Author Archive

Nov
08

How Appraisal Institute Designations Can Expand Careers

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Categories : Appraisal News
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Nov
07

Cherryville Self Storage Facility Sold

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alcomAlcom Mini Storage, located in Cherryville, NC, was sold in late October to an out of state buyer. Located on over 4 acres, this property offers over 20,000 RSF, with 123 traditional self storage units, RV and boat parking, a rental office and a 5,000 SF warehouse. There is also the opportunity for expansion.

Michael Morrison, Associate Broker with Midcoast Properties, Inc., led this effort on the firm’s behalf.

The facility was opened around 2007 with the last expansion in 2010, and enjoys occupancy of 100%.

Categories : Uncategorized
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Nov
07

Plans for Greenville’s Judson Mill Revealed

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judson millThe North Carolina developer who purchased the 36-acre former Judson Mill site last month has revealed details of his plans there, including more than 200 apartments and more than 300,000 square feet of office and light industrial space.

Judson Mill, at 701 Easley Bridge Road, is about a mile west of Greenville city limits and stands at the northern entrance of the 1,100-home Judson community. The 36.2-acre mill property includes an 800,000-square-foot building, about half of which developer Ken Reiter, president of the Belmont Sayre firm out of Chapel Hill, N.C., has said previously that he wishes to convert into residential space, according to a November 2016 county planning document.

According to a news release from real-estate firm CBRE, which represented Reiter in the purchase, Reiter completed his purchase of the site on Oct. 16. Milliken and Co. had closed the mill in early 2015, and the property had been on the market since that summer two years ago.

READ MORE HERE

 

Categories : Greenville
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Nov
07

Charleston FedEx Building Sold for $22M

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fedexMonmouth Real Estate Investment Corporation has announced the acquisition of a brand new 121,683 square foot industrial building located at 1892 Anfield Road, N. Charleston, SC at a purchase price of $21,872,170. The property is net leased for 15 years to Federal Express Corporation. The building is situated on approximately 16.2 acres.

Michael P. Landy, President and CEO, commented, “We are very pleased to announce this acquisition which is ideally located near the Charleston International Airport. Over the past several years we have strategically positioned our portfolio to benefit from the supply chain’s shift toward the eastern seaboard as the result of the recently completed Panama Canal expansion. The Port of Charleston has been one of the biggest beneficiaries of this change and we expect this region’s strong economic growth to continue for many years to come.”

Categories : Charleston
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Nov
07

Charleston Medical Building Sold for $349/SF

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510 albemarleNAI Charleston has announced the sale of a ±8,022-square-foot medical office building at 510 Albemarle Road in West Ashley just across the Ashley River. Broker/Partner David Grubbs represented the seller, 900 Bowman Road Associates, LLP in the transaction. Impact Real Estate, LLC purchased the building for $2.8 million, with Roper St. Francis Physician’s Partners in place as a tenant. The healthcare provider currently uses the building for general surgical practices.

Categories : Charleston
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Nov
02

Greenville Area Bi-Lo Center Sold

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Five Forks I & II for PR EmailHolliday Fenoglio Fowler, L.P. has announced the $10.72 million sale of Five Forks Shopping Center, a 70,177-square-foot, fully leased, BI-LO-anchored neighborhood shopping center in the Greenville-Spartanburg community of Simpsonville, South Carolina.

The HFF team marketed the property for the seller, Retail Properties of America, Inc. RealtyLink, LLC purchased the asset free and clear of existing debt.

Situated on 11.8 acres at 2603 and 2607 Woodruff Road, Five Forks Shopping Center is at the “main and main” intersection of Woodruff Road (Highway 146) and Five Forks Road (Highway 296) in Simpsonville, one of the fastest-growing and most affluent submarkets of the Greenville-Spartanburg MSA. The center is in one of the Greenville area’s main retail corridors. More than 50,641 residents earning an average annual household income of $115,097 live within three miles of the center. Five Forks Shopping Center was completed in two phases in 1999 and 2004 and, in addition to anchor BI-LO, is home to a diverse mix of tenants, including Verizon Wireless, Sports Clips, El Jalisco, ABC Liquor and Oxford Cleaners.

The HFF investment sales team representing the seller included director Thomas Kolarczyk, director Brad Buchanan and senior managing directors Richard Reid and Barry Brown.

Categories : Greenville
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Nov
02

CRE Economists Expect Continued Moderate Growth Through 2019

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uli_logoThe U.S. commercial real estate industry is, in general, expected to experience moderated growth through much of 2019, according to a new three-year economic forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate.

The latest ULI Real Estate Economic Forecast, (formerly the ULI Consensus Forecast), a semi-annual outlook, is based on a survey of 48 of the industry’s top economists and analysts representing 34 of the country’s leading real estate investment, advisory, and research firms and organizations. The survey, conducted in September 2017, provides forecasts for broad economic indicators; real estate capital markets; property investment returns for four property types; vacancy and rental rates for five property types; and housing starts and prices.

READ MORE HERE

Categories : National News
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Nov
02

Four New Restaurants Coming to Lexington

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restaurant_signWith the opening of the Icehouse Amphitheater and the general population boom in the western part of Lexington County, the Town of Lexington’s restaurant and retail offerings are growing, and not just the chain ones.

“The Town of Lexington has undergone a complete transformation … most notably with the Icehouse Amphitheater becoming the new epicenter in our community that provides ‘feet on the street’ throughout the downtown corridor,” says Mayor Steve MacDougall. “Through our success, we have secured four new restaurants that will open in the coming months in downtown Lexington.”

