Archive for Columbia

Oct
20

Newmark Grubb Wilson Kibler’s 3Q16 Market Reports

Posted by: | Comments Comments Off on Newmark Grubb Wilson Kibler’s 3Q16 Market Reports

Click on the image below to access the reports.

grubb-ellis

Comments Comments Off on Newmark Grubb Wilson Kibler’s 3Q16 Market Reports
Oct
20

Columbia’s Aspyre Apartments Sold

Posted by: | Comments Comments Off on Columbia’s Aspyre Apartments Sold

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

Categories : Columbia
Comments Comments Off on Columbia’s Aspyre Apartments Sold
Oct
18

Berkadia Brokers Columbia and Charleston Apartments

Posted by: | Comments Comments Off on Berkadia Brokers Columbia and Charleston Apartments

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
Comments Comments Off on Berkadia Brokers Columbia and Charleston Apartments
Oct
18

Columbia Apartments Sold for $28,000/Unit

Posted by: | Comments Comments Off on Columbia Apartments Sold for $28,000/Unit

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.

 

Categories : Columbia
Comments Comments Off on Columbia Apartments Sold for $28,000/Unit
Sep
28

Demand for Parking in Columbia CBD on the Rise

Posted by: | Comments Comments Off on Demand for Parking in Columbia CBD on the Rise

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

Categories : Columbia
Comments Comments Off on Demand for Parking in Columbia CBD on the Rise
Sep
21

Eight of the Most Expensive Rentals in Columbia

Posted by: | Comments Comments Off on Eight of the Most Expensive Rentals in Columbia

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

Categories : Columbia
Comments Comments Off on Eight of the Most Expensive Rentals in Columbia
Sep
13

Colliers Releases Columbia Medical Office Report

Posted by: | Comments Comments Off on Colliers Releases Columbia Medical Office Report

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

Categories : Columbia
Comments Comments Off on Colliers Releases Columbia Medical Office Report
Sep
12

NAI Avant Brokers ±23,392 Square Foot Industrial Lease

Posted by: | Comments Comments Off on NAI Avant Brokers ±23,392 Square Foot Industrial Lease

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.

Categories : Columbia
Comments Comments Off on NAI Avant Brokers ±23,392 Square Foot Industrial Lease
Sep
05

Columbia’s Doubletree Hotel Sold

Posted by: | Comments Comments Off on Columbia’s Doubletree Hotel Sold

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.

Categories : Columbia
Comments Comments Off on Columbia’s Doubletree Hotel Sold
Aug
25

Two Columbia Apartment Communities Sold

Posted by: | Comments Comments Off on Two Columbia Apartment Communities Sold

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.

Categories : Columbia
Comments Comments Off on Two Columbia Apartment Communities Sold
Aug
11

Economists: S.C.’s Economy to Outpace Nation Through 2017

Posted by: | Comments Comments Off on Economists: S.C.’s Economy to Outpace Nation Through 2017

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

Comments Comments Off on Economists: S.C.’s Economy to Outpace Nation Through 2017
Aug
04

Colliers Releases Columbia Retail Report

Posted by: | Comments Comments Off on Colliers Releases Columbia Retail Report

Key Takeaways

  • National grocers are leading suburban retail expansion in the Columbia market. This quarter, Lowes Foods and Lidl announced their first Midlands locations. They are joining newly announced stores from Kroger, Walmart Neighborhood Market, Costco, Sam’s Club, Publix Super Market and The Fresh Market.
  • Downtown retail is expanding beyond its traditional corridors (Gervais, Main and Harden Streets) to North Main, BullStreet Commons and Devine Street, as several residential developments nearing occupancy draw more interest.

Download the report by clicking on the report below.

colliers cola retail

Categories : Columbia
Comments Comments Off on Colliers Releases Columbia Retail Report
Aug
04

Columbia Among Top Markets Where Renters Can Afford to Buy

Posted by: | Comments Comments Off on Columbia Among Top Markets Where Renters Can Afford to Buy

The U.S. homeownership rate has slowly fallen in recent years to currently its lowest level since 1965. After the recent housing downturn, it has been suggested that some are more hesitant to buy a home, and while data show that 74% of consumers think that it is a good time to buy a home, renters are less likely to think this than homeowners. A majority of those who do not own a home also believe it will be very or somewhat difficult to qualify for a mortgage, given their current financial situation.

However, based on our study, there are affordable metro areas right now where renters earn enough income to qualify to buy a home even with a down payment lower than the traditional 20 percent. While nationwide, 28 percent of renters have income to qualify for a home purchase, the top metro areas each had higher than 40 percent of renters who are qualified to buy. Comparing household income with qualifying income levels for renters in nearly 100 of the largest metro areas across the country, here are the top ten metro areas with the highest share of qualified renters for a home purchase and above-national hiring conditions.

READ MORE HERE

Top10

Categories : Columbia
Comments Comments Off on Columbia Among Top Markets Where Renters Can Afford to Buy
Jul
26

Colliers: Columbia Industrial Rents on the Rise

Posted by: | Comments Comments Off on Colliers: Columbia Industrial Rents on the Rise

sales up graphWith rents going up and the cost of borrowing money staying low, industrial tenants may find it more affordable to buy buildings they currently lease, according to a new Colliers International report.

Also, the Midlands industrial market is expected to strengthen despite the political uncertainty due to the upcoming presidential election in the United States and the United Kingdom’s vote to separate from the European Union, according to the report authored by Bryana Mistretta, research coordinator at Colliers.

“Investment conditions are expected to continue to improve with high rental rates, moderate capitalization rates and low interest rates which are expected to drop further by the end of the year,” the report said. “Long-term, the market will see positive growth with the expected expansion and investment of companies, new and existing, in the market.”

Average asking rental rates for industrial properties in the Columbia market climbed in the second quarter to $3.36 triple-net per square foot per year from $3.34 for the second quarter of 2015. Two years ago the average asking rate was $3.16 triple-net. (In a triple-net lease or NNN, the tenant pays real estate taxes, insurance, and maintenance.)

READ MORE HERE

 

Categories : Columbia
Comments Comments Off on Colliers: Columbia Industrial Rents on the Rise
Jul
19

CBRE Brokers Sale of 1333 Main Street in Columbia

Posted by: | Comments Comments Off on CBRE Brokers Sale of 1333 Main Street in Columbia

1333-Main-StreetCBRE Group, Inc. is pleased to have arranged the sale of 1333 Main Street in Columbia, SC. Patrick Gildea and Aaron Dupree exclusively represented the seller in the transaction. The portfolio sold to Albany Road Real Estate Partners on July 8, 2016.

1333 Main Street consists of a 203,307-square-foot multi-tenant office building, an adjoining surface parking lot, and a parking deck with 22,035 sq. ft. of street-level retail. Primely positioned adjacent to the thriving Vista entertainment district, 1333 Main Street is located in Columbia’s Central Business District, which is the dominant and strengthening office submarket. The CBD has witnessed an 18-month rental rate growth of nearly 16%.

Patrick Gilde​a commented, “There have been very few Downtown Columbia office tower sales; however, this sale is evidence of pent-up demand from the investment community. As pricing in larger markets becomes increasingly competitive, capital is turning to smaller markets in search of opportunities.”

CBRE will be retained for the leasing​ and management of 1333 Main Street, which is currently 94% occupied. Anchor tenants at 1333 Main Street include PricewaterhouseCoopers, South Carolina Education Lottery, South Carolina Workers’ Compensation Commission and Dovetail Insurance.​

Categories : Columbia
Comments Comments Off on CBRE Brokers Sale of 1333 Main Street in Columbia