Archive for Augusta

Sep
04

New Looks, Uses for Old Augusta Mills

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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.

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Feb
21

Senior Living Facility Planned for Augusta Area

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elderly_peopleThe Columbia County Board of Commissioners approved rezoning of property that would allow the construction of a senior living facility behind Fatz Café in Evans.

Commissioners unanimously voted for the changes at their meeting Tuesday at the Evans Government Center.

The rezoning application was submitted in January by Development Associates, a Savannah firm specializing in commercial real-estate development.

The proposed development, called Oaks at Evans Town Park, is described in county documents as a “private, pay-assisted living and memory care community.” It will be owned by Development Associates but managed by Oaks Senior Living, an Alpharetta-based company that already operates nine similar senior facilities across Georgia.

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Feb
19

Augusta Shopping Center Sold for $20 Million

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sold_sign65One of Washington Road’s largest commercial properties was acquired last month for $20 million – the latest in a string of multimillion-dollar investments on the busy thoroughfare in recent months.

The 28-acre Washington Square shopping center, whose tenants include 2nd &Charles, Stein Mart and Carrabba’s Italian Grill, was purchased by Atlanta-based WSQ LLC on Jan. 12, according to Richmond County property records.

The limited liability company is registered to Bret Block, a partner in the Atlanta law firm of Block &Fine. Phone and email messages to Block were not returned Monday or Tuesday.

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Sep
07

Augusta Multifamily Properties Sold

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soldLexerd Capital Management LLC (“Lexerd”), a New Jersey-based sponsor of private equity funds, has announced that two of its funds have acquired three properties in Augusta, GA. The properties include Parker Place Apartments, (“Parker”); Alexander Place Apartments (“Alexander”); and Arborside Apartments (“Arborside”), all garden style multifamily communities with 139, 127 and 180 units respectively. Lexerd renamed the properties “The Lory of Augusta.”

Terms of the transaction were not disclosed.

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Jul
27

Augusta Named the South’s “Mid-Market of the Year”

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southern businessSouthern Business & Development magazine has named Augusta to the South’s top honor as the best “Mid-Market of the Year” in 2017, according to the Augusta Economic Development Authority. In 2015, the magazine named Augusta as one of the “Ten Sizzling Mid-Market Economies” in the South.

Michael Randle, Publisher of Southern Business & Development, said, “Augusta garnered the top spot among all medium-sized economic development markets based on their strong recruitment efforts for new jobs and investments.” Randle continued, “Throughout the South, there are communities on the move, where cities’ economic growth and development are outpacing the rest of the country. Augusta is one of these cities, with the Augusta Economic Development Authority leading the way. Their overall ranking was impressive.”

In Randle’s state-by-state summaries, “It was a nice year for Georgia, with its highest point total in several years. A nice mix of industries and service projects. Augusta had a year like no other to win “Mid-Market of the Year”.

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May
08

Berkadia Announces Augusta Apartment Sale

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soldBerkadia announced today the sale of Oak Hill, located at 817 Hickman Road, Augusta, Georgia. Mark Boyce and Blake Coffey of Berkadia’s Charleston office, along with Jeremiah Jarmin of the Atlanta office, negotiated the transaction on behalf of seller Oak Hill 2008, LLC of Lakewood, NJ. Oak Hill sold on May 1, 2017 to Augusta Hickman Road Multifamily Partners, LLC of Nashville, TN for $6.8 million. The sales price reflects a per-unit price of $56,600 or $77 per square foot. The property was 94 percent occupied at the time of the sale.

“This was an excellent transaction for both buyer and seller. Buyer will implement a renovation strategy that will significantly improve the asset. The superb location coupled with the planned improvements will make Oak Hill a longstanding quality asset for many more years,” said Boyce.

Built in 1972, the 120-unit property features 3-bedroom floor plans. Each unit features fully-equipped kitchens and private balconies. Community amenities include two swimming pools, two laundry facilities, new windows, and new roofs.

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Mar
07

New Grocery Stores Headed to Augusta

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groceries3Just a little over a week after the closure of Whole Foods Market and days after the 15th Street Kroger cleared its shelves, two grocery chains have announced plans to plant roots in Augusta.

Sprouts Farmers Market, an Arizona-based healthy living supermarket will be the anchor tenant in the proposed Crane Creek shopping center at the corner of Interstate 20 and Walton Way Extension, just across the interstate from the Augusta Exchange shopping center. That area has been without a full-service grocery store since the closing of Winn-Dixie in 2005.

The other new supermarket, which is slated to occupy 3034 Peach Orchard Road, is a brand that’s more familiar to the Augusta area: Aldi.

The German-based discount grocer has filed plans with Richmond County to build on the site formerly occupied by the Ryan’s buffet restaurant, which closed last year.

