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Nov
19

Connectivity a Goal of Columbia Developers

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vibrant columbia2As Columbia’s historic communities and neighborhoods continue to attract redevelopment, industry leaders think that growth could serve as connective tissue linking the region’s economy.

A four-person panel of developers, architects and real estate professionals talked about the area’s challenging tax structure and the attributes that separate Midlands markets from competitors such as Charleston and Greenville during the Columbia Regional Business Report’s Power Breakfast event on Thursday.

One area seeing steady growth is Cottontown, a section of downtown across Elmwood Avenue where new shops pop up regularly along North Main Street and its arteries. One of the businesses the area attracted is architecture firm Studio 2LR, which relocated to a building built in 1938 at the corner of North Main and Confederate Avenue in 2016 after 10 years in the Vista.

“It’s perfect for what we want to do,” Lyles said. “The attractiveness is the neighborhoods, the costs, and there are some really cool buildings. There’s a lot of good things going on out there.”

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Categories : Columbia, Uncategorized
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Nov
19

The Inn at USC Sold

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Inn at USCThe Inn at USC has been acquired by Chicago-based Adventurous Journeys Capital Partners.

The 116-room hotel, formerly a Wyndham Garden hotel, will undergo a comprehensive renovation and become part of the new owners’ Graduate Hotels group, a style tailored to towns with universities. The hotel, located at 1619 Pendleton St., will be the first of that kind in the Carolinas, according to a news release. The hotel will remain open during renovations, the release said.

CRBE facilitated the transaction, with Arpit Shah of CBRE Hotels’ Charlotte office and Martin Moore of the company’s Columbia office representing the sellers.

IMIC Hotels is a Columbia-based property management company.

Categories : Columbia
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w brandenBerkadia announced today the sale of West Village Lofts at Brandon Mill, located at 25 Draper St. in Greenville, SC. Managing Director Mark Boyce, Director Jeremiah Jarmin and Associate Blake Coffey negotiated the transaction. West Village Lofts at Brandon Mill sold for $42.15 million on November 14. The sales price reflects a per-unit price of $231,593, and the property was occupied in the mid-90’s at the time of the sale.

“Our client developed the project through the Historic Tax Credit program and South Carolina’s specially-assessed property tax incentive. The execution of this transaction highlights how developers can generate tremendous value while simultaneously improving communities and the overall character of the sub-market through a creative approach,” said Jarmin.

Redeveloped in 2017, the 182-unit property features one-, two-, and three-bedroom floor plans. Each unit features ceilings at least 15 feet tall, dramatic floor-to-ceiling windows, stained concrete floors, exposed brick interiors and contemporary-style interiors with monochromatic appliances. Notable community amenities include a pool, a fitness center, a wine cellar, a dog park, a clubroom and an outdoor living space with grills and fire pits.

Categories : Greenville
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Oct
25

Considering a Property Tax Appeal?

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money countingIt is that time of the year. Property tax bills will be arriving shortly, which generally leads to property owners wondering if they are being assessed fairly. I can help analyze your commercial real estate or high-value residential property tax bill to determine if an appeal is warranted.

Call me and let’s see if we can get that property tax bill reduced.

Michael Dodds, MAI, CCIM  (803) 960-8783

 

 

Categories : Uncategorized
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Oct
25

Rock Hill Considering Self Storage Moratorium

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self-storage3The city of Rock Hill could close the door on new self-storage and mini warehouse businesses for six months.

The Rock Hill City Council voted Monday night to put a moratorium on new storage sites, and to limit areas where they might be allowed in the future. Both votes were preliminary, and each require a second vote before they are final.

“I don’t know if this is a fad or what, but it’s just been a proliferation of these things popping up inside the city and outside the city,” said Councilman John Black.

City attorney Paul Dillingham, who presented the two proposals to council for an initial vote, said the moratorium would be 180 days. It would give the city manager and planning staff time to study zoning rules and districts, he said. They could consider zoning changes to make sure storage sites are “compatible with existing businesses” in their area, he said.

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Categories : Rock Hill
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Sep
19

Norvell Real Estate Group Announces Transactions

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norvell logoFrank Norvell, SIOR represented the seller, RCF Ashley Center, LLC in the $16,900,000 sale of Ashley Center, a 70,0000 SF Class A office building located at 4401 Belle Oaks Drive, N. Charleston. The buyer was represented by Chris Fraser of Avison Young.

Frank Norvell represented the Landlord, Pelham LP, in the 5,400 SF lease renewal of HF Services, Inc. at Bridgeport Center I, 210 Wingo Way, Mt. Pleasant. The tenant was represented by Charlie Carmody or CBRE.

Drayton Calmes represented Environment Resource Management in their 3,700 SF lease at Gateway Mount Pleasant office building.

Drayton Calmes represented the buyer, Benbrooke North Village, LLC in the $2,650,000 sale of North Village Shopping Center located at 6877 Dorchester Rd, N. Charleston. The seller was represented by Blair Belk and Trey Lucy of Belk | Lucy.

Drayton Calmes represented the Landlord, Benbrooke Creekside Partners, LLC in a 5,059 SF lease to Cirque Salon Studios at Creekside Shopping Center, 205 N. Goose Creek Blvd, Goose Creek, SC. Tenant was represented by Trey Lucy of Belk | Lucy.

Drayton Calmes represented the Landlord, Benbrooke Dorchester Partners, LLC in a 6,500 SF lease to Star Beauty at Evanston Plaza, 5335 Dorchester Rd, N. Charleston.

Categories : Charleston
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Sep
19

Avison Young Announces Greenville Transactions

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avison young logoAvison Young commercial real estate has announced the following transactions:

  • Rakan Draz and John Odom represented WFC Travelers Rest, LLC in the leasing of 1400 sf of retail space located at 2 Benton Road, Suite H in Greenville, South Carolina, to Retail Group Investment, LLC. Anthony Gaito of RealtyLink, LLC represented the Tenant.
  • Rakan Draz and John Odom represented Barmen, LLC in the leasing of 1,444 sf of retail space located at 220 East Coffee Street in Greenville, South Carolina, from Stone Family Properties.
Categories : Greenville
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Sep
19

Rock Hill Restaurant Sold by NAI Avant

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rockhill328NAI Avant has announced the sale of a ±7,390 SF restaurant located at 2124 Celanese Road in Rock Hill, SC. Senior broker Rob Lapin represented the seller, Land Holding, LLC in the transaction.

Doulaveris Holdings, Inc purchased the building for $575,000, or $77.81 per square foot.

The building is now listed as available for lease for $15.00 per square foot.

Categories : Rock Hill
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Sep
19

Summerville Self Storage Facility Sold

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summervillePublic Storage Inc., a self-storage real estate investment trust, has acquired Summerville Self Storage in Summerville, S.C. The property at 11055 Dorchester Road is 23 miles northwest of Charleston, S.C. Built in 2007, and expanded last year, it comprises 53,859 net rentable square feet of storage space in 405 units.

The seller was a partnership between an Austin, Texas-based private company and Absolute Storage Management (ASM), which owns and operates 105 self-storage facilities in 15 states. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston.

Categories : Summerville
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Sep
13

Public Storage Acquires Summerville Self Storage

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self-storage3Public Storage Inc. has acquired Summerville Self Storage in Summerville, S.C. The property at 11055 Dorchester Road is 23 miles northwest of Charleston, S.C. Built in 2007 and expanded last year, it comprises 53,859 net rentable square feet of storage space in 405 units.

The seller was a partnership between an Austin, Texas-based private company and Absolute Storage Management (ASM), which owns and operates 105 self-storage facilities in 15 states. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston.

Categories : Charleston, Summerville
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Sep
10

Why Hire Out-of-State Property Tax Consultants?

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appeal approvedI get that it is easier to deal with a single point of contact for property tax representation, but some of these national companies do a poor job on properties less than $1.5 million. I recently handled a successful appeal for a community bank and during my research discovered many other branch banks that are over-assessed. When I reached out to the real estate manager for a regional bank, I was told that a firm out of Dallas handles their property tax work. That firm probably does a decent job on the bank’s $40 million headquarters building, but they aren’t going to make the same effort on a 4,500 square foot suburban branch bank. They just aren’t. If you manage a bank’s real estate, I would welcome the opportunity to review your property list. I am very confident that I can reduce your property taxes.

Michael Dodds, MAI, CCIM   (803) 960-8783

Categories : Uncategorized
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Sep
09

Chester County Industrial Building Sold

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ecologyNewmark Grubb Wilson Kibler’s George McCutchen, CCIM, SIOR represented the seller in the recent sale of 23,911 square feet at 564 Ecology Ln. to ShayoNano USA, Inc. The 21.84-acre campus will house SayoNano’s new Chester county operations. The building has clear heights ranging from 42′ to 47′.

ShayoNano develops nanomaterials for use in various commercial applications, including paints and coatings, fire retardants and more. The company’s $14.7 million capital investment is projected to bring approximately 40 new jobs to the community.

“It brings tremendous satisfaction to help a company expand to South Carolina and create jobs, which increase the well-being of those workers, their families, and our whole state,” said McCutchen of the recent sale.

Categories : Chester
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Sep
04

New Looks, Uses for Old Augusta Mills

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Categories : Augusta
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Sep
04

City of Savannah Shedding More Real Estate

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downtown-historic-districtTwo city of Savannah-owned buildings will soon be back in the hands of private designers – one of those for the first time in decades.

With a 6-3 vote in favor, the Atlantic Coast Line building at 601 East Liberty, as well as the Thomas Gamble building right next to City Hall, were sold with a combined net value of just over $17 million. However, not all council members were on board with the sales.

The city approved the sale of the Liberty Street building during last week’s council meeting. The plan is to make it mixed-use, residential, and commercial street-level. The city bought the Atlantic Coast Line building back in 2015 for $3.5 million. Just over three years later, the majority of council approved the sale price of $5.9 million to developer, Standard Companies. This agenda item was the first up for debate, with those opposed stating their reasons why for the record.

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Categories : Savannah
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Sep
03

Florence Hotel Sold and Will be Renovated

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ramadaThe Ramada Inn on U.S. 52 near Interstate 95 has been sold to a new hospitality company, which will invest $1 million-plus into a two-phase renovation.

The hotel, which opened on 10 acres in the 1970s as a Holiday Inn, will become a Rodeway Inn & Suites and will then become a Clarion Inn & Suites by the end of the year, according to an announcement.

H&L Hospitality has signed a franchise agreement with Choice Hotels International. Gary Hodgins is the managing partner and Stephen Lam is the general partner of the new company.

The renovated hotel will feature 51 two-bedroom suites along with 20 standard king and 100 standard double-queen rooms for a total of 171 units. The renovation will include the reopening of the extensive restaurant, bar and banquet facilities.

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Categories : Florence
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