Archive for Columbia

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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Jul
27

Where Does Integra Do Commercial Appraisals?

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While Integra Realty Resources has offices all over the United States and the Caribbean, the market coverage that Integra has in the Carolinas is unmatched. We have offices in Charlotte, Raleigh, Columbia, Greensboro and Charleston. To give you an idea of the markets that we have worked in, check out the map below. These are the appraisal assignments that our Carolinas appraisers have completed…..just so far this year.  Call me if I can assist with your appraisal needs in the Carolinas.

Carolinas assignments

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Jul
27

Newmark Wilson Kibler Releases Market Reports

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NM wilson kiblerNewmark Wilson Kibler has released their quarterly reports for Industrial and Office, not only for Columbia, but also Greenville / Spartanburg, and Charleston.

Check them out HERE

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May
22

NAI Earle Furman Announces Recent Sales

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NAI Earle Furman logo squareMauldin, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the seller, Regional Management of South Carolina, in the sale of two office buildings totaling 8,273 SF located at 507 & 509 West Butler Road to JTB, LLC.

Chesnee, South Carolina:  Stuart Smith of NAI Earle Furman represented the seller, Peggy H. Phillips Living Trust, in the sale of 9.5 acres of land located at 2408 Bryant Road to Gibson and Gibson Property.

Simpsonville, South Carolina:  Keith Jones, CCIM of NAI Earle Furman represented the purchaser, Stage Hawk, LLC, in purchasing 35 acres of land at 1400 Old Stage Road from Ruby Lee Cantrell Hawkins Roberts Trust.

Spartanburg, South Carolina:  Andrew Babb of NAI Earle Furman represented the seller, First South Bank, in the sale of a 41,000 SF retail building located at 174 East Main Street to Good Wal Aug Smith, LLC.

Pauline, South Carolina:  Kevin Pogue of NAI Earle Furman represented the purchaser, William & Stephen Freeman, in purchasing 6.21 acres of land on Stagecoach Road from Sylvia Knox.

Columbia, South Carolina:  Jimmy Wright & Ted Lyerly, CCIM of NAI Earle Furman represented the seller in the sale of the 38,000 SF retail Fresh Market shopping center in Columbia, SC.  Peter Couchell, CCIM and Rob Schmidt with Furman Capital Advisors, the investment services division of NAI Earle Furman, represented the purchaser.

Greenville, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, Julius Garry Green, in the sale of a 45,000 SF retail strip center located at 2390 Laurens Road to SWR of Greenville, LLC.

Piedmont, South Carolina:  Towers Rice, CCIM of NAI Earle Furman represented the seller in the sale of 20.43 acres of land located on Durham Road to Kevin Gilreath.

Anderson, South Carolina:  Bernie Bastian and John Powell, CCIM of NAI Earle Furman represented the seller, 3B & V Properties, LLC, in the sale of a 7,000 SF retail property located at 134 North Main Street to Rogue Holdings, LLC.

Greenville, South Carolina:  Earle Furman, Jr., SIOR and Bill Sims of NAI Earle Furman represented the seller, Creek and Company, LLC, in the sale of a 6,000 SF office building located at 115 Halton Village Circle to Bank Building R, LLC.

Duncan, South Carolina:  Earle Furman, Jr., SIOR of NAI Earle Furman represented the seller, M & T Enterprises, Inc., in the sale of the former Plastic Omnium Building, an 80,000 SF industrial building located at 961 Berry Shoals Road.  Kevin Pogue, also of NAI Earle Furman, represented the purchaser, ATA Properties, LLC.

Spartanburg, South Carolina:  Cole Morris of NAI Earle Furman represented the seller, Westside Holdings, LLC in the sale of a 108-unit self-storage facility located at 115 John Dodd Road to 512 Holdings, LLC.

Greenville, South Carolina:  John Baldwin, CCIM of NAI Earle Furman represented the seller, 3H & S, LLC, in the sale of a 19,000 SF industrial building located at 108 Park Place Court to Richfair Holdings, Inc.

Greenville, South Carolina:  Alex Campbell of NAI Earle Furman represented the seller, GHS Health Resources, Inc., in the sale of a 6,582 SF office building located at 81 Pointe Circle to T. Bishop Properties Corp.

Clinton, South Carolina:  Bill Sims of NAI Earle Furman represented the seller, Browning Clinton, LLC, in the sale of a 9,960 SF Dollar Tree property located at 117 Jacobs Highway.  Earle Furman, Jr., SIOR, also of NAI Earle Furman represented the purchaser, Julius Garry Green, in the transaction.

