600 or $77 per square foot. The property was 94 percent occupied at the time of the sale.

“This was an excellent transaction for both buyer and seller. Buyer will implement a renovation strategy that will significantly improve the asset. The superb location coupled with the planned improvements will make Oak Hill a longstanding quality asset for many more years,” said Boyce.

Built in 1972, the 120-unit property features 3-bedroom floor plans. Each unit features fully-equipped kitchens and private balconies. Community amenities include two swimming pools, two laundry facilities, new windows, and new roofs.

Categories : Augusta
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May
02

Recent Charleston Area CRE Leases

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leased-agreement-with-keysCharleston

Chris Fraser and Leslie Fellabom of Avison Young represented the landlord in leasing 3,930 square feet of office space at 480 East Bay St. to South Atlantic Bank.

Chad Yonce of Southeastern Management Group represented the landlord in leasing 1,000 square feet of retail space at 56 Queen St. The tenant, Mandala Health, was represented by Bryan Perrucci of Southeastern Management.

Amanda Reeves and Jack Owens of Lee & Associates represented Graft LLC in leasing commercial space at 700 King St. The landlord was represented by Charles Carmody of CBRE Inc.

David Grubbs and Scott Peevy of NAI Avant handled a 1,200-square-foot office lease expansion for M.B. Kahn Construction at 148½ East Bay St.

Mount Pleasant

Chip Shealy of CBRE Inc. represented Tidal Creek Dental in leasing 2262 square feet of medical office space at 1127 Queensborough Blvd. Blair Belk of Belk|Lucy represented the landlord.

Jon Chalfie of Lee & Associates represented the tenant, Atlantic Coast Advisory Group of Charleston LLC, and the landlord in leasing 2,138 square feet of office space at 300 W. Coleman Blvd.

Todd Garrett of Avison Young represented the landlord in leasing 2,000 square feet of office/warehouse space at 2561 Oscar Johnson Drive to LEI Systems. Tom McGee of CBRE Inc. represented the tenant.

Lindsey Halter of Lee & Associates represented Changes Counseling Center in leasing 1,778 square feet of office space at 9217 University Blvd. The landlord was represented by Robert Pratt of RE/MAX Pro Realty.

Mandy Coleman of National Restaurant Properties represented the tenant, Discount Zone LLC, in leasing 1292 square feet of commercial space at 3689 Dorchester Road.

Summerville

Brent Case and Zach Wade of Coldwell Banker Commercial Atlantic represented the tenant, Massage Serenity Sea, and the landlord in leasing 1,600 square feet of retail space at 10597 Dorchester Road.

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May
02

Americans’ Confidence in Economy Stable, Positive

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thumbs-up1Americans have remained upbeat about the economy for 24 straight weeks, though their current level of confidence is lower than it was earlier in the year. Gallup’s U.S. Economic Confidence Index stood at +7 last week, generally in line with readings since the November presidential election. However, it is below the +16 score observed in early March and similar high scores in late January.

Gallup’s U.S. Economic Confidence Index is the average of two components: how Americans rate current economic conditions and whether they feel the economy is improving or getting worse. The index has a theoretical maximum of +100 if all Americans were to say the economy is doing well and improving, and a theoretical minimum of -100 if all were to say the economy is doing poorly and getting worse.

Shortly after the presidential election, Gallup’s U.S. Economic Confidence Index crossed into positive territory for the first time in nearly two years. The index’s overall improvement was mainly attributable to a surge in confidence among Republicans, who expressed widespread dissatisfaction with the state of the economy during former President Barack Obama’s tenure but whose opinions quickly changed course after a Republican won the White House.

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Categories : National News
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May
02

Will the Self-Storage Sector Rebound from 2016 Setback?

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self-storage3A planned 100,000-sq.-ft. facility in West Palm Beach, Fla. appears to break new ground in how self-storage properties are developed. Aside from 830 climate-controlled self-storage units, the mixed-use project will also include 1,200 sq. ft. of rentable retail space on the ground floor.

This is part of a larger effort on the part of municipalities to restrict the development of self-storage properties in favor of preserving space for manufacturing.

New York City became the latest city, along with Charleston, S.C. and San Francisco, to enact policies reining in the development of hotel and self-storage properties to preserve land for manufacturing uses and support job growth. The developers of the planned self-storage space in West Palm Beach included retail as a tactic to make the property more appealing to local authorities and gain zoning approval, say industry observers.

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Categories : National News
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