Author Archive

Sep
09

Chester County Industrial Building Sold

Posted by: | Comments Comments Off on Chester County Industrial Building Sold

ecologyNewmark Grubb Wilson Kibler’s George McCutchen, CCIM, SIOR represented the seller in the recent sale of 23,911 square feet at 564 Ecology Ln. to ShayoNano USA, Inc. The 21.84-acre campus will house SayoNano’s new Chester county operations. The building has clear heights ranging from 42′ to 47′.

ShayoNano develops nanomaterials for use in various commercial applications, including paints and coatings, fire retardants and more. The company’s $14.7 million capital investment is projected to bring approximately 40 new jobs to the community.

“It brings tremendous satisfaction to help a company expand to South Carolina and create jobs, which increase the well-being of those workers, their families, and our whole state,” said McCutchen of the recent sale.

Categories : Chester
Comments Comments Off on Chester County Industrial Building Sold
Sep
04

New Looks, Uses for Old Augusta Mills

Posted by: | Comments Comments Off on New Looks, Uses for Old Augusta Mills

Categories : Augusta
Comments Comments Off on New Looks, Uses for Old Augusta Mills
Sep
04

City of Savannah Shedding More Real Estate

Posted by: | Comments Comments Off on City of Savannah Shedding More Real Estate

downtown-historic-districtTwo city of Savannah-owned buildings will soon be back in the hands of private designers – one of those for the first time in decades.

With a 6-3 vote in favor, the Atlantic Coast Line building at 601 East Liberty, as well as the Thomas Gamble building right next to City Hall, were sold with a combined net value of just over $17 million. However, not all council members were on board with the sales.

The city approved the sale of the Liberty Street building during last week’s council meeting. The plan is to make it mixed-use, residential, and commercial street-level. The city bought the Atlantic Coast Line building back in 2015 for $3.5 million. Just over three years later, the majority of council approved the sale price of $5.9 million to developer, Standard Companies. This agenda item was the first up for debate, with those opposed stating their reasons why for the record.

READ MORE HERE

Categories : Savannah
Comments Comments Off on City of Savannah Shedding More Real Estate
Sep
03

Florence Hotel Sold and Will be Renovated

Posted by: | Comments Comments Off on Florence Hotel Sold and Will be Renovated

ramadaThe Ramada Inn on U.S. 52 near Interstate 95 has been sold to a new hospitality company, which will invest $1 million-plus into a two-phase renovation.

The hotel, which opened on 10 acres in the 1970s as a Holiday Inn, will become a Rodeway Inn & Suites and will then become a Clarion Inn & Suites by the end of the year, according to an announcement.

H&L Hospitality has signed a franchise agreement with Choice Hotels International. Gary Hodgins is the managing partner and Stephen Lam is the general partner of the new company.

The renovated hotel will feature 51 two-bedroom suites along with 20 standard king and 100 standard double-queen rooms for a total of 171 units. The renovation will include the reopening of the extensive restaurant, bar and banquet facilities.

READ MORE HERE

Categories : Florence
Comments Comments Off on Florence Hotel Sold and Will be Renovated
Aug
20

Charleston Residential Real Estate is Setting Records

Posted by: | Comments Comments Off on Charleston Residential Real Estate is Setting Records

home-prices-riseCharleston is hitting some interesting records!

Within the last 3 months, Charleston has seen the lowest number of homes for sale in over 10 years (5,236 homes)… the highest median sales price ($274,000)… the highest median price per square foot ($145)… the least median days on market (14).

In short, Charleston continues to max out prices with fewer and fewer homes available, selling faster and faster. Here’s an area by area break-down:

  • This month James Island hit it’s highest average price per square foot ($202/sqft).
  • Last month Mt Pleasant hit over a half-million average sales price ($508,000).
  • North Charleston inside of 526 is steadily becoming more attractive than N. Charleston outside of 526, with a faster increasing $/sqft since January 2018.
  • The Downtown area and Mt Pleasant are the only areas around Charleston showing an increasing number of homes available.
  • The Peninsula inside of Crosstown saw the lowest median price per square since January 2016 ($368/sqft).
  • Summerville continues to show the strongest trend in increasing price per square foot.

Be sure to check out my friend Terry Peterson’s website if you are looking to buy or sell in Charleston.

Categories : Charleston
Comments Comments Off on Charleston Residential Real Estate is Setting Records
Aug
20

What’s Next for All These Vacant Upstate Grocery Stores?

Posted by: | Comments Comments Off on What’s Next for All These Vacant Upstate Grocery Stores?

vacant storeSitting at high-traffic intersections along some of the Upstate’s busiest roads, grocery stores and big box retailers are among of the community’s most visible assets — by design.

