Author Archive

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.

READ MORE HERE

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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.”

READ MORE HERE

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.”

READ MORE HERE

 

Categories : Columbia, Uncategorized
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Nov
19

The Inn at USC Sold

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Inn at USCThe Inn at USC has been acquired by Chicago-based Adventurous Journeys Capital Partners.

The 116-room hotel, formerly a Wyndham Garden hotel, will undergo a comprehensive renovation and become part of the new owners’ Graduate Hotels group, a style tailored to towns with universities. The hotel, located at 1619 Pendleton St., will be the first of that kind in the Carolinas, according to a news release. The hotel will remain open during renovations, the release said.

CRBE facilitated the transaction, with Arpit Shah of CBRE Hotels’ Charlotte office and Martin Moore of the company’s Columbia office representing the sellers.

IMIC Hotels is a Columbia-based property management company.

Categories : Columbia
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Nov
19

Greenville Apartments Sold for $231,593/Unit

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w brandenBerkadia announced today the sale of West Village Lofts at Brandon Mill, located at 25 Draper St. in Greenville, SC. Managing Director Mark Boyce, Director Jeremiah Jarmin and Associate Blake Coffey negotiated the transaction. West Village Lofts at Brandon Mill sold for $42.15 million on November 14. The sales price reflects a per-unit price of $231,593, and the property was occupied in the mid-90’s at the time of the sale.

“Our client developed the project through the Historic Tax Credit program and South Carolina’s specially-assessed property tax incentive. The execution of this transaction highlights how developers can generate tremendous value while simultaneously improving communities and the overall character of the sub-market through a creative approach,” said Jarmin.

Redeveloped in 2017, the 182-unit property features one-, two-, and three-bedroom floor plans. Each unit features ceilings at least 15 feet tall, dramatic floor-to-ceiling windows, stained concrete floors, exposed brick interiors and contemporary-style interiors with monochromatic appliances. Notable community amenities include a pool, a fitness center, a wine cellar, a dog park, a clubroom and an outdoor living space with grills and fire pits.

Categories : Greenville
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Oct
25

Considering a Property Tax Appeal?

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money countingIt is that time of the year. Property tax bills will be arriving shortly, which generally leads to property owners wondering if they are being assessed fairly. I can help analyze your commercial real estate or high-value residential property tax bill to determine if an appeal is warranted.

Call me and let’s see if we can get that property tax bill reduced.

Michael Dodds, MAI, CCIM  (803) 960-8783

 

 

Categories : Uncategorized
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