Archive for Charleston

Mar
20

Former Skating Center in Charleston Sold

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hot wheelsCarolina Commercial, LLC congratulates Dunston Powell, CCIM and William Moore on the sale of the 16,000 square foot former Hot Wheels Skating Center at 1523 Folly Road in Charleston, SC.

Carolina Commercial represented John Harris Body Shop/Owen Investments Company, LLC in the purchase for the planned adaptive reuse of this former landmark James Island property. Phil Rose with Twin Rivers Capital represented the Seller.

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Mar
05

92 SC Food Lions to be Renovated

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food lionYour Food Lion could be getting a makeover soon.

The company announced Monday that it will remodel 92 stores in the greater Myrtle Beach, Florence, Columbia and Charleston markets in 2019.

The $158 million investment will go toward remodeling the stores, lowering prices and expanding the assortment of products of available at each store. Food Lion is also expecting to hire nearly 2,000 new associates at the stores.

“Food Lion is proud to have been a part of the many towns and cities we serve throughout South Carolina for 43 years and we are even more excited to bring exciting new offerings, services and a new look to these markets,” said Food Lion President Meg Ham.

READ MORE HERE

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Mar
05

Don’t Forget Those Property Tax Exemptions in SC

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proximityA 199 unit Proximity Residences off Bee’s Ferry Road in  Charleston County just sold for $37 million ($186,000/unit). Currently, the taxable value of the property is about $29.6 million, which means the property taxes could increase by 25%. Hopefully, someone made the Pennsylvania based buyer aware of the 25% exemption (that has to be applied for), which would bring the taxable value back down to the current level. Call me if I can assist with any property tax issues in South Carolina.

Michael Dodds, MAI, CCIM  cell (803) 960.8783

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Sep
19

Norvell Real Estate Group Announces Transactions

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norvell logoFrank Norvell, SIOR represented the seller, RCF Ashley Center, LLC in the $16,900,000 sale of Ashley Center, a 70,0000 SF Class A office building located at 4401 Belle Oaks Drive, N. Charleston. The buyer was represented by Chris Fraser of Avison Young.

Frank Norvell represented the Landlord, Pelham LP, in the 5,400 SF lease renewal of HF Services, Inc. at Bridgeport Center I, 210 Wingo Way, Mt. Pleasant. The tenant was represented by Charlie Carmody or CBRE.

Drayton Calmes represented Environment Resource Management in their 3,700 SF lease at Gateway Mount Pleasant office building.

Drayton Calmes represented the buyer, Benbrooke North Village, LLC in the $2,650,000 sale of North Village Shopping Center located at 6877 Dorchester Rd, N. Charleston. The seller was represented by Blair Belk and Trey Lucy of Belk | Lucy.

Drayton Calmes represented the Landlord, Benbrooke Creekside Partners, LLC in a 5,059 SF lease to Cirque Salon Studios at Creekside Shopping Center, 205 N. Goose Creek Blvd, Goose Creek, SC. Tenant was represented by Trey Lucy of Belk | Lucy.

Drayton Calmes represented the Landlord, Benbrooke Dorchester Partners, LLC in a 6,500 SF lease to Star Beauty at Evanston Plaza, 5335 Dorchester Rd, N. Charleston.

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Sep
13

Public Storage Acquires Summerville Self Storage

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self-storage3Public Storage Inc. has acquired Summerville Self Storage in Summerville, S.C. The property at 11055 Dorchester Road is 23 miles northwest of Charleston, S.C. Built in 2007 and expanded last year, it comprises 53,859 net rentable square feet of storage space in 405 units.

The seller was a partnership between an Austin, Texas-based private company and Absolute Storage Management (ASM), which owns and operates 105 self-storage facilities in 15 states. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston.

Categories : Charleston, Summerville
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Aug
20

Charleston Residential Real Estate is Setting Records

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home-prices-riseCharleston is hitting some interesting records!

Within the last 3 months, Charleston has seen the lowest number of homes for sale in over 10 years (5,236 homes)… the highest median sales price ($274,000)… the highest median price per square foot ($145)… the least median days on market (14).

In short, Charleston continues to max out prices with fewer and fewer homes available, selling faster and faster. Here’s an area by area break-down:

  • This month James Island hit it’s highest average price per square foot ($202/sqft).
  • Last month Mt Pleasant hit over a half-million average sales price ($508,000).
  • North Charleston inside of 526 is steadily becoming more attractive than N. Charleston outside of 526, with a faster increasing $/sqft since January 2018.
  • The Downtown area and Mt Pleasant are the only areas around Charleston showing an increasing number of homes available.
  • The Peninsula inside of Crosstown saw the lowest median price per square since January 2016 ($368/sqft).
  • Summerville continues to show the strongest trend in increasing price per square foot.

