Author Archive

May
08

Berkadia Announces Augusta Apartment Sale

Posted by: | Comments Comments Off on Berkadia Announces Augusta Apartment Sale

soldBerkadia announced today the sale of Oak Hill, located at 817 Hickman Road, Augusta, Georgia. Mark Boyce and Blake Coffey of Berkadia’s Charleston office, along with Jeremiah Jarmin of the Atlanta office, negotiated the transaction on behalf of seller Oak Hill 2008, LLC of Lakewood, NJ. Oak Hill sold on May 1, 2017 to Augusta Hickman Road Multifamily Partners, LLC of Nashville, TN for $6.8 million. The sales price reflects a per-unit price of $56,600 or $77 per square foot. The property was 94 percent occupied at the time of the sale.

“This was an excellent transaction for both buyer and seller. Buyer will implement a renovation strategy that will significantly improve the asset. The superb location coupled with the planned improvements will make Oak Hill a longstanding quality asset for many more years,” said Boyce.

Built in 1972, the 120-unit property features 3-bedroom floor plans. Each unit features fully-equipped kitchens and private balconies. Community amenities include two swimming pools, two laundry facilities, new windows, and new roofs.

Categories : Augusta
Comments Comments Off on Berkadia Announces Augusta Apartment Sale
May
02

Recent Charleston Area CRE Leases

Posted by: | Comments Comments Off on Recent Charleston Area CRE Leases

leased-agreement-with-keysCharleston

Chris Fraser and Leslie Fellabom of Avison Young represented the landlord in leasing 3,930 square feet of office space at 480 East Bay St. to South Atlantic Bank.

Chad Yonce of Southeastern Management Group represented the landlord in leasing 1,000 square feet of retail space at 56 Queen St. The tenant, Mandala Health, was represented by Bryan Perrucci of Southeastern Management.

Amanda Reeves and Jack Owens of Lee & Associates represented Graft LLC in leasing commercial space at 700 King St. The landlord was represented by Charles Carmody of CBRE Inc.

David Grubbs and Scott Peevy of NAI Avant handled a 1,200-square-foot office lease expansion for M.B. Kahn Construction at 148½ East Bay St.

Mount Pleasant

Chip Shealy of CBRE Inc. represented Tidal Creek Dental in leasing 2262 square feet of medical office space at 1127 Queensborough Blvd. Blair Belk of Belk|Lucy represented the landlord.

Jon Chalfie of Lee & Associates represented the tenant, Atlantic Coast Advisory Group of Charleston LLC, and the landlord in leasing 2,138 square feet of office space at 300 W. Coleman Blvd.

Todd Garrett of Avison Young represented the landlord in leasing 2,000 square feet of office/warehouse space at 2561 Oscar Johnson Drive to LEI Systems. Tom McGee of CBRE Inc. represented the tenant.

Lindsey Halter of Lee & Associates represented Changes Counseling Center in leasing 1,778 square feet of office space at 9217 University Blvd. The landlord was represented by Robert Pratt of RE/MAX Pro Realty.

Mandy Coleman of National Restaurant Properties represented the tenant, Discount Zone LLC, in leasing 1292 square feet of commercial space at 3689 Dorchester Road.

Summerville

Brent Case and Zach Wade of Coldwell Banker Commercial Atlantic represented the tenant, Massage Serenity Sea, and the landlord in leasing 1,600 square feet of retail space at 10597 Dorchester Road.

Comments Comments Off on Recent Charleston Area CRE Leases
May
02

Americans’ Confidence in Economy Stable, Positive

Posted by: | Comments Comments Off on Americans’ Confidence in Economy Stable, Positive

thumbs-up1Americans have remained upbeat about the economy for 24 straight weeks, though their current level of confidence is lower than it was earlier in the year. Gallup’s U.S. Economic Confidence Index stood at +7 last week, generally in line with readings since the November presidential election. However, it is below the +16 score observed in early March and similar high scores in late January.

