Archive for September, 2017

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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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.

READ MORE HERE

Categories : National News
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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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