Archive for Charleston

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.

Categories : Charleston
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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.

Categories : Charleston
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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.

Categories : Charleston
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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

Categories : Charleston
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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.

Categories : Charleston
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Jul
25

NAI Earle Furman Releases 2Q Market Snapshots

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NAI Earle Furman has released its Second Quarter 2016 Market Reports. Reports include market snapshots in the office, retail and industrial sectors of commercial real estate. The reports summarize the quarterly market statistics – including vacancy, construction, asking rents and absorption – across commercial property types and submarkets in the Upstate.

Among the highlights in the reports:

Office: The 2nd quarter of 2016 continues to show improved trends in the Greenville/Spartanburg office market. Upstate South Carolina progresses to perform like a market that is more confident from the landlord’s perspective. The vacancy rate increased only slightly from the 1st quarter and is currently 8% with net absorption totaling (25,129) square feet. DOWNLOAD HERE

Retail: The second quarter of 2016 experienced many of the same successful and positive trends that previous quarters have. Vacancy rates continued to fall from 5.8% in the first quarter of 2016 to its current state of 5.6%. Asking rental rates saw a slight increase from $9.99 per square foot in the first quarter to $10.02 in the second quarter. As vacancy rates continue to decline, retail construction continues to thrive and be successful. DOWNLOAD HERE

Industrial: Vacancy dips to the lowest rates in over 10 years as lease rates continue to move higher. Class A large products have made a rebound as of late, but the demand for smaller buildings in the 20,000 to 50,000 SF range still seems to be challenging to satisfy. The Greenville/Spartanburg Industrial market ended the 2nd quarter 2016 with a vacancy rate of 6.9%. The vacancy rate continues to remain low with net absorption totaling positive 3,186,525 square feet in the 2nd quarter. Landlords continue to see an increase in lease rates. Our average asking rental rates have seen positive growth, at $3.64 NNN per square foot. DOWNLOAD HERE

Categories : Charleston, Spartanburg
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Jul
18

Newmark Grubb Wilson Kibler Releases SC Reports

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Newmark Grubb Wilson Kibler is a full-service commercial real estate company with four locations throughout the state of South Carolina. The firm provides a broad range of commercial real estate services including tenant and buyer representation, investment sales, project leasing, acquisition and disposition, property management, development and consultation and global corporate services.

Research reports for the industrial and office markets in Columbia, Greenville and Charleston are available by clicking on the logo below.

NM wilson kibler

 

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Jul
06

201 Foot High Industrial Building Sold in Charleston

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jacobs buildingAn obvious buyer has snapped up one of the more intriguing pieces of commercial real estate in the Lowcountry, a mammoth property with a long manufacturing heritage. The new owners see no reason to break with tradition at the former Jacobs Applied Technologies tract along the Cooper River near Goose Creek.

“We’ve always had our eye on that facility,” said Marc Fetten, CEO of Pacolet Milliken Enterprises Inc.’s Cooper River Partners unit, owner of the adjacent Bushy Park Industrial Complex.

The company’s latest acquisition in that neck of the woods comes almost a year after Jacobs began to close its 94-acre Berkeley County fabrication business as work ran dry. The $7 million sale closed Wednesday.

“It does a couple of things very quickly for us,” Fetten said. For starters, Cooper River Partners can promote all or part of an existing 400,000-square-foot, 201-foot-tall colossus. The hulking, cube-shaped structure is visible from the Ravenel Bridge on a clear day.

“We can take a huge amount of covered space to the market, which desperately needs manufacturing space that’s ready-built,” Fetten said Thursday. “That is certainly always a big advantage.”

READ MORE HERE

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Jun
28

Charleston Home Sells for $7.51 million

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37 meetingAn 8,384-square-foot home in downtown Charleston sold for $7.51 million earlier this month, according to a news release from William Means Real Estate, which represented the seller.

The James Simmons House, located at 37 Meeting St., was built in the 1760s by Charleston attorney James Simmons and still retains its original Georgian-era floor plan with a central hall and four flanking formal rooms, the news release said.

William and Nancy Longfield sold the house to Robert and Melissa Smith on June 14, the title transfer document says.

It was the second-most-expensive property sale on the peninsula, behind only the $7.7 million sale of the Colonel John Ashe House, located at 32 South Battery, in July 2015.

“This house is a historic gem in the heart of downtown Charleston,” Lyles Geer, a broker with William Means Real Estate, said in the release. “The rare architecture, beautiful gardens and storied past make this house a classic Charleston home.”

READ MORE HERE

 

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Jun
21

Charleston Self Storage Property Sold

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1719 signalElliot Calhoun, broker with NAI Avant’s Charleston office, recently facilitated the investment sale of a ±18,035 square foot self-storage facility located at 1719 Signal Point Road in Charleston, SC. Calhoun represented the seller, KALEV, LLC, in the transaction valued at $920,000. The purchaser, Un Altro Elefante, LLC, was represented by Mario Inglese with Petigru Properties, Inc.

According to Loopnet:

120 unit self-storage facility on Signal Point Road, in rapidly growing Folly Road corridor. Currently 75% filled with no marketing and listed at 9% CAP. Manager in place and included in annual NOI of $79,000, but can be replaced. Rents are currently below market and offer additional upside. Improvements include: new roof on main structure, significant landscaping work, new fence/gate, conversion of some inside office space to climate controlled units, and renovation of some distressed units.

Categories : Charleston
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Jun
14

Five Charleston Apartment Communities Sold for $50 Million

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VTT ManagementA Massachusetts company with a presence in the Charleston apartment market recently paid $50 million for five separate multifamily communities in the region.

VTT Management Inc. purchased 1,043 units, which extend from Goose Creek and Hanahan to West Ashley, in a portfolio sale from an undisclosed Ohio-based firm, according to John True with real estate firm Coldwell Banker Commercial Atlantic International, who brokered the deal with colleague Brent Case.

The Goose Creek properties include the 184-unit Brentwood Townhomes at 3000 Harbour Lake Drive, previously owned by Brentwood Enterprises Inc.; the 170-unit Brandywine Townhomes at 202 St. James Ave., previously owned by Brandywine Investment Co. LLC; and the 412-unit Pine Harbour Apartments at 5000 Harbour Lake Drive, previously owned by Pine Harbour Investment Co. Inc.

The other rental properties sold were the 70-unit Colony Square Apartments at 1100 River Road in Hanahan, previously owned by Colony Square Investment Co. LLC; and the 207-unit Moss Creek Apartments at 1800 William Kennerty Drive in West Ashley, previously owned by Moss Creek Investment Co. LLC.

READ MORE HERE

Categories : Charleston
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