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Jan
18

Belk to Anchor Augusta Retail Center

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belksA new, nearly 85,000-square-foot Belk department store is expected to anchor phase II of Mullins shopping center in Evans.

Although no official announcements have been made, commercial real estate firm Collette has started advertising on its website for about 37,4000 square feet that is available for lease surrounding Belk.

The site also states that phase II will include a new intersection with signals and has outparcels available for “build-to-suit or ground lease.”

Site plans shown on Collette’s website indicate that two retail spaces, one about 18,241 square feet and the other about 6,700 square feet, will be situated to the left and right of Belk. Two additional retail spaces, one about 19,161 square feet and the other about 12,651 square feet, are shown at the front of the shopping center, closer to Washington Road.

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Nov
01

What’s Happening in the Augusta Industrial Market?

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Categories : Aiken, Augusta
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Aug
11

What’s Happing With Augusta’s Old Depot Property?

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Jun
28

Upscale Apartments Coming to Augusta Riverfront

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augusta aptsAn upscale apartment community whose amenities include boat access to the Augusta Canal is set to open next year at the Village at Riverwatch, bringing a residential component to the high-profile retail-office zone.

InterMark Development LLC, a multifamily real estate company based in metro Atlanta, said it plans to break ground on the 260-unit complex on 22 acres of canal-front property just north of the Riverwatch Cinemas in early August.

InterMark principal Joe Mackey said the development, known simply as Riverwatch Apartments, will raise the bar on what is considered a “class A” in the local market.

“There are a lot of terms used to describe high-end apartments,” he said. “But most of them don’t do what we do justice.”

Mackey said the community will have all the features normally found in modern luxury communities – a resort-style pool and a clubhouse complete with a fitness center and cybercafe – in addition to unique amenities such as a bocce ball court, a dog park, a fitness trail that skirts the property’s perimeter and elevators in each building.

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May
18

HFF Closes Sale of Six Shopping Centers

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Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for a six-property, grocery-anchored retail portfolio totaling 535,252 square feet in Georgia, Alabama and South Carolina.

HFF marketed the properties on behalf of the seller, InvenTrust Properties Corp. Preferred Apartment Communities, Inc. sold signs, through its retail subsidiary New Market Properties, LLC, purchased the assets. Working on behalf of the new owner, HFF also placed four separate fixed-rate acquisition loans. Two properties were purchased in all-cash transactions.

The 96-percent-occupied portfolio comprises Anderson Central and Fairview Market in Greenville-Spartanburg, South Carolina; Rosewood Shopping Center in Columbia, South Carolina; East Gate Shopping Center and Fury’s Ferry in Augusta, Georgia; and Southgate Village in Birmingham, Alabama. Five of the properties are anchored by Publix and one property is anchored by Walmart Supercenter.

The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid.

The HFF debt placement team representing the borrower was led by senior managing director Ed Coco.

“The portfolio allowed the buyer to acquire a critical mass of six well-positioned, high-volume, grocery-anchored centers with an established tenancy located throughout the southeast,” Hamilton said.

Categories : Augusta, Columbia, Greenville
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Apr
26

The Boulder Group Sells Augusta Family Dollar

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boulder group logoRandy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Midwest based individual in a 1031 Exchange.

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant new construction Family Dollar located at 3211 Old McDuffie Road in Augusta, GA for $1,490,000.

The newly constructed Family Dollar is located at the signalized intersection of Old McDuffie Road and Barton Chapel Road. There are approximately 50,000 people living within a three mile radius of the property. The property is located approximately seven miles south of the Augusta National Golf Club.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Midwest based individual in a 1031 Exchange. The seller was a Southeast based real estate development company.

The new Family Dollar lease is for fifteen years and expires September 30, 2031. The absolute triple net lease features no landlord responsibilities and a 10% rental escalation in the primary term. The lease features 10% rental escalation in each of the six 5-year renewal option periods.

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Apr
08

Appraising the Tough Ones: Masters Golf Hospitality Facility

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With it being Masters week, I thought about an assignment that I did last year. A lender asked me to appraise an entertainment facility that is two blocks from the Augusta National Golf Course. It is a residence that has been converted into a hospitaility facility for use during Masters week. Multiple kitchens, 7,500 s.f. deck, three “country club style” bars, five restrooms, putting greens, massage therapist area, reservation desk, free Wi-fi, TV’s everywhere……kind of like a sports bar. The kicker? It is zoned to where it can only be used for this purpose during Masters week. It can be used a residence the rest of the year.

Obviously a lot of research was required. We ended up being very comfortable with our appraised value, and so was the client. If you have a tough property to be appraised in the Carolinas, the national database of Integra Realty Resources is a valuable resource.

Call Michael Dodds, MAI, CCIM at 803-960-8783, or email at mdodds@irr.com, for your appraisal needs in the Carolinas.

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