Archive for Columbia

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.”

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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.

Categories : Columbia, Greensboro
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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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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.

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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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