Economists project positive 2020 economic outlook, but with a few concerns

Overall there was good news for a room full of business leaders gathered at the Marriott Hotel in Downtown Augusta.  The 2020 forecast was hosted by the Terry College of Business at UGA, and presented by Dr. Ben Ayers and Cal Wray.  

Dr. Ayers outlined a number of economic development announcements from across the state, including the Union Agener and Acoustics & Insulation Techniques announcements which themselves will bring 245 jobs to the CSRA.  

Cal Wray, president of the Augusta Economic Development Authority, noted that Augusta has experienced 8.5% population growth since 2010, and unemployment sits at historic lows near 2.9%.  With Fort Gordon continuing to expand, Augusta’s future looks bright, even as nationally and internationally there are warnings signs of an economic slowdown.  
 
For an in-depth review, real the Amanda King’s article in the Augusta Chronicle.  

What are your thoughts?  What are you seeing in the local economy?  

September Industrial Market Report

 

Hi!  Today we’re going to be discussing the Industrial Market Update.  There’s been a few notable sales, the Keebler building sold on 7/28 for 7.4M, $16 per foot, and 1431 Marvin Griffin sold on 6/27 for 2.7M (Jay Willingham handled that one).   On the leasing side a few large leases have been done, the largest is at 4301 Evans To Locks, leased over 400K SF to start in Feb, Acoustic Insulation Techniques leased 75,000 SF in Augusta Forward Drive in June of 2019,and 48KSF leased in April at 1595 Columbia Hwy N in Aiken.  Overall demand for flex is strong, and with the Hock family putting some of their portfolio on the market there is availability of good multi-tenant industrial buildings.  See below for more resources, including details on notable sales and leases, and a link to an overall industrial market report.  

 

Recent Notable Industrial Transactions:

Sales:

  • 2.7M, $32.58/SF, 75,200 SF, sold on 6/27/19 — Electrical Equipment Bldg–1431 Marvin Griffing Rd Marvin Griffin Comp
  • 3M, $47/SF, 64,256 SF, Sold on 5/14/19, Advanced building Advanced Autoparts
  • 7.4M, $16/SF, 453,708SF, Sold on 7/28/19, Keebler Facility – Marvin Griffin rd: 1550 Marvin Griffin Comp
  • 650K, 11,800SF, $55/SF, Sold on 8/1/2019, 3715 Benchmark Warehouse  Benchmark

Leases:

 

Additional Resources: 

Industrial Market Report 9.20.19

Augusta Crane Creek Apartments sold for $58 Million

Passco Companies announced its purchase of the 300-unit Crane Creek Apartments in Augusta, GA for $58,000,000.  According to Costar, this property traded off-market at a 5.73% Cap Rate with a 5% vacancy at time of sale.  The sale price equates to about $193,333 per unit.   

 

Passco plans to make a a number of improvements to the already luxurious property including LED lighting, Nest thermostats, and energy-efficient toilets and shower heads.  

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