Meybohm Commercial’s May 2022 Newsletter
MAY DAY MAY DAY
Wrapping up April and heading into May means warmer weather is right around the corner. We enjoyed sponsoring and attending some local events but we loved how much time we got to spend honoring our staff recently! We closed some major deals this month, on behalf of our clients, and we’re thankful for their continued trust in the Meybohm Commercial Team. May is going to be a great month as this warmer weather will take us outside and on location more. See you around town!
WHAT WE’VE BEEN UP TO
- Staff Greenjackets Game: We rented out the Picnic Patio at SRP Park and hosted our staff and their families for a night of baseball, fireworks, good food and good company!
- Boys and Girls Club Great Futures Celebration: We had the awesome opportunity to sponsor a table at the latest Boys and Girls Club event! We heard from Kirby Smart about the bulldogs, overcoming adversity, and leadership!
- Admin Appreciation Day Lunch: We wouldn’t be able to provide such high levels of service without the support of our administrative staff. We celebrated with a lunch (Tacos, yum!) and thanked them for all that they do! We have the best administrative support team!
- Augusta University Golf National Championship Commemorative Event: We love supporting our local colleges and we’re proud of our Augusta University golf team for their back-to-back Championship wins. We were honored to sponsor this event!
- John’s Landing | Jordan Collier + Brian Sweeting: Responding to the booming demand for single-family housing, historically high housing prices, and local counties continued resistance to apartments, Single-Family Developers are transitioning from traditional build and sale models to Build To Rent (“BTR”) communities. Capturing on the demand for BTR and rents continuing to rise, Investors are pouring capital into the space expecting risk-adjusted returns exceeding returns for all property sectors. Meybohm was able to pair a Local Developer with a National Investor, delivering profits far superior to the traditional build and sale model to the Developer. The Investor will benefit from the limited housing supply, historically stable occupancy rates, and will generate attractive, consistent and tax efficient income.
- 4274 Belair Frontage Road | Mark Pritchett: Mark represented an investor who recently sold a property and wanted to do a 1031 exchange to acquire an income-producing asset while avoiding taxes. They were able to successfully identify a suitable property, negotiate a contract and close on the new property well within the 1031 Exchange timeline requirements. The building has been fully leased to a church and a funeral home.
- 3643 Walton Way Extension | The Finem Group: Congrats to Keaton Forrester at Forrester Prosthodontics on the purchase of his new office! John Eckley and Jonathan Aceves, of the Finem Group, helped with the site selection assignment. They looked at lots of buildings and sites, on and off-market, and confirmed that this building was the perfect place for his practice.
- 110 Crepe Myrtle Lane | Alexia Crowley: This warehouse with attached duplex was originally built by Weldon Wyatt to store his RV and for his personal driver and chef to live in. A laundry room has since been added. This warehouse facility has been utilized by the past owner for his general contracting business and cash flowing with non-stop residential renters in the duplex throughout his ownership. This asset was sold at a 6.9% CAP rate to an all cash buyer from California who will be utilizing the warehouse for his various businesses. This tucked away asset, in the quiet commercial complex of Community Center South Executive Park, is truly a unique, hidden gem.
- 117 Warehouse Road | Dean Newman: Meybohm Commercial was proud to represent both the buyer and seller of this 9,000 square foot warehouse in east Aiken, approximately 2 miles from downtown Aiken. The investor who purchased this outstanding property has already secured a new tenant for the next five years. Warehouse space like this is difficult to find in today’s busy commercial real estate market.
- 120 George C. Wilson Drive | The Finem Group: The Finem Team was recently able to close on the sale of 1220 George C. Wilson, a 10,000 square foot, multi-tenant medical office building. Originally listed for lease, the property was ultimately purchased by Augusta Oncology. Due to a coming business need, the facility needed to be occupied prior to close, which resulted in an escalated timeline and some atypical contractual complications. Ultimately, the team negotiated hard on their client’s behalf to see the deal through, resulting in a quick close at top-of-market! Both the buyer and seller expressed great thanks to John Eckley and his team for their help! A great and successful transaction overall!
- Woodruff Point | Jordan Collier + Brian Sweeting: Meybohm Commercial implemented their highly specialized sourcing strategy in the procurement of this ideally located value-add opportunity. This multi-tenant investment grade asset sits in the dense retail corridor of Greenville, SC, and was 72% occupied at the time of purchase. Through Meybohm’s active asset management, the Client achieved higher cash flows than previously realized. Upon disposition, the asset was 100% occupied with a 21% increase in weighted average rental rate. Furthermore, the asset generated enhanced returns over the short holding period of 18 months.
- Knox Plaza | Jordan Collier + Brian Sweeting: As a part of a portfolio acquisition, Meybohm quickly identified this compelling investment opportunity as undervalued and poised for growth. Through a strategic partnership with our client, Meybohm tailored and provided the necessary resources to achieve the Client’s investment goal. During the investment cycle, Meybohm’s Property Management and Leasing teams was able to maximize value increasing the asset’s NOI 40.2%. At the time of disposition, Meybohm swiftly identified and confirmed potential purchaser’s that presented the highest likelihood of closing. Meybohm worked on behalf of the Client, and in tandem with the Purchasing Group ensuring an efficient and effective transaction.