Archive for Charleston

Feb
08

Coldwell Banker Commercial Atlantic Announces Transactions

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coldwell banker commercial atlanticDaniel Island – Brent Case, CCIM of Coldwell Banker Commercial Atlantic represented the Buyer, McGrath Real Estate Holdings LLC, in the purchase of a 2,181-square-foot office space for $520,000 at 234 Seven Farms Drive, Unit 215, in Daniel Island SC. Fritz Meyer of Meyer Kapp and Associates represented the Seller.

North Charleston – Brent Case, CCIM, and Benjamin Diebold of Coldwell Banker Commercial Atlantic represented the Landlord, Jack Krauss, in the Lease of a 7,500-square-foot/1.35 acre warehouse space for $308,548 at 7219 Cross County Rd, in North Charleston SC

Charleston – Kathleen Boswell of Coldwell Banker Commercial Atlantic represented the Tenant, Office Evolution, in the lease of 7,032-square-feet of office space at 460 King Street., in Charleston SC.

Charleston – Kristen Corri Krause of Coldwell Banker Commercial Atlantic Intl. / Historic District Real Estate represented the buyer, Buick McKane Holdings LLC, and the Seller, 13 Carolina St. LLC, in the purchase of a 2,100-square-foot multi-family duplex for $514,000 at 13 Carolina St in Charleston, SC.

Moncks Corner – Marlena Franklin, CCIM of Coldwell Banker Commercial Atlantic represented the Buyer, DCH Management, LLC, and Seller in the purchase of a retail space for $90,000 at 507 E Main St. in Moncks Corner, SC.

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Jan
31

Charleston’s Citadel Mall Under Contract

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Citadel MallThe Charleston region’s largest shopping center could soon have a new owner.

Citadel Mall is “under contract” to be sold, according to the website for Maryland-based CW Capital, an asset management company. It was previously listed “For Sale.”

A spokesman for CW Capital said it is the company’s policy not to comment on its pending property sales. The proposed buyer has not been disclosed.

The 1.1 million-square-foot retail destination, the centerpiece of West Ashley’s shopping options, faced foreclosure in 2013 when the former owner, CBL & Associates Properties of Tennessee, began missing monthly mortgage payments on the balance of a $75 million loan it took out in 2007.

About 25 percent of the mall remained shuttered for several years following the last recession, cutting into tenant proceeds.

 

READ MORE HERE

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Jan
31

Berkadia Completes Charleston Apartment Sale

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sold_sign65Berkadia announced the recent $12,775,000 sale of Hampton Oaks, a 160-unit multifamily property located in N. Charleston, S.C.

Mark Boyce, Senior Director and Blake Coffey, Associate exclusively listed the property for QR Capital and completed the sale on January 6th. Hampton Oaks was acquired by Toro Real Estate.

“With over a dozen offers generated on this asset and a purchase price at roughly $80,000 per unit, it’s easy to see that the demand for Charleston assets remains strong,” said Boyce.

Hampton Oaks is a 160-unit, two-story, garden-style apartment community located in the city of North Charleston, South Carolina. The property is situated 13 miles from Downtown Charleston, 5 miles away from Boeing facility, 0.6 miles away from Trident Technical College, 9 miles from the new Volvo North America Plant, and 5 miles from Charleston International Airport.

Built in 1971, the property is situated on 7.71 acres of land, and consists of eight masonry constructed buildings with brick and vinyl exteriors and pitched roofs. Hampton Oaks contains a desirable unit mix comprised of 48 one-bedroom units ranging from 651 to 750 square feet and 112 two-bedroom units ranging from 868 to 968 square feet. The property has an overall average unit size of 820 square feet.

This property’s community amenities include: a swimming pool with sun deck, picnic and grilling areas, clubhouse with Internet cafe, fitness center, playground, central laundry facility, business center, and enclosed bark park.

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Nov
14

Retail Building on Charleston’s King Street Sold for $600/sf

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cash in airNetting a total of approximately $600 per square foot for a retail property, national commercial real estate investment firm Marcus & Millichap recently turned around a 5,850-square-foot site located at 127 King St. in Charleston.

Raj Ravi, the firm’s regional manager for the Carolinas, announced the $3.5 million transaction that the firm handled on behalf of the seller, a local private investor. Marcus & Millichap’s senior associate Ben Yelm and Andrew Margulies, vice president for investments in the company’s Charleston and Raleigh offices, served as exclusive listing agents.

Additionally, Yelm and Margulies found the buyer — a New York-based family investment firm that plans to maintain the property for rent appreciation and potential development on a long-term basis.

“The trade of this property is evidence of the demand for infill real estate in downtown Charleston, especially for out-of-area investors,” Yelm said.

READ MORE HERE

 

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Nov
09

N. Charleston Shopping Center Sold for $22.4 Million

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shoppes-at-centre-pointeA North Charleston shopping center recently sold for $22.4 million, according to a news release.

