Archive for Columbia

Jul
30

Richland County Mails Assessment Notices

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Property-Taxes3Approximately 18,000 assessment notices have been mailed to Richland County property owners to inform them of the new taxable value that their property taxes will be based upon. This is not a county-wide reassessment, but it affects owners that recently bought their property, renovated their building or constructed their building.

If you have received a notice and feel like the new value is too high, give me a call at (803) 960-8783. I routinely work with commercial property owners to determine if a tax appeal is worth pursuing.

Michael Dodds, MAI, CCIM

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Jul
30

NAI Avant Announces Transactions

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nai avant logoNAI Avant senior brokers Nick Stomski, SIOR and Dick Stanland, CCIM, SIOR, GRI recently procured the industrial lease transaction at 1501 Key Road in Columbia, S.C. XPO Logistics, LLC will occupy suite C and D, totaling 15,000 square feet of the industrial building. The landlord in the transaction is DWB Key Road Warehouses II, LLC. XPO Logistics, LLC is a top ten global logistics company as well as the largest logistics provider in North America. The company offers two reporting segments: transportation and logistics. The company averages 160,000 shipments and over seven billion inventory units every day.

NAI Avant announced Shear Rhythms Full Service Salon will occupy 3,500 square feet of retail space in the Fashion Place Shopping Center located at 2720 Decker Boulevard. Broker John Gregory, PE represented the tenant, Shear Rhythms Full Service Salon, LLC. The landlord in the transaction is SC Fashion Place, LLC.

NAI Avant announced the sale of a retail store located at 1012 Broad River Road in Columbia, S.C. Senior broker Gerald Steele and broker Lee Bussell Jr. represented the seller in the transaction. You’re Approved Auto Sales, LLC purchased the retail building for $300,000.

NAI Avant announced the top producers for the second quarter of 2018. The second quarter’s top producer is Macon Lovelace, SIOR. Lovelace specializes in the sale and leasing of office properties, development sites, commercial buildings, and investment properties. He has been recognized in 2012, 2013, 2014, 2015, 2016, and 2017 by Costar as one of the area’s top brokers based on overall transaction value. He also holds the SIOR designation, a prestigious professional office and industrial real estate association. Following Lovelace, the top producers in order are Ben Kelly, SIOR, Paul Hartley, SIOR, Nick Stomski, SIOR and Roger Winn, SIOR.

NAI Avant senior broker Roger Winn, SIOR, broker Peyton Bryant, and brokerage associate Braden Shockley recently represented the landlord, Lake Murray Family Medicine Building, LLC, in the lease transaction of 7611 St. Andrews Road in Irmo, S.C. Palmetto Primary Care Physicians will occupy the 7,596 square foot medical office building.

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Jun
20

CBRE Executes 10,731 SF Lease in Lexington

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leased-agreement-with-keysCBRE has executed a 10,731-sq.-ft. lease at Southlake Center, a 42,000-sq.-ft. multi-tenant office building in the Lexington submarket of Columbia, SC.

CoCreate Lexington, a locally owned and operated coworking startup, will occupy the property at 714 South Lake Drive this summer to offer sharable office space, technology, and meeting rooms to the Columbia area business community.

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May
30

Columbia Average Apartment Rent Tops $1,000

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real data LogoAccording to Real Data, the Columbia area experienced weakened demand over the past six months. The occupancy rate was affected by this and is currently 91.4%. Construction starts slowed over the past six months with only 23 units starting construction. All of the units added to supply during this time period were located in the Northeast and Northwest submarkets. The average monthly rental rate is now $1,015.

Absorption levels are expected to improve but remain below upcoming supply. Vacancy rates are forecast to remain at elevated levels. Rental rates are expected to rise at a slower rate than recorded in previous years.

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Feb
19

NAI Avant Leases Columbia Industrial Building

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leased-agreement-with-keysNAI Avant senior broker Nick Stomski, SIOR and Dick Stanland CCIM, SIOR recently represented the landlord, Shop Grove Warehouses, LLC, in the lease transaction of 199 Shop Grove Drive in Columbia, SC. Ansco & Associates will occupy ±16,770 square foot of the modernized distribution space.

