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sd-office-perimeter-parkway-c7414630Agellan Commercial Real Estate Investment Trust announced today that a third-party purchaser has agreed to purchase the REIT’s approximately 118,500 square foot, five-story multi-tenant office building located at 10130 Perimeter Parkway in Charlotte, NC.

The sale price for this non-core asset of the REIT is approximately $22.65 million and represents an in-place capitalization rate of approximately 7.46%. The proceeds of the disposition are expected to be redeployed by the REIT for future acquisitions of industrial properties located in the United States.

The disposition is consistent with the REIT’s strategy of recycling capital by selling office assets that are no longer aligned with its core strategies in order to fund new industrial investment opportunities.

The sale is expected to close in July 2018 and is subject to certain conditions typical for transactions of this type (other than a due diligence condition which has been waived by the purchaser).

Categories : Charlotte
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IRR TireDid you know that the tire manufacturing process is very sensitive to dust? Manufacturers like to have a buffer between the facility and an interstate and want to be in a low lying area with minimal wind. While appraising a manufacturing facility this week, I watched a tire be made in 52 seconds.

Categories : Uncategorized
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Jun
20

CBRE Executes 10,731 SF Lease in Lexington

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leased-agreement-with-keysCBRE has executed a 10,731-sq.-ft. lease at Southlake Center, a 42,000-sq.-ft. multi-tenant office building in the Lexington submarket of Columbia, SC.

CoCreate Lexington, a locally owned and operated coworking startup, will occupy the property at 714 South Lake Drive this summer to offer sharable office space, technology, and meeting rooms to the Columbia area business community.

Categories : Columbia, Lexington
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Jun
19

Greenville Apartment Occupancy up to 92.6%

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real data LogoAccording to Real Data, for the first time since 2015, apartment demand exceeded new supply for the Greenville metropolitan area. Occupancies were effected by this and increased to 92.6%. There are currently 1,491 units under-construction in the metropolitan area. Proposed units increased over the past six months. The current average monthly rent is $971.

Demand is forecasted to outpace new supply levels over the next twelve months allowing occupancies to improve. Rental rates will likely increase by 2.0% to 3.0% going into 2019.

Categories : Greenville
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Jun
06

Equestrian Facility Appraisals by Integra

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looking-down-stable-aisle-1280x640Did you know that the average 4 person polo team takes 30 to 40 ponies to each match? Therefore, the ideal stable at a polo facility has around 60 to 80 stalls.

Integra Realty Resources routinely appraises equestrian facilities in Aiken, SC, the second largest polo community in the U.S. and in Camden, SC, home to The Carolina Cup and The National Steeplechase Museum.  Please let me know if we can assist with your equestrian facility appraisal needs.  #equestrian #appraisal

Categories : Aiken, Camden, INTEGRA NEWS
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Jun
06

BB&T Spends $53 Million Charlotte Office Buildings

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two soldBB&T Corp. has spent nearly $53 million to purchase two Mecklenburg County Class A corporate office buildings, the latest moves in a recent acquisition initiative in North Carolina.

The bank spent $29.04 million to buy LakePointe Corporate Center One and $23.76 million to buy LakePointe Corporate Center Two. The sellers were Delaware-based affiliates of Charlotte commercial-real estate broker Childress Klein Properties Inc.

The purchase prices were listed in filings at the Mecklenburg County Register of Deeds filings. The sale closed May 16.

By comparison, Childress Klein and another investor spent $37.5 million to buy the One building in 2015.

READ MORE HERE

Categories : Charlotte
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Jun
06

Piggly Wiggly Footprint Expands in South Carolina

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piggly-wigglyMore former Southeastern Grocers supermarkets have gone to the Piggly Wiggly retail banner.

C&S Wholesale Grocers, owner and licensor of the Piggly Wiggly brand, said closed Bi-Lo stores in Ladson and Mullins, S.C., have been acquired by Lynn and Cindy Willard of Charleston, S.C.-based Lowcountry Grocers LLC, which operates nine Piggly Wiggly locations in South Carolina.

