Archive for South Carolina News

Apr
07

Send Us Your News!

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news4With most of the newspapers now charging to read their news on-line, we have had more real estate firms sending us their press releases, and we appreciate it.

While we usually don’t post news on job promotions or new company announcements, we certainly welcome general information on sale transactions, major leases, market surveys or awards received. It does not have to be in the form of an actual press release.

Please ask you marketing/PR staff to send these items to mdodds@SCREnews.com.

Thank you

Michael Dodds, MAI, CCIM

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Nov
03

Congratulations to the New SC CCIM Designees

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sc ccimsCongratulations to the newest CCIM Designees from South Carolina!

  • Gerry Schauer – Avison Young, Charleston
  • Ben Goforth – Windsor Aughtry Company, Greenville
  • Scott Peevy – NAI Avant, Charleston
  • John Wright Jr – McCoy-Wright Realty, Anderson
  • Towers Rice – NAI Earle Furman, Greenville
  • Scott Benedict – Commercial Specialty Group, Charleston

 

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Nov
03

Carolinas CCIM Joint State Conference is This Week

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Click on the photo below for more information.

ccim 2015

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Nov
02

Thank You for the Appraisal Referrals!

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referral3I want to thank a few SCREnews.com followers that have referred appraisal assignments to me in the past month or so. You know who you are, and your thoughts are appreciated. As a reminder, I am the Senior Managing Director of the Columbia office of Integra Realty Resources. With 68 offices nationwide, we can handle commercial appraisal assignments anywhere in the United States. We routinely do appraisals for mortgage lending, estate settlement, condemnation and tax appeal purposes. Call me if I can assist with your commercial appraisal needs.

Michael Dodds, MAI, CCIM

803-772-8282  ext 110

mdodds@irr.com

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Oct
28

Dunkin’ Donuts Plans 13 New Restaurants In The Carolinas

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Dunkin_Donuts_1Dunkin’ Donuts, America’s all-day, everyday stop for coffee and baked goods, announced today the signing of multi-unit store development agreements with three franchise groups to develop 13 new restaurants in North and South Carolina over the next several years. The brand remains on track for the development of 410 – 440 net new Dunkin’ Donuts restaurants in the U.S. in 2015. The Carolinas locations will include eight new restaurants in Raleigh, one in Charlotte and four in Charleston.

Currently, there are over 370 Dunkin’ Donuts restaurants located throughout the Carolinas, and the company is continuing to recruit franchisees in Greensboro and Wilmington, N.C. To help fuel growth in North Carolina, special development incentives are available, which include reduced royalty fees for three years and up to $5,000 in local store marketing support for timely openings.*

In an effort to keep the brand fresh and competitive, Dunkin’ Donuts offers flexible concepts for any real estate format including free-standing restaurants, end caps, in-line sites, gas and convenience, travel plazas, universities, as well as other retail environments.

 

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Oct
15

S.C. Tax Credit Expanded for Abandoned Buildings

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Economic developers seeking new life for abandoned and/or historic buildings in their communities recently received a boost.

Gov. Nikki Haley recently signed into law some amendments (H. 3725) to existing tax credits for abandoned and historic buildings. The changes further encourage rehabilitation of these types of buildings, which can be found throughout South Carolina. Here are the key changes:

  • For historic structures, a taxpayer may now take a 25 percent tax credit in lieu of the previous 10 percent tax credit, not to exceed $1 million dollars per building.
  • The credit for historic structures must be taken in equal installments over a three-year period beginning with the year in which the property is placed in service.
  • The abandoned building rehabilitation tax credit can now be applied to insurance premium taxes.
  • The abandoned building credit must be taken in equal installments over a three-year period beginning with the tax year in which the applicable phase or portion of the building site is placed in service. Unused credit may be carried forward for the succeeding five years.
  • The abandoned building credit may not exceed $500,000 for any taxpayer in a tax year for each abandoned building site.

READ MORE HERE

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Jul
17

Statewide Commercial MLS Coming

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thumbs-up1The Charleston Trident Association of Realtors plans to launch a multiple listing service specifically for commercial real estate this fall.

Lowcountry commercial brokers and agents are currently using an MLS platform built for residential real estate. The existing platform, which had 830 commercial users as of June 30, allows users to list properties and exchange information, according to the association.

The new S.C. Commercial Multiple Listing Service, built by the Catylist platform, will be tailored to commercial sales and include custom reports, listing presentations, market statistics and mobile access, in addition to searching and mapping tools, the association said.

It will be owned by the Charleston Trident Association of Realtors but will be a separate company with its own board of directors.

The new MLS is scheduled to launch Oct. 1 in Charleston, Berkeley and Dorchester counties and expand to other S.C. markets within a year to 18 months, the association said.

READ MORE HERE

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Jun
16

SC Statewide Hotel Revenue Up 10%

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sales up graphStatewide hotel occupancy and average daily room rates were both up in March, which led to a nearly 10% increase in revenue per available room — known as revpar — according to the S.C. Department of Parks, Recreation and Tourism.

Revpar in the Greenville and Grand Strand areas increased more than 15% in March, the most recent data released by the department, while North Charleston, Rock Hill and the Walterboro-Hardeeville areas were up 10%.

In March, hotel revpar statewide was $63.16; year to date, the average was $48.93, the department said.

Smith Travel Research forecasts statewide occupancy growth for much of the summer. Occupancy rates are predicted to hit 73.9% in June and 75.4% in July, a 2.7% and 1.4% increase, respectively, from the same months in 2014. In August, the company predicts the rate will be 69.5%, which is the same as August 2014, according to the department.