This lease brings Shop Grove warehouses to 100% occupancy, merely 2 months after completing the third and final building. This project has set a new bar for the mid-tier warehouse space in the Columbia market. Exceptional building quality, 30’ clear heights, ESFR fire suppression systems, minimal columns throughout and a proven location have all attributed to the success of the park.

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Dec
14

Columbia Flex Buildings Sold for $43.64/SF

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soldNAI Avant has announced the investment sale of two flex buildings totaling 25,200 square feet in the Rioux Professional Park located at 161 Pontiac Business Center Drive in Columbia, SC. Senior Investment Broker Dail Longaker represented the seller in this transaction.

The property sits on a 8.42 acre site and is conveniently situated just off the I-20 and Spears Creek Road interchange.

The property was purchased by HVP3 Development LLC for $1,100,000 ($43.64 per square foot).

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Dec
11

Columbia Apartment Occupancy at 95%

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real data LogoAccording to Real Data, the occupancy rate for the Columbia metropolitan area is improving due to increased demand and minimal new supply added during the past six months. The occupancy rate is now 95%. There are six communities currently under-construction in the Columbia area, most of which will complete construction during 2018. Only one community started construction over the past six months.

The current average monthly rent increased by 2.8% or $27.48 over the past twelve months. Demand is expected to exceed new supply over the next twelve months, which will allow the vacancy rate to remain in the 5% range. Rental rates are expected to increase during 2018.

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Dec
11

Crown Bay Group Acquires Columbia Apartments

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Lake ShoreAtlanta based Crown Bay Group LLC and its partner Vantage Capital Group has announced their acquisition of Lake Shore Village Apartments in Columbia, SC. The property was recently annexed into the City of Columbia boundary.

The garden style property is located on Garners Ferry Road, a major south-east artery which enjoys a highly accessible location with frontage on Garners Ferry, just minutes from I-77 (1.25 mi.). It is comprised of 280 units spread over 23 acres, that also includes a beautiful lake frontage. The new owners intend to complete a full deferred maintenance program including new roofs. Other improvements will include an interior upgrade package with new modern lighting, flooring, kitchen cabinets and black appliances that will take place over the next 24 months. In addition to renovating the units, a washer-dryer rental program will be put in place and a large outdoor tenant amenity area will be created to include a new playground, barbeque/picnic area and pavilion with the goal of upgrading Lake Shore’s image to attract tenants and increase occupancy.

 

The property will be managed by Crown Bay Management, a subsidiary of Crown Bay Group.

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Oct
02

460,000 SF CBD Office Building Sold in Columbia

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capitol centerCBRE has arranged the sale of Capitol Center, a 460,020-square-foot Class-A office building in Columbia, South Carolina. Hamilton Equity Partners of New York, New York, acquired the property from a joint venture between M&J Wilkow and Intercontinental Real Estate Corporation on September 29, 2017. CBRE’s Justin Parsonnet, Will Yowell, Ryan Reethof, Patrick Gildea, Martin Moore and Aaron Dupree represented the seller.

Capitol Center is 87% occupied and located in Columbia’s CBD submarket. The tallest building in South Carolina features 25 stories and provides unparalleled views and visibility to its diverse tenant base that spans across government, law, banking, insurance and more. Anchor tenants include Haynsworth Sinkler Boyd, BB&T, Alliance Consulting Engineers, Gallivan White & Boyd, South Carolina Department of Commerce and the building’s own private dining club, Capital City Club.

The CBD is Columbia’s dominant and strengthening office submarket. According to CBRE’s Q2 2017 Columbia Office Marketview, the CBD’s downtown vacancy has declined by more than 50 basis points to 11.3%. Affordable rents and an educated workforce from the University of South Carolina are attracting outside investors drawn to the market’s solid fundamentals. Capitol Center is the fourth office tower in the CBD to trade this year.

CBRE has been hired as the exclusive leasing agent for Capitol Center. Planned improvements for Capitol Center include upgrades to the main lobbies, conferencing facilities, elevators, and common areas.

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Sep
28

NAI Avant Facilitates 30,000 SF Industrial Lease

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leased-agreement-with-keysNAI Avant is pleased to announce the ±30,000 square foot industrial lease transaction at 1517 Key Road in Columbia, South Carolina.

