Archive for Augusta

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”.

READ MORE HERE

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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.

READ MORE HERE

 

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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.

READ MORE HERE

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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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Apr
06

The House that Augusta National’s Millions Can’t Buy

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augusta national houseAugusta National has an incredible way of making things disappear. Trees. Houses. Roads. If the most powerful golf club on earth wants something, it buys it, and it has spent the past 15 years gobbling up the property around its borders.

An entire neighborhood once sat across from Gate 6-A at the Masters. The golf club spent more than $40 million to bulldoze it into a free parking lot, and now all that remains now is the simple three-bedroom house at 1112 Stanley Road that Herman and Elizabeth Thacker built in 1959.

They raised their two children there, and as that family expanded to including five grandchildren and five great-grandchildren, they still found a way to cram everybody inside those simple brick walls for the holidays.

They love it here. And so, when the man representing that powerful golf club came to inquire about buying their home to expand their parking lot, their message was polite but forceful: Thanks, but no thanks. “We really don’t want to go,” Elizabeth Thacker said.

READ MORE HERE

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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
19

Waypoint Residential Acquires Augusta Apartments

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perimeterWaypoint Residential continues to grow its portfolio focused on communities offering solid rates of return and opportunities for long-term appreciation in value-add plays. The 2011-founded firm announced Wednesday that it had acquired Estates at Perimeter, a 240-unit, Class-A asset located at 50 St. Andrews Dr. in Augusta, Ga., about five miles from the famed Augusta National Golf Club.

“This acquisition is representative of our strategy to grow our portfolio through targeted investments in desirable growth markets with favorable fundamentals,” says Raymond Barrows, COO of Waypoint Residential. “The Estates at Perimeter is a high-quality asset with strong current income and we look forward to leveraging our proven property management platform and operational expertise to create long-term incremental value.”

Built in 2007, the community is 97 percent occupied and features a saltwater pool, 24-hour fitness center, business center, media room, playground and a newly decorated clubhouse. Waypoint plans to apply its value-enhancing property management platform to upgrade the units with new lighting packages, plantation blinds, ceiling fans and faux wood flooring in the kitchens and baths. In addition, amenities will be improved and a pet park will be added at the property.

The Estates at Perimeter is Waypoint’s third acquisition in the state of Georgia. Waypoint also manages The Hamptons at East Cobb in Marietta and Village on the Green Apartments in Atlanta.

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Sep
19

Whole Foods to Open Augusta Store

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Whole Foods Market will open its first Augusta store later this month.

The grocer’s grand opening of its new 41,000-square-foot store will be Tuesday at the Washington Crossing shopping center on Washington Road. Sneak-peak preview tours will be available to shoppers Friday and Saturday.

The store will feature a nine-hole putting green, patio, coffee bar, a large cheese selection and more, according to a press release.

“We are as excited as the community is to be able to announce our opening date,” Whole Foods Market Augusta Store Team Leader Nourredine Dahak stated in a press release. “We look forward to opening our doors in a few short weeks, bringing a fun, new and healthy grocery store option to our neighbors and team members here in Richmond County.” Whole Foods, a natural- and organic-food retailer, was founded in Austin, Texas, in 1980. Locations include the United States, Canada and the United Kingdom.

READ MORE HERE

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