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EN-AB408_ADVICE_GR_20151014153310I recently finalized a property tax appeal on behalf of a commercial property owner. The result was a $23,000 reduction in the property tax bill. Since this was a property that is leased on a full service basis, the reduction directly increased the net operating income. Using a simple 9% cap rate would indicate that the market value increased by about $255,000 as a result of the successful appeal. Who referred the opportunity to me? The property manager did, and it only took about ten minutes of her time. Obviously the property owner was very pleased, and I am pretty sure that the property manager strengthened her relationship with the owner.

Please let me know if you would like for me to review the property tax situation on a South Carolina commercial property. I have worked with owners of properties in all regions of the state.

Michael Dodds, MAI, CCIM    mdodds@irr.com  803-960-8783

 

Categories : South Carolina News
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Jun
28

Disney Sues over Property Assessments

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Lawsuit moneyWalt Disney Parks and Resorts are suing over their property tax assessments from 2016, calling them “excessive.”

Disney filed nearly a dozen lawsuits at the end of last month in Orange Circuit Court, arguing the assessments by Orange County Appraiser Rick Singh exceeded their properties’ fair market value and incorrectly “included the value of certain intangible property in the assessments.”

“The increases in the assessments of our property are unreasonable and unjustified,” a Disney spokesperson said in a statement. “Similar to other property owners in Orange County, we have no choice but to take action to dispute these errors by the property appraiser. We look forward to presenting our case in court.”

It’s not the first time the theme parks have sought to reduce their land values. In October, SeaWorld, Universal Orlando and Disney sued Singh, arguing their properties’ taxes were too high.

READ MORE HERE

Categories : National News
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There are 22 new self storage facilities under construction in the the Charlotte, NC MSA, which would represent a 6.8% increase in total existing supply if all projects were completed. This is the 14th largest increase in the nation according to The Pipeline Report, which is published by STR.

charlotte self storage

Categories : Charlotte
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Jun
05

Are Zillow Zestimates Actually Appraisals With a “Z”?

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NoZillowWhen Barbara Andersen listed her home for sale in Glenview, Illinois, this was not the first time that the real estate litigation attorney had listed her home for sale, with an asking price listed well above its Zestimate value. Anderson alleges that Zillow’s estimates have severely impacted her ability to sell and that the property is being unfairly calculated based upon inferior surrounding real estate that was built within a close proximity to a graveyard, and also located nearby a “less desirable” golf course.

The key allegations of the complaint are the poor quality of the real estate website’s estimates, and the problematic influence over prospective buyers viewing these estimates. According to paragraph 13 of the complaint “a tremendous roadblock to same has been the fact the Zillow posts a ‘Zestimate’ of person’s homes without their permission, consent and/or any license to do so.” Further, she alleges that Zillow’s Zestimate is “a sloppy computer-driven appraisal of the home.”

READ MORE HERE

Categories : National News
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Jun
05

Myrtle Beach Hotel Sold for $45,075/Room

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mb hotelLodging Partners, LLC has announced it has arranged the sale of the Quality Inn & Suites Myrtle Beach, South Carolina. The 66-Unit, two-story Quality Inn & Suites Myrtle Beach is very well located directly across the street from the Atlantic Ocean and within walking distance to Family Kingdom Amusement Park, Splashes Water Park, and the Myrtle Beach Boardwalk. The Hotel, which sold for the $2,975,000 asking price, was acquired by a regional hotel investor.

Ford C. Barton, Principal, exclusively represented the seller, a locally-based group, on this transaction. “We have known and worked with the Seller over many years, and we’re delighted to have structured a very successful sale of this asset at the full asking price,” noted Ford Barton.

Categories : Myrtle Beach
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Jun
05

Ziff Properties Sells Savannah Parking Garage

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ziff-properties-logoZiff Properties Inc. has sold the Manger Parking Garage, a 420-space parking structure located at 115 E. Congress St. in Savannah. A local buyer purchased the asset for $20 million. Ziff Properties has retained the historic Manger Building, an adjacent 118,059-square-foot office building located at 7 E. Congress St.

Todd Casper and Michael Hassler of CBRE’s Houston office represented Ziff Properties in the transaction.

Categories : Savannah
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Jun
05

300 Acres on Lake Wylie to be Developed

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lake wylieDuke Energy is selling a major piece of property along Lake Wylie.

Residents in the Concord Road area received an invitation to a June 7 open house to discuss plans. Duke officials said they will answer questions during a 5-7 p.m. drop-in at the Clover School District Community YMCA.

