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Morningstar-Storage
AcquisitionsArkansasFloridaGeorgiaIndustrialNorth CarolinaSelf-StorageSouth CarolinaSoutheastVirginia

Harrison Street, Morningstar Properties Acquire 21-Property Self-Storage Portfolio

by Abby Cox

CHICAGO AND MATTHEWS, N.C. — A joint venture between Chicago-based Harrison Street Asset Management and Matthews-based Morningstar Properties has acquired a portfolio of 21 self-storage properties totaling morning than 10,800 units. The properties are located in Texas, North Carolina, South Carolina, Florida, Georgia, Virginia and Arkansas, with 71 percent of the assets situated in top 30 U.S. metropolitan areas such as Houston, Austin, Charlotte and Atlanta. The portfolio was 90 percent leased at the time of sale and spans more than 1.3 million rentable square feet. Morningstar will continue operating and managing the portfolio. The seller was not disclosed. Harrison Street and Morningstar previously completed 41 self-storage investments across five Sun Belt states.

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Maizon-Durham
DevelopmentMultifamily & Affordable Housing Feature ArchiveNorth CarolinaSoutheast

ZOM, AEW Capital Deliver 