Archive for Uncategorized

Mar
20

Critics of Asheville Mall Plan Weigh In

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asheville mallAsheville City Council delayed action on approving a redevelopment proposal for a section of the Asheville Mall that includes the now-defunct Sears building. The $45 million dollar project would include retail space, a movie theater and more than 200 units of housing.

Critics of the project say it lacks the streetscape and infrastructure needs of the area, as well as for the anticipated addition of new residents.

The redevelopment plan reflects a national trend that’s been called the “death” of American shopping malls. It even has its own hashtag — #deadmall. Suburban retail has largely fallen out of style in the last decade, due to increasing online sales and a generational shift toward walkable, urban communities. That’s left many cities including Asheville facing the question of how to repurpose massive vacant department stores, like Sears on Tunnel Rd.

READ MORE HERE

Categories : Asheville, Uncategorized
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Feb
13

Property Tax Tip of the Day

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If you are considering the acquisition of a recently completed property in SC, make sure that the assessor’s office has assigned a taxable value to the building before closing the deal. You lose the potential 25% tax exemption if there is no taxable value to compare the sales price with.

tax tip

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Jan
13

Beaufort Medical Office Building Sold

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arthurFairfield Advisors facilitated the sale of the Jenkins Medical Office Building located in Beaufort, South Carolina. The medical building, which sold for $10.6 million, totals 51,000 square feet and was built in 2000. Beaufort Memorial Hospital and the Medical University of South Carolina are the anchor tenants in the MOB. Both executed long term, NNN leases as part of the sale transaction.

“Fairfield managed a highly focused campaign to maximize the proceeds for the seller of the Medical Office Building,” said Greg Trainor, Managing Partner with Fairfield. “The sellers were able to execute new leases with the anchor tenants which made the MOB that much more of an attractive acquisition for the new owner. Fairfield worked within its network of buyers on an off-market basis in order to achieve the results set forth by the sellers”.

Categories : Beaufort, Uncategorized
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Nov
19

Connectivity a Goal of Columbia Developers

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vibrant columbia2As Columbia’s historic communities and neighborhoods continue to attract redevelopment, industry leaders think that growth could serve as connective tissue linking the region’s economy.

A four-person panel of developers, architects and real estate professionals talked about the area’s challenging tax structure and the attributes that separate Midlands markets from competitors such as Charleston and Greenville during the Columbia Regional Business Report’s Power Breakfast event on Thursday.

One area seeing steady growth is Cottontown, a section of downtown across Elmwood Avenue where new shops pop up regularly along North Main Street and its arteries. One of the businesses the area attracted is architecture firm Studio 2LR, which relocated to a building built in 1938 at the corner of North Main and Confederate Avenue in 2016 after 10 years in the Vista.

“It’s perfect for what we want to do,” Lyles said. “The attractiveness is the neighborhoods, the costs, and there are some really cool buildings. There’s a lot of good things going on out there.”

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Categories : Columbia, Uncategorized
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Oct
25

Considering a Property Tax Appeal?

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money countingIt is that time of the year. Property tax bills will be arriving shortly, which generally leads to property owners wondering if they are being assessed fairly. I can help analyze your commercial real estate or high-value residential property tax bill to determine if an appeal is warranted.

Call me and let’s see if we can get that property tax bill reduced.

Michael Dodds, MAI, CCIM  (803) 960-8783

 

 

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Sep
10

Why Hire Out-of-State Property Tax Consultants?

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appeal approvedI get that it is easier to deal with a single point of contact for property tax representation, but some of these national companies do a poor job on properties less than $1.5 million. I recently handled a successful appeal for a community bank and during my research discovered many other branch banks that are over-assessed. When I reached out to the real estate manager for a regional bank, I was told that a firm out of Dallas handles their property tax work. That firm probably does a decent job on the bank’s $40 million headquarters building, but they aren’t going to make the same effort on a 4,500 square foot suburban branch bank. They just aren’t. If you manage a bank’s real estate, I would welcome the opportunity to review your property list. I am very confident that I can reduce your property taxes.

Michael Dodds, MAI, CCIM   (803) 960-8783

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Jun
20

What do Tire Manufacturers Look for in a Site?

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IRR TireDid you know that the tire manufacturing process is very sensitive to dust? Manufacturers like to have a buffer between the facility and an interstate and want to be in a low lying area with minimal wind. While appraising a manufacturing facility this week, I watched a tire be made in 52 seconds.

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May
01

Which Broker Marketing E-mails Do I Open?

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I don’t know how many property marketing emails you get per day, but it is probably a substantial number. I simply can’t look at them all, and I doubt that you can either. I would be willing to bet that the emails that show the city and state clearly in the subject line get opened more often. I welcome your feedback at mdodds@irr.com.

Michael Dodds, MAI, CCIM 

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Apr
30

HFF Announces Sale of Industrial Facility in the Triad Region

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saleHFF announces the $6.7 million sale of a 107,480-square-foot, fully occupied, industrial building located at 4160 Mendenhall Oaks Parkway in North Carolina’s Greensboro-Winston Salem-High Point area, which is known as the Piedmont Triad (or Triad).

The HFF team represented the seller, a partnership between a private company and Somerset Properties. Dalfen America Corp. purchased the asset.

The multi-tenant building serves as the headquarters for two of the three tenants. The building was constructed in 1997 and features 24-foot clear heights, 16 dock-high positions, two drive-in doors and the ability to add additional loading via 14 knock-out panels. The 4160 Mendenhall Oaks Parkway building is situated within the master-planned Mendenhall Business Park, which is located near a network of major transportation thoroughfares, including Interstates 40, 73 and 85, which is the industrial backbone of the Southeast. Additionally, the building is centrally positioned within the Airport/West Guilford submarket, the largest and most sought after industrial submarket in the Triad, and less than 10 miles from the Piedmont Triad International Airport.

