Lake Shore Village Apartments in Columbia, S.C. Sold

NAI Avant is pleased to announce that Mac Fanning, a multi-family specialist with the firm, recently brokered the sale of the 296 unit Lake Shore Village apartment complex located on Garners Ferry Road in Columbia, SC. The transaction was valued at approximately $8,900,000.

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According to LoopNet - 296 unit apartment complex with patio & balcony units. Occupancy 95%. Complex overlooks a 30 acre private lake. Amenities include: 2 swimming pools, club house, tennis courts, fitness center & security systems. Located in Columbia's Lower Richland submarket with easy access to I-77. Year Built: 1974, Lot Size: 22.86 AC

Summerville’s Upscale Woodlands Inn Sold

- The Post and Courier

The town's most storied property, Woodlands Inn, changed hands Wednesday from Black Entertainment Television co-founder and Washington-area billionaire Sheila Crump Johnson to local attorney Johnny Linton.

Johnson's Salamander Hospitality remains the management company for the inn off Parsons Road. Neither party disclosed the terms of the deal.

A trial lawyer with the Broad Street firm Duffy & Young, Linton, 62, and his family moved to Summerville more than 20 years ago. At an announcement in the Woodlands' dining room, with classical music playing lightly in the background, Linton said he hoped to grow an "artisans' village" at the 1906 mansion.

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Apartment Market Trends by PNC Real Estate Market Research

Integra Realty Resources Named to Inc. 5000 List

Integra Realty Resources, Inc., an independent commercial real estate valuation and consulting firm, has been named part of the Inc. 5000. Inc. magazine ranks the fastest-growing private companies annually.

The Inc. 5000 recognizes the significant accomplishments of the 5,000 fastest-growing privately-owned businesses in the country, based on percentage growth in company net sales over a four-year period.

Integra Realty Resources now shares this prestigious pedigree with such notable alumni as Intuit, Zappos, Under Armour, Microsoft, Visa, and Timberland, to name just a few.

The firm specializes in real estate appraisals, feasibility studies, market studies, expert testimony, and related property consulting services.

Owner Eyes Expansion of North Charleston Business Park

- The Post and Courier

A real estate developer is seeking to invest up to $35 million to expand a Remount Road business park geared at attracting defense contractors to the area.

The extra space could accommodate about 600 workers and house private companies that work with the various military units on the nearby Naval Weapons Station, including the Space and Naval Warfare Systems Center Atlantic, or SPAWAR, according a document filed with Charleston County.

Remount Venture LLC of Mount Pleasant is proposing to add 182,000 square feet at a cost of $24 million to its 60-acre Remount Road Business Park in North Charleston. The larger of the two planned structures would measure 105,000 square feet.

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Developers Ask Jasper County to Buy 181 Acres for Lower-Cost Housing

- The Island Packet

Developers want Jasper County to buy 181 acres at the Point South exit on Interstate 95 to help build a mixed-use development featuring affordable housing.

The development near Exit 33 would include 400 to 500 units in a mix of single-family housing for sale and rent, apartments and senior housing, county officials and developers say. The development also would include shops, offices and restaurants.

The land, known as the Frampton Tract, is listed for sale for $4 million on the Zinn Asset Management Corp. website.

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Quick Sale of Charleston’s Noisette Land Sought

- The Post and Courier

The new lender for the developer of the Noisette project is pushing forward with foreclosure proceedings as fast as the Charleston County court system will let it go.

Master-in-Equity Judge Mikell Scarborough opens bidding today on three parcels of the Noisette land, roughly 240 acres at the north end of the former Navy base that were supposed to serve as an anchor of North Charleston's urban revitalization efforts.

That property owned by Noisette at Navy Yard LLC fell into foreclosure last year when its mortgage lender, Capmark Finance Inc., said the developer fell behind on a $24 million loan.

Capmark sold the note last week to CHSA LLC, a recently formed entity registered in Delaware.

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Savannah Apartment Market Snapshot

More than one-fourth of the region’s apartments have been built in the past four years pushing the vacancy rate ever higher. However, during the past year, the development pipeline slowed considerably allowing the vacancy rate to begin to recover from 13.7% as of July 2009 to 12% as of July 2010. Demand was at its highest level in over six years, which also made a significant impact.

The market added over 800 new units in the past year and only two communities are currently under construction in the region. There are four additional proposed projects, however, developers have put many of these on hold until market conditions improve. The Bluffton and Savannah-West submarkets have been the most active in terms of new development. Many communities continue to offer concession in reaction to higher vacancy rates. Same-store rents fell again last year resulting in a lower overall average rent of $778.

“The lack of new development will allow the vacancy rate to continue to improve into the coming year, however, long term recovery will be dependent on how quickly the overall economy rebounds from the economic downturn” reports Kelly Reddecliff, a multi-family analyst at Real Data.