Gallup’s U.S. Economic Confidence Index is the average of two components: how Americans rate current economic conditions and whether they feel the economy is improving or getting worse. The index has a theoretical maximum of +100 if all Americans were to say the economy is doing well and improving, and a theoretical minimum of -100 if all were to say the economy is doing poorly and getting worse.

Shortly after the presidential election, Gallup’s U.S. Economic Confidence Index crossed into positive territory for the first time in nearly two years. The index’s overall improvement was mainly attributable to a surge in confidence among Republicans, who expressed widespread dissatisfaction with the state of the economy during former President Barack Obama’s tenure but whose opinions quickly changed course after a Republican won the White House.

READ MORE HERE

 

Categories : National News
Comments Comments Off on Americans’ Confidence in Economy Stable, Positive
May
02

Will the Self-Storage Sector Rebound from 2016 Setback?

Posted by: | Comments Comments Off on Will the Self-Storage Sector Rebound from 2016 Setback?

self-storage3A planned 100,000-sq.-ft. facility in West Palm Beach, Fla. appears to break new ground in how self-storage properties are developed. Aside from 830 climate-controlled self-storage units, the mixed-use project will also include 1,200 sq. ft. of rentable retail space on the ground floor.

This is part of a larger effort on the part of municipalities to restrict the development of self-storage properties in favor of preserving space for manufacturing.

New York City became the latest city, along with Charleston, S.C. and San Francisco, to enact policies reining in the development of hotel and self-storage properties to preserve land for manufacturing uses and support job growth. The developers of the planned self-storage space in West Palm Beach included retail as a tactic to make the property more appealing to local authorities and gain zoning approval, say industry observers.

READ MORE HERE

Categories : National News
Comments Comments Off on Will the Self-Storage Sector Rebound from 2016 Setback?
Apr
26

Berkeley Capital Brokers Mattress Firm in Greensboro

Posted by: | Comments Comments Off on Berkeley Capital Brokers Mattress Firm in Greensboro

berkeley capBerkeley Capital Advisors has announced the sale of the Mattress Firm in Greensboro, NC for $2.25MM, satisfying a 1031 tax exchange. Located at 2504 Battleground Avenue, Mattress Firm had 8 years remaining on the lease at time of sale. Steve and Ransome exclusively represented the seller in the transaction.

You can review the Loopnet listing HERE

Categories : Greensboro
Comments Comments Off on Berkeley Capital Brokers Mattress Firm in Greensboro
Apr
26

Large Retailers 2016 Sales Per Square Foot (E-Marketer)

Posted by: | Comments Comments Off on Large Retailers 2016 Sales Per Square Foot (E-Marketer)

sales per sf

Categories : National News
Comments Comments Off on Large Retailers 2016 Sales Per Square Foot (E-Marketer)
Apr
26

NAI Avant: Columbia Office Vacancy Declines

Posted by: | Comments Comments Off on NAI Avant: Columbia Office Vacancy Declines

percentage downThe Columbia office market saw a vacancy of 9.4% at the close of the first quarter 2017, decreasing from 9.8% at the end of 2016. Average rental rates dropped modestly and leveled off at $17.31 square feet (SF), following the highest rate in two years at $17.49 SF in 4Q16. Net absorption for the Columbia office market was positive ±78,643 SF in the first quarter compared to negative ±23,183 SF in 4Q16, the majority of absorption reflecting Class A space.

Continued interest in the Central Business District (CBD) explains the high rental rates (even with a slight downtick this quarter) while costs for tenant improvements are also increasing. Many local tenants are following the lead of companies like Electric Guard Dog, vacating their space in suburban Columbia to set up their headquarters in ±20,572 SF at the new Innovation Center on the University of South Carolina campus. Womble Carlyle Sandridge & Rice, LLP is another example of the desire to be the in heart of the CBD, vacating its office on Hampton Street and subleasing ±8,760 SF of Class A tower space at 1221 Main Street.