Be sure to check out my friend Terry Peterson’s website if you are looking to buy or sell in Charleston.

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Jul
29

Charleston-Area Stores Struggle After Anchor Tenants Close

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vacant storeAnchor stores have been around as long as shopping centers.

The big boxes, be they supermarkets or national retailers, serve as the draw while smaller merchants set up shop around them and feed off the foot traffic generated by their big brothers.

But when the anchor pulls out because of a relocation, poor sales or bankruptcy, the shopping center’s nearby merchants are left to fend for themselves. Some make it. Others don’t.

“I’ve found a drop-off of people walking in,” said shopkeeper Janet Muhs, who owns and operates Sew Much Better, a sewing studio in the Shops at Shelmore Village in Mount Pleasant.

READ MORE HERE

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Feb
26

CCP Commercial Real Estate Acquires Charleston Building

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sold_stamp redCBRE Capital Markets facilitated the sale of Foxbank Industrial Park, a 201,500-square-foot manufacturing and distribution facility in Moncks Corner, just north of Charleston. Located at 2550 U.S. Highway 52 in Berkeley County, the property is home to anchor tenant Sea Fox Boats, the nation’s leading manufacturer of value-driven saltwater boats. CCP Commercial Real Estate acquired the property.

“Foxbank Industrial Park is located within a diversified and growing Charleston-area economy that includes tourism, automotive, aerospace and boat manufacturing, defense contracting, and the Port of Charleston-related commerce,” said Gildea, executive vice president at CBRE Capital Markets. “The investor appetite for industrial investment in the Charleston area is robust, with limited opportunities available in today’s market.

 

The functional manufacturing and distribution complex is situated on more than 30 acres and features 25-35 foot clear heights, 10,280 square feet of office space, ample power infrastructure, existing bridge cranes, 18 oversized ground-level doors, and an expansive outside storage area.

CBRE’s Patrick Gildea, Bob Barrineau, Brendan Redeyoff, and Matt Smith represented the seller, JL Woode, in this transaction.

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Feb
23

Charleston’s Faber Plaza Office Building Sold

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Faber-PlazaTrinity Capital Advisors and Durlach Associates recently closed the sale of Faber Plaza at 4400 Leeds Avenue in Charleston, South Carolina, to a partnership including Hall Capital and Durlach Associates for $36.4 million. Trinity Capital and Durlach Associates developed the 125,822 SF Class-A building in 2015 in a joint-venture. CBRE’s Patrick Gildea, Matt Smith, and Charlie Carmody managed the asset disposition process on behalf of ownership.

Hall Capital is a family-owned private investment company with offices in Oklahoma City, Nashville, Chicago, Dallas, and Tulsa. The firm’s investment focus falls into four key areas: real estate, private equity, automotive, and oil & gas.

Faber Plaza is a five-story office building whose tenant roster includes Blue Cross Blue Shield, Paychex, Cummins, HDR, Sonepar, TranSystems, and TY Lin International. Building features include a spacious lobby with 12-foot ceilings, floor-to-ceiling windows, and outstanding park views. The column-free building features 25,000 SF floorplates that allow for maximum flexibility and design efficiency. Highly visible from Leeds Avenue, the building offers immediate access to Interstate 526 and Interstate 26 and is surrounded by more than 50 restaurants, 20 hotels and 12 banks.

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Feb
23

Avison Young Announces Charleston Transactions

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Todd Garrett, CCIM, SIOR represented BPG SR Adults Trust Agreement in the leasing of 10,400 sf industrial building located at 3450 Buffalo Avenue in North Charleston, South Carolina, to Hydro Rents Carolina, Inc. Tradd Varner of Avison Young represented the Tenant.

Jeremy Willits and Gerry Schauer, CCIM represented the landlord, Three Broad Inc., in the lease extension of a 270 sf office space located at 3 Broad Street in Charleston, South Carolina to Keith Arnold.

Jeremy Willits and Gerry Schauer, CCIM represented the landlord, Long Point Center, LLC in the lease of a 6,650 sf office space located in Long Point Center at 503 Wando Park Boulevard in Mount Pleasant, South Carolina to The Prudential Insurance Company of America. Charles Carmody of CBRE represented the tenant.

Tradd Varner represented 1801 Reynolds, LLC in the purchase of a 7,173 sf freestanding multi-use building located at 1801 Reynolds Avenue in North Charleston, South Carolina, from Ternion, LLC for $400,000.