Senior brokers Nick Stomski, SIOR and Dick Stanland CCIM, SIOR represented the landlord, Statewide Investments, LLC, in the transaction. Fastmile Delivers, LLC will occupy ±30,000 square feet of warehouse space situated on Key Road, in between Bluff and Shop Road near Williams Brice Stadium.

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Sep
27

Report Shows Industrial Property Taxes in Columbia Very High

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The following is from the 50-State Property Tax Comparison Study, published by the Lincoln Institute of Land Policy and Minnesota Center for Fiscal Excellence.

The chart below shows effective property tax rates for industrial properties with $1 million worth of real property for the largest city in each state. This analysis looks specifically at taxes on manufacturing properties. We assume that each property has an additional $1 million of personal property, consisting of $500,000 of machinery and equipment, $400,000 of inventories, and $100,000 of fixtures. Differences in personal property taxation have significant impacts on effective tax rates for industrial properties, as described in the box on the next page. Readers should use some caution when interpreting these results; see the box on comparing property taxes calculated with fixed property values for guidance

The average effective tax rate on industrial properties for the 53 cities in Figure 4 is 1.548 percent. A parcel with a real property value of $1 million that has an additional $1 million in personal property would thus owe $30,960 in property taxes (1.548% x $2m total parcel value). For shorthand, this section refers to parcels based on their real property values.

Tax rates vary widely across the 53 cities. The top five cities of Columbia (SC), Detroit, Jackson (MS), Memphis, and Houston all have effective tax rates that are at least 60% higher than the average for these cities. The bottom seven cities of Virginia Beach, Honolulu, Fargo, Cheyenne, Wilmington (DE), Seattle, and Louisville all have tax rates that are less than half of the average.

industrial taxes

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Sep
21

NAI Avant Closes Site for New Cook Out

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nai avant logoNAI Avant has announced the sale of ±1.32 acres of land located at 7504 Garners Ferry Road in Columbia, SC. Construction will start immediately on a new Cook Out restaurant location.

NAI Avant broker Bobby Hathaway represented the seller in the transaction, Hospitality Enterprises of Columbia, LLC. Cook Out purchased the land for $775,000.

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Aug
29

NAI Avant Brokers Columbia Medical Building

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soldNAI Avant is pleased to announce the sale of 126 Professional Park Road, a ±2,900 square foot office building in Columbia, South Carolina.

Senior brokers Nick Stomski, SIOR and Dick Stanland, CCIM, SIOR represented the seller, DWB Professional Park. The building was purchased by Dr. Isiah Davis, Senior for $550,000.

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Jul
31

Irmo Shopping Center Sold

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irmo stationAtlanta-based Preferred Apartment Communities announced Thursday that it has acquired Irmo Station, a nearly 99,619-square-foot shopping center at 7467 St. Andrews Road. The shopping center is anchored by a 56,942-square-foot Kroger grocery store.

The facility was bought through Preferred Apartment’s Market Properties LLC.

The company financed the acquisition utilizing a non-recourse first mortgage loan from Nationwide Mutual Insurance Company. The first mortgage loan is approximately $10.65 million, bears interest at fixed rate of 3.94% per annum and matures on July 26, 2030. There are no loan guaranties provided by PAC or its operating partnership.

READ MORE HERE

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Jul
31

Shop Road Industrial Building Sells for $2.3M

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sold_sign_postcardTMC Transportation has paid $2.3 million to acquire the former Thermo King location on Shop Road to serve as a trucking terminal, according to the commercial real estate firm Newmark Wilson Kibler.

The purchase expands the Des Moines, Iowa-based, employee-owned open deck transportation company’s presence in the Midlands, the release added.

“TMC is excited to continue its growth and presence in the Southeast with this latest acquisition,” Jason Webb, executive vice president of asset management, said in a statement. “We look forward to beginning the development of a 44-acre, cutting-edge trucking terminal to support our fleet and train America’s best truck drivers.”

The location includes 17,000-square-foot building that was building in 1998 with 19-foot ceilings and 13 drive-in doors, according to a property flyer on the Wilson Kibler website.

SOURCE

 

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