Author Archive

Sep
21

NAI Avant Closes Site for New Cook Out

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nai avant logoNAI Avant has announced the sale of ±1.32 acres of land located at 7504 Garners Ferry Road in Columbia, SC. Construction will start immediately on a new Cook Out restaurant location.

NAI Avant broker Bobby Hathaway represented the seller in the transaction, Hospitality Enterprises of Columbia, LLC. Cook Out purchased the land for $775,000.

Categories : Columbia
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Sep
21

Thank You CRE Brokers and Leasing Agents

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thumbs-up1I wanted to reach out and thank all of the commercial brokers and leasing agents that assist Integra Realty Resources’ appraisers on a regular basis. We recognize that our phone calls and e-mails take time out of your day, and we appreciate your willingness to help. Having comparable sales and leases verified by a someone involved in the deal is important. Our appraisals are better because of your cooperation.

Michael B. Dodds, MAI, CCIM

Categories : INTEGRA NEWS
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CCIM_logoCommercial real estate transactions are some of the most important deals that a person or business can make. Finding the right commercial real estate can make or break a business venture. That is why people want the best professional commercial real estate broker available to guide them through the process.

But how can you separate the best professional real estate brokers from the rest?

Most other important professions have a degree or designation that any practitioner is required to have by law. Lawyers have the J.D., doctors the M.D., engineers the P.Eng and so on. Yet there are no professional designations that are required to practice as a commercial real estate broker.

READ MORE HERE

Categories : National News
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Annual total residential starts and permits fell in July from the previous month, according to the latest U.S. Census figures, as the volatile multifamily sector swung down again from one month and one year earlier– further adding to expectations that apartment construction will moderate in 2018 and 2019.

Single-family permitting and starts continued their healthy pace, as the housing market’s gradual improvement remained on track.

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permits

Categories : National News
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Sep
07

Spartanburg Area Shopping Center Sold for $118/sf

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dorman centerIt’s been anything but a quiet summer at the lake for executives at Slate Retail Real Estate Investment Trust (SRT.UN-T). In the past three months, the REIT has purchased 10 U.S. shopping centers. Two of those announcements have come in the past five days, namely the purchases of North Lake Commons in Chicago and Dorman Centre in South Carolina.

The most recent deal is for the Dorman Centre, located just off I585 in Spartanburg, S.C., a few kilometres east of Charlotte. The shopping center is situated in a retail node and anchored by Walmart. It was bought for US$46 million ($118 per square foot) and is 97% occupied.

Slate says the purchase is expected to close in the third quarter.

Categories : Spartanburg
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Sep
07

Augusta Multifamily Properties Sold

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soldLexerd Capital Management LLC (“Lexerd”), a New Jersey-based sponsor of private equity funds, has announced that two of its funds have acquired three properties in Augusta, GA. The properties include Parker Place Apartments, (“Parker”); Alexander Place Apartments (“Alexander”); and Arborside Apartments (“Arborside”), all garden style multifamily communities with 139, 127 and 180 units respectively. Lexerd renamed the properties “The Lory of Augusta.”

Terms of the transaction were not disclosed.

Categories : Augusta
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Sep
06

Raleigh Durham Apartment Vacancy at 5.4%

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real data LogoAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are currently more than 9,000 units under construction or proposed throughout the Triangle.

The average vacancy rate is now 5.4%. Demand remains strong with more than 2,000 units absorbed over the past six months. Over the same time period, there were more than 1,800 new units completed.

The average rental rate for an apartment in the Triangle is now at $1,101 per month, which is up from $1,064 one year ago.

The average vacancy rate is forecast to reach 5.0% in the coming year. Rental rates are expected to grow by 4% over the same time period.

Categories : Durham, Raleigh
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Sep
06

Berkeley Capital Advisors Brokers Charlotte Bojangles’

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berkeley capBerkeley Capital Advisors has announced the sale of the Bojangles’ in Charlotte, NC for $3.83MM, satisfying a 1033 tax exchange. Located at 9417 Steele Creek Road, Bojangles’ had 13.5 years remaining on the lease at time of sale.

Steve and Ransome represented the seller in the transaction.

Categories : Charlotte
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Sep
05

Does Removing a Confederate Statue Affect Property Values?

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robert e leeIn the impassioned debate over the symbolism and meaning of Richmond’s Confederate monuments, the impact of their potential removal on property tax values has hardly been top of mind.

But the issue surfaced last week in the state’s gubernatorial race after The Washington Post quoted a local real estate agent’s back-of-the-envelope estimate that removing statues would cost the city as much as $3 million in real estate tax revenue every year.

Republican candidate Ed Gillespie seized on the nugget to ding Democratic opponent Ralph Northam, who has said he supports removing monuments.

Gillespie, who has said he believes monuments should stay in place but be “placed in historical context,” tweeted that “Northam’s plans to take down statues in Richmond means $3 million a year lost for schools, police & more.”

READ MORE HERE

Categories : National News
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Aug
29

Home2 Suites by Hilton Rock Hill / Charlotte Sold

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RH home2 suitesNoble Investment Group has announced the acquisition of the Home2 Suites by Hilton Rock Hill | Charlotte. The contemporary, extended stay hotel opened in May 2017 in Rock Hill, South Carolina – a suburb of Charlotte.

The hotel location offers easy circulation to the greater I-77 corridor which links Rock Hill directly to downtown Charlotte. The hotel is within walking distance to numerous restaurants and shops, as well as popular attractions such as the Rock Hill Galleria Mall. The hotel is also convenient to Winthrop University, Historic Downtown Rock Hill and Piedmont Medical Center.

The Home2 Suites by Hilton Rock Hill | Charlotte features 105 studio and one-bedroom suites, each with a full kitchen, work space, storage area, and a living area with sleeper sofa. The hotel also offers complimentary breakfast, complimentary high-speed wireless internet access, a fully-equipped, 24-hour business center and flexible meeting space for small meetings or events. Guests can also enjoy a heated indoor saline swimming pool, outdoor patio with lounging and grill areas, and Home2 Suites innovative Spin2Cycle laundry and fitness facility.

Categories : Rock Hill
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Aug
29

Wells Fargo Securities Releases Lodging Report

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Click on the Report to access it.

WF lodging

Categories : National News
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Aug
29

Spartanburg Apartments Sold for $46,400/Unit

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serenity aptsElevation Financial Group, LLC, provider of affordable housing for seniors and families, is pleased to announce the disposition of Elevation Real Property Fund V asset, Serenity Apartments® at Spartanburg. The 152-unit multifamily community sold for a purchase price of $7.05 million, or $46,381/unit, and represents the first disposition for Elevation Real Property Fund V. The transaction was brokered by the Charlotte office of Capstone Apartment Advisors.

Elevation purchased the multifamily apartment community from the original developer in 2015 for $4.05 million, or $26,315/unit, and immediately initiated approximately $1 million in renovations. Upgrades included new windows, new roofs, renovated unit interiors, and rebranding of the entire property. Consisting of one-bedroom garden-style units, the property was totally transformed by the vigorous revitalization. Through the strong oversight of Elevation Property Management, the community stabilized and consistently maintained an occupancy level at or above 95%.

Categories : Spartanburg
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Aug
29

Charleston Self Storage Facility Sold

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folly rd ssThe sale of Folly Road Self Storage in Charleston, South Carolina was recorded on August 25, 2017. The property consisted of 303 storage units in 34,700 net rentable square feet plus 15 parking spaces for boats and RVs. The property is located at 1573 Folly Road in Charleston, South Carolina. The property was purchased by a private equity firm from Pennsylvania and will be managed by a third-party management company. The seller was an entity controlled by an individual from San Diego, California. The sale price was $4,686,500.

Bill Alter of Rein & Grossoehme Commercial Real Estate represented the seller in the transaction.

Categories : Charleston
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Aug
29

NAI Avant Brokers Columbia Medical Building

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soldNAI Avant is pleased to announce the sale of 126 Professional Park Road, a ±2,900 square foot office building in Columbia, South Carolina.

Senior brokers Nick Stomski, SIOR and Dick Stanland, CCIM, SIOR represented the seller, DWB Professional Park. The building was purchased by Dr. Isiah Davis, Senior for $550,000.

Categories : Columbia
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Aug
29

Lexington Retail Building Brokered by Coldwell Banker Commercial NRT

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CB Commercial NRTScott Davis, CCIM, with Coldwell Banker Commercial NRT negotiated the sale of the Momma Rabbits / Anytime Fitness building located in McCauley Square in Lexington, SC to the parent company of Momma Rabbits Nibbles and Sips Restaurant.

The building was built in 2006 and is one of seven buildings in the McCauley Square development. Notable businesses in this retail center include Sunset Children’s Dentistry, ERA Wilder Realty and Travinia’s Italian Kitchen.

Momma Rabbit’s Nibbles and Sips is run by eight siblings and specializes in organically grown and locally sourced foods. The menu is an everything-made-from-scratch concept offering homemade original food with a healthy twist. They are open for lunch and dinner; they also offer catering and take out with a large selection of to-go dinners.

The sales price was $730,000. The seller was Arthur State Bank, and the buyer was Allen Family Properties, LLC.

Categories : Lexington
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