READ MORE HERE

Categories : Columbia
Comments Comments Off on NAI Avant: Columbia Office Vacancy Declines
Apr
26

Spartanburg Manufacturing Facility Sold

Posted by: | Comments Comments Off on Spartanburg Manufacturing Facility Sold

DCIM100MEDIADJI_0002.JPG

Lyons Industrial Properties has announced that they have sold the BICO South manufacturing facility to Colorado investors. The 33,404 SF facility located at 4231 Orchard Park Blvd., Spartanburg, SC offers 30′ ceilings, 5 cranes, heavy power, 3 large drive in doors, 1 dock door, and 3,300 SF of office space.

Bobby Lyons, CCIM and Adam Padgett, VP of Operations, represented BICO on the sale of the facility. The investors were self represented. BICO South is a division of BICO Steel Corporation based out of Akron, Ohio and they have been in business since 1896. Lyons Industrial now represents the new owners in offering the property for lease.

Categories : Spartanburg
Comments Comments Off on Spartanburg Manufacturing Facility Sold
Apr
25

Integra Provides Appraisals in Florence, SC

Posted by: | Comments Comments Off on Integra Provides Appraisals in Florence, SC

usa-florence-scThe Columbia office of Integra Realty Resources has completed a number of commercial appraisal assignments in the Florence, SC market within the last two months. These include a Bojangles’ restaurant, a Goodwill store, an unanchored strip center and an apartment complex. Please keep us in mind for your commercial appraisal needs in that market.

Michael B. Dodds, MAI, CCIM           mdodds@irr.com

 

Categories : Florence
Comments Comments Off on Integra Provides Appraisals in Florence, SC
Apr
25

Newmark Grubb Wilson Kibler Releases Columbia Reports

Posted by: | Comments Comments Off on Newmark Grubb Wilson Kibler Releases Columbia Reports

NM grubb ellisNewmark Grubb Wilson Kibler, a leading real estate services firm, has released its market reports for first-quarter 2017. Columbia’s industrial and office real estate markets showed lower vacancy rates over the previous quarter, reflecting a healthy market overall.
The Columbia office market vacancy fell six percentage points from the previous quarter to 6.5%- the lowest rate the market has seen in a decade.

Rental rates remained steady during the first quarter, with a mere 0.1% increase from $15.79/SF from $15.78/SF at the end of the fourth-quarter 2016. The Class A sector boasted rates of $20.78/SF, while Class B rates held strong at $14.96/SF and Class C at $13.27/SF. North Columbia led across classes with the highest rental rates in the market, averaging $23.13/SF.

One building was delivered during first-quarter 2017, totaling 2,500 square feet. This compares to one building totaling 4,300 square feet completed in fourth-quarter 2016. 74,460 square feet of office space remained under construction in the Columbia market by the end of the quarter.

DOWNLOAD THE REPORTS HERE

Categories : Columbia
Comments Comments Off on Newmark Grubb Wilson Kibler Releases Columbia Reports
Apr
25

Bull Street Commission Sees Progress, Urges Patience

Posted by: | Comments Comments Off on Bull Street Commission Sees Progress, Urges Patience

bullstreetMost members of the Bull Street Commission, a seven-member board appointed by Columbia City Council, said Monday that they are satisfied with progress at the former State Hospital despite raised expectations of a sprawling retail complex that so far have not materialized.

“I still feel the project is coming along at a reasonable pace,” said member Rebecca Haynes, a former president of the Earlewood Community Citizens Organization. “I think it’s way too early in a 20-year project for anyone to start throwing stones.”

But one member, Ellen Cooper, president of the Coalition of Downtown Neighborhoods, said she thinks the project is moving too slowly.

“I’ve been disappointed that more has not happened over there,” said Cooper, a new commission member who lives in nearby Cottontown. “They are doing a good job, but it seems like it’s moving so slowly.”

READ MORE HERE

Categories : Columbia
Comments Comments Off on Bull Street Commission Sees Progress, Urges Patience
Apr
25

Avison Young Announces Charleston Transactions

Posted by: | Comments Comments Off on Avison Young Announces Charleston Transactions

avison young logoAvison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR represented 756 St. Andrews Blvd, LLC in the lease extension of 2,100 sf office/warehouse space located at 7187 Bryhawke Circle in North Charleston, South Carolina, to Advanced Glass Services, LLC.

