Member News | Oct. 24 – 28

NAI AVANT BROKERS 50,000 SQUARE FOOT WAREHOUSE LEASE IN COLUMBIA, SC

The 50,000 square foot former Morris Furniture Warehouse located on Shop Road has been leased by SC Liquidators with a 5-year lease term. Lee Marsha, a member of NAI Avant’s Brokerage Team, consummated the transaction.

Marsha has over two decades of commercial real estate experience in Columbia and joined NAI Avant in 2008.

About NAI Avant

NAI Avant’s commercial real estate business is one of the largest in the Southeast.  With over 65 professionals, the firm provides comprehensive brokerage, leasing, development, property and project management services.  For nearly three consecutive decades, the group has had more of its brokerage professionals recognized as top producers or recipients of the top awards than any other firm in South Carolina. As a member of the NAI Global Network, NAI Avant is affiliated with over 350 offices and 5,000 professionals in 55 countries across the globe.  NAI Avant’s Property and Project Management Group currently manages a multi-million square foot portfolio of properties across South Carolina, North Carolina, and Georgia. Through its Avant Healthcare Division, the firm provides comprehensive services to hospitals, clinics, and physician groups. NAI Avant, founded in 1966, is headquartered in Columbia, SC with an office in Charleston, SC. Find out more about NAI Avant and its services at www.naiavant.com. Be sure to follow us on Twitter @NAI Avant and like us on Facebook.

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DHEC Board takes action on ‘bath salts’ and synthetic marijuana

The S.C. Board of Health and Environmental Control has reclassified three substances that are commonly known as “bath salts,” and five substances used to make synthetic marijuana as schedule I controlled substances.

“State law authorizes the DHEC Board to designate a substance as a controlled substance in this state if the federal government has issued the same designation,” said Carl Roberts, general counsel for DHEC.

Roberts said the U.S. Drug Enforcement Administration listed three substances often marketed as “bath salts,” but actually ingested as psychoactive drugs, as schedule I controlled substances effective Oct. 21. The three substances are mephedrone, methylone and methylenedioxypyrovalerone (MDPV). Products that have long been used for bathing and are available in the health/beauty sections of national retail chains do not contain these chemicals. The five substances commonly used in synthetic marijuana have previously been classified by the DEA as schedule I controlled substances.

“With the board’s vote today, the state’s designation of these substances mirrors the federal designation,” Roberts said. “This will allow state and local law enforcement officers to deal with the issue, as it is illegal to manufacture, distribute, possess, import or export these substances. These chemicals have been found by the DEA to pose an imminent hazard to public safety and health.”

Schedule I status is reserved for those substances with a high potential for abuse, no accepted use for medical treatment in the U.S. and a lack of accepted safety guidelines for use of the drug under medical supervision. South Carolina law states that anyone convicted of the possession, manufacture or distribution of a schedule I controlled substance is guilty of a felony and on first offense is subject to not more than five years in prison and/or a fine of up to $5,000, with more severe penalties for subsequent offenses.

For more information about controlled substances, including a current list, visit the DEA’s website at: http://www.deadiversion.usdoj.gov/schedules/.

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Banks Turn to Integra for Appraisal Compliance Guidance

Integra Realty Resources provides appraisal management services to community banks

As a result of recent changes to real estate appraisal guidelines, banks are now under greater scrutiny regarding their appraisal processes. From how a lender should order an appraisal, to who is qualified to review the appraisal, regulatory compliance is a major challenge for lending institutions.

To maintain a high level of compliance, bank executives in the Carolinas are turning to Michael Dodds, MAI, CCIM for guidance. As the Managing Director of the Columbia, SC office of Integra Realty Resources, Dodds has been providing appraisal services for banks in the southeast for 25 years. In 2009, he created an appraisal management division to work closely with lending institutions to make sure that appraisal-related regulations are met. “With 63 offices nationwide and over 120 years of combined commercial appraisal experience in our local office, we have a level of expertise that other firms can’t match. One of the largest commercial appraisal management companies in the region has no MAI designated appraisers on staff. We have three in the Columbia office alone” said Dodds.

Integra’s appraisal management program has three basic components, starting with assistance in establishing the highest quality panel of approved appraisers. The new regulations require routine monitoring of the approved appraiser list, but apparently many banks don’t do this. “If we find appraisers that are deceased on a bank’s approved appraiser list, then obviously they haven’t reviewed that list recently” said Dodds.

The second step is providing the required independence in ordering appraisals. Integra uses the same online appraisal ordering portal that is used by Wells Fargo, Key Bank and First Citizens. It is highly secure and most appraisers are familiar with it. This “appraisal independence” is a key piece of the new regulation. The selection of the appraiser can’t be made by someone in the loan production office, so Integra handles the procurement of appraisals on the bank‘s behalf. A violation of the independence provision carries eye-opening penalties, up to $10,000 per day, per occurrence. “As you can imagine, civil penalties of that magnitude have gotten the attention of most bank executives” said Dodds.

The third part of the service is performing a third-party review of the appraisal after it is received. According to Dodds, “many community banks just don’t have the expertise or resources to properly review the appraisals that they receive. We provide that expertise.”

Of all of the property types being appraised, multiple unsold lots or condo units present the greatest challenge to review appraisers. “There are a lot of assumptions made in those appraisals, so it gets complicated. We use many sources of data when appraising or reviewing appraisals of multiple unsold units. It would be very difficult to determine whether an appraisal is credible without those tools” according to Ted Krammer, a Senior Reviewer at Integra.

According to Dodds, “one banker refers to me as his on-call chief appraiser” referring to the ability to use Integra on an as-needed basis. The firm offers a very flexible bundle of services, and lenders can choose one or all levels of the appraisal management platform. Current clients are predominantly community banks, although Integra occasionally provides reviews for regional banks when needed.

ABOUT INTEGRA REALTY RESOURCES, INC. (IRR)

Integra Realty Resources, Inc. is an independent real estate valuation and consulting firm that offers local expertise on a national scale with 63 offices and 850 credentialed consultants and staff located across the United States and in Mexico. Founded in 1999, the Firm specializes in real estate appraisals, feasibility studies, market studies, expert testimony, and related property consulting services. Many of the nation’s largest and most prestigious financial institutions, developers, corporations, law firms, and government agencies are among its clients. Because of the high quality of its professionals, integrated systems, and state-of-the-art technology IRR is capable of handling a wide array of assignments and producing high quality, meaningful results on a timely basis. Please visit us at Integra – South Carolina.

PRESS RESOURCES

Website: www.IRR.com/Columbia

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