Author Archive

Aug
07

SC Cities Rank High for Vacation Home Investments

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Hilton_Head_HarbourTownGLReal estate investors looking at vacation destinations for rental investment properties could be best off focusing their search in Florida.

Vacasa, which offers professional rental management for vacation homes, ranked the top 25 U.S. vacation rental markets, ranked according to capitalization rate, which is the rate of return on a real estate investment property based on the income that the property is expected to generate.

Florida dominated the top 25, claiming nine spots, or 36% of the list. All of the Florida locations have a cap rate above 5%. While, overall, beach locations dominated the list, mountain towns were also represented with the likes of Park City, Utah, and Big Bear, California.

Two SC cities made the list:

4. Myrtle Beach, SC

5. Hilton Head Island, SC

SOURCE

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Aug
06

Industrial Boomtowns Rise In Unlikely Places

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crane sign copyRail has always been the economic backbone of Dillon. Throughout the 20th century, trains shipped tobacco and cotton from this South Carolina town to processing plants up and down arteries on the Eastern Seaboard. By the 1990s, the tobacco industry was in sharp decline, and the trains to and from Dillon slowed to a crawl. Nearly 30 years later, trains are active once more, hauling cargo containers 160 miles from Charleston — one of the South’s busiest ports — into a new $50M distribution hub called Inland Port Dillon.

Once a forgotten town in the heart of the Deep South, Dillon, with a population of 6,604, is now overtaking cities more than 40 times its size to become an anchor of America’s burgeoning warehouse and e-commerce fulfillment center explosion — a $24B construction surge that is being brought into the U.S. mainstream. Dillon is reaping those dollars, but it is far from alone. From Fremont, Nebraska, to Locust Grove, Georgia, to Front Royal, Virginia — all communities with populations less than 30,000 — the next industrial boomtowns are springing up in seemingly unexpected places across rural America. These distribution hubs are attracting newfound population and myriad development opportunities that never would have been possible in the last decade.

READ MORE HERE

Categories : Dillon
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Aug
02

Townhouses in Florence to Serve People Treated for Mental Illness

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mha scPeople who have been treated for mental illness but still require assistance will soon have a new place to call home.

Soil from inside a wheelbarrow was shoveled to the ground Wednesday afternoon to mark the groundbreaking of Anchor Lane, a townhouse complex.

Anchor Lane is the latest townhouse project of Mental Health America of South Carolina. According to its website Mental Health America, South Carolina has a three-pronged mission: advocacy for those suffering from mental illness, education of the community, and providing assistance to those suffering from mental illness.

“We just really have accomplished a lot in the past few years,” said Joy Jay, the executive director of the Mental Health America of South Carolina. “This is one of the things that we’re so proud of.”

READ MORE HERE

Categories : Florence
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Aug
01

Aqua Beach Inn in Myrtle Beach Sold

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mb hotelLodging Partners has announced that it has arranged the sale of the Aqua Beach Inn, a 60-room hotel located at 1301 N. Withers Drive, Myrtle Beach, South Carolina. The hotel was originally constructed in 1986 and converted to the Aqua Beach Inn in 2011. The Hotel has an excellent location directly across the street from the Atlantic Ocean and within walking distance to the Myrtle Beach Boardwalk and SkyWheel, 14th Avenue Pier, as well as numerous restaurants.

“There was strong interest in this property and very competitive bidding as investors recognized that the Myrtle Beach market has continued to perform well. This is the sixth hotel Lodging Partners has marketed in the Myrtle Beach area and we are very pleased with our continued success of hotel dispositions in this region,” said Ford Barton, President of Lodging Partners who represented the seller. This is the fifth hotel that Lodging Partners has sold recently on the Ten-X online platform.

Categories : Myrtle Beach
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Jul
30

Richland County Mails Assessment Notices

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Property-Taxes3Approximately 18,000 assessment notices have been mailed to Richland County property owners to inform them of the new taxable value that their property taxes will be based upon. This is not a county-wide reassessment, but it affects owners that recently bought their property, renovated their building or constructed their building.

If you have received a notice and feel like the new value is too high, give me a call at (803) 960-8783. I routinely work with commercial property owners to determine if a tax appeal is worth pursuing.

Michael Dodds, MAI, CCIM

Categories : Columbia
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Jul
30

NAI Avant Announces Transactions

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nai avant logoNAI Avant senior brokers Nick Stomski, SIOR and Dick Stanland, CCIM, SIOR, GRI recently procured the industrial lease transaction at 1501 Key Road in Columbia, S.C. XPO Logistics, LLC will occupy suite C and D, totaling 15,000 square feet of the industrial building. The landlord in the transaction is DWB Key Road Warehouses II, LLC. XPO Logistics, LLC is a top ten global logistics company as well as the largest logistics provider in North America. The company offers two reporting segments: transportation and logistics. The company averages 160,000 shipments and over seven billion inventory units every day.

NAI Avant announced Shear Rhythms Full Service Salon will occupy 3,500 square feet of retail space in the Fashion Place Shopping Center located at 2720 Decker Boulevard. Broker John Gregory, PE represented the tenant, Shear Rhythms Full Service Salon, LLC. The landlord in the transaction is SC Fashion Place, LLC.

NAI Avant announced the sale of a retail store located at 1012 Broad River Road in Columbia, S.C. Senior broker Gerald Steele and broker Lee Bussell Jr. represented the seller in the transaction. You’re Approved Auto Sales, LLC purchased the retail building for $300,000.

NAI Avant announced the top producers for the second quarter of 2018. The second quarter’s top producer is Macon Lovelace, SIOR. Lovelace specializes in the sale and leasing of office properties, development sites, commercial buildings, and investment properties. He has been recognized in 2012, 2013, 2014, 2015, 2016, and 2017 by Costar as one of the area’s top brokers based on overall transaction value. He also holds the SIOR designation, a prestigious professional office and industrial real estate association. Following Lovelace, the top producers in order are Ben Kelly, SIOR, Paul Hartley, SIOR, Nick Stomski, SIOR and Roger Winn, SIOR.

NAI Avant senior broker Roger Winn, SIOR, broker Peyton Bryant, and brokerage associate Braden Shockley recently represented the landlord, Lake Murray Family Medicine Building, LLC, in the lease transaction of 7611 St. Andrews Road in Irmo, S.C. Palmetto Primary Care Physicians will occupy the 7,596 square foot medical office building.

Categories : Columbia
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Jul
29

Charleston-Area Stores Struggle After Anchor Tenants Close

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vacant storeAnchor stores have been around as long as shopping centers.

The big boxes, be they supermarkets or national retailers, serve as the draw while smaller merchants set up shop around them and feed off the foot traffic generated by their big brothers.

But when the anchor pulls out because of a relocation, poor sales or bankruptcy, the shopping center’s nearby merchants are left to fend for themselves. Some make it. Others don’t.

“I’ve found a drop-off of people walking in,” said shopkeeper Janet Muhs, who owns and operates Sew Much Better, a sewing studio in the Shops at Shelmore Village in Mount Pleasant.

READ MORE HERE

Categories : Charleston
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Jun
20

Charlotte Office Building Under Contract for $22.65 Million

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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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Jun
20

What do Tire Manufacturers Look for in a Site?

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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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