LYCOS RETRIEVER 
South Carolina: Property
built 220 days ago
JACKSON, Mississippi, July 6 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) today announced the purchase of a 466,000 square foot office building in Columbia, South Carolina for $38,000,000. The twenty-five story office building was constructed in 1987 and is located in the Columbia Central Business District. The building is currently 91% leased. The purchase price of the property represents a discount of approximately 38% to its estimated replacement cost. The property is expected to produce a going-in capitalization rate of approximately 9.7% in the first twelve months, with additional upside potential from leasing the vacant space and the embedded growth from below market rentals. This purchase increases Parkway's portfolio in Columbia to a total of 871,000 rentable square feet.
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Caledon Wood is a 350-unit apartment community in Greenville, South Carolina. Situated on more than 24 landscaped acres, the approximately 348,000-square-foot property includes 15 two-story residential buildings, with two additional buildings that house the community's clubhouse and fitness facility. Caledon Wood provides a spacious average unit size of 995 square feet and offers many features, including walk-in closets, washer/dryer connections, central heat and air conditioning, private patios or balconies, outdoor grills, tennis courts and two resort-style swimming pools. Completed in 1996, the property offers convenient access to Interstates 85 and 385 and is just five miles from Greenville's central business district. Caledon Wood provides ample parking with a parking ratio of 2.0 spaces per unit. The property is currently 93 percent occupied
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SBFC ... announced that it has closed on the property for its first office in South Carolina, to be located at 1001 Pine Log Road in Aiken. The existing building on the site will be renovated to house the first branch of Southern Bank & Trust, as well as the executive offices for the thrift. Complete details on the Aiken office location will be released at a later time.
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The Company sold Newberry Square Shopping Center, a community center located in Newberry, SC for approximately $925,000 to Drake Newberry, LLC, a South Carolina limited liability company. With the disposition of this property, the Company has no remaining community centers on the market listed for sale. The proceeds were used to pay down short-term borrowings under the Company's line of credit.
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The Florence Downtown Development Corporation (FDDC) is a non-profit 501(c) 3 organization established by the City of Florence, South Carolina to foster revitalization in Downtown Florence. FDDC is a partnership with the City and is led by a 21-member Board of Directors elected to manage the corporation’s activities, affairs, property and associated assets. FDDC staff is comprised of two City employees, an Executive Director and a Downtown Development Coordinator, enlisted to provide day-to-day operations of the organization.
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