Todd P. Garrett, CCIM, SIOR represented 2652 Bonds Avenue, LLC in the lease extension of 3,850 sf of office/warehouse space located at 2652 Bonds Avenue in North Charleston, South Carolina, to Omni Services of SC, INC.

Todd P. Garrett, CCIM, SIOR represented 2652 Bonds Avenue, LLC in the lease extension of 1,500 sf of office/warehouse space located at 2652 Bonds Avenue in North Charleston, South Carolina, to Brahma Engineering, LLC.

Johnny Bevon, CCIM represented Blane Cowart in the purchase of 1.12 acres of land located at 2717 Dantzler Drive, North Charleston, South Carolina, from Dantzler Drive, LLC for $520,000. Louis Griffith of Joe Griffith, Inc. represented the Seller.

Todd P. Garrett CCIM, SIOR and Tradd Varner represented 756 St. Andrews Blvd, LLC in the lease extension of 2,100 sf of industrial space located at 7187 Bryhawke Circle in North Charleston, South Carolina, to Lennox National Account Services .

Tradd Varner & Nick Tanana represented Old Whaling Company, LLC in the leasing of 2,850 sf of industrial space located at 1727 Pineview Road (units A&B) in Charleston, South Carolina, from Harllee, LLC.

Jeremy Willits represented the tenant, DigitaliBiz, Inc., in the leasing of a 4,324 sf office space located at 4360 Corporate Road in North Charleston, South Carolina, from Life Cycle Engineering, Inc. Pete Harper of Lee and Associates represented the lessor.

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Feb
22

Lowes Foods Coming to Mount Pleasant

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adamsThe long-awaited Lowes Foods-anchored shopping center on Highway 41 in Mount Pleasant is finally taking shape. Adams Property Group, LLC, in partnership with Armada Hoffler Properties, Inc., has closed on the purchase of the 16.34-acre site at the intersection of HWY 41 and Wood Park Drive and will commence construction immediately. According to Town of Mount Pleasant records, building permits were obtained by Armada Hoffler Construction in December to construct the 50,000 square foot grocery store along with approximately 24,000 square feet of retail shop space. The shopping center, known as the Market at Mill Creek, will also have a fueling station and three outparcels.

In 2015, Adams Property Group gained control of the site from its long time self-storage partner, Paul E. Walker of Carolina Self Storage Centers and Monster Self Storage, to pursue a retail development and shortly thereafter struck a deal with Lowes Foods.

Armada Hoffler Properties and Adams Property Group are excited to complete the construction of this first-class neighborhood retail shopping center with Lowes Food store opening expected in early 2019. Multiple leases for shop space have been executed including Marco’s Pizza, Agaves Cantina, Hwy 41 Wine and Spirits, Nail Club and Sea Island Urgent Care. Armada Hoffler Construction Company will be the General Contractor for the project and Adams Property Group will handle the property management and leasing efforts for the shopping center.

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Nov
14

Recent Coldwell Banker Commercial Atlantic Transactions

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CBC atlanticCharleston, SC 10/24/2017 – Zach Wade of Coldwell Banker Commercial Atlantic represented the Tenant, Breakout LLC, in the lease extension of a 1,900-squarefoot office at 18 Leinbach Drive, Suite G, in Charleston, SC.

North Charleston, SC 10/23/2017 – Brent Case, CCIM and Kathleen Boswell, CCIM of Coldwell Banker Commercial Atlantic represented the Buyer and Seller in the sale of a 7,180-square-foot retail space for $1,250,000 at 2093 Eagle Landing Blvd. in North Charleston, SC. Brent Case represented the Buyer, Henry G. Crunk, and Kathleen Boswell represented the Seller, North Towne Greek Restaurant.

Summerville, SC 10/10/2017 – Marlena Franklin, CCIM of Coldwell Banker Commercial Atlantic, represented the Seller, Hickory Street Corp., in the sale of a 1,400-square-foot home for $218,400 at 404 North Hickory Street in Summerville, SC. Janice Freeman of Century 21 represented the Buyer.

Charleston, SC 10/5/2017 – Kathleen Boswell, CCIM of Coldwell Banker Commercial Atlantic represented the Landlord, Maids of Charleston., in leasing a 901-square-foot office space at 1064 Gardner Road, Suite 101, in Charleston, SC.

Charleston, SC 10/5/2017 – Kathleen Boswell, CCIM of Coldwell Banker Commercial Atlantic represented the Landlord, Luchoni’s Co., in leasing a 1,949-square-foot office space at 1064 Gardner Road, Suite 304, in Charleston, SC. The Landlord was represented by Chad Billings of KW Realty.

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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.”

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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.

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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

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