So when they close, those vacancies stand out like a sore thumb.

Several readers reached out to Upstate Lowdown looking for answers regarding the future of stores like the recently shuttered Bi-Lo on Fernwood Drive in Spartanburg, or properties like the old Ingles near the intersection of Asheville Highway and Pisgah Church Road that has been empty for years. Upstate Lowdown is a Herald-Journal and GoUpstate.com feature that allows readers to ask questions for the newspaper to answer.

But in this case, there are no easy answers. The stores’ parent companies aren’t talking, and commercial real estate agents will tell you that these are tough properties to sell.

READ MORE HERE

Categories : Spartanburg
Comments Comments Off on What’s Next for All These Vacant Upstate Grocery Stores?
Aug
20

Greenville, NC Apartments Sold for $86,345/Unit

Posted by: | Comments Comments Off on Greenville, NC Apartments Sold for $86,345/Unit

signature aptsAvison Young announced today that it has brokered the $14.8-million acquisition of Signature Place Apartments located in Greenville, NC.

The property was purchased by CMF Signature Place, LLC, a subsidiary of Carter Multifamily based in Tampa. The sale closed at a price per unit of $86,345.

Signature Place is a 171-unit apartment community located at 410 Beasley Drive, near Vidant Medical Center and East Carolina University (ECU) Health Sciences.
“This asset was uniquely positioned directly across from Vidant’s main campus in Greenville,” comments Cadwallader. “The acquisition provides an exceptional value-add opportunity for our client, and we are excited to see the potential it will bring.” Built in 1980, the property is situated on 15.24 acres near one of Greenville’s most active commercial areas. The complex includes 48 one-bedroom units, 84 two-bedroom units and 39 three-bedroom units. Amenities at the complex include a pool, dog park, courtyard, grilling area, fitness center and clubhouse.

Avison Young’s Craig Cadwallader, Vice President, and Gary Lyons, Senior Vice President, exclusively represented the buyer in the transaction.

Categories : Greenville NC
Comments Comments Off on Greenville, NC Apartments Sold for $86,345/Unit
Aug
20

New Shopping Center Planned for Bluffton

Posted by: | Comments Comments Off on New Shopping Center Planned for Bluffton

shopping-trolleyBluffton Town Council decided at Tuesday’s meeting to approve with conditions a site plan that would add a shopping center to the northeast quadrant of the S.C. 46 and S.C. 170 traffic circle in the coming years.

In a presentation to council, planning and community development Manager Kevin Icard revealed that the highlight of the 135,000-square-foot development would be a Publix supermarket.

The prospective addition would mean a significantly shorter grocery run for residents within or near the New Riverside and Palmetto Bluff communities. It’s a 20-minute drive from the latter to the Publix at Buckwalter Place.

READ MORE HERE

Categories : Bluffton
Comments Comments Off on New Shopping Center Planned for Bluffton
Aug
07

SC Cities Rank High for Vacation Home Investments

Posted by: | Comments Comments Off on SC Cities Rank High for Vacation Home Investments

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

Comments Comments Off on SC Cities Rank High for Vacation Home Investments
Aug
06

Industrial Boomtowns Rise In Unlikely Places

Posted by: | Comments Comments Off on Industrial Boomtowns Rise In Unlikely Places

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
Comments Comments Off on Industrial Boomtowns Rise In Unlikely Places
Aug
02

Townhouses in Florence to Serve People Treated for Mental Illness

Posted by: | Comments Comments Off on Townhouses in Florence to Serve People Treated for Mental Illness

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
Comments Comments Off on Townhouses in Florence to Serve People Treated for Mental Illness
Aug
01

Aqua Beach Inn in Myrtle Beach Sold

Posted by: | Comments Comments Off on Aqua Beach Inn in Myrtle Beach Sold

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
Comments Comments Off on Aqua Beach Inn in Myrtle Beach Sold
Jul
30

Richland County Mails Assessment Notices

Posted by: | Comments Comments Off on Richland County Mails Assessment Notices

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
Comments Comments Off on Richland County Mails Assessment Notices
Jul
30

NAI Avant Announces Transactions

Posted by: | Comments Comments Off on NAI Avant Announces Transactions

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
Comments Comments Off on NAI Avant Announces Transactions
Jul
29

Charleston-Area Stores Struggle After Anchor Tenants Close

Posted by: | Comments Comments Off on Charleston-Area Stores Struggle After Anchor Tenants Close

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
Comments Comments Off on Charleston-Area Stores Struggle After Anchor Tenants Close