Archive for Uncategorized

Oct
19

N. Charleston Industrial Building Sold for $43.64/SF

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carolina commercial LLCCarolina Commercial, LLC has announced the investment sale of 135,000 SF multi-tenant industrial building located at 4400 Arco Lane, North Charleston, SC. Carolina Commercial represented the Buyer and the Seller. The sales price was reported to be $5,891,000, or $43.64 per square foot for the multi-tenant property.

The Buyer’s Broker was Dunston Powell, CCIM and the Seller’s Broker was Dan Batten, SIOR.

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Sep
27

Rocky Mount Retail Center Sold

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sutters-creekBerkeley Capital Advisors is pleased to announce the sale of Sutter’s Creek in Rocky Mt, NC, a 113,288 square foot shopping center anchored by Big Lots, Tractor Supply, and Farmers Home Furniture.

Addison Montague, Rob Carter, David Webb, Alex Quarrier, and Rad von Werssowetz of Berkeley Capital Advisors represented the sellers in this transaction.

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Sep
21

Asheboro’s Randolph Mall Under Contract

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randolphmallThe ownership of Randolph Mall could change by November. The potential buyer was in town Tuesday to view the property as part of the due diligence process.

Jim Hull, owner of Hull Property Group, confirmed his company has a binding contract to purchase the local mall but declined to comment on the details. If the deal is finalized, it should close around Nov. 1.

Randolph Mall opened in 1982. The 30-acre site has a combined land and building tax value of $13.7 million, according to the county tax records. It is currently operated by CBL & Associates, based in Chattanooga, Tenn. CBL bought the mall from Richard E. Jacobs Group in 2001.

Since 2014, CBL has been on a mission of “targeted divestitures of stable, but lower-growth malls” in its portfolio. The company still owns 10 properties in North Carolina, including Hanes Mall and Friendly Center.

READ MORE HERE

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Sep
12

What if They Had Relied on Zillow to Set the Asking Price?

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money-drainAccording to The State newspaper, a house on Lake Murray just sold for $1,425,000.

The “Zestimate” for the same house, at 18 Scott Branch Road in Chapin, SC is $822,368.

Think twice before placing any weight on anything from Zillow.com……..

 

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Aug
17

Do You Know the Difference Between Rentable and Usable Square Footage”

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tape measureThere are a lot of different concepts when it comes to commercial real estate, but few of them are as confusing to both tenants and real estate agents as the way to measure office space for rent. Knowing the difference between rentable and usable square feet can spell the difference between getting a great deal on your office space, or paying more for space you generally don’t use much. However, to make is a little easier to understand the most common rule of thumb in determining the amount of rent to be paid for an office space is usable square footage plus the tenant’s share of common area for the building. But what do those terms really mean?

FIND OUT HERE

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Aug
11

How About a 10,000 Room Hotel with 70 Restaurants?

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saudi hotelAnything dubbed “world’s largest” is sure to be over-the-top, but the $3.5 billion hotel under construction in Mecca is redefining extravagant.

The Abraj Kudai, which is owned by Saudi Arabia’s Ministry of Finance, will feature 12 towers, 10,000 rooms, and upwards of 70 restaurants. That’s more dining options than many towns have.

Entire floors of this 1.4 million square meter complex are to be dedicated to royal guests, and helipads will be added to sections of its roof. And there will be a full-size convention center—inside the hotel.

Aside from becoming the largest hotel in the world by room count, Abraj Kudai would also house one of the world’s largest domes atop its tallest tower.

The hotel is planned to open in 2017, but national economic issues may delay the project to 2018. Either way, there’s plenty of time to start saving for a stay in one of the hotel’s five-star towers.

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Aug
02

Hot Properties: Recent Charleston Area Transactions

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sale or leaseTodd Garrett of Avison Young represented the landlord, Palms Preferred Properties LLC, in the lease of a 2,400-square-foot industrial space at 4663 Franchise St. in North Charleston to Rainbow International of Charleston.

Mark Mizell of Birchin Lane Realty Advisors represented the tenant, Shooting Star Creations, in the lease of approximately 1,700 square feet of office space in Bowman Center in Mount Pleasant.

Mark Mizell of Birchin Lane Realty Advisors represented the tenant, Hannah Solar Government Services LLC, in the lease of approximately 6,000 square feet of office and warehouse space at 1090 Jack Primus Road in Charleston.

Jesse Long of Birchin Lane Realty Advisors represented a private investor in the sale of a Family Dollar store in St. George for $1.65 million.

Tim Hagar of National Restaurant Properties represented the landlord, Marlie Properties LLC, in the lease of approximately 2,000 square feet of space at 103 S. Main St. in Summerville to Great Investments LLC, dba Wine & More. Geo Koehl of AgentOwned Realty represented the tenant.

