May
30

Publix to Open Third Bluffton-Area Location

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Publix (1)Publix is opening a third Bluffton-area location in an area that has long waited for more convenient shopping.

The 70,200 square-foot shopping center’s development was officially announced late Wednesday by Halvorsen Holdings — a Florida-based real estate developer — for May River Crossing, according to a news release from the developer.

The grocery store will mainly serve the New Riverside and Palmetto Bluff communities and will be located on the northeast corner of S.C. 170 and May River Road adjacent to land with a proposed mixed-use development to include office and retail space.

“Located in a high-end residential and visitor area, the accessibility to this center is great and, in fact, a high priority for Publix,” Tim Berg, president of Halvorsen Real Estate Corporation, said.

READ MORE HERE

Categories : Bluffton
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Mar
27

Short Term Office Space Lease Available in Columbia

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CaptureI have 3,500 square feet available on the first floor of my office building. Knowing that I am going to lose my building to eminent domain for the “malfunction junction”  re-do, I can only lease it for a short-term (9 to 18 months). If you know of a growing company that expects to outgrow their space quickly or a company that needs space while their new building is under construction, keep me in mind. The building is at 500 Lawand Drive in the St Andrews submarket. A floorplan and interior photos can be seen HERE.

Mike Dodds (803) 960-8783

Categories : Columbia
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Mar
27

Charlotte Apartment Vacancy Rate at 6.2%

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real data LogoAccording to the latest issue of the Charlotte Apartment Report published by Real Data, the average vacancy rate for apartments in the Charlotte metro area is now 6.2%. Demand was healthy with more than 2,500 units absorbed in just the last six months. Same-unit rents continue to grow and the average rental rate is now $1,205 per month.

Charlotte continues to have one of the most active development pipelines in the country, with more than 13,000 units currently under construction and another 10,000 units proposed. The most active submarkets are East-1 and Southeast-1, where there are more than 2,000 units under construction in each. The average vacancy rate in East-1 is currently 7.0%, while the average vacancy rate in Southeast-1 is 10.7%.

The average vacancy rate will approach 7.0%, while rents increase around 3.5% over the same time period.

Categories : Charlotte
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Mar
27

Columbia and Bluffton Self Storage Facilities Sold

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self-storage3Midcoast Properties, Inc. has announced the sale of Plantation Self Storage, a two-property portfolio located in Bluffton and Columbia, South Carolina, in early March to Morningstar Storage.

The facilities feature both climate-controlled units and non-climate drive-up units, as well as lockers, wine storage, covered drive-up units, and RV and Boat parking. Combined, there are a total of 19 buildings situated on 14.85 acres, with over 165,000 RSF. Amenities include cameras, lights, digital gate access, timers for lights in hallways, move-in trucks, and offices with moving supplies. They each enjoy good visibility and are situated near shopping centers and residential developments.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. represented the seller and had the listing to market the facility.

Categories : Bluffton, Columbia
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Mar
26

Short Term Office Rental Available in Columbia

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CaptureI have 3,500 square feet available on the first floor of my office building. Knowing that I am going to lose my building to eminent domain for the “malfunction junction”  re-do, I can only lease it for a short-term (9 to 18 months). If you know of a growing company that expects to outgrow their space quickly or a company that needs space while their new building is under construction, keep me in mind. The building is at 500 Lawand Drive in the St Andrews submarket. A floorplan and interior photos can be seen HERE.

Mike Dodds (803) 960-8783

 

Categories : Columbia
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Mar
26

Snapshot: Wilmington Commercial Real Estate

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wilmingtonIn the everchanging landscape of commercial real estate, some things stay the same, at least until the next supply/ demand cycle rolls around. This is true for office space and apartments in Wilmington, even as transportation changes – some just proposed ones – and retail industry corrections are having an impact locally.

While an economic dip could be coming, the economy was faring well during the first quarter of 2019, as local brokers and businesspeople kept an eye on the following trends.

READ MORE HERE

Categories : Wilmington
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Mar
25

Taylors Apartment Complex Sold for $89,000/Unit

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Chimneys Exterior 1Norfolk, Va.-based Cohen Investment Group has purchased The Chimneys of Greenville from Chicago-based Highgate Capital Group for $14.95 million.

The Chimneys of Greenville is a 168-unit apartment community in Taylors. Jordan McCarley, Tai Cohen and Watson Bryant of Cushman & Wakefield represented the seller in the transaction, according to a news release.

“The Chimneys of Greenville transaction is a great example of our company buying value-add multifamily real estate below replacement cost,” said Hugh D. Cohen, president of Cohen Investment Group, in the release. “Adding this property to our growing portfolio is exciting on various levels including our entrance into the Greenville market. Each acquisition that we do possesses its own individual business plan, and we plan on capitalizing on ours quickly.”

Categories : Greenville
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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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Mar
20

Former Skating Center in Charleston Sold

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hot wheelsCarolina Commercial, LLC congratulates Dunston Powell, CCIM and William Moore on the sale of the 16,000 square foot former Hot Wheels Skating Center at 1523 Folly Road in Charleston, SC.