Charleston O'Reilly Auto Parts Store Sold

NAI Avant has brokered the acquisition of a freestanding 7,225 square foot store leased to O'Reilly Auto Parts that is located on Ashley Phosphate Road in Charleston. NAI's James Harrison represented the undisclosed buyer, which purchased the property for $1.25 million. The seller's name was not disclosed.

According to Loopnet:

- 20 year NN lease; landlord is only responsible for roof, structure and general liability insurance

- Contract Rent: $96,000 (13.29/sf) Years 1-10; $101,868 (14.08sf) Years 11-20

- lease commencing July 2009

- located on 1.03-acre site with concrete parking lot

South Carolina Apartment Markets Strong According to REIS

REIS shows Columbia and Charleston as "winners"

in analysis of effective revenue per unit changes.

Proposed Charleston Hotel to Have Contemporary Look

- The Post and Courier

A hotel first proposed for upper Meeting Street more than three years ago should begin to take shape by year's end, bringing a contemporary landmark to that end of the visitor district.

Tara Group, a Charlotte-based hospitality business, plans to build a five-story lodging at Meeting and Wolfe streets on land it purchased in 2006 for $2.5 million. This time, the group's proposal skirts the Burris Discount Beverages property that stalled its previous attempt when a tenant on the liquor store land refused to release its lease.

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Long-Stalled River Development Soon May Begin In Columbia

- The State

A four-year push to build a $30 million-plus residential development near Columbia’s stretch of the Broad River has been on hold as developers struggle with the tanking economy, local politics, federal grants and worries over financing.

But now, the first phase of the public-private venture known as the Village at River’s Edge — just off River Drive north of downtown — may be on its way to getting built.

“We should start construction of the 60 ‘green’ units that HUD and the Columbia Housing Authority are funding for us probably in mid-October,” said developer Jonathan Pinson of the project on which he once partnered with attorney Steve Benjamin before Benjamin became Columbia’s mayor.

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Dollar Stores Rival Wal-Mart - Here's Why

- walletpop.com

An article on BNET earlier this year suggests that, despite the best efforts of retailers like Aldi and Walmart to entice lower-income consumers to spend more in their stores, dollar stores are proving a worthy rival.

People who started shopping at Dollar Tree and 99-cent Only Stores out of necessity, are continuing to frequent them even as the country emerges from the recession. Consumers seem to be buying more everyday needs such as food, dish soap and paper towels in dollar stores and they drop by more often.

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Mount Pleasant Home Sells for $1,069 per Square Foot

- Post and Courier

That stately, Southern-style plantation home overlooking Charleston Harbor from the mouth of Shem Creek now beams as the town’s most expensive residence.

The 7,015-square-foot house recently sold for $7.5 million to a Michigan family, according to county property records.

That works out to about $1,069 on a per-square-foot basis.

The five-bedroom property, built in 2003, is on Haddrell Street in the town’s Old Village neighborhood. It boasts a dock, luxury-level finishings and a saltwater pool that spans nearly the length of the house.

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New Grocery Store Opens in Upstate South Carolina

- WYFF News

On Wednesday morning, hundreds of people stood in a large huddle waiting for the new Save-A-Lot grocery store to open up in West Union.

The new food store promises to offer up to 40 percent savings on food compared to conventional grocers.

Dwayne Goodwin, president and CEO of the Goodwin Group Holdings, LLC told WYFF News 4 "With Save-A-Lot, one of the key components is a lower cost model. So instead of trying to carry inventory of 40,000 SKUs, like in conventional store, we kind of do the 80-20 rule.

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Snapshot of the Retail Market in Columbia, SC

Student Housing Makes the Grade with Investors

- National Real Estate Investor

As college students across the nation head back to school this month, both anxious and eager over the challenges and adventures to come, student housing owners and operators are feeling confident about their business.

The student housing sector has performed better than all other commercial real estate sectors during this economic downturn. And that outstanding performance has enticed new investors to direct money into student housing. Both institutional and private investors have identified the sector as one in which they want to place capital.

For example, industry sources say New York City-based Cantor Fitzgerald has $250 million to $400 million to invest in the sector, while student housing REIT American Campus Communities Inc. (ACC) is eyeing roughly $500 million in acquisitions for 2010.

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Impact of a Railroad Easement on Retail Sales? (Video)

120,000 Square Foot Warehouse Changes Hands In Rock Hill, S.C.

Cleveland-based Weston has sold a 120,000-square-foot warehouse to Guy M. Turner Inc. for $1.8 million. The asking price was $2,880,000. The property was built in 1977 and is located at 2724 Commerce Drive in Rock Hill's Weston Commerce Center.

Piedmont Properties/CORFAC International's Lester Osborn and A. Scott Hensley represented Weston in the transaction. CB Richard Ellis' Frank Larsen and Steve Lowe represented the buyer.

Greenville Eyes State Incentives to Lure Office Tenants Downtown

- The State

Beyond streams of leisure seekers in downtown Greenville are acres of empty office space, a void that’s raising concerns about the city’s economic stability and spurring an all-hands-on-deck effort to lure tenants.

