Archive for Columbia

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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Apr
19

USC Student Housing Preleasing Slows

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According to Axiometrics, there has been sufficient development activity at the University of South Carolina over the last few years, with nearly 3,000 off-campus beds delivered from 2014-2016. On average, supply has outpaced demand, but more than 40% of students are living in something other than purpose-built student housing.

Rent levels are growing for most properties compared to last fall. However, leasing velocity is slowing for many properties in the market. Prelease is averaging 54% as of February, down more than 600 basis points (bps) from last February. Older assets, especially those located more than one-half mile from campus, sustain the most impact from new supply.

axiometrics

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Apr
06

Bobbitt Design Build Renovates Gym for Non-Profit

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bobbittBobbitt Design Build recently completed phase one of renovations to a 6,500-square-foot gymnasium for Autism Academy of South Carolina (AASC) located at 1505 Blanding Street in Columbia.

AASC – a non-profit organization helping children with autism to acquire necessary life skills – will use the gym as a recreational space for students and a training area for staff. In the future, the non-profit organization plans to make the facility a fully functional event space.

Initially, Bobbitt became involved with AASC through a service project with Leadership Columbia, which involved repairing classrooms in the building. The group also wanted to restore the gymnasium that was closed due to its dilapidated condition; however, the amount of work needed to restore the area was beyond the capabilities of the volunteer group.

AASC received a grant to pay for a portion of the renovations, but funding did not cover the entire cost. After discussions with AASC staff, Bobbitt developed a phased renovation plan with manageable budgets for each stage. This approach enabled AASC to identify monetary goals needed to achieve short-term and long-term targets for the space. Together, Bobbitt and AASC determined the appropriate scope of work for phase one to restore the gym as a usable space for the school.

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Mar
06

Is Columbia Becoming an 18-Hour District?

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Skyline of downtown Columbia, South Carolina from above Jarvis Kaplan Blvd.

Skyline of downtown Columbia, South Carolina from above Jarvis Kaplan Blvd.

Columbia’s Main Street is becoming an “18-hour district” because of the growing number of dining, entertainment, cultural and residential opportunities, according to a report released Friday by Colliers International.

“A resurgence in the downtown area as a place to live, work and play is creating a vibrant, eclectic Main Street,” the report said. “Higher residential density, new anchors and the expansion of entertainment and cultural venues are all drivers increasing interest in urban retail to serve the area. In turn, this has inspired a wave” of retail redevelopment.

Here are highlights from the report:

Residential Growth

A “recent boom” in the number of residents downtown has been driven by new housing complexes for students and young professionals. Millennials and young professionals are moving from the suburbs to downtown, the report said, “where they can live, work and play near their home.”

READ MORE HERE

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Mar
01

Two Student Housing Developments in the Carolinas Sold

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college housingARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro.

The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale.

In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.

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Feb
02

Two Columbia Student Housing Developments Sold

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college housingCampus Advantage announced the takeover of six properties, including two near the University of South Carolina campus.

The Austin, Texas-based group is the sixth-largest student housing owner/operator in the United States providing property management, consulting, acquisitions and development services.

In November, Campus Advantage announced a collaboration with Saban Real Estate and a three-phased acquisition plan for a 19-property American Campus Communities (ACC) portfolio. The first phase, which closed on Nov. 16, included eight tier one university student housing properties for the University of Missouri, Louisiana State University, and the University of Alabama.

The two USC properties, University Oaks in Columbia and Garnet Riverwalk in West Columbia, are part of phase two. Campus Advantage also added two properties at Penn State and East Carolina.

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Jan
24

Former ITT Tech Space in Columbia Leased

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ITTCBRE arranged a 26,960 sq. ft. lease at Browning Business Center, located at 1628 Browning Road in the St. Andrews submarket, to Southeastern Institute, a for-profit educational institution. Previously located in 10,800 sq. ft. at Colonial Life Plaza, Southeastern Institute is more than doubling its footprint and began holding classes at the new location in January.

The school provides a clinically based curriculum in the Professional Clinical Massage Therapy training program. The Browning Business Center is easily accessible to both I-26 and I-20, offers ample parking for the student body and high-profile building signage. The new facility also enables Southeastern Institute to expand its curriculum into other areas within the medical fields.

The space became available when ITT Tech left the market, leaving behind a turn-key education facility ready for a like-tenant. Features include a newly renovated lobby, elevator and restrooms, multiple large classrooms and labs, student lounge, bookstore, collaboration spaces, and administration offices.

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Dec
13

Columbia Student Housing Development Sold

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Campus First Student Living and CF Real Estate Services LLC, in joint venture with a large private commingled fund, have acquired the Club at Carolina Stadium located less than 1 mile from the main campus of University of South Carolina. Campus First will be overseeing the management of this 486-bed property as well as a $2.7 million renovation. The property will now be known at Rivers Edge at Carolina Stadium as it is located adjacent to the Congaree River and across the street from USC’s baseball stadium.

As part of the extensive renovations, Campus First will be constructing a brand new clubhouse complete with a state of the art fitness center, private and shared study lounges, gaming area, a café, and large 2nd floor deck overlooking the pool and terrace area. Other improvements include a new outdoor kitchen, renovated Dog Park with dog washing station, two fire pit areas, enhanced landscaping and new signage. The exterior will receive a new paint scheme and other enhancements.

Residents will be pleased with the upgraded internet and cable packages as well as the addition of VIP premium suites. The new premium option will include grey faux wood floor, painted interiors, and completely renovated kitchens with subway tile backsplashes, stainless steel appliances, new counter tops and kitchen hardware. The bathrooms will also be updated and the VIP suites will boast all new modern furniture packages and new large, flat screen televisions.

Taking advantage of the amazing river location and direct access to Granby Park, the property plans to provide kayaks and canoes exclusively for resident use. The property will also be providing a new shuttle bus and electric bikes for use by residents to get to class.

 

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Nov
09

Plan for SCE&G’s Bus Site Released

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bus-siteCity of Columbia officials will hear a developer’s concept to build mixed-used project with a grocery store and apartments on the former South Carolina Electric & Gas Co. bus storage facility on Huger Street.

The project includes a 30,000-square-foot grocery story with 177 residential units, according to documents filed with city planners. In addition, the concept includes 10,000 square feet of amenity and leasing space, a free-standing building of 12,500 square feet, and a combination of structured and surface parking.

The development would be built on about six acres of prime downtown Columbia property bounded by Huger, Hampton, Washington and Williams streets. It’s near the vacant Kline Iron & Steel Co. property that’s slated for a $100 million development project.

The Design/Development Review Commission is scheduled to receive an informational presentation on the proposal at its monthly meeting on Thursday at City Hall. Mark Senn is listed on the application as the project’s developer.

READ MORE HERE

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Oct
20

Columbia Self Storage Facility Sold

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sold stamp blueNAI Avant senior investment broker Dail Longaker, and broker Peyton Bryant, recently facilitated the investment sale transaction at 1210 Atlas Road in Columbia. The ±43,200 square foot self-storage property will be rebranded as a Save Green Self Storage facility. Save Green currently operates an existing Columbia location at 208 Jamil Road. The approximately 300 unit, six building facility enjoys historically high occupancy rates and has room for expansion through the construction of a seventh building. The property was purchased by Midway Investors, LLC for $2,400,000.

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