READ MORE HERE

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Apr
23

BofA to Sell 13 Branches to South State Bank

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bofa south statesSouth State Corp. said today that it plans to purchase 12 S.C. branch locations and one Georgia branch location from Bank of America.

The deal will give South State entry into six new markets and three existing markets that the company already serves, the Columbia-based company said.

The acquired branches are located in Florence, Greenwood, Orangeburg, Sumter, Newberry, Batesburg-Leesville, Abbeville and Hartsville, as well as Hartwell, Ga.

The acquisition will place South State among the top 10 banks in market share in all the markets, and South State anticipates it will assume about $580 million in deposits and purchase approximately $3 million in loans from the acquisition.

READ MORE HERE

 

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Feb
23

Sales Volume Up 153% at C&W | Thalhimer

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sales up graphCushman & Wakefield | Thalhimer is pleased to announce robust activity in the first month of 2015. The firm’s ten Virginia, North Carolina and South Carolina offices completed 132 lease transactions totaling over 1,019,000 square feet and a transactional value of over $87,196,000 during the month of January – a 174% increase in lease volume over January 2014 performance.

In addition, Thalhimer executed 20 sale transactions in the month of January totaling over 1,892,000 square feet and over $136,116,000 in sales volume – a 153% increase in sales volume over January 2014 performance.

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Jan
30

Columbia Exploring Air Rights Over Parking Garages

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parking_garage_entranceThe city of Columbia wants to see if it can put together a public-private partnership to determine whether the air space over six city-owned parking garages is suitable for economic development opportunities.

The city has advertised a Request For Proposals to see if developers are interested in commercial development above the parking garages, all located in the downtown area.

“This is an RFP which could result in a developer or developers being chosen to develop residential/commercial space above one or more of the six existing garages listed … or future parking decks owned by the city,” said Leshia Utsey, city spokeswoman. “The city would provide air rights and any development would generate new property taxes and other revenues for the city as well as having an economic development impact in the area of the garage.”

Projects that could be built on top of the garages include retail stores, restaurants, offices and non-student residential units.

READ MORE HERE

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Jan
22

CRE Tax Exemption for Property Purchased During 2014

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elliott davis decosimo logoFrom our friends at Elliott Davis Decosimo:

Application Deadline January 30, 2015

Legislation in South Carolina enacted in 2011, which became effective January 1, 2012, created an exemption from property taxes applicable to certain transfers of commercial real estate. The exemption is not available for all properties and is determined by an evaluation of a number of factors. Generally, if the property qualifies, it could be assessed at a 25% discounted value as of December 31 of the year of the transfer.

The purchaser of the property must apply for the exemption.The application process is relatively straightforward, as the statute only requires the purchaser to notify the county tax assessor that it intends to claim the exemption. The applicant is not required to make any calculations to determine if the property qualifies before applying; all calculations will be performed by the assessor. Various counties have established their own guidelines for the form of the notification.

If you have any specific questions or need assistance evaluating your eligibility to secure a reduction in your assessed value of commercial real estate, please contact your tax advisor at your earliest convenience.

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Dec
04

SC Lodging Revenue up 7.8% in September

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Hotel revenue was up in September across South Carolina, while admissions tax collections and state park revenue were both down, according to a monthly report from the S.C. Department of Parks, Recreation and Tourism.

Statewide, hotel occupancy increased 2.8% in September from the previous year, and average daily room rates were up 4.8%, creating a 7.8% increase in revenue per available room, to $58.56, the report said. Year-to-date, average revenue per available room has been $66.17, an increase of nearly 11% from the previous year.

The Walterboro-Hardeeville and Columbia areas saw revenue per room increase more than 20% during the month; Greenville, Spartanburg and North Charleston saw an increase of 10% or more, according to the report.

Smith Travel Research, which tracks hotel industry data, predicts a 1% decrease in hotel occupancy rates in December, to 41.4%. The company forecasts that hotels will rebound in January to 43.2%, a 2.2% increase from the previous January, and in February to 54.7%, a 1.9% increase.

READ MORE HERE

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Nov
25

SC REALTORS Release October Figures

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South Carolina REALTORS® (SCR) today released its October 2014 statewide housing market reports. The reports show housing is normalizing in South Carolina and nationwide, with housing starts and building permits on the rise, inventory levels increasing in metro areas and homes selling quickly and close to list price.

In South Carolina, New Listings increased 8.6 percent to 6,929. Pending Sales were up 9.9 percent to 3,943 and Inventory grew 2.3 percent to 34,001 units. Prices moved higher as the Median Sales Price increased 6.7 percent to $160,000. Days on Market decreased 2.5 percent to 115 days and Months Supply of Inventory was down 4.7 percent to 8.2 months.

Interest rates remain attractive, corporate earnings have been strong and private job gains are exceeding expectations.

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Nov
10

DHEC Issues Last Permit Needed for SC Gold Mine

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Romarco Minerals has cleared its last regulatory hurdle in launching commercial operations at the Haile Gold Mine in Lancaster County. The Toronto-based company said the South Carolina Department of Environmental Control has issued it a mine operating permit from – the final major permit required for the project.

Before the state mining permit could be issued, Romarco needed a federal 404 wetlands permit. That permit was issued Oct. 27 by the U.S. Army Corps of Engineers and became effective immediately. The DHEC permit allows the Romarco’s Haile project to conduct mining, milling and reclamation activities at the project. Under the permit, DHEC requires controls for safety and environmental protection, with monitoring and reporting during operations.

Before the start of mining activities Romarco will provide a bond of approximately $30 million for reclaiming and restoring the land when mining ceases. The permit requires that additional security of approximately $30 million be provided over the life of the mine for a total financial security commitment of $60 million.

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