The invitation shows a site that, according to county land records, is about 300 acres. It doesn’t specify how much of the property might be sold, or what type of land use the sale might involve. Current zoning is medium density residential. It allows for a variety of residential uses from single-family to patio homes, townhomes and apartments.

“Like other businesses, Duke Energy continuously evaluates the best use of its assets, including real estate,” said company spokesperson Sara Collins. “We own a tract of land on Concord Road that we determined we no longer need for business purposes, including electric generation. Through a land-use analysis, we explored several options for this property and, ultimately, decided the best use is to sell the property.”

READ MORE HERE

Categories : Rock Hill
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May
22

NAI Earle Furman Announces Recent Sales

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NAI Earle Furman logo squareMauldin, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the seller, Regional Management of South Carolina, in the sale of two office buildings totaling 8,273 SF located at 507 & 509 West Butler Road to JTB, LLC.

Chesnee, South Carolina:  Stuart Smith of NAI Earle Furman represented the seller, Peggy H. Phillips Living Trust, in the sale of 9.5 acres of land located at 2408 Bryant Road to Gibson and Gibson Property.

Simpsonville, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the purchaser, Stage Hawk, LLC, in purchasing 35 acres of land at 1400 Old Stage Road from Ruby Lee Cantrell Hawkins Roberts Trust.

Spartanburg, South Carolina:  Andrew Babb of NAI Earle Furman represented the seller, First South Bank, in the sale of a 41,000 SF retail building located at 174 East Main Street to Good Wal Aug Smith, LLC.

Pauline, South Carolina:  Kevin Pogue of NAI Earle Furman represented the purchaser, William & Stephen Freeman, in purchasing 6.21 acres of land on Stagecoach Road from Sylvia Knox.

Columbia, South Carolina:  Jimmy Wright & Ted Lyerly, CCIM of NAI Earle Furman represented the seller in the sale of the 38,000 SF retail Fresh Market shopping center in Columbia, SC.  Peter Couchell, CCIM and Rob Schmidt with Furman Capital Advisors, the investment services division of NAI Earle Furman, represented the purchaser.

Greenville, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, Julius Garry Green, in the sale of a 45,000 SF retail strip center located at 2390 Laurens Road to SWR of Greenville, LLC.

Piedmont, South Carolina:  Towers Rice, CCIM of NAI Earle Furman represented the seller in the sale of 20.43 acres of land located on Durham Road to Kevin Gilreath.

Anderson, South Carolina:  Bernie Bastian and John Powell, CCIM of NAI Earle Furman represented the seller, 3B & V Properties, LLC, in the sale of a 7,000 SF retail property located at 134 North Main Street to Rogue Holdings, LLC.

Greenville, South Carolina:  Earle Furman, Jr., SIOR and Bill Sims of NAI Earle Furman represented the seller, Creek and Company, LLC, in the sale of a 6,000 SF office building located at 115 Halton Village Circle to Bank Building R, LLC.

Duncan, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, M & T Enterprises, Inc., in the sale of the former Plastic Omnium Building, an 80,000 SF industrial building located at 961 Berry Shoals Road.  Kevin Pogue, also of NAI Earle Furman, represented the purchaser, ATA Properties, LLC.

Spartanburg, South Carolina:  Cole Morris of NAI Earle Furman represented the seller, Westside Holdings, LLC in the sale of a 108-unit self-storage facility located at 115 John Dodd Road to 512 Holdings, LLC.

Greenville, South Carolina:  John Baldwin, CCIM of NAI Earle Furman represented the seller, 3H & S, LLC, in the sale of a 19,000 SF industrial building located at 108 Park Place Court to Richfair Holdings, Inc.

Greenville, South Carolina:  Alex Campbell of NAI Earle Furman represented the seller, GHS Health Resources, Inc., in the sale of a 6,582 SF office building located at 81 Pointe Circle to T. Bishop Properties Corp.

Clinton, South Carolina:  Bill Sims of NAI Earle Furman represented the seller, Browning Clinton, LLC, in the sale of a 9,960 SF Dollar Tree property located at 117 Jacobs Highway.  Earle Furman, Jr., SIOR, also of NAI Earle Furman represented the purchaser, Julius Garry Green, in the transaction.

Seneca, South Carolina:  John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, James Hanahan, Jr., in the sale of the Upstate Family Medicine building, a 9,743 SF office investment property leased to Greenville Health System and located at 12016 North Radio Station Road, to NV, LLC.

