Archive for September, 2017

Sep
28

Wilmington Retail Center Sold for $177/sf

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wilmington strip centerLocal investors recently purchased a Carolina Beach retail center for $2.25 million, brokers said this week.

BBG Real Estate of Carolina Beach bought Cross Bridge Village, a 12,700-square-foot center at 1206 N. Lake Park Blvd., on Sept. 18 from James and Lisa Wilkins.

The center is anchored by Michael’s Seafood Restaurant, and other tenants include Island Massage & Spa, Carolina Beach Jewelers, Unified Alerts, Island Beverage and Nails Image.

In a recent lease, The Southerly Biscuit & Pie is expected to open in the spot at the center that’s currently occupied by Big Apple Bakery, potentially by November. The center is currently fully leased.

READ MORE HERE

Categories : Wilmington
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Sep
28

NAI Avant Facilitates 30,000 SF Industrial Lease

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leased-agreement-with-keysNAI Avant is pleased to announce the ±30,000 square foot industrial lease transaction at 1517 Key Road in Columbia, South Carolina.

Senior brokers Nick Stomski, SIOR and Dick Stanland CCIM, SIOR represented the landlord, Statewide Investments, LLC, in the transaction. Fastmile Delivers, LLC will occupy ±30,000 square feet of warehouse space situated on Key Road, in between Bluff and Shop Road near Williams Brice Stadium.

Categories : Columbia
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Sep
27

Report Shows Industrial Property Taxes in Columbia Very High

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The following is from the 50-State Property Tax Comparison Study, published by the Lincoln Institute of Land Policy and Minnesota Center for Fiscal Excellence.

The chart below shows effective property tax rates for industrial properties with $1 million worth of real property for the largest city in each state. This analysis looks specifically at taxes on manufacturing properties. We assume that each property has an additional $1 million of personal property, consisting of $500,000 of machinery and equipment, $400,000 of inventories, and $100,000 of fixtures. Differences in personal property taxation have significant impacts on effective tax rates for industrial properties, as described in the box on the next page. Readers should use some caution when interpreting these results; see the box on comparing property taxes calculated with fixed property values for guidance

The average effective tax rate on industrial properties for the 53 cities in Figure 4 is 1.548 percent. A parcel with a real property value of $1 million that has an additional $1 million in personal property would thus owe $30,960 in property taxes (1.548% x $2m total parcel value). For shorthand, this section refers to parcels based on their real property values.

Tax rates vary widely across the 53 cities. The top five cities of Columbia (SC), Detroit, Jackson (MS), Memphis, and Houston all have effective tax rates that are at least 60% higher than the average for these cities. The bottom seven cities of Virginia Beach, Honolulu, Fargo, Cheyenne, Wilmington (DE), Seattle, and Louisville all have tax rates that are less than half of the average.

industrial taxes

Categories : Columbia
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Sep
27

$125 Million in Projects Underway in Spartanburg CBD

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Categories : Spartanburg
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Sep
27

Greer Officials Working with Hotel Developer

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hotel question markGreer officials must be pretty excited about a developer’s plan to build a hotel somewhere in the city, judging from the code name they’ve assigned – Project Kaboom.

At the moment, they’re keeping tight-lipped about the plan as they negotiate an agreement with the developer.

The only information they’ve released so far is contained in an ordinance that City Council approved at first reading on Sept. 26.

The ordinance says the developer intends to build a hotel with at least 100 rooms and invite other developers to build commercial/retail facilities on adjacent property.

READ MORE HERE

Categories : Greer
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Sep
21

NAI Avant Closes Site for New Cook Out

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nai avant logoNAI Avant has announced the sale of ±1.32 acres of land located at 7504 Garners Ferry Road in Columbia, SC. Construction will start immediately on a new Cook Out restaurant location.

NAI Avant broker Bobby Hathaway represented the seller in the transaction, Hospitality Enterprises of Columbia, LLC. Cook Out purchased the land for $775,000.

Categories : Columbia
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Sep
21

Thank You CRE Brokers and Leasing Agents

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thumbs-up1I wanted to reach out and thank all of the commercial brokers and leasing agents that assist Integra Realty Resources’ appraisers on a regular basis. We recognize that our phone calls and e-mails take time out of your day, and we appreciate your willingness to help. Having comparable sales and leases verified by a someone involved in the deal is important. Our appraisals are better because of your cooperation.