Already well-known to hungry Midlands brunchers for the past 20 years, West Columbia’s Cafe Strudel will be opening a second location at 309 S. Lake Drive in Lexington. No worries, the original on State Street in West Columbia will remain as-is, hangover hashbrowns and all, and the new one will also have the same menu and hours. The Lexington operation is expected to open in early 2018.

READ MORE HERE

Categories : Lexington
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Nov
02

New Study Shows Strong Apartment Demand in Charleston

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apartments for rent signA study commissioned by a hotel advocacy group estimates that the Charleston area will need 13,388 new apartment units over the next 13 years to house all the people moving in town.

It’s hard to tell if the city will reach that number. City officials say there is an apartment boom right now with at least six apartment buildings in the works for downtown Charleston.

The study is on WeAreApartments.org.

The demands for apartments are on rise and Charleston is seeing on average about 34 people moving to Charleston every day.

READ MORE HERE

Categories : Charleston
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Oct
19

It’s Property Tax Bill Time……

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tax appeal approved thinIf you own or manage property in South Carolina, you will be receiving your property tax bills shortly, if you haven’t already. As you know, taxes are calculated by multiplying the taxable value by the assessment ratio (4% for owner occupied residential and 6% for most others) then multiplied by the millage rate. The only part of the equation that can be appealed is the taxable value. Be sure to review this value closely, and determine if it is reasonable.  If you aren’t sure that the taxable value of  your commercial property is reasonable, email me and I will gladly review it. As a licensed real estate  appraiser, I represent commercial property owners in the real property tax appeal process regularly.

Michael Dodds, MAI, CCIM    mdodds@irr.com

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Oct
19

Greenville’s Haywood Reserve Sold

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sold_sign65CNL Growth Properties, a real estate investment trust (REIT) which invested in the development of Class A multifamily communities in the mid-Atlantic and Sun Belt regions of the United States, has completed the successful liquidation of its portfolio according to the plan approved by shareholders in August 2016. The company closed on the sale of its 17th and final property, Haywood Reserve in Greenville, South Carolina, on Sept. 29, 2017, for $53.8 million.

Categories : Greenville
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Oct
19

Anderson Seeing Increase in Number of Businesses

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Categories : Anderson
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Oct
19

Participate in Integra’s Interest Rate Survey

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irr surveyIntegra Realty Resources (IRR) is seeking your participation in the IRR Interest Rate Survey. The purpose of the survey is to investigate the determinants of interest rate spreads across the U.S. Commercial Real Estate (CRE) industry. IRR will measure how factors such as the property type, loan size, geographic location, and characteristics of the lender affect the financing of CRE assets nationally.

If you complete the survey by 12:00 Midnight EST on October 24, 2017, you will be entered into a drawing to win one of ten $100 American Express Gift Cards we are giving away as a token of our appreciation.

We ask that you provide the financing rate spreads for at least one property type to be entered into both Prize Draws. If you are one of the lucky winners, we will send the $100 American Express Gift Card to the email address you provide.

LINK TO THE SURVEY

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Oct
12

Magna Distribution Center Sold for $80/sf

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Magna Distribution Center for PR EmailHolliday Fenoglio Fowler, L.P. has announced the $18.5 million sale of Magna Distribution Center, a 229,950-square-foot, fully leased, Class A+ warehouse and distribution facility in the Greenville-Spartanburg area of Moore, South Carolina.

Recently completed in 2017, Magna Distribution Center is a build-to-suit for Magna Seating of America, Inc., an industry-leading advanced automotive seating manufacturer. The 229,500-square-foot building has an expansion capacity of approximately 50,000 square feet and features 214,450 square feet of production space, 15,500 square feet of office space, LED lighting, 50-by-50-foot column spacing, 32-foot clear height, 30 dock-high doors, 13 knock-out panels, 20 trailer stalls and 250 employee parking spaces. Situated on 19.71 acres within the 882-acre master-planned Tyger River Industrial Park North, Magna Distribution Center is situated along Route 290 and has access to Interstates 26 and 85, the industrial “backbone” of the southeast. Additionally, the property is in the Route 290 Industrial submarket, a major automotive hub that is approximately 10 miles from BMW’s 1,150-acre Greer manufacturing plant.

The HFF investment sales team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally. The seller was SunCap Property Group. A private investor purchased the asset.

Categories : Spartanburg
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Oct
10

Panattoni to Build Spec Building in Duncan

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Spec-WarehouseCBRE announced Panattoni Development Company, Inc.’s 373,320-square-foot speculative project at Apple Valley Industrial Park in Duncan. Panattoni recently purchased the 39 acres in Spartanburg County and will invest more than $22 million in the new development.

The first building consisting of 177,320 square feet in Apple Valley Industrial Park has been pre-leased to an automotive related tenant. CBRE’s Marcus Cornelius, and Broadstreet Partners, LLC’s Ryan Koop represented PDC in the transaction.

Apple Valley Industrial Park is set for Q2 2018 delivery. CBRE and Broadstreet Partners are working with Panattoni to market the remaining 196,000 square feet available for lease. Located midway between Greenville and Spartanburg, the park is in close proximity to Interstate 85 and BMW and offers new, Class A construction and flexibility for either single-tenant or multi-tenant users.

READ MORE HERE

Categories : Uncategorized
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