Author Archive

May
30

South Carolina Self Storage Facilities Sold

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two soldThe Storage Acquisition Group has announced the sale of two self-storage facilities located in South Carolina. The facilities, located at 2248 North Main Street in Summerville and 2711 Woodruff Road in Simpsonville, are part of a larger portfolio currently under acquisition. The sale was finalized on April 12, 2018.

The facilities total over 200,000 square feet and just over 1,450 storage units. The properties offer a mix of climate controlled and non-climate controlled units, drive-up access units, electronic gate access, video surveillance, and more for maximum convenience.

The Summerville facility is located just a few miles from the heart of historic downtown Summerville. Its location between State Road 176 and Highway 26 make position and visibility second to none. In addition, the Summerville area is growing rapidly with an average population increase of more than double the rates seen in the rest of the state.

The Simpsonville facility is located right beside the intersection of interstate highways I-385 and I-185 in an area dubbed ”The Golden Strip” for its prosperous commercial and retail sectors. The area is home to major corporations such as BMW, Michelin, GE, and Caterpillar to name a few.

The sale was managed by the group’s Vice President, David Spencer, and President and CEO, Cowles M. “Monty” Spencer, Jr.

Categories : Greenville
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May
01

Which Broker Marketing E-mails Do I Open?

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I don’t know how many property marketing emails you get per day, but it is probably a substantial number. I simply can’t look at them all, and I doubt that you can either. I would be willing to bet that the emails that show the city and state clearly in the subject line get opened more often. I welcome your feedback at mdodds@irr.com.

Michael Dodds, MAI, CCIM 

Categories : Uncategorized
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Apr
30

HFF Announces Sale of Industrial Facility in the Triad Region

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saleHFF announces the $6.7 million sale of a 107,480-square-foot, fully occupied, industrial building located at 4160 Mendenhall Oaks Parkway in North Carolina’s Greensboro-Winston Salem-High Point area, which is known as the Piedmont Triad (or Triad).

The HFF team represented the seller, a partnership between a private company and Somerset Properties. Dalfen America Corp. purchased the asset.

The multi-tenant building serves as the headquarters for two of the three tenants. The building was constructed in 1997 and features 24-foot clear heights, 16 dock-high positions, two drive-in doors and the ability to add additional loading via 14 knock-out panels. The 4160 Mendenhall Oaks Parkway building is situated within the master-planned Mendenhall Business Park, which is located near a network of major transportation thoroughfares, including Interstates 40, 73 and 85, which is the industrial backbone of the Southeast. Additionally, the building is centrally positioned within the Airport/West Guilford submarket, the largest and most sought after industrial submarket in the Triad, and less than 10 miles from the Piedmont Triad International Airport.

The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally. HFF is also representing the seller in marketing the remainder of Mendenhall Business Park, which consists of four single-story office buildings and two multi-story office buildings.

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Apr
30

What is the MAI Appraisal Designation?

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The MAI membership designation is held by professionals who provide a wide range of services on all types of real property related to providing, opinions of value, evaluations, review, consulting and advice on investment decisions, among other things. Property types may include commercial, industrial, agricultural, residential, and vacant land.

To become a MAI Designated member of the Appraisal Institute, an individual must:

  • Have good moral character;MAI pin
  • Be a Certified General Real Property Appraiser (or meet equivalency)
  • Hold bachelor’s degree or higher (or be a Certified General Real Property Appraiser)
  • Meet standards and ethics requirements;
  • Pass rigorous education requirements;
  • Pass a final comprehensive examination;
  • Receive credit for specialized experience that meets strict criteria; and
  • Receive credit for the demonstration of knowledge requirement.

These individuals have the necessary commercial property valuation experience and knowledge to produce a valuation that ensures confidence. MAI Designated members agree to adhere to the Appraisal Institute Code of Professional Ethics and Standards of Professional Appraisal Practice, underscoring a commitment to sound and ethical professional practice.

The completion of continuing education requirements assures that MAI Designated members remain informed on trends and changes pertaining to real property valuation, enabling them to provide valuations that reflect the latest in professional practice. The MAI designation has long been recognized by courts of law, government agencies, financial institutions, and investors as a mark of excellence in the field of real estate valuation and analysis.

By the way, Integra Realty Resources has 166 MAI designated appraisers nationwide.