Carolina Commercial represented John Harris Body Shop/Owen Investments Company, LLC in the purchase for the planned adaptive reuse of this former landmark James Island property. Phil Rose with Twin Rivers Capital represented the Seller.

Categories : Charleston
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Mar
20

New Apartments Planned for Verdae

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apartments-for-rentGlenmont Capital Management, LLC, a New York-based real estate investment firm led by Managing Principal Lawrence A. Kestin, and Arlington Properties, Inc., a Birmingham-based real estate development firm led by Jim Dixon, announced the acquisition of a 19-acre site in the Verdae master-planned community of Greenville, South Carolina, for the development of Verdae III, a 276-unit Class-A apartment community. The planned development follows the success of Glenmont and Arlington’s development of Velo Verdae, a 262-unit Class A apartment immediately adjacent to the new site which was recently sold.

The property acquired in Verdae offers unparalleled convenience and is situated along two major roads, less than five miles from downtown Greenville. Verdae III will offer unit sizes, features, and amenities not feasible in Downtown Greenville, while maintaining a significant rent discount to Class-A product Downtown. Furthermore, the popular Swamp Rabbit Trail multimodal path is being extended and will run immediately adjacent to Verdae III, benefitting residents with direct access.

Construction will begin in Q1 2019, with move-ins scheduled to begin 12 months thereafter. Verdae III will represent the thirteenth multifamily project by Glenmont and Arlington since 2002.

Categories : Greenville
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Mar
20

Stratham Place Apartments Renovation Financing Complete

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strathamBywater Development Group and its Greenville based development partner, DuPree Development, are pleased to announce the closing on all financing needed for the fully transformational rehabilitation and preservation of the Stratham Place Apartments in Greenville, SC. This 88-unit apartment community, which was originally constructed in the 1950’s, has long been in dire need of a full reimaging, repositioning and overall update. The completed product of this $14.6M revitalization will provide both a major physical investment to this property that repositions it as an asset and anchor for the continued positive growth of the community. Of equal importance, this redevelopment will ensure this property will serve as long term, high quality, well operated affordable housing for families in the thriving and dynamic Greenville community; which presently has an ever-growing need for affordable housing of all types.

This development would not be possible without a tremendous amount of support, assistance and partnership from the City of Greenville – including the Mayor and City Council, the City’s Community Development Department, the City’s Building/Engineering departments and the City’s Planning staff/Plan Commission.

This highly collaborative effort would not be taking place without affordable housing tax credit financing, a great deal of hard work and overall sense of partnership from the South Carolina State Housing Finance & Development Authority.

By making both RAD and PBV rental assistance available to this development, The Greenville Housing Authority is greatly assisting in making this development feasible and insuring long term affordability for its residents.

The newly created Greenville Housing Fund is providing much needed financial support, without which the comprehensive revitalization scope for this property would not be achievable.

Through their highly responsive and most diligent efforts in operating this property in its present condition through a challenging holding period prior to the start of this rehabilitation, Vista Capital Management Group has been instrumental and vital in bringing this plan into reality.

Categories : Greenville
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Mar
05

92 SC Food Lions to be Renovated

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food lionYour Food Lion could be getting a makeover soon.

The company announced Monday that it will remodel 92 stores in the greater Myrtle Beach, Florence, Columbia and Charleston markets in 2019.

The $158 million investment will go toward remodeling the stores, lowering prices and expanding the assortment of products of available at each store. Food Lion is also expecting to hire nearly 2,000 new associates at the stores.

“Food Lion is proud to have been a part of the many towns and cities we serve throughout South Carolina for 43 years and we are even more excited to bring exciting new offerings, services and a new look to these markets,” said Food Lion President Meg Ham.

READ MORE HERE

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Mar
05

Don’t Forget Those Property Tax Exemptions in SC

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proximityA 199 unit Proximity Residences off Bee’s Ferry Road in  Charleston County just sold for $37 million ($186,000/unit). Currently, the taxable value of the property is about $29.6 million, which means the property taxes could increase by 25%. Hopefully, someone made the Pennsylvania based buyer aware of the 25% exemption (that has to be applied for), which would bring the taxable value back down to the current level. Call me if I can assist with any property tax issues in South Carolina.

Michael Dodds, MAI, CCIM  cell (803) 960.8783

Categories : Charleston
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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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Feb
13

Three Update Assisted Living Facilities Sold

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sold stamp blueThree assisted living and memory care facilities in the Upstate sold for $48.4 million. The properties totaled 198 units at $244,444 per unit.

Spring Park at 925 N. Main St. in Travelers Rest, Fairview Park at 544 Harrison Bridge Road in Simpsonville, and Oakview Park at 110 Hood Road in Powdersville were purchased by Atlas Senior Living of Alabama.

The seller, Greenville-based Graycliff Capital Senior Housing LLC, was represented by Cushman & Wakefield Senior Housing of Florida.

“Graycliff strategically developed this portfolio within the Greenville market to avoid overlap, capture economies of scale, and allow each asset to effectively meet market demand,” Cushman & Wakefield’s Paul Carr said in a news release. “As a result, these communities are uniquely positioned to capitalize on Greenville’s exceptional growth and thriving economy.”

READ MORE HERE

Categories : Greenville
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