Archive for Augusta
Buying unprofitable shopping malls after banks or owners have given up is where an Augusta-based commercial real estate firm is growing its portfolio.
Hull Storey Gibson Companies LLC recently bought its 20th enclosed shopping mall, Village Mall in Auburn, Ala. This was the third mall they have acquired in 2012, bringing their total retail square footage to nearly 13 million, and partner John Gibson said they will continue to pick up properties that are deals with good potential.
“Lenders are starting to capitulate to market forces and are selling properties,” he said. “We’re buying at a good and fair price properties who need only one thing, a good owner with good management.”
QR Capital, LLC has acquired The Groves Apartments, a 132-unit apartment community situated on 11.5 acres in North Augusta. Built in 1977, The Groves Apartments consists of 19 two-story residential buildings. QR Capital plans to complete approximately $600,000 in renovations in 2012. Meridian Management Group is the on-site property manager. Robert Stickel of Southeast Apartment Partners brokered the transaction and BB&T provided financing on the deal.
Dallas-based The MGHerring Group has broken ground on a new 142,000-square-foot Costco at the Village at Riverwatch, a shopping center under development at the intersection of Interstate 20 and River Watch Parkway in Augusta. The store will anchor the first phase of the center and is set to open in late 2011.
A professional golfer once rented Janna Crane’s home during Masters Week. Another year, a crew from ESPN booked it. Sometimes guests leave a bottle of wine as a thank-you gift.
Janna Crane’s home in the Watervale neighborhood in Martinez. She is renting her home for Masters Week.
“I’ve never had one single problem,” said Crane, the owner of a 2,800-square-foot Cape Cod home in Martinez’s Watervale subdivision,
Crane has rented her for home for Masters Week for 10 years. Her family vacations on the Florida coast during the tournament.
“Honestly, we started doing this because the money was good,” she said.
Her house typically earns $3,000 to $5,000 a year, and she and her husband use the proceeds for home improvement projects. This year, they hope to add an outside fire pit.
ARTICLE SHORTENED DUE TO LENGTH….
Dale C. Eisenman, CCIM of Midcoast Properties, Inc. represented the seller, in the sale to a private investor of Augusta Self Storage located in Augusta, Georgia. Augusta Self Storage is a largely traditional self storage facility with an onsite apartment featuring 240 non-climate units totaling approximately 27,500 square feet. The property offers additional onsite expansion with a total of over 4 acres.