SEE MORE TRANSACTIONS HERE

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Jul
06

Leland, NC Self Storage Facility Sold

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martin ssMartin Self Storage has acquired a facility in Leland, N.C., from A Quality Self Storage Inc. for $2.5 million. The property at 7815 Ocean Highway E. comprises 57,300 square feet of indoor storage as well as adjoining boat and RV storage space, according to a press release issued by Cape Fear Commercial LLC, the real estate firm that brokered the sale.

The facility contains 204 units, though the 16.5-acre parcel includes room for expansion, according to a listing on real estate website LoopNet.com. The asset is on U.S. Route 17 in Brunswick County, near Wilmington, N.C.

Martin Self Storage is the operating brand of Martin Organization LLC. The company has seven locations in North Carolina, including five other assets in the Wilmington market. The operator is looking to expand in the state, as well as into Florida and South Carolina, the release stated.

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Jun
16

N.C. Walmart Neighborhood Market Sold

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wal mart market soldBerkeley Capital Advisors has announced the sale of the Walmart Neighborhood Market Ground Lease in Wilson, NC for $5.04MM, satisfying a 1031 tax exchange. Located at 2700 Ward Blvd., Walmart had a new 20 year lease at time of sale.

Steve Horvath and Ransome Foose represented the seller in the transaction.

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Apr
15

Elizabeth City Shopping Center Sold

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Tanglewood PavilionsIRC Retail Centers Inc. has announced that it has acquired Tanglewood Pavilions, a 158,000-square-foot shopping center located in the regional trade area of Elizabeth City, North Carolina. The 92-percent-leased center is anchored by Hobby Lobby, TJ Maxx, Ross Dress for Less and Dollar Tree, and is shadow-anchored by a Walmart Supercenter.

Tanglewood Pavilions was developed by a joint venture of IRC Retail Centers and Thompson Thrift Development, Inc. The joint venture broke ground on the development in October 2014 and completed construction less than one year later. Per the terms of the joint venture agreement, upon completion of construction and stabilization of the property, IRC Retail Centers acquired 100% ownership of the shopping center at a pre-negotiated purchase price.

Located only 45 minutes south of Norfolk-Virginia Beach, Va., Elizabeth City is the gateway to the Outer Banks vacation area, the county seat of Pasquotank County and home to the largest U.S. Coast Guard base in the nation. The center is a regional shopping destination, drawing from portions of the entire 16-county Albemarle region of northeastern North Carolina, constituting an actual trade area of approximately 194,000 consumers with average household incomes of more than $55,000.

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Apr
11

Charlotte Office Buildings Sold for $33.8 Million

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Fairview Corporate Center_01Two office buildings in SouthPark have sold for $33.8 million.

Beacon Partners sold Fairview Center One and Two to ROC III Fairlead Fairview Center Owner LLC, a subsidiary of Marietta, Ga.-based Fairlead Commercial, in a deal that closed Friday, according to real estate records. Fairview Center One is a seven-story, 118,867-square-foot Class-A office building constructed in 1984. Fairview Center Two is a four-story, 62,781-square-foot Class-B office building completed in 1968.

CBRE represented Beacon in the transaction. Beacon listed the property late last year with CBRE after purchasing the buildings, located at 6302 and 6230 Fairview Road, for $26.2 million in 2014 from Metlife Inc.

The purchase of Fairview Center One and Two marks Fairlead Commercial’s first foray into North Carolina real estate. The company owns office buildings throughout Georgia and Florida. Its business includes investment management and advisory services, as well as property management, leasing and development.

Categories : Charlotte, Uncategorized
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Mar
11

Convert a Warehouse to an Apartment in a Few Days?

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Click on the photo to learn more.

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Nov
20

Location, Location, Location (Humor)

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Oct
22

Builders FirstSource in Columbia Sold for $5.2 Million

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builders firstsource blythewoodThe Royston Group has completed the sale of a single tenant, triple net lease industrial facility. The 106,000 square foot site, located in Blythewood, South Carolina, sold for $5.2 million. Built in 2005, the property sits on 22.01 acres of land which is leased to building supply company Builders FirstSource.

The Royston Group’s Greg Cortese and Rob Sutton represented the seller in the transaction. The buyer selected this property due to the 15 Year NNN lease and the strong company credit in Builders FirstSource. Builders Firstsource has been operating at the site for over 10 years giving the company valuable access to the region’s growing residential home development . The buyer is private real estate investor based in northeast and the seller is a family real estate company based in California.

“The company credit, the site access to residential growth markets and the long term NNN lease made this site a very valuable and stable net lease investment.” said Sutton.

Additional property information can be found at the expired Loopnet listing.

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Aug
03

New National Restaurants Coming to Aiken

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