Categories : INTEGRA NEWS
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Apr
17

Greenville CBD Mixed Use Development Sold

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100-east-greenville-sc-100-east-downtown-apartment-homes100 East, the downtown Greenville mixed-use development at 100 E. Washington St. that consists of 48 apartment units and approximately 6,000 square feet of retail space, has sold.

Tony Bonitati, Kay Hill, and Bern DuPree of NAI Earle Furman’s Multifamily Division arranged the transaction on behalf of the buyer, 100 East Venture LLC. The seller, DPG Pazdan Greenville LLC, was not represented in the sale.

100 East, a rental loft community designed by McMillan Pazdan Smith Architecture and constructed in 2012, is situated one block east of Main Street in the heart of downtown, behind the Wells Fargo Center. It consists of 18 studio units, 12 one-bedroom units, and 18 two-bedroom units and bookends the South Spring Street parking garage.

READ MORE HERE

Categories : Greenville
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Apr
17

Calkain Releases Net Leased Report

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A counter-intuitive trend marked cap rate movement in the first quarter of 2018. While the expectation in a period where the number of ground lease increased and double-net leases decreased might bring cap rate compression, rates actually expanded by 2.7 basis points (bps) in Q1. Overall, it’s still a fairly neutral shift. Posting the largest changes for the quarter were the automotive and casual dining sectors.

Download the report by clicking on the image below.

Calkain 1Q 2018

Categories : National News
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Apr
17

Greenville Area CRE Transactions

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gville

  • Guy Harris, of Spencer/Hines Properties, facilitated the lease between Green Barns of America and Ronald and Wilma Quinlan of 16,250 square feet of industrial property at 1040 Canaan Road in Roebuck.
  • Guy Harris, of Spencer/Hines Properties, facilitated the lease between Carolina Smoothie and Publix Supermarkets of 1,500 square feet of retail space at 9815 Commons Drive in Huntsville, N.C.
  • Tim Satterfield of Coldwell Banker Commercial Caine represented Kelestatio LLC (Landlord) in the leasing of a +1,800-square-foot retail/restaurant space at 253 Magnolia St., to Badmon LLC doing business as Burrito Hub (Tenant).
  • Greenville, South Carolina: Hunter Garrett and John Staunton of NAI Earle Furman represented the tenant, Builders Wholesale Flooring LLC, in leasing a 12,500-square-foot industrial space at 228 Pelham Davis Circle from Binkley Enterprises LLC.

Source: GSA Business Report

Categories : Greenville
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Apr
17

NAI Avant Closes ±20,791 Square Foot Industrial Sale

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gilbertNAI Avant has announced the sale of ±20,791 square foot of warehouse space at 4335 Augusta Highway in Gilbert, South Carolina. Senior brokers Nick Stomski, SIOR and Rob Lapin represented the seller, Branning Property Management, LLC. Robertson Family Holdings, LLC purchased the property for $935,000.

The property features two buildings, totaling ±20,791 square feet of office and warehouse space, on ±5.45 acres of land. Building 1 consists of ±8,991 square feet of professional office space while Building 2 consists of ±11,800 square feet of office and manufacturing/lab space.

Categories : Uncategorized
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Apr
17

Vista Capital Management Awarded Management Contract

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VistaCMVista Capital Management Group has announced that it has been awarded management of three multifamily communities totaling 400 units. The communities, Cameron Courts Weldon Heights, Linwood Terrace, and Mountain View, are located in Gastonia, North Carolina. Formerly public housing properties, Vista Capital will oversee their conversion to low income housing tax credit communities.

While already established in Hendersonville, Vista Capital is proud to expand their reach further into North Carolina with the addition of these 400 units in Gastonia. Managing a portfolio in excess of $250 million, Vista Capital Management provides property and asset management services throughout the Southeastern and Mid-Atlantic regions of the United States, including South Carolina, North Carolina, Virginia, Maryland, and Indiana.

Categories : Uncategorized
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Apr
17

136 Year Old Mill Could Become Cybercenter

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CyberworksIt’s somewhat ironic: One of the best glimpses into Augusta, Ga.’s future can be found at a 136-year-old textile mill.

The mostly shuttered Sibley Mill in the city’s historic Harrisburg section is where a group of high-tech investors are working through the initial phases of a $150 million plan to develop a multi-use complex called Augusta Cyberworks.

The plan would transform the hulking industrial property and the adjacent King Mill into offices, apartments and a 20-megawatt data center to power the city’s growing digital economy.

