Archive for Columbia

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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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
20

Columbia’s Aspyre Apartments Sold

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holder_aspyre_mainHolder Properties has sold the 400-unit, 760-bed Aspyre at Assembly Station student housing complex in downtown Columbia to New York-based Castlerock Enterprises, according to a press release issued by Atlanta-based ARA Newmark. The sales price was not disclosed.

At the time of the sale, Holder said Aspyre was 97% occupied.

“Aspyre is a tremendous asset near USC’s engineering school,” said Ryan Lang, ARA Newmark’s executive director who represented Holder in the sale. “Many private and institutional investors pursued the asset, but Castlerock was an ideal fit based on its acquisition criteria, strategic outlook and ability to close in a timely manner.”

Castlerock specializes in acquisitions, development and repositioning opportunities.

READ MORE HERE

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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
18

Columbia Apartments Sold for $28,000/Unit

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marcus millichapPark Place Apartments, a 300-unit property in West Columbia, has sold for $8.4 million to a private Upstate investor who plans immediate upgrades to unleased units to improve occupancy and rents.

Drew Babcock, director of multi-family transactions in the Columbia office of commercial real estate investment service firm Marcus & Millichap, brokered the transaction on behalf of the seller, a partnership that has owned the property since the late 1970’s. Babcock also secured the buyer, said Raj Ravi, regional manager of the firm’s N.C. and S.C. offices. The selling price represents a value of $28,000 per unit.

“Park Place is an attractive investment due to the upside in raising rents and occupancy,” Babcock said in a release.

The 18.42-acre complex at 1035 Comanchee Trail includes a mix of one-, two- and three-bedroom apartments.

 

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Sep
28

Demand for Parking in Columbia CBD on the Rise

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Parking-Lot-FullNo, you’re not imagining it. It’s difficult to find parking in downtown Columbia, and the problem is just getting worse.

Parking availability has fallen to record lows of 15 percent availability for downtown parking garages, according to a new report from commercial real-estate brokerage and research firm Colliers International. This time last year, that vacancy rate was 21.5 percent.

Downtown Columbia garages include eight city-owned facilities and 11 privately owned garages.

Availability is at its worst in private garages, where the vacancy rate has decreased from 21.7 percent at mid-year 2015 to 9.9 percent at mid-year 2016.

Vacancy in publicly owned garages increased slightly from 21.1 percent to 22.3 percent over the same time frame, but not enough to positively impact overall rates, according to the report prepared by Collier’s S.C. Research Coordinator Bryana Mistretta.

READ MORE HERE

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Sep
21

Eight of the Most Expensive Rentals in Columbia

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rent cafeSay what you will about the South, but no one ever retires and moves up North. Warmer weather, tax breaks and the appeal of Southern comfort… no wonder last year South Carolina was the second most popular moving destination. Just take Columbia, the Capital of Southern Hospitality, who fully earns its title by boasting 60 city parks and green spaces, plenty of arts and outdoor activities at a low cost of living and an average apartment rent of $885. Not to mention the mouth-watering culinary treats!

With this in mind, Rent Cafe’ was curious to see just what luxury looks like in heart of the Palmetto State and found some of the most expensive rentals on the market right now. We first got warmed up with swanky condos in amenity-laden buildings, then the townhomes and houses took the limelight with authentic displays of Southern charm and splendor. The icing on the cake is an elegant home with enough space to host big family reunion barbecues and plenty of class to wow even your pickiest nana.

READ MORE HERE

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Sep
13

Colliers Releases Columbia Medical Office Report

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Key Takeaways
> The Columbia, MSA population is expected to grow by 5.4% between 2016 and 2021 to more than 866,000 people.
> Statewide consolidation of medical records will enable healthcare providers to service the community efficiently and at a reduced cost.
> Owners of hospitals are updating their interiors to improve patient experience and safety during their visits.
> Construction has begun at Lexington Medical Center’s 545,000 square-foot expansion.

Click on the image to download the report.

colliers-2016-mob

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Sep
12

NAI Avant Brokers ±23,392 Square Foot Industrial Lease

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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 at 195 Shop Grove Drive in Columbia. Alimex Precision in Aluminum, Inc. leased ±23,392 square feet (SF) of the modernized distribution space that was completed in April 2015. This lease brings the ±130,500 SF industrial park to 100% occupancy. The third and final phase of the park is under design and permitting, and ground breaking is expected in the fourth quarter of 2016.

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Sep
05

Columbia’s Doubletree Hotel Sold

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sold sign56The DoubleTree by Hilton located in Columbia has been sold. Newmark Grubb Knight Frank (NGKF) represented the seller, Columbia Hotel and Conference Center LLC. North Carolina-based TT&C Hotel Group LLC/Smith Curry Hotel Group purchased the five-story property for an undisclosed amount. The buyer plans significant renovations to retain the DoubleTree by Hilton affiliation.

“The DoubleTree has substantial meeting space and the largest ballroom in the market, allowing it to effectively compete for group business to complement its transient market share. The buyer sought to expand its existing Charlotte portfolio and capitalized on an opportunity to acquire the property at a discount to the current market replacement costs,” said Sam Winterbottom, executive managing director, NGKF. “Meanwhile, the seller disposed of a non-strategic asset and recycled capital into Augusta, GA, where it’s based.”

The hotel offers 237 guestrooms, 23,000 sq. ft. of event/meeting space, a lounge, an on-site restaurant, an outdoor swimming pool, business center, fitness center and gift shop. Nearby destinations include the University of South Carolina, the South Carolina State House, the Columbia Metropolitan Convention Center, the central business district and The Vista, a live-work-play area.

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Aug
25

Two Columbia Apartment Communities Sold

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two soldTony Bonitati, Kay Hill and Bern DuPree represented Southwood Realty, based in Gastonia, NC, in the sale of two Columbia, SC multifamily properties totaling 325 units. Hunters Ridge Apartments located at 1079 Springhouse Drive (205 units) and Copperfield Apartments located at 200 Saluda River Road (120 units) were sold to Upstate Property Rentals based in Simpsonville, SC. The buyer was not represented in the transaction. Both properties were more than 95% occupied at the time of sale and the purchaser plans to make minor capital improvements.

This transaction represents the sixth property NAI Earle Furman’s Multifamily Division has sold for Southwood Realty.

“This was a win-win transaction for all parties. Not only were we very pleased with the outcome of this sale for our longtime client Southwood Realty, but we were also happy with how we were able to assist Upstate Property Rentals, whom we have represented on many Upstate, SC deals in the past, expand into the Columbia, SC market,” says Kay Hill, NAI Earle Furman Broker and Shareholder.

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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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