Archive for Aiken

Nov
01

What’s Happening in the Augusta Industrial Market?

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Categories : Aiken, Augusta
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Aug
09

Aiken Mall Redevelopment to Target Millennials (video)

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May
26

Dead Malls Being Sold at Ridiculously Low Prices

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aiken mallFor some time now the regional mall market has been dividing into two starkly different camps consisting of the “haves” and the “have nots.” Prime assets, such as the 324,000-square-foot Shops at Crystals on the Las Vegas strip, continue to command sale prices of more than $1 billion. However, investor interest in failed malls is meager at best by comparison.

Consider the following string of regional shopping malls that sold in the past few weeks. The three properties – all located in outlying, sparsely populated areas and all hit with major store closures — join the list of 76 other malls of 100,000 square feet or larger that have sold for less than $10/square foot in the last two years:

  • The 503,626-square-foot Gadsden Mall in Gadsden, AL sold for $9.85/square foot ($4.96 million) after trading for $58.8 million in 2005.
  • The 358,057-square-foot Aiken Mall in Aiken, SC sold for $8.45/square foot ($3.03 million). In 2007, the same mall carried an appraised value of $26.3 million.
  • The 746,410-square-foot Fairgrounds Square Mall in Reading, PA sold for a ridiculously low $1.54/square foot ($1.17 million). In 2007, the mall carried an appraised value of $50.7 million.

The buyers of these properties all employ strategies aimed at turning dust into diamonds. Hedge fund investor Farallon Capital Management, which acquired the Gadsden Mall, has acquired a number of failed or under-performing malls after raising $375 million in a real estate investment fund in 2014.

READ MORE HERE

Categories : Aiken, National News
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Mar
01

Aiken County Property Owners Brace for Reassessment Notices

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taxes4With 2016 being a property tax reassessment year, Aiken County Tax Assessor Rick Jantzen hopes to be able to make the assessment process as simple as possible for residents.

“Tax reassessments are a very impassioned exercise,” Jantzen said. “By the time the property owner contacts us, in the event of an appeal, he is pretty upset about what he’s received as his bill.”

A reassessment is the process of redetermining the value of a parcel of real estate for property tax purposes, Jantzen said.

This year will be Aiken County’s seventh reassessment since its first in 1982. Property tax reassessments have occurred every five years since 1995 when the tax statutes changed. A property’s tax value is limited to a 15 percent increase over the last reassessment, which occurred in 2011.

Since that time, according to Jantzen, the median sales price of single family residence is up 10.8 percent in Aiken County. And since 2010, the median sales price of all Aiken County property sales has increased 4.1 percent, from $120,000 to $124,900.

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May
14

Berkadia Sells Aiken’s Steeplechase Apartments

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steeplechaseBerkadia announced today the sale of Steeplechase, located at 749 Silver Bluff Road in Aiken, South Carolina. Vice President Mark Boyce of the South Carolina office and Associate Partner Robert DiPietrae of the Seattle office negotiated the transaction. Steeplechase sold for $4.5 million on March 31, 2015. The sales price reflects a per-unit price of $35,524, or $51 per square foot. The cap rate was not reported.

Built in 1976, the 126-unit property features one, two and three-bedroom floor plans, with amenities including a pool, clubhouse and playground. At the time of sale, the property was fully stabilized at 96 percent occupancy. Steeplechase has little to no deferred maintenance and offers the new owner an opportunity to own and manage a well-located asset in a growing secondary market of South Carolina. With minor interior upgrades, new ownership will be able to adjust rents accordingly.

The community is located near State Route 78, providing residents access to the entire Aiken area. Steeplechase is less than two miles from Houndslake Country Club and seven miles from University of South Carolina – Aiken. Top employers in the immediate area include URS Corporation, University of South Carolina – Aiken, Regions Bank and Hubbell Power Systems, Inc.

The seller was a Seattle-based institutional real estate developer and investment group. The buyer was a Georgia-based entity.

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Feb
05

McDonald’s Ground Lease Sold at Record Cap Rate

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graniteville mcdonaldsDoug Roland, Investment Sales Advisor with NAI Avant’s Charleston office, recently facilitated the sale of a ground lease of the McDonald’s located at the corner of Bettis Academy Road and Interstate 20 in Graniteville, SC (Augusta/Aiken MSA).

The transaction closed in January for $1,050,000. The indicated 4.0 percent Cap Rate, reportedly sets a record Cap Rate for a McDonald’s ground lease in South Carolina. The remaining term of the lease was not reported.

Categories : Aiken, Augusta
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Jan
12

Reger Purchases Three SC Industrial Buildings

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sold stamp blueReger Holdings has closed on the purchase of three area industrial properties totaling about 840,000 square feet for nearly $12.9 million.

With the three additional properties, the West Seneca, N.Y., firm has increased its South Carolina industrial portfolio to 23 buildings totaling more than 3 million square feet. All three properties were vacant at the time of sale.

The properties include:

  1. 358 Ascauga Lake Road, a 454,000-square-foot former textile plant in Aiken County most recently used as a distribution center.
  2. 209 Flintlake Road, a 122,000-square-foot distribution center in Richland County.
  3. 375 Metropolitan Drive, a 263,000-square-foot Class A manufacturing building in the CAE Enterprise Park near Columbia Metropolitan Airport in Lexington County.