North Charleston developers SC North Charleston CPD 2G-1B LLC sold The Shoppes at Centre Pointe retail center, located at 4956 and 4960 Centre Pointe Drive, to Rose FP LLC, based in Hoffman Estates, Ill., the news release said.

The 112,302-square-foot center, which was completed this year, sits on 8.48 acres and was fully leased at the time of sale to Field & Stream, Conn’s HomePlus and La-Z-Boy, according to the news release.

“The area boasts a population of 120,739 within five miles, as well as 77,536 daytime employees,” Marc Bonilla, vice president of Colliers International in Phoenix, said in the news release. Bonilla represented Rose FP LLC in the transaction. “We see huge, immediate upside for the area and are forecasting enormous, highly sustainable growth for the Centre Pointe area.”

The seller was represented by Joey Odom, director of Stan Johnson Co.

SOURCE

 

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Oct
20

Newmark Grubb Wilson Kibler’s 3Q16 Market Reports

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Click on the image below to access the reports.

grubb-ellis

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Oct
19

N. Charleston Industrial Building Sold for $43.64/SF

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carolina commercial LLCCarolina Commercial, LLC has announced the investment sale of 135,000 SF multi-tenant industrial building located at 4400 Arco Lane, North Charleston, SC. Carolina Commercial represented the Buyer and the Seller. The sales price was reported to be $5,891,000, or $43.64 per square foot for the multi-tenant property.

The Buyer’s Broker was Dunston Powell, CCIM and the Seller’s Broker was Dan Batten, SIOR.

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Oct
18

Berkadia Brokers Columbia and Charleston Apartments

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two soldBerkadia has announced the sale of two multifamily properties in South Carolina – Greenbrier Apartments located in Columbia, which sold for $30 million, and Ashley Village Townhomes located in North Charleston, which sold for $16.4 million. The sales were completed by Senior Director Mark Boyce and Associate Blake Coffey of the Charleston office.

Greenbrier Apartments, a 526-unit property located at 100 Willow Oak Drive, offers one-, two- and three-bedroom floor plans with gas or wood burning fireplaces and large walk-in closets. The property was bought by Southwood Realty.

Ashley Village Townhomes, a 260-unit property located at 3311 Mountainbrook Ave., features one-, two- and three-bedroom floor plans. The property was sold by URS Capital Partners to PEM Real Estate Group.

Average asking rent in the Charleston market increased 5.6 percent over the course of the year to $1,091 per month in May 2016. The rise comes after rents rose 5 percent during the preceding year. With strong demand in the Charleston market, managers increased rents a metro-leading 7.9 percent annually to $1,161 per month in May 2016.

Categories : Charleston, Columbia
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Oct
10

5,500 Apartment Units Under Construction in Charleston

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Multifamily constructionDue to an influx of new starts, there are nearly 5,500 units under construction in the Charleston metropolitan area, which is the highest level recorded by Real Data. The Mt. Pleasant submarket leads with 2,028 units under construction among seven communities. Rental rates have increased over the past year by 3.3% bringing the average monthly rent to $1,113. The current occupancy rate is 94.4%.

Demand is expected to remain strong in 2017. However, as the abundance of new supply comes online, occupancies are likely to decline. With the arrival of new apartment communities, competition will likely dampen rent growth over the next year.

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Sep
26

Norvell Real Estate Group, LLC Announces Sale Transactions

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norvell logoRaleigh, NC –Frank Norvell, SIOR of Norvell Real Estate Group, LLC and Paul Hartley, SIOR of NAI Avant represented the buyer, REVA Kay Shannon Oaks, LLC in the purchase of Shannon Oaks Office Building , a 57,000 SF 2 story property located at 201 Shannon Oaks Circle, Raleigh, NC for $7,000,000. The seller, Shannon Oaks Holdings, LLC was represented by Avison Young NC, LLC

Greer, SC – Drayton Calmes of Norvell Real Estate Group, LLC represented the buyer, a private investor, in the purchase of a Burger King ground lease located at 6025 Wade Hampton Blvd., for $1,500,000. The seller, Commerce Parkway, LLC was represented by David Hampton of Hampton Investment Properties, LLC.

N. Charleston, SC – Drayton Calmes of Norvell Real Estate Group, LLC represented the buyer, Benbrooke Dorchester Partners, LLC in the purchase of Evanston Plaza, a 70,000SF neighborhood retail center located at 5335 Dorchester Road for $3,025,000.

Charlotte, NC – Frank Norvell, SIOR of Norvell Real Estate Group, LLC represented the buyer, REVA Charlotte Corporate Center, LLC in the purchase of a 20,000 SF REGUS office building located at 6047 Tyvola Glen Circle for $3,975,000.

Austin, TX – Drayton Calmes and Frank Norvell, SIOR of Norvell Real Estate Group, LLC represented a private investor in the purchase of a newly developed $3,200,000, 10,000 SF Learning Experience Daycare facility located in the Brushy Creek area. The developer, Wytex BTS, was self-represented.