The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally. HFF is also representing the seller in marketing the remainder of Mendenhall Business Park, which consists of four single-story office buildings and two multi-story office buildings.

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Apr
17

NAI Avant Closes ±20,791 Square Foot Industrial Sale

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gilbertNAI Avant has announced the sale of ±20,791 square foot of warehouse space at 4335 Augusta Highway in Gilbert, South Carolina. Senior brokers Nick Stomski, SIOR and Rob Lapin represented the seller, Branning Property Management, LLC. Robertson Family Holdings, LLC purchased the property for $935,000.

The property features two buildings, totaling ±20,791 square feet of office and warehouse space, on ±5.45 acres of land. Building 1 consists of ±8,991 square feet of professional office space while Building 2 consists of ±11,800 square feet of office and manufacturing/lab space.

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Apr
17

Vista Capital Management Awarded Management Contract

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VistaCMVista Capital Management Group has announced that it has been awarded management of three multifamily communities totaling 400 units. The communities, Cameron Courts Weldon Heights, Linwood Terrace, and Mountain View, are located in Gastonia, North Carolina. Formerly public housing properties, Vista Capital will oversee their conversion to low income housing tax credit communities.

While already established in Hendersonville, Vista Capital is proud to expand their reach further into North Carolina with the addition of these 400 units in Gastonia. Managing a portfolio in excess of $250 million, Vista Capital Management provides property and asset management services throughout the Southeastern and Mid-Atlantic regions of the United States, including South Carolina, North Carolina, Virginia, Maryland, and Indiana.

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Apr
17

Texas Roadhouse Ground Lease Sold

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berkeley capBerkeley Capital Advisors has announced the sale of the Texas Roadhouse Ground Lease in Aberdeen (Pinehurst Area), NC for $2.03MM. Located at 1301 North Sandhills Blvd., Texas Roadhouse had 10 years remaining on the lease at time of sale. The 1.22 acre site is improved with the 6,150 square foot Texas Roadhouse restaurant, which was built in 2012.

Steve and Ransome exclusively represented the seller in the transaction.

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Mar
01

S.C. Hotels Post Strong Occupancy and RevPAR Figures

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hotelStatewide revenue per available room increased 2.2% in December 2017 for S.C. hotels and grew 4.6% for the year, the S.C. Department of Parks, Recreation & Tourism said Wednesday.

RevPAR, as the tourism impact indicator is known, stood at $43.12 in December. The annual increase outperformed both national (3%) and South Atlantic regional (4.6%) averages.

State parks also saw a revenue increase in December and for the year. Compared to a fall/winter of 2016 affected by Hurricane Matthew, state parks revenue rose 18% in December and 18.3% year-to-date. Compared to revenue averages, the yearly increase was closer to 4%.

Three of the state’s major airports ended 2017 with year-to-date increases in deplanements, led by Myrtle Beach International Airport’s 16.7% jump. Myrtle Beach saw a 21.9% deplanement rise from December 2016 to December 2017.

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Feb
19

Flagship Properties Announces Transactions

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flagshipFlagship Properties has announced the following transactions:

  • Josh Tew and Caldwell Johnston, of Flagship Properties, represented the landlord in the office lease of 2,000 square feet to Everest Counseling Associates at 880 S. Pleasantburg Drive, Suite F.
  • Josh Tew, of Flagship Properties, represented the landlord in the flex-space lease of 5,200 square feet to Handeck Investments LLC, at 2421 New Easley Highway, Suites A and C.
  • Caldwell Johnston, of Flagship Properties, represented the landlord in the flex-space lease of 2,500 square feet to Flowerlina LLC, at 4013 Pelham Court in Greenville.

 

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Dec
11

Joyner Commercial Announces Transactions

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joyner commercialJoyner Commercial, the Commercial Division of Berkshire Hathaway HomeServices C. Dan Joyner Realtors®, has announced the following transactions completed by its team of commercial real estate professionals.

Matt Carter, CCIM and Craig Leduc represented the Seller, in the sale of a 15,000±SF office building at 135 Edinburg Ct in Greenville, SC to MB4 midtown LLC.

Joe Teague and Hays Reynolds represented the landlord in a lease, 900± SF office suite to Creative Engineers at 330 Pelham Rd Suite 102 Greenville, SC

Joe Teague represented the landlord, in a lease of retail space of 1,500±SF at 1791 Woodruff Rd Suite B to Local Map Co. in Greenville, SC.

Bryon Culbertson represented the owner, OHI Assets in a sale of 9,000± medical building at 721 W. Curtis St Simpsonville, SC to Lakefield Properties LLC.

Michael Joseph represented the buyer, Mr. Simmons in a sale of industrial land at 301 Woodruff Rd in Greenville, SC.

Nelson Garrison represented the seller and buyer of a 1.4 acres lot with a flex building for use of Terminix Services at 3608 Fernandina Rd Columbia SC.

Bryon Culbertson represented the Tenant CCFT Rapid Ready LLC in a lease of 1,200± office space at 413 Vardry St Suite 7 in Greenville, SC.

Wayne Smith represented the Tenant Units Mobile Storage of Greenville LLC in a 16,000±SF office building Lease at 308 Pennsylvania Ave Greer, SC.

Greg Huff represented the owner in a sale of a 3,750±SF brick building at 523 Sulphur Springs Rd in Greenville, SC to LaMesa Del Padre Church.

Bryon Culbertson represented the Landlord NV LLC and Tenant ProConsultants of a lease of 2,270± SF office space at 213 Bulter Rd Suite D in Mauldin, SC

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