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The coastline along the city of Santos, some 80 km from Sao Paulo, in Brazil, offers a strange sight. Like dominoes about to topple, the waterfront is lined by a string of high rise apartments that are unmistakably tilted to one side.
The problem lies in Santos’ soil. Below a seven-meter layer of sand is a 30-40 meter deep bed of slippery clay that doesn’t cope well with the weight of the structures. Until 1968, the local building code had no restrictions whatsoever on the type of foundation that could be used for multistory buildings. Ideally, the foundations of buildings should reach bedrock, which in the region is about 50 meters deep. But these buildings in Santos’ waterfront has foundations that are only 4 or 5 meters (13 to 16 feet) deep. After the leaning in the first building became visible, there was realization that the practice of placing tall buildings on shallow footings could not continue, and a requirement was added to Santos building code to use deep foundation for tall buildings.
With The State, the Greenville News and the Post and Courier now charging to read their news on-line, there are less views of the stories posted at those sites. We have had more real estate firms sending us their news so far this year, and we appreciate it.
While we usually don’t post news on job promotions or new company announcements, we certainly welcome press releases and just general information on sales, major leases, market surveys or awards received.
Please ask you marketing/PR staff to send these items to email@example.com.
Michael Dodds, MAI, CCIM
Carter Validus Mission Critical REIT has purchased a data center property in Raleigh, North Carolina, for US$19.5m. The multi-tenant facility is located near Raleigh-Durham International Airport in Morrisville, N.C.
The data center, originally constructed in 1997, is 100% occupied by four tenants. The purpose-built facility is situated on 12.26 acres and totals 143,770 sq ft.
John Carter, CEO of Carter Validus, said, “Given the property’s desirable location and long term leases with high-quality tenants, we believe that the Raleigh Data Center is a great addition to our growing portfolio of mission critical real estate.”
One of the facility’s tenants is data center services provider Peak 10, according to Charlotte Business Journal.
In the past three months, three banks have announced plans to move into Main Street buildings in Columbia. Here are the banks and the buildings.
I have a friend that is looking for a NNN lease bank branch for an all cash buyer. Preferred location is the southeastern US. Buyer wants 15+ year remaining term and tenant has to be investment grade. Email me what you have – I am not acting as a broker, just helping a friend.
Michael Dodds firstname.lastname@example.org
Dail Longaker and Macon Lovelace, both members of NAI Avant’s Brokerage Team, brokered the sale of 916 – 924 Gervais Street in the Vista of Columbia, SC.
The three historic buildings total 15,457 square feet and are home to Salsarita’s, TCBY, Motor Supply Restaurant, Social, Southern Strategy and Carol Saunders Gallery. Longaker represented the seller and Lovelace represented the purchaser in the transaction totaling $2,710,000.
7-Eleven Inc. has finalized the purchase of 12 stores in central North Carolina from Fast Track Inc.
The seller, J.C. Faw of Wilkesboro, NC, has turned over a portfolio of stores in Elkin, King, Lexington, Thomasville, Kernersville, Lewisville, Clemmons, Winston-Salem, Hamptonville, Claremont, Statesville and Union Grove. Remodeling and rebranding will get underway later this month, with the transition to be completed by mid-February.
The Fast Track real estate is close to the 55 Sam’s Marts that Dallas-based 7-Eleven acquired earlier this year. The buyer is on track to open 970 new 7-Eleven locations in the U.S. and Canada this year.
The 144-unit Lions Gate Apartments has sold for $3.23 million to South Carolina LLC. The community is located at 288 Old Mill Road in Mauldin. The sales price equates to approximately $30 per square foot. The lender-owned community was constructed in 1984 of wood framing, brick siding and vinyl accents. The roofs are pitched composite shingle. The property consists of 11, two story buildings, a laundry facility and leasing office. The property offers a unit mix of 1 and 2 bedroom floorplans. There are 56 1br 1ba units at 632 sq. ft. and 88 2br 1ba units at 840 sq. ft. All units have central heating and A/C. There is also a pool, playground and laundry facility. The property was roughly 42% vacant at the time of sale. The purchaser’s pro-forma, using a 15% vacancy allowance, relects a capitalization rate of 11.1%.
Mark Boyce of Marcus & Millichap’s Charleston office represented the buyer and the seller in the transaction.
Commercial real estate sales to investors in the Charleston-area market are lagging compared with 2011, according to a report by Colliers International. Thus far, sales in the area have totaled $139 million — about 39% of last year’s totals — and Colliers said there have only been about a dozen significant transactions.
Discouraging to brokers is the lack of sales in office buildings, shopping centers and warehouses. There have been no sales of such properties during the first six months of this year, Colliers said.
An Ohio-based real estate company purchased the Restoration on King and is changing it to become Charleston’s first residence club.
Jeffrey R. Anderson Real Estate purchased the property and has renamed it the Residences on King. The company primarily focuses on high-end retail spaces, but expanded its portfolio to include residence clubs after the market for retail took a dip.
“This is not our normal, but it’s still real estate,” Jeffrey Anderson, CEO of the real estate company said, noting that his company currently is constructing a hotel in Cincinnati.
Anderson said he purchased the property after its owners had been actively seeking buyers. The property was originally renovated to be sold as condominiums, but after the housing bubble burst, the units would not sell.
Homes in some stage of foreclosure represented 26% of all national residential sales during the first quarter of 2012. In South Carolina, foreclosure properties made up a smaller percentage of sales at 16%, according to figures released by RealtyTrac.
A total of 233,299 residential properties in some stage of pre-foreclosure or bank-owned status were purchased nationwide during the first quarter. This represents an increase of 8% over the fourth quarter of 2011 but nearly unchanged from one year ago.
The national average sales price of a home in foreclosure was $161,214, down 2% from 2011.