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May
22

Berkadia Announces N. Charleston Apartment Sale

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bradford aptsBerkadia has announced the sale of Bradford Apartments, located at 5600 Dorchester Road, North Charleston, SC. Mark Boyce and Blake Coffey of the Charleston office negotiated the transaction. Bradford Apartments sold for $2.7 million. The sales price reflects a per-unit price of $52,940 or $42 per square foot. The property was stabilized and well occupied at the time of the sale.

Built in 1966, the 51-unit property features 1, 2, and 3-bedroom floor plans. All units are townhomes with fully-equipped kitchens, washer/dryer connections, and fully furnished apartments are available. Community amenities include a 24-hour laundry center, courtyard with grill, and a play area with swings.

Bradford Apartments is conveniently located near the convergence of Dorchester Road and Bream Road, two miles from Boeing and less than three miles from Joint Base Charleston. The property is within close proximity to Interstate 526 and 26, providing easy access to Greater Charleston.

Berkadia represented the Seller, Bradford of Dorchester LLC, of Charleston, SC. The Buyer, was Eastside Equities, LLC of Jupiter, Florida.

Categories : Charleston
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May
22

Greer Mill Building to be Converted to Apartments

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Lofts RenderingTucked away off E. Wade Hampton Boulevard in Greer is a former mill community that is undergoing a makeover.

Apalache Mill, which opened in 1888, had a grist mill, a saw mill and a small textile mill. It was one of the first mills to be built in the Spartanburg area, and remained active until 2007. The building and 7.2-acre property it sits on is being refurbished into residential apartments called Lofts by the Lake at Apalache Mill. The development is located at 2200 Racing Road in Greer.

Upstate developer Dale Goodrich is turning the abandoned mill into 97 one- and two-bedroom units. The proposed apartment community will feature high-end, loft-style amenities including massive two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units, and communal resources including lake access and kayak shoots.

 

READ MORE HERE

Categories : Greer
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May
22

6,000 Square Foot Retail Center in Columbia Sold

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4406 forestNAI Avant senior broker Macon Lovelace, SIOR recently represented the buyer, Rhodes Properties of Walterboro, LLC, in the purchase of a ±6,000 square foot retail investment building in Columbia, SC.

Located at 4406 A Forest Drive, the property was sold by Osprey, Inc.

Current tenants of the retail property include Ingram Comprehensive Eye Care, First Command, Matzner Family Chiropractic, and Edward Jones.

Categories : Columbia
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May
21

N. Charleston Self Storage Facility Sold

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sold sign in yardAthena Real Estate, LLC is pleased to announce the acquisition of Pack Rat Self Storage (to be re-named Out O’ Space Storage), an approximate 400 unit or 45,700 square foot facility located at 2170 Greenridge Road, North Charleston, South Carolina. The property, acquired through an Athena affiliate, is similarly branded as six other Athena affiliate self-storage facilities located in Florida and provides for residential and commercial storage. The property is centrally located and is in close proximity to a number of apartment complexes, universities, technical schools, and businesses. The property offers both climate controlled and non-climate controlled space and sells moving and storage supplies.

This property is one block off of Rivers Avenue, a seven-lane highway with an average daily traffic count of approximately 67,000. The property has approximately 5,000 residential units nearby. Over the past 24 months the property has averaged 87% physical occupancy by unit count and 77% economic occupancy according to management summary reports.

Categories : Charleston
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May
11

Columbia Named a Top Market for Residential Investors in 1Q

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HomeUnion, an online real estate investment management firm, has named the top 10 best housing markets for single-family rental (SFR) home investors in the first quarter, as well as the worst markets for investors. Once again, Cleveland has has earned the top spot with a cap rate of 11.5 percent and a median investment home price of $75,512. Columbia, SC ranks #3.

“For the past two years, we have been tracking the investment and owner-occupied housing markets,” explains Steve Hovland, director of research for HomeUnion. “And metros in the Midwest and Southeast always earn top billing because of their low entry prices and moderate rents. Cleveland has often ranked at the top – or near the top – of the best places to purchase a single-family rental (SFR) property,” he shares.

Here are the top markets for residential real estate investing in the first quarter, based on first-year returns:

cola

Categories : Columbia
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May
08

NAI Avant Releases Charleston Retail Report

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NAI RetailFueled by job growth, consumer spending and tourism, Charleston continues to be on fire in 2017, earning one accolade after the other. Following the significant recognition by Travel + Leisure Magazine as “World’s Best City” in 2016, Charleston ranked number one on Southern Living Magazine’s list of the “South’s Best Cities 2017.” The continuous national and international recognition of this city incentivizes retailers to invest in the market. The saying “when one door closes, another door opens” can be taken literally along downtown Charleston’s iconic King Street, as at least nine retailers prepared to close their doors and nine opened during 1Q17.