Seneca, South Carolina:  John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, James Hanahan, Jr., in the sale of the Upstate Family Medicine building, a 9,743 SF office investment property leased to Greenville Health System and located at 12016 North Radio Station Road, to NV, LLC.

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May
22

6,000 Square Foot Retail Center in Columbia Sold

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4406 forestNAI Avant senior broker Macon Lovelace, SIOR recently represented the buyer, Rhodes Properties of Walterboro, LLC, in the purchase of a ±6,000 square foot retail investment building in Columbia, SC.

Located at 4406 A Forest Drive, the property was sold by Osprey, Inc.

Current tenants of the retail property include Ingram Comprehensive Eye Care, First Command, Matzner Family Chiropractic, and Edward Jones.

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May
11

Columbia Named a Top Market for Residential Investors in 1Q

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HomeUnion, an online real estate investment management firm, has named the top 10 best housing markets for single-family rental (SFR) home investors in the first quarter, as well as the worst markets for investors. Once again, Cleveland has has earned the top spot with a cap rate of 11.5 percent and a median investment home price of $75,512. Columbia, SC ranks #3.

“For the past two years, we have been tracking the investment and owner-occupied housing markets,” explains Steve Hovland, director of research for HomeUnion. “And metros in the Midwest and Southeast always earn top billing because of their low entry prices and moderate rents. Cleveland has often ranked at the top – or near the top – of the best places to purchase a single-family rental (SFR) property,” he shares.

Here are the top markets for residential real estate investing in the first quarter, based on first-year returns:

cola

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Apr
26

NAI Avant: Columbia Office Vacancy Declines

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percentage downThe Columbia office market saw a vacancy of 9.4% at the close of the first quarter 2017, decreasing from 9.8% at the end of 2016. Average rental rates dropped modestly and leveled off at $17.31 square feet (SF), following the highest rate in two years at $17.49 SF in 4Q16. Net absorption for the Columbia office market was positive ±78,643 SF in the first quarter compared to negative ±23,183 SF in 4Q16, the majority of absorption reflecting Class A space.

Continued interest in the Central Business District (CBD) explains the high rental rates (even with a slight downtick this quarter) while costs for tenant improvements are also increasing. Many local tenants are following the lead of companies like Electric Guard Dog, vacating their space in suburban Columbia to set up their headquarters in ±20,572 SF at the new Innovation Center on the University of South Carolina campus. Womble Carlyle Sandridge & Rice, LLP is another example of the desire to be the in heart of the CBD, vacating its office on Hampton Street and subleasing ±8,760 SF of Class A tower space at 1221 Main Street.

READ MORE HERE

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Apr
25

Newmark Grubb Wilson Kibler Releases Columbia Reports

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NM grubb ellisNewmark Grubb Wilson Kibler, a leading real estate services firm, has released its market reports for first-quarter 2017. Columbia’s industrial and office real estate markets showed lower vacancy rates over the previous quarter, reflecting a healthy market overall.
The Columbia office market vacancy fell six percentage points from the previous quarter to 6.5%- the lowest rate the market has seen in a decade.

Rental rates remained steady during the first quarter, with a mere 0.1% increase from $15.79/SF from $15.78/SF at the end of the fourth-quarter 2016. The Class A sector boasted rates of $20.78/SF, while Class B rates held strong at $14.96/SF and Class C at $13.27/SF. North Columbia led across classes with the highest rental rates in the market, averaging $23.13/SF.

One building was delivered during first-quarter 2017, totaling 2,500 square feet. This compares to one building totaling 4,300 square feet completed in fourth-quarter 2016. 74,460 square feet of office space remained under construction in the Columbia market by the end of the quarter.

DOWNLOAD THE REPORTS HERE

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Apr
25

Bull Street Commission Sees Progress, Urges Patience

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bullstreetMost members of the Bull Street Commission, a seven-member board appointed by Columbia City Council, said Monday that they are satisfied with progress at the former State Hospital despite raised expectations of a sprawling retail complex that so far have not materialized.

“I still feel the project is coming along at a reasonable pace,” said member Rebecca Haynes, a former president of the Earlewood Community Citizens Organization. “I think it’s way too early in a 20-year project for anyone to start throwing stones.”

But one member, Ellen Cooper, president of the Coalition of Downtown Neighborhoods, said she thinks the project is moving too slowly.

“I’ve been disappointed that more has not happened over there,” said Cooper, a new commission member who lives in nearby Cottontown. “They are doing a good job, but it seems like it’s moving so slowly.”

READ MORE HERE

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