Michael B. Dodds, MAI, CCIM

Categories : INTEGRA NEWS
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Sep
21

Do Designations Matter When Choosing A Commercial Broker?

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CCIM_logoCommercial real estate transactions are some of the most important deals that a person or business can make. Finding the right commercial real estate can make or break a business venture. That is why people want the best professional commercial real estate broker available to guide them through the process.

But how can you separate the best professional real estate brokers from the rest?

Most other important professions have a degree or designation that any practitioner is required to have by law. Lawyers have the J.D., doctors the M.D., engineers the P.Eng and so on. Yet there are no professional designations that are required to practice as a commercial real estate broker.

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Categories : National News
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Sep
21

Permits Indicate Apartment Building Slowdown

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Annual total residential starts and permits fell in July from the previous month, according to the latest U.S. Census figures, as the volatile multifamily sector swung down again from one month and one year earlier– further adding to expectations that apartment construction will moderate in 2018 and 2019.

Single-family permitting and starts continued their healthy pace, as the housing market’s gradual improvement remained on track.

READ MORE HERE

permits

Categories : National News
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Sep
07

Spartanburg Area Shopping Center Sold for $118/sf

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dorman centerIt’s been anything but a quiet summer at the lake for executives at Slate Retail Real Estate Investment Trust (SRT.UN-T). In the past three months, the REIT has purchased 10 U.S. shopping centers. Two of those announcements have come in the past five days, namely the purchases of North Lake Commons in Chicago and Dorman Centre in South Carolina.

The most recent deal is for the Dorman Centre, located just off I585 in Spartanburg, S.C., a few kilometres east of Charlotte. The shopping center is situated in a retail node and anchored by Walmart. It was bought for US$46 million ($118 per square foot) and is 97% occupied.

Slate says the purchase is expected to close in the third quarter.

Categories : Spartanburg
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Sep
07

Augusta Multifamily Properties Sold

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soldLexerd Capital Management LLC (“Lexerd”), a New Jersey-based sponsor of private equity funds, has announced that two of its funds have acquired three properties in Augusta, GA. The properties include Parker Place Apartments, (“Parker”); Alexander Place Apartments (“Alexander”); and Arborside Apartments (“Arborside”), all garden style multifamily communities with 139, 127 and 180 units respectively. Lexerd renamed the properties “The Lory of Augusta.”

Terms of the transaction were not disclosed.

Categories : Augusta
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Sep
06

Raleigh Durham Apartment Vacancy at 5.4%

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real data LogoAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are currently more than 9,000 units under construction or proposed throughout the Triangle.

The average vacancy rate is now 5.4%. Demand remains strong with more than 2,000 units absorbed over the past six months. Over the same time period, there were more than 1,800 new units completed.

The average rental rate for an apartment in the Triangle is now at $1,101 per month, which is up from $1,064 one year ago.

The average vacancy rate is forecast to reach 5.0% in the coming year. Rental rates are expected to grow by 4% over the same time period.

Categories : Durham, Raleigh
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Sep
06

Berkeley Capital Advisors Brokers Charlotte Bojangles’

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berkeley capBerkeley Capital Advisors has announced the sale of the Bojangles’ in Charlotte, NC for $3.83MM, satisfying a 1033 tax exchange. Located at 9417 Steele Creek Road, Bojangles’ had 13.5 years remaining on the lease at time of sale.

Steve and Ransome represented the seller in the transaction.

Categories : Charlotte
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Sep
05

Does Removing a Confederate Statue Affect Property Values?

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robert e leeIn the impassioned debate over the symbolism and meaning of Richmond’s Confederate monuments, the impact of their potential removal on property tax values has hardly been top of mind.

But the issue surfaced last week in the state’s gubernatorial race after The Washington Post quoted a local real estate agent’s back-of-the-envelope estimate that removing statues would cost the city as much as $3 million in real estate tax revenue every year.

Republican candidate Ed Gillespie seized on the nugget to ding Democratic opponent Ralph Northam, who has said he supports removing monuments.

Gillespie, who has said he believes monuments should stay in place but be “placed in historical context,” tweeted that “Northam’s plans to take down statues in Richmond means $3 million a year lost for schools, police & more.”

READ MORE HERE

Categories : National News
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