Author Archive

Sep
19

Summerville Self Storage Facility Sold

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summervillePublic Storage Inc., a self-storage real estate investment trust, has acquired Summerville Self Storage in Summerville, S.C. The property at 11055 Dorchester Road is 23 miles northwest of Charleston, S.C. Built in 2007, and expanded last year, it comprises 53,859 net rentable square feet of storage space in 405 units.

The seller was a partnership between an Austin, Texas-based private company and Absolute Storage Management (ASM), which owns and operates 105 self-storage facilities in 15 states. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston.

Categories : Summerville
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Sep
13

Public Storage Acquires Summerville Self Storage

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self-storage3Public Storage Inc. has acquired Summerville Self Storage in Summerville, S.C. The property at 11055 Dorchester Road is 23 miles northwest of Charleston, S.C. Built in 2007 and expanded last year, it comprises 53,859 net rentable square feet of storage space in 405 units.

The seller was a partnership between an Austin, Texas-based private company and Absolute Storage Management (ASM), which owns and operates 105 self-storage facilities in 15 states. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston.

Categories : Charleston, Summerville
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Sep
10

Why Hire Out-of-State Property Tax Consultants?

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appeal approvedI get that it is easier to deal with a single point of contact for property tax representation, but some of these national companies do a poor job on properties less than $1.5 million. I recently handled a successful appeal for a community bank and during my research discovered many other branch banks that are over-assessed. When I reached out to the real estate manager for a regional bank, I was told that a firm out of Dallas handles their property tax work. That firm probably does a decent job on the bank’s $40 million headquarters building, but they aren’t going to make the same effort on a 4,500 square foot suburban branch bank. They just aren’t. If you manage a bank’s real estate, I would welcome the opportunity to review your property list. I am very confident that I can reduce your property taxes.

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

Categories : Uncategorized
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Sep
09

Chester County Industrial Building Sold

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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
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Sep
04

New Looks, Uses for Old Augusta Mills

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Categories : Augusta
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Sep
04

City of Savannah Shedding More Real Estate

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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
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Sep
03

Florence Hotel Sold and Will be Renovated

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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
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Aug
20

Charleston Residential Real Estate is Setting Records

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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
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Aug
20

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

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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
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Aug
20

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

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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
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Aug
20

New Shopping Center Planned for Bluffton

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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

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Aug
07

SC Cities Rank High for Vacation Home Investments

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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

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Aug
06

Industrial Boomtowns Rise In Unlikely Places

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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

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Aug
02

Townhouses in Florence to Serve People Treated for Mental Illness

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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
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Aug
01

Aqua Beach Inn in Myrtle Beach Sold

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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
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