“There is nothing like this here in Augusta,” said Charles Johnson, the CEO of IT firm EDTS and a partner in Cape Augusta Digital Properties, the developer of the Cyberworks campus.

EDTS, which provides remote network and cybersecurity services, is Cyberworks’ first tenant. The 72-employee company moved into 32,000 square feet of renovated space in the mill’s old cotton warehouse last summer.

READ MORE HERE

Categories : Augusta
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Apr
17

Texas Roadhouse Ground Lease Sold

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berkeley capBerkeley Capital Advisors has announced the sale of the Texas Roadhouse Ground Lease in Aberdeen (Pinehurst Area), NC for $2.03MM. Located at 1301 North Sandhills Blvd., Texas Roadhouse had 10 years remaining on the lease at time of sale. The 1.22 acre site is improved with the 6,150 square foot Texas Roadhouse restaurant, which was built in 2012.

Steve and Ransome exclusively represented the seller in the transaction.

Categories : Uncategorized
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Apr
16

Investor Interest in Self Storage Remains High

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Self Storage Tucson Arizona

Self Storage Tucson Arizona

Institutions continue to invest in self-storage assets, paying high prices for properties and partnering on new developments.

“There’s been tremendous activity from high-end, institutional-level capital that is entering or attempting to enter the space,” says Brian Somoza, managing director with JLL Capital Markets. “That’s been driving a fair amount of acquisitions.”

Developers plan to open new self-storage properties totaling millions of square feet in 2018. New customers are expected to rent up most of this new space, keeping average occupancy rates high and property incomes strong. With fundamentally strong demand, institutional investors keep paying high prices for properties even though buyers may take longer to close deals and are buying less than they did in 2016.

READ MORE HERE

Categories : National News
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Mar
01

S.C. Hotels Post Strong Occupancy and RevPAR Figures

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hotelStatewide revenue per available room increased 2.2% in December 2017 for S.C. hotels and grew 4.6% for the year, the S.C. Department of Parks, Recreation & Tourism said Wednesday.

RevPAR, as the tourism impact indicator is known, stood at $43.12 in December. The annual increase outperformed both national (3%) and South Atlantic regional (4.6%) averages.

State parks also saw a revenue increase in December and for the year. Compared to a fall/winter of 2016 affected by Hurricane Matthew, state parks revenue rose 18% in December and 18.3% year-to-date. Compared to revenue averages, the yearly increase was closer to 4%.

Three of the state’s major airports ended 2017 with year-to-date increases in deplanements, led by Myrtle Beach International Airport’s 16.7% jump. Myrtle Beach saw a 21.9% deplanement rise from December 2016 to December 2017.

READ MORE HERE

 

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Feb
28

New Apartments Proposed for Bluffton

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mayewater“Wilkinson Way” in Bluffton doesn’t exist — yet.

But it’s a developer’s preferred and proposed street name that would lead to a yet-to-be constructed apartment complex off Bluffton Parkway, southwest of the intersection of Red Cedar Street.

The complex, dubbed Vantage Pointe Apartments at Bluffton Park, has been proposed by Bluffton Park Apartments, LLC and Bluffton Park D-2, LLC, both of which are registered to Realtor and developer David Staley, founder and president of Main Street Realty on Hilton Head Island. According to Town of Bluffton Planning Commission documents, the development — if approved — would be a “110-unit multi-family” complex.

The proposed street names — others include Crowder Court and Vantage Court — will be discussed at this week’s Bluffton Planning Commission meeting.

READ MORE HERE

 

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Feb
28

Cantor Fitzgerald Acquires Fort Mill Office Building

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daimlerCantor Fitzgerald Investors, LLC has announced its purchase of the Daimler Building, a 150,164 square foot, Class A office building at 2477 Deerfield Drive in Fort Mill, South Carolina. CFI, together with a public, non-traded real estate investment trust it sponsors, acquired the asset for $40 million. Daimler Trucks North America has occupied the building since 2008 as the sole tenant and recently extended its lease through 2028.

The property is located in the Charlotte, North Carolina metro region and serves as the east coast operational hub for Daimler Trucks North America. Charlotte continues to be one of the most attractive, fastest growing markets in the United States, known for its high pay, low expenses and attractive quality of life.

Cushman & Wakefield Charlotte Managing Director Rob Cochran, Director Jared Londry and Associate Nolan Ashton, and Campbell Walker and Ridr Knowlton of Lincoln Harris represented the seller.

Categories : Charlotte, Rock Hill
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