Avison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR and Tradd Varner represented 756 St. Andrews Blvd, LLC in the leasing of 2,100 sf industrial space located at 7187 Bryhawke Circle in North Charleston, South Carolina, to Lennox National Account Services.

Avison Young commercial real estate is pleased to announce that Chris Fraser, CCIM and Leslie M. Fellabom represented the landlord, Charleston Gateway Center, LLC, in the lease extension of a 5,609 sf office space located in Charleston Gateway Center at 40 Calhoun Street in Charleston, South Carolina, to Northwestern Mutual.

Avison Young commercial real estate is pleased to announce that Chris Fraser, CCIM and Leslie M. Fellabom represented the landlord, Charleston Gateway Center, LLC, in the leasing of a 1,410 sf office space located in Charleston Gateway Center at 40 Calhoun Street in Charleston, South Carolina, to Iris Consulting Group, Inc. Lauren Morrow of Morrow Hill represented the Tenant.

Avison Young commercial real estate is pleased to announce that Todd P. Garrett, CCIM, SIOR and Tradd Varner represented the landlord, Ed Young, in the leasing of 2,000 sf industrial space located at 7358 Peppermill Parkway in North Charleston, South Carolina, to All American Portable Air .

Avison Young commercial real estate is pleased to announce that Tradd Varner represented the landlord, WJJS Properties, Ltd in the leasing of 1.60-acre parcel of land located at 0 Innovation Dr in Summerville, South Carolina, to The Greenery Inc.

Categories : Charleston, Summerville
Comments Comments Off on Avison Young Announces Charleston Transactions
Apr
19

USC Student Housing Preleasing Slows

Posted by: | Comments Comments Off on USC Student Housing Preleasing Slows

According to Axiometrics, there has been sufficient development activity at the University of South Carolina over the last few years, with nearly 3,000 off-campus beds delivered from 2014-2016. On average, supply has outpaced demand, but more than 40% of students are living in something other than purpose-built student housing.

Rent levels are growing for most properties compared to last fall. However, leasing velocity is slowing for many properties in the market. Prelease is averaging 54% as of February, down more than 600 basis points (bps) from last February. Older assets, especially those located more than one-half mile from campus, sustain the most impact from new supply.

axiometrics

Categories : Columbia
Comments Comments Off on USC Student Housing Preleasing Slows
Apr
18

Why Aren’t More Small Apartment Projects Built?

Posted by: | Comments Comments Off on Why Aren’t More Small Apartment Projects Built?

Large, luxury apartment and condo developments have been dominating headlines and casting a big shadow over the “little guys” in rental housing. A new report released by Enterprise Community Partners and the University of Southern California’s Bedrosian Center on Governance aims to call attention to this overlooked segment of the market.

The Understanding the Small and Medium Multifamily (SMMF) Housing Stock report emphasizes the formidable size of this segment of the market and its importance as a source of naturally occurring affordable rental housing. SMMF properties with two to 49 units account for more than half (54 percent) of all rental housing in the United States, according to the report. Many of these properties were originally built in the 1960s, 1970s, and 1980s. That aging inventory, along with limited amenities in many cases, contributes to lower average rental rates compared with those obtained by its larger, newer competitors.

small apartments

READ MORE HERE

 

Categories : National News
Comments Comments Off on Why Aren’t More Small Apartment Projects Built?
Apr
18

Thank You Brokers and Leasing Agents

Posted by: | Comments Comments Off on Thank You Brokers and Leasing Agents

thank-you-note-1I wanted to thank the brokers and leasing agents that routinely provide assistance in verifying the sales and leases that are used in our appraisal process. Integra Realty Resources wants the best quality data in our database, and information from these real estate professionals is invaluable. I recognize that responding to phone calls and emails regarding a transaction can be a burden, but it is greatly appreciated.

Michael Dodds

Comments Comments Off on Thank You Brokers and Leasing Agents