Archive for Uncategorized

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.

READ MORE HERE

 

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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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Nov
07

Cherryville Self Storage Facility Sold

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alcomAlcom Mini Storage, located in Cherryville, NC, was sold in late October to an out of state buyer. Located on over 4 acres, this property offers over 20,000 RSF, with 123 traditional self storage units, RV and boat parking, a rental office and a 5,000 SF warehouse. There is also the opportunity for expansion.

Michael Morrison, Associate Broker with Midcoast Properties, Inc., led this effort on the firm’s behalf.

The facility was opened around 2007 with the last expansion in 2010, and enjoys occupancy of 100%.

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Oct
19

It’s Property Tax Bill Time……

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tax appeal approved thinIf you own or manage property in South Carolina, you will be receiving your property tax bills shortly, if you haven’t already. As you know, taxes are calculated by multiplying the taxable value by the assessment ratio (4% for owner occupied residential and 6% for most others) then multiplied by the millage rate. The only part of the equation that can be appealed is the taxable value. Be sure to review this value closely, and determine if it is reasonable.  If you aren’t sure that the taxable value of  your commercial property is reasonable, email me and I will gladly review it. As a licensed real estate  appraiser, I represent commercial property owners in the real property tax appeal process regularly.

Michael Dodds, MAI, CCIM    mdodds@irr.com

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Oct
10

Panattoni to Build Spec Building in Duncan

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Spec-WarehouseCBRE announced Panattoni Development Company, Inc.’s 373,320-square-foot speculative project at Apple Valley Industrial Park in Duncan. Panattoni recently purchased the 39 acres in Spartanburg County and will invest more than $22 million in the new development.

The first building consisting of 177,320 square feet in Apple Valley Industrial Park has been pre-leased to an automotive related tenant. CBRE’s Marcus Cornelius, and Broadstreet Partners, LLC’s Ryan Koop represented PDC in the transaction.

Apple Valley Industrial Park is set for Q2 2018 delivery. CBRE and Broadstreet Partners are working with Panattoni to market the remaining 196,000 square feet available for lease. Located midway between Greenville and Spartanburg, the park is in close proximity to Interstate 85 and BMW and offers new, Class A construction and flexibility for either single-tenant or multi-tenant users.

READ MORE HERE

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Aug
15

RADCO Acquires Charleston Apartment Community

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Woodbridge_ApartmentsThe RADCO Companies, one of the nation’s leading opportunistic real estate developers, completed its sixth acquisition of 2017 with the closing of Woodbridge Apartment Homes in Charleston, South Carolina. This is RADCO’s 72nd acquisition since 2011, its seventh community in South Carolina, and its second community in the Charleston market.

The 198-unit, Class B property has been renamed Radius at West Ashley. Radius at West Ashley will be proudly managed by RADCO Residential, the Company’s proprietary management platform.

Radius at West Ashley is favorably located in the heart of the West Ashley submarket of Charleston, just minutes away from downtown Charleston, College of Charleston, MUSC, and scenic South Carolina beaches. The community’s location and accessibility to major roads allows for an easy commute to the area’s major office facilities and employers, including Boeing.

READ MORE HERE

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Jul
31

C&W | Thalhimer Sells Spartanburg Industrial Buildings

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3001 N Blackstock AerialCushman & Wakefield | Thalhimer has announced the sale of 3001 N. Blackstock Road, Buildings 1 and 2, in Spartanburg, South Carolina.

Crimson Palmetto Holdings, LLC purchased two industrial buildings comprised of 342,838 square feet and situated on 39.25 acres from RT Blackstock Complex, LLC for $5,400,000. RDI-USA, Inc. has been a tenant for over 7 years and will continue their occupancy.

Brian J. Young, CCIM, SIOR and Lyn Norton of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.

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May
08

Recent Charleston Area Sales Announced

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sold signsDunston Powell of Carolina Commercial represented the seller, East Bay 7 LLC, in the $2.75 million sale of 235 East Bay St. in Charleston to Apex Real Property LLC and Apex 1031 Exchange LLC.

Robert Pratt of RE/MAX Pro Realty represented PR Properties of Summerville LLC in its $1.35 million purchase of 9,100 square feet of commercial space at 5208 State Road in Holly Hill. Greg Googer of Googer Real Estate represented the seller, CDP Holly Hill LLC.

Miles Martschink of Clement Crawford & Thornhill Inc., represented Lee-Walpole LLC in its $900,000 sale of 4.37 acres at 3291 Maybank Highway on Johns Island. The buyer, Sievers Construction Co. Inc., was represented by Mark Mizell of Birchin Lane Realty Advisors.

Eddie Hughes of Beach Commercial represented the buyer, Mount Pleasant Waterworks, in its $218,000 purchase of a 0.61-acre lot at 1643 Rifle Range Road in Mount Pleasant. The seller, Charles Goodwater, was represented by Henry Wolfe of Brand Name Real Estate.

Todd Garrett of Avison Young represented CDH 2360 Air Park LLC in its $310,000 purchase of 4,000 square feet of industrial space at 2360 Air Park Road in North Charleston from William W. Barrett Jr. and H. Russell Barrett.

Ryan Welch of Lee & Associates represented Anglo Fund Partners in its $860,000 sale of 11,680 square feet of warehouse space at 6491 Dorchester Road in North Charleston. The buyer, Silverton Partners LLC, was represented by R. Milton Thomas III of Lee & Associates.

Mark Erickson of Cushman & Wakefield|Thalhimer represented Port City Concrete Land LLC in its $800,00 purchase of 3.84 acres of industrial land on Pace Street in North Charleston from XJM Co. LLC.

Jack Pratt of Carolina One Commercial represented Kahsyne LLC in its $155,000 sale of a 0.684-acre commercial lot on Dewesbury Lane in North Charleston to the City of North Charleston. Bruce Berlinsky represented the buyer.

Walter Barton and Jeff Bowers of RE/MAX Pro Realty represented B & B in its $610,000 sale of 9294 Medical Plaza Drive in North Charleston to Trident Medical Center LLC.

Robert Pratt of RE/MAX Pro Realty represented J. Fred Weathers in the $1.165 million sale of 36 apartment units at 115 W. 7th North St. in Summerville. The buyer, Colonial Park LLC, was represented by Chris Garcia of RE/MAX Pro Realty.

Eddie Hughes of Beach Commercial represented Beach Village LLC in its $400,000 purchase of 3.62 acres on Highway 17-A in Summerville from The Sandman Crew. The seller was represented by Charles Fitzhenry II of RealityLink LLC.

Eddie Buxton and Jenna Philipp of Palmetto Commercial Properties represented, respectively, the seller, Two Hipp Properties LLC, and the buyer, Exclusively Bimmers LLC, in the $575,000 sale of 5.5 acres at 1161 College Park Road in Summerville.

Bob Nuttall and Lindsey Halter of Lee & Associates represented Mooring Capital Fund LLC in the $805,000 sale of a 3,247-square-foot office condominium at 1470 Tobias Gadson Blvd. Tim Harrison of Whitney Commercial Real Estate Services represented the buyer, Catherine Cole Ferndelli Living Trust.

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