Downtown rental rates continue to test new heights, making a jump from $40.54 per square foot (PSF) in 4Q16, to $43.86 PSF, and even reaching as high as $89.00 PSF on lower King Street. Though the peninsula is seeing the most dramatic increase, rental rates across the Charleston MSA are on the rise as well, increasing from $18.57 PSF at the end of 2016 to $20.46 at the end of the first quarter of 2017.

As the rental rates increase, so does the amount of overall vacant space in the market. Sky-high rates and a struggling brick-and-mortar industry are causing tenants to leave their spaces, nudging the vacancy rate up to 3.4% at quarter’s-end. While some property owners are closing on-site businesses, and selling their real estate to hungry buyers, others are choosing to sublease their spaces. Vacant sublet space has trended down, lessening from 36,900 square feet (SF) at the end of 2016 to 12,497 SF, currently.

DOWNLOAD THE REPORT HERE

 

Categories : Charleston
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May
08

Recent Charleston Area Sales Announced

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sold signsDunston Powell of Carolina Commercial represented the seller, East Bay 7 LLC, in the $2.75 million sale of 235 East Bay St. in Charleston to Apex Real Property LLC and Apex 1031 Exchange LLC.

Robert Pratt of RE/MAX Pro Realty represented PR Properties of Summerville LLC in its $1.35 million purchase of 9,100 square feet of commercial space at 5208 State Road in Holly Hill. Greg Googer of Googer Real Estate represented the seller, CDP Holly Hill LLC.

Miles Martschink of Clement Crawford & Thornhill Inc., represented Lee-Walpole LLC in its $900,000 sale of 4.37 acres at 3291 Maybank Highway on Johns Island. The buyer, Sievers Construction Co. Inc., was represented by Mark Mizell of Birchin Lane Realty Advisors.

Eddie Hughes of Beach Commercial represented the buyer, Mount Pleasant Waterworks, in its $218,000 purchase of a 0.61-acre lot at 1643 Rifle Range Road in Mount Pleasant. The seller, Charles Goodwater, was represented by Henry Wolfe of Brand Name Real Estate.

Todd Garrett of Avison Young represented CDH 2360 Air Park LLC in its $310,000 purchase of 4,000 square feet of industrial space at 2360 Air Park Road in North Charleston from William W. Barrett Jr. and H. Russell Barrett.

Ryan Welch of Lee & Associates represented Anglo Fund Partners in its $860,000 sale of 11,680 square feet of warehouse space at 6491 Dorchester Road in North Charleston. The buyer, Silverton Partners LLC, was represented by R. Milton Thomas III of Lee & Associates.

Mark Erickson of Cushman & Wakefield|Thalhimer represented Port City Concrete Land LLC in its $800,00 purchase of 3.84 acres of industrial land on Pace Street in North Charleston from XJM Co. LLC.

Jack Pratt of Carolina One Commercial represented Kahsyne LLC in its $155,000 sale of a 0.684-acre commercial lot on Dewesbury Lane in North Charleston to the City of North Charleston. Bruce Berlinsky represented the buyer.

Walter Barton and Jeff Bowers of RE/MAX Pro Realty represented B & B in its $610,000 sale of 9294 Medical Plaza Drive in North Charleston to Trident Medical Center LLC.

Robert Pratt of RE/MAX Pro Realty represented J. Fred Weathers in the $1.165 million sale of 36 apartment units at 115 W. 7th North St. in Summerville. The buyer, Colonial Park LLC, was represented by Chris Garcia of RE/MAX Pro Realty.

Eddie Hughes of Beach Commercial represented Beach Village LLC in its $400,000 purchase of 3.62 acres on Highway 17-A in Summerville from The Sandman Crew. The seller was represented by Charles Fitzhenry II of RealityLink LLC.

Eddie Buxton and Jenna Philipp of Palmetto Commercial Properties represented, respectively, the seller, Two Hipp Properties LLC, and the buyer, Exclusively Bimmers LLC, in the $575,000 sale of 5.5 acres at 1161 College Park Road in Summerville.

Bob Nuttall and Lindsey Halter of Lee & Associates represented Mooring Capital Fund LLC in the $805,000 sale of a 3,247-square-foot office condominium at 1470 Tobias Gadson Blvd. Tim Harrison of Whitney Commercial Real Estate Services represented the buyer, Catherine Cole Ferndelli Living Trust.

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