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Categories : Aiken, Columbia
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Jul
02

Subdivision Lots Sold to JR Homes in Aiken

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Newmark Grubb Wilson Kibler has announced the recent sale transaction of 38 Lots in ‘The Ridge’ subdivision in Aiken, SC.  Wayne Smith, of Newmark Grubb Wilson Kibler, represented the seller FPA, Inc.

The lots were purchased by JR Homes of SC, a regional residential home building company.

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Jun
30

Aiken County Facing Challenges

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Savannah River Site employee Matt Kolinoski admitted there are many great places to live in Aiken County.

But, he said, there is a very good reason he has been a resident of Columbia County, located a few miles away on the Georgia side of the river. He’s lived there for the past 10 years and intends on raising his 5-year-old child in that county’s school systems.

“I wish I was a little bit closer to work, but I sacrifice a little bit of driving and time to live in a nicer area,” Kolinoski said. “And I’m not taking anything away from Aiken. It’s a nice place, too. Columbia County just seems to be an up-and-coming community.”

Last week, Kolinoski could be found playing soccer in Evans Towne Center Park – an already well-received facility that Columbia County is still improving. Right outside of the construction site hangs a sign that reads, “Evans Towne Center Park Playground Expansion: Your Sales Tax Dollars at Work.”

In terms of growth, Aiken County has not kept up with Columbia County or Lexington County in South Carolina.

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May
06

Aiken Power Center Sold

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JLL has arranged the $28.9 million sale of Hitchcock Plaza, a 252,097-square-foot shopping center in Aiken. Inland Real Estate Group purchased the asset from Hendon Properties. The shopping center’s tenant roster includes Ross Dress for Less, T.J. Maxx, Bed Bath & Beyond, Old Navy and Academy Sports + Outdoors. Margaret Caldwell and Kris Cooper of JLL represented Hendon Properties in the transaction.

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Dec
13

Publix Anchored N. Augusta Plaza Sold

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Slate U.S. Opportunity (No. 3) Realty Trust has announced the acquisition of  North Augusta Plaza, a 254,718 SF retail center located in North Augusta, South Carolina. The Center is anchored by Publix, Big Kmart, and Hamrick’s. A press release reported the price as $19 million ($75/SF).

The center was reportedly purchased at an approximate 8.8% going-in cap rate. The 254,718 square foot property is 92% occupied.

Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.

Categories : Aiken, Augusta
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Nov
26

Aiken Residential Sales Up 13.5%

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The Aiken Board of Realtors has some good news to share. Things are looking up for the real estate business locally based on a report recently released by the organization.

The year-to-date figures for residential transactions through October showed that both pending sales and closed sales were up 13.5 percent.

“I wouldn’t call it a recovery anymore; I think we’re back into a normal market,” said Kristyne Shelton, the Board of Realtors’ association executive. “People understand that it’s a good value to buy a home, and it’s a smart investment to buy a home. Sometimes, in the under $100,000 category, you can buy a house for cheaper than you could rent it.”

The year-to-date median sale price of $141,500 was down 4.4 percent.

“We have a large inventory of houses in the above $400,000 price range, and that is a hard category make a sale in,” Shelton said. “When you don’t sell those big houses, that drives the median price down.”

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Categories : Aiken, Uncategorized
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Sep
24

175,000 SF Aiken Distribution Center Sold

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Elmtree Funds has purchased a Class A distribution facility that is under construction in Aiken for $8.5 million. Owens Corning, a global producer of building materials including glass-fiber reinforcements and engineered parts for composite systems, will occupy the 175,000-square-foot building under a 15-year lease. The property will be connected to the company’s existing manufacturing facility, which opened in 1979 and has undergone three expansions since.

ElmTree Funds is a private equity investment firm based in St. Louis with additional offices in Boston, New York and Charlotte, N.C. The company focuses on commercial sale-leaseback and net-lease transactions.

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Jun
27

We are Appraising in Augusta/Aiken

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My appraisal firm, Integra Realty Resources – SC, has been doing a lot of commercial appraisal work in the Augusta, GA and Aiken, SC markets recently. If we can assist with your appraisal needs in that region, please let me know. As always, we work statewide, with emphasis on Columbia, Greenville, Charleston, Florence, Anderson and the Hilton Head/Bluffton regions.

Michael Dodds, MAI, CCIM

Categories : Aiken, Augusta, INTEGRA NEWS
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Jun
13

Aiken’s Commercial Buildings Leasing Up

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The number of vacant commercial spaces around the area is slowly dwindling.

At least that’s the consensus of local Realtors who work to fill empty buildings vacated by businesses that have relocated or closed.

Though some of those buildings have been vacant for years, many have become occupied in the last year, which not only fills a void in the various shopping centers but creates more jobs and shopping opportunities for Aikenites.

A lot has happened in the last year.

The City of Aiken took an old bank building that stood empty for several years on Laurens Street and converted it into its new administration and finance office. The initial plan was to add on to the existing municipal building, but City officials found it to be more fiscally sound to repurpose the large downtown structure.

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