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Sep
13

Extensive Renovation Planned for Faber Place Park Building

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faber-parkAllegiancy is in the midst of an extensive renovation and branding project at 4130 Faber Place Drive, located in the Executive Park at Faber Place Park in North Charleston. The renovations will include significant upgrades to both the interior and exterior of the building.

Allegiancy, a Richmond VA based commercial real estate Asset Management firm, has been managing properties in N. Charleston for nearly a decade. The company acquired the building in April and made its first step in rebranding the asset by changing its name to Faber Crossing. The building’s extensive renovation project has been ongoing since the time of purchase.

The company is incorporating modern finishes to the interior lobby, common areas, restrooms and elevator. Outside, the building now showcases an extensive landscaping upgrade, complete with local flowers and shrubs. All vacant spaces have been white boxed to allow new tenants the ability to design a custom space that will fit their needs. A modern monument sign and new roof complete the renovations.

Faber Crossing, formerly Ashley Corporate Center, is well located in one of Charleston’s premier office parks just off I- 526. The asset, with 11,402 RSF available for lease, is being leased by Frank Norvell of Norvell Real Estate Group.

The building upgrades are expected to be completed by early Fall 2016 and Novell and Allegiancy will host an exclusive broker event to reveal the upgrades at that time.

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Sep
13

Recent Coldwell Banker Commercial Atlantic Transactions

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coldwell banker commercial atlanticLadson – Kristen Corri Krause of Coldwell Banker Commercial Atlantic Intl. / Historic District Real Estate represented the Tenant, Feyen-Zylstra LLC, in the lease of a 7,500-square-foot Industrial/Office space at Acro Commerce Center, 8351 Palmetto Commerce Parkway in Ladson, SC. Alan Bolduc of Avison Young represented the Landlord.

North Charleston – Brent Case, CCIM and Marlena Franklin, CCIM of Coldwell Banker Commercial Atlantic represented the Buyer, Mummert Financial LLC, in the purchase of 1.668-acres of land for $837,500. Chris Rozakos of Christopher David Properties represented the Seller.

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Aug
11

Economists: S.C.’s Economy to Outpace Nation Through 2017

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up trend tiesBookended by thriving development in Charleston and the Upstate, South Carolina’s economic growth is expected to outpace the nation’s through 2017 and add 110,000 jobs by the end of next year.

The Palmetto State, with its growing industrial might and diversified base, should see economic growth of 3.6 percent this year and 3.8 percent in 2017, Wells Fargo Securities economists Mark Vitner and Misa Batcheller said in a recent report.

For comparison, the U.S. economy is expected to expand 1.4 percent this year and 2.1 percent next year.

“South Carolina’s economy continues to be more firmly anchored in industrial development,” the report said.

The economists pointed to the widening of the Panama Canal and the opening of an inland port at Greer in the Upstate as setting off a development boom for warehouse and industrial space.

READ MORE HERE

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Aug
02

SC Realtor Capitalizes on Election Frustrations

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canadaA South Carolina real estate agent is capitalizing on people’s frustrations over the choice of presidential candidates with a unique billboard. Charleston realtor Jeff Cook posted his sign along Interstate 26 showing pictures of Republican Presidential nominee Donald Trump and Democratic Presidential nominee Hillary Clinton.

The billboard asks the question: “Moving to Canada?” along with the accompanying phrase, “We can sell your home.”

“We do a lot of billboard’s that are funny, but this is the first time we’ve done something with a political spin,” Cook told FOX 46 Charlotte. “What we wanted to do was create something bipartisan that people could laugh about.” Cook said there are eight signs in total and they have created a ton of publicity, but that wasn’t the goal. In fact he said his office has received calls from all over including Canada and New Zealand.

While a majority of people are laughing along, others aren’t in on the joke. “A small percentage of people have called in upset, but overall people seem to be getting a laugh. It’ been amazing.”

The spotlight isn’t hurting business either. Cook said that business has definitely increased, but he wouldn’t attribute it all to the sign.

SOURCE

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Aug
01

Coldwell Banker Commercial Announces Transactions

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CBC atlanticCharleston – Kristen Corri Krause of Coldwell Banker Commercial Atlantic Intl./ Historic District Real Estate represented the Seller, 90 Society LLC, in the sale of a 2,304-square-foot retail space at 90 Society St. in Charleston, SC for $1,250,000. Patrick Price of Prime South Group represented the Buyer.

Charleston – Kip Bowman and Sara Bodell of Coldwell Banker Commercial Atlantic represented the Buyer, College of Charleston, and the Seller, GGB, LLC, in the purchase of 38 acres of vacant land
along Highway 162 in Hollywood, SC.

North Charleston – James A. Dingle of Coldwell Banker Commercial Atlantic represented the Seller, Jerry and Jennie Smith, in the sale of a 0.50 acre corner lot at 3405 Seiberling Road, in
North Charleston SC. Scott Benedict Commercial Specialty Group represented the Buyer.

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