More than 22 percent of downtown’s 3.4 million square feet in office space was available in the second quarter, according to CB Richard Ellis/The Furman Co.

That compares to 15.8 percent in Columbia and 10.8 percent in Charlotte, according to the firm’s second-quarter reports for each market.

The city, downtown owners and economic development groups have joined forces to market the property, in part by using a local firm that’s creating virtual tours to seed interest.

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Boring Friday Morning? Watch the Boeing Plant Being Built

Click on the photo to go to the webcam

July Hotel Room Sales, Occupancy Rate Continue Upward Trend in Charleston

- Charleston Regional Business Journal

July’s occupancy rate at Charleston County hotels averaged 82% in July, a gain of 14% from the same month in 2009.

The total number of hotel room nights sold countywide increased 15% over last year, according to the latest report on the lodging industry from the College of Charleston’s Office of Tourism Analysis, prepared for the Charleston Area Convention and Visitors Bureau.

For the second consecutive month, hotel room rates showed a small uptick compared to 2009 rates. Room rates were up 1.2% on average in July, at $116.33, following a 1.4% gain in June.

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260,000 Square Foot Warehouse in Fountain Inn Sold

SAATI Americas Corp. has purchased a vacant 260,000-square-foot warehouse from Kemet Electronics for an undisclosed amount. Located at 201 Fairview St. Ext. in Fountain Inn, the property will house SAATI's U.S. Composites and Protection division.

The company expects to hire 80 employees in the next few years. SAATI will immediately begin renovations, which will include the installation of new production and R&D equipment as well as other building modifications.

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LINK TO SUNTRUST'S REO WEBSITE HERE

Mount Pleasant’s Patriots Point Could Be Central Spot to Live, Shop, Gather, Walk

- The Post and Courier

Land planners unveiled a design scheme Tuesday that could transform the outdated and financially strained military attraction Patriots Point into a mixed-use development and the focal point for the town.

Although light on details, the presentation by George Kramer with international urban design firm AECOM repeatedly invoked the term "synergy," that integrated sense of community decidedly missing from the warship museum and its surrounding waterfront land.

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Greenville’s Main Street Office District Continues to Attract New Tenants.

- SCbizmag.com

Windsor/Aughtry Co. signed long-term leases with Scott & Stringfellow and Aon Risk Solutions to occupy space in the new Main @ Broad development in downtown Greenville.

Scott & Stringfellow, a regional brokerage and investment banking firm, will occupy 7,230 square feet of office space on the fourth floor of the development. Aon Risk Solutions will occupy 3,213 square feet of space on the development’s second floor.

As with all Main @ Broad tenants, Scott & Stringfellow and Aon Risk Solutions will have access to other building amenities, including a third floor conference room, which is fully equipped with a state-of-the-art audio visual package of flat screen televisions, surround sound stereo, and a high definition, worldwide video conferencing system.

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LEARN MORE ABOUT MAIN & BROAD HERE

Retail Cap Rate Trends from RetailTrafficmag.com

New Warehouses Planned Near Greenville-Spartanburg Airport

- Greenville News

A series of 10,000-square-foot warehouses with office space inside is being planned at the corner of East Phillips Road and Twin Magnolia Drive in Greer.

Adam Jones, vice president of Jones Construction Curbing in Greer, plans to build and lease three warehouses on a 7.4-acre site he owns that sits close to the Greenville-Spartanburg International Airport.

Jones sees East Phillips Road as a prime location for future commercial real estate.

“It seems like everything's moving that way. Pelham Road's kind of blown up and now things are starting to move out that way, especially for commercial warehouses,” he said. “It's easy access to the interstate.”

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S.C. Named No. 1 for "Economic Development Potential"

Business Facilities' magazine recently released their 2010 Rankings Report. South Carolina did exceptionally well, placing in the Top 10 of five separate categories.

South Carolina ranked No. 1 for "Economic Development Potential," No. 4 for "Best Business Climate," No. 3 in "Automotive Manufacturing Strength," No. 2 in "Wind Energy Manufacturing" and No. 9 in "Alternative Energy Leaders."

The magazine also stated that Boeing's choice of North Charleston for its second 787 Dreamliner plant "cements South Carolina's status as a top-tier aerospace player, providing the basis for tremendous growth potential in coming years."

Plans for Jafza Training Facility in Santee Move Forward

- The Times and Democrat

Construction of a training building near Interstate 95 is one step closer to fruition thanks to agreements between Orangeburg County and several entities.

There were no comments during a public hearing Monday on an ordinance authorizing a deed-lease agreement between the county and Jafza South Carolina, LLC. Orangeburg County Administrator Bill Clark said second reading will take during a special called council meeting, which could be held Aug. 23.

Stephen McCrae Jr., Jafza's attorney, said the company will deed five acres to the county for the development of the structure.

"At the same time, the county will lease that land back to Jafza with the responsibility on our part to construct a facility called The Training Center," McCrae said. "The funding for the construction will be through Tri-County Electric Cooperative. It has some funds from Rural Economic Development Land Grant and other funding.

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