Financial terms of the transactions, which closed in mid-May, weren’t disclosed. C&S said the two stores were rebranded under the Piggly Wiggly name, and grand opening celebrations are slated to be held on June 6.

Lowcountry Grocers’ current Piggly Wiggly locations are in Florence (two), Georgetown, Hampton, Hanahan, Moncks Corner, North Charleston, St. George and Surfside Beach, S.C.

READ MORE HERE

Categories : South Carolina News
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May
30

Columbia Average Apartment Rent Tops $1,000

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real data LogoAccording to Real Data, the Columbia area experienced weakened demand over the past six months. The occupancy rate was affected by this and is currently 91.4%. Construction starts slowed over the past six months with only 23 units starting construction. All of the units added to supply during this time period were located in the Northeast and Northwest submarkets. The average monthly rental rate is now $1,015.

Absorption levels are expected to improve but remain below upcoming supply. Vacancy rates are forecast to remain at elevated levels. Rental rates are expected to rise at a slower rate than recorded in previous years.

Categories : Columbia
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May
30

South Carolina Self Storage Facilities Sold

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two soldThe Storage Acquisition Group has announced the sale of two self-storage facilities located in South Carolina. The facilities, located at 2248 North Main Street in Summerville and 2711 Woodruff Road in Simpsonville, are part of a larger portfolio currently under acquisition. The sale was finalized on April 12, 2018.

The facilities total over 200,000 square feet and just over 1,450 storage units. The properties offer a mix of climate controlled and non-climate controlled units, drive-up access units, electronic gate access, video surveillance, and more for maximum convenience.

The Summerville facility is located just a few miles from the heart of historic downtown Summerville. Its location between State Road 176 and Highway 26 make position and visibility second to none. In addition, the Summerville area is growing rapidly with an average population increase of more than double the rates seen in the rest of the state.

The Simpsonville facility is located right beside the intersection of interstate highways I-385 and I-185 in an area dubbed ”The Golden Strip” for its prosperous commercial and retail sectors. The area is home to major corporations such as BMW, Michelin, GE, and Caterpillar to name a few.

The sale was managed by the group’s Vice President, David Spencer, and President and CEO, Cowles M. “Monty” Spencer, Jr.

Categories : Greenville
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May
01

Which Broker Marketing E-mails Do I Open?

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I don’t know how many property marketing emails you get per day, but it is probably a substantial number. I simply can’t look at them all, and I doubt that you can either. I would be willing to bet that the emails that show the city and state clearly in the subject line get opened more often. I welcome your feedback at mdodds@irr.com.

Michael Dodds, MAI, CCIM 

Categories : Uncategorized
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Apr
30

HFF Announces Sale of Industrial Facility in the Triad Region

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saleHFF announces the $6.7 million sale of a 107,480-square-foot, fully occupied, industrial building located at 4160 Mendenhall Oaks Parkway in North Carolina’s Greensboro-Winston Salem-High Point area, which is known as the Piedmont Triad (or Triad).

The HFF team represented the seller, a partnership between a private company and Somerset Properties. Dalfen America Corp. purchased the asset.

The multi-tenant building serves as the headquarters for two of the three tenants. The building was constructed in 1997 and features 24-foot clear heights, 16 dock-high positions, two drive-in doors and the ability to add additional loading via 14 knock-out panels. The 4160 Mendenhall Oaks Parkway building is situated within the master-planned Mendenhall Business Park, which is located near a network of major transportation thoroughfares, including Interstates 40, 73 and 85, which is the industrial backbone of the Southeast. Additionally, the building is centrally positioned within the Airport/West Guilford submarket, the largest and most sought after industrial submarket in the Triad, and less than 10 miles from the Piedmont Triad International Airport.

The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally. HFF is also representing the seller in marketing the remainder of Mendenhall Business Park, which consists of four single-story office buildings and two multi-story office buildings.

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Apr
30

What is the MAI Appraisal Designation?

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The MAI membership designation is held by professionals who provide a wide range of services on all types of real property related to providing, opinions of value, evaluations, review, consulting and advice on investment decisions, among other things. Property types may include commercial, industrial, agricultural, residential, and vacant land.

To become a MAI Designated member of the Appraisal Institute, an individual must:

  • Have good moral character;MAI pin
  • Be a Certified General Real Property Appraiser (or meet equivalency)
  • Hold bachelor’s degree or higher (or be a Certified General Real Property Appraiser)
  • Meet standards and ethics requirements;
  • Pass rigorous education requirements;
  • Pass a final comprehensive examination;
  • Receive credit for specialized experience that meets strict criteria; and
  • Receive credit for the demonstration of knowledge requirement.

These individuals have the necessary commercial property valuation experience and knowledge to produce a valuation that ensures confidence. MAI Designated members agree to adhere to the Appraisal Institute Code of Professional Ethics and Standards of Professional Appraisal Practice, underscoring a commitment to sound and ethical professional practice.

The completion of continuing education requirements assures that MAI Designated members remain informed on trends and changes pertaining to real property valuation, enabling them to provide valuations that reflect the latest in professional practice. The MAI designation has long been recognized by courts of law, government agencies, financial institutions, and investors as a mark of excellence in the field of real estate valuation and analysis.

By the way, Integra Realty Resources has 166 MAI designated appraisers nationwide.

Categories : INTEGRA NEWS
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Apr
17

Greenville CBD Mixed Use Development Sold

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100-east-greenville-sc-100-east-downtown-apartment-homes100 East, the downtown Greenville mixed-use development at 100 E. Washington St. that consists of 48 apartment units and approximately 6,000 square feet of retail space, has sold.

Tony Bonitati, Kay Hill, and Bern DuPree of NAI Earle Furman’s Multifamily Division arranged the transaction on behalf of the buyer, 100 East Venture LLC. The seller, DPG Pazdan Greenville LLC, was not represented in the sale.

100 East, a rental loft community designed by McMillan Pazdan Smith Architecture and constructed in 2012, is situated one block east of Main Street in the heart of downtown, behind the Wells Fargo Center. It consists of 18 studio units, 12 one-bedroom units, and 18 two-bedroom units and bookends the South Spring Street parking garage.

READ MORE HERE

Categories : Greenville
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Apr
17

Calkain Releases Net Leased Report

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A counter-intuitive trend marked cap rate movement in the first quarter of 2018. While the expectation in a period where the number of ground lease increased and double-net leases decreased might bring cap rate compression, rates actually expanded by 2.7 basis points (bps) in Q1. Overall, it’s still a fairly neutral shift. Posting the largest changes for the quarter were the automotive and casual dining sectors.

Download the report by clicking on the image below.

Calkain 1Q 2018

Categories : National News
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Apr
17

Greenville Area CRE Transactions

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gville

  • Guy Harris, of Spencer/Hines Properties, facilitated the lease between Green Barns of America and Ronald and Wilma Quinlan of 16,250 square feet of industrial property at 1040 Canaan Road in Roebuck.
  • Guy Harris, of Spencer/Hines Properties, facilitated the lease between Carolina Smoothie and Publix Supermarkets of 1,500 square feet of retail space at 9815 Commons Drive in Huntsville, N.C.
  • Tim Satterfield of Coldwell Banker Commercial Caine represented Kelestatio LLC (Landlord) in the leasing of a +1,800-square-foot retail/restaurant space at 253 Magnolia St., to Badmon LLC doing business as Burrito Hub (Tenant).
  • Greenville, South Carolina: Hunter Garrett and John Staunton of NAI Earle Furman represented the tenant, Builders Wholesale Flooring LLC, in leasing a 12,500-square-foot industrial space at 228 Pelham Davis Circle from Binkley Enterprises LLC.

Source: GSA Business Report

Categories : Greenville
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