Author Archive

Mar
26

Snapshot: Wilmington Commercial Real Estate

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wilmingtonIn the everchanging landscape of commercial real estate, some things stay the same, at least until the next supply/ demand cycle rolls around. This is true for office space and apartments in Wilmington, even as transportation changes – some just proposed ones – and retail industry corrections are having an impact locally.

While an economic dip could be coming, the economy was faring well during the first quarter of 2019, as local brokers and businesspeople kept an eye on the following trends.

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Categories : Wilmington
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Mar
25

Taylors Apartment Complex Sold for $89,000/Unit

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Chimneys Exterior 1Norfolk, Va.-based Cohen Investment Group has purchased The Chimneys of Greenville from Chicago-based Highgate Capital Group for $14.95 million.

The Chimneys of Greenville is a 168-unit apartment community in Taylors. Jordan McCarley, Tai Cohen and Watson Bryant of Cushman & Wakefield represented the seller in the transaction, according to a news release.

“The Chimneys of Greenville transaction is a great example of our company buying value-add multifamily real estate below replacement cost,” said Hugh D. Cohen, president of Cohen Investment Group, in the release. “Adding this property to our growing portfolio is exciting on various levels including our entrance into the Greenville market. Each acquisition that we do possesses its own individual business plan, and we plan on capitalizing on ours quickly.”

Categories : Greenville
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Mar
20

Critics of Asheville Mall Plan Weigh In

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asheville mallAsheville City Council delayed action on approving a redevelopment proposal for a section of the Asheville Mall that includes the now-defunct Sears building. The $45 million dollar project would include retail space, a movie theater and more than 200 units of housing.

Critics of the project say it lacks the streetscape and infrastructure needs of the area, as well as for the anticipated addition of new residents.

The redevelopment plan reflects a national trend that’s been called the “death” of American shopping malls. It even has its own hashtag — #deadmall. Suburban retail has largely fallen out of style in the last decade, due to increasing online sales and a generational shift toward walkable, urban communities. That’s left many cities including Asheville facing the question of how to repurpose massive vacant department stores, like Sears on Tunnel Rd.

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Categories : Asheville, Uncategorized
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Mar
20

Former Skating Center in Charleston Sold

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hot wheelsCarolina Commercial, LLC congratulates Dunston Powell, CCIM and William Moore on the sale of the 16,000 square foot former Hot Wheels Skating Center at 1523 Folly Road in Charleston, SC.

Carolina Commercial represented John Harris Body Shop/Owen Investments Company, LLC in the purchase for the planned adaptive reuse of this former landmark James Island property. Phil Rose with Twin Rivers Capital represented the Seller.

Categories : Charleston
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Mar
20

New Apartments Planned for Verdae

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apartments-for-rentGlenmont Capital Management, LLC, a New York-based real estate investment firm led by Managing Principal Lawrence A. Kestin, and Arlington Properties, Inc., a Birmingham-based real estate development firm led by Jim Dixon, announced the acquisition of a 19-acre site in the Verdae master-planned community of Greenville, South Carolina, for the development of Verdae III, a 276-unit Class-A apartment community. The planned development follows the success of Glenmont and Arlington’s development of Velo Verdae, a 262-unit Class A apartment immediately adjacent to the new site which was recently sold.

The property acquired in Verdae offers unparalleled convenience and is situated along two major roads, less than five miles from downtown Greenville. Verdae III will offer unit sizes, features, and amenities not feasible in Downtown Greenville, while maintaining a significant rent discount to Class-A product Downtown. Furthermore, the popular Swamp Rabbit Trail multimodal path is being extended and will run immediately adjacent to Verdae III, benefitting residents with direct access.

Construction will begin in Q1 2019, with move-ins scheduled to begin 12 months thereafter. Verdae III will represent the thirteenth multifamily project by Glenmont and Arlington since 2002.

Categories : Greenville
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Mar
20

Stratham Place Apartments Renovation Financing Complete

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strathamBywater Development Group and its Greenville based development partner, DuPree Development, are pleased to announce the closing on all financing needed for the fully transformational rehabilitation and preservation of the Stratham Place Apartments in Greenville, SC. This 88-unit apartment community, which was originally constructed in the 1950’s, has long been in dire need of a full reimaging, repositioning and overall update. The completed product of this $14.6M revitalization will provide both a major physical investment to this property that repositions it as an asset and anchor for the continued positive growth of the community. Of equal importance, this redevelopment will ensure this property will serve as long term, high quality, well operated affordable housing for families in the thriving and dynamic Greenville community; which presently has an ever-growing need for affordable housing of all types.

This development would not be possible without a tremendous amount of support, assistance and partnership from the City of Greenville – including the Mayor and City Council, the City’s Community Development Department, the City’s Building/Engineering departments and the City’s Planning staff/Plan Commission.

This highly collaborative effort would not be taking place without affordable housing tax credit financing, a great deal of hard work and overall sense of partnership from the South Carolina State Housing Finance & Development Authority.

By making both RAD and PBV rental assistance available to this development, The Greenville Housing Authority is greatly assisting in making this development feasible and insuring long term affordability for its residents.

The newly created Greenville Housing Fund is providing much needed financial support, without which the comprehensive revitalization scope for this property would not be achievable.

Through their highly responsive and most diligent efforts in operating this property in its present condition through a challenging holding period prior to the start of this rehabilitation, Vista Capital Management Group has been instrumental and vital in bringing this plan into reality.

Categories : Greenville
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Mar
05

92 SC Food Lions to be Renovated

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food lionYour Food Lion could be getting a makeover soon.

The company announced Monday that it will remodel 92 stores in the greater Myrtle Beach, Florence, Columbia and Charleston markets in 2019.

The $158 million investment will go toward remodeling the stores, lowering prices and expanding the assortment of products of available at each store. Food Lion is also expecting to hire nearly 2,000 new associates at the stores.

“Food Lion is proud to have been a part of the many towns and cities we serve throughout South Carolina for 43 years and we are even more excited to bring exciting new offerings, services and a new look to these markets,” said Food Lion President Meg Ham.

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Mar
05

Don’t Forget Those Property Tax Exemptions in SC

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proximityA 199 unit Proximity Residences off Bee’s Ferry Road in  Charleston County just sold for $37 million ($186,000/unit). Currently, the taxable value of the property is about $29.6 million, which means the property taxes could increase by 25%. Hopefully, someone made the Pennsylvania based buyer aware of the 25% exemption (that has to be applied for), which would bring the taxable value back down to the current level. Call me if I can assist with any property tax issues in South Carolina.

Michael Dodds, MAI, CCIM  cell (803) 960.8783

Categories : Charleston
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Feb
13

Property Tax Tip of the Day

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If you are considering the acquisition of a recently completed property in SC, make sure that the assessor’s office has assigned a taxable value to the building before closing the deal. You lose the potential 25% tax exemption if there is no taxable value to compare the sales price with.

tax tip

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Feb
13

Three Update Assisted Living Facilities Sold

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sold stamp blueThree assisted living and memory care facilities in the Upstate sold for $48.4 million. The properties totaled 198 units at $244,444 per unit.

Spring Park at 925 N. Main St. in Travelers Rest, Fairview Park at 544 Harrison Bridge Road in Simpsonville, and Oakview Park at 110 Hood Road in Powdersville were purchased by Atlas Senior Living of Alabama.

The seller, Greenville-based Graycliff Capital Senior Housing LLC, was represented by Cushman & Wakefield Senior Housing of Florida.

“Graycliff strategically developed this portfolio within the Greenville market to avoid overlap, capture economies of scale, and allow each asset to effectively meet market demand,” Cushman & Wakefield’s Paul Carr said in a news release. “As a result, these communities are uniquely positioned to capitalize on Greenville’s exceptional growth and thriving economy.”

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Categories : Greenville
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Jan
13

Beaufort Medical Office Building Sold

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arthurFairfield Advisors facilitated the sale of the Jenkins Medical Office Building located in Beaufort, South Carolina. The medical building, which sold for $10.6 million, totals 51,000 square feet and was built in 2000. Beaufort Memorial Hospital and the Medical University of South Carolina are the anchor tenants in the MOB. Both executed long term, NNN leases as part of the sale transaction.

“Fairfield managed a highly focused campaign to maximize the proceeds for the seller of the Medical Office Building,” said Greg Trainor, Managing Partner with Fairfield. “The sellers were able to execute new leases with the anchor tenants which made the MOB that much more of an attractive acquisition for the new owner. Fairfield worked within its network of buyers on an off-market basis in order to achieve the results set forth by the sellers”.

Categories : Beaufort, Uncategorized
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Dec
07

Pintail Capital Partners Announces Transactions

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pintailPintail Capital Partners has announced the following transactions completed by its team of commercial real estate professionals.

  • Tyson Smoak of Pintail Capital Partners represented the landlord, Allergy Partners, in the lease of approximately 2500 square feet in Union, SC.
  • Ross Kester of Pintail Capital Partners represented the seller, Greig Properties, LLC, in the sale of approximately 4950 square feet located at 373 Halton Road in Greenville.
  • Tyson Smoak of Pintail Capital Partners represented the buyer, BMW Car Club of America, in the purchase of approximately +/- 20 acres and two office buildings located at 2340 and 2350 Highway 101 in Greer.
Categories : Greenville, Union
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Dec
06

Two Self Storage Facilities in the Carolinas Sold

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two soldSpaceMax Storage in Charlotte, NC, has changed hands. The buyer and seller weren’t identified. The facility, on 2.1 acres at 2908 Monroe Road, offers 658 units in 69,318 rentable square feet. The Colliers International Self Storage Group handled the deal. Malvern, PA-based CubeSmart now operates the facility. Charlotte-based Childress Klein Properties Inc. owns and operates the SpaceMax Storage brand.

An unidentified private equity group purchased AAA Storage City in Ridgeland, SC, from an unidentified seller for an undisclosed amount. The facility was listed at $11 million. The facility, on 8.6 acres at 3715 Argent Blvd., comprises 524 units in 78,690 rentable square feet. Dale Eisenman of Hilton Head, SC-based Midcoast Properties Inc. represented the seller.

Categories : Charlotte
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Nov
20

Irmo Medical Office Building Sold for $172/sf

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IMG_3984A 7,400-square-foot single-tenant medical office building in Irmo has sold for $1.27 million.

The building, at 7611 St. Andrews Road, sold to a 1301 Exchange purchaser from Anderson and is occupied by Palmetto Primary Care Physicians. Palmetto Primary Care Physicians (PPCP) is the largest independent multi-specialty group practice in South Carolina, with 30 physician’s offices in four counties. That lease was facilitated by NAI Avant broker Peyton Bryant, who also completed the building’s investment sale, in June.

Integra Realty Resources – Columbia is pleased to have provided appraisal services for this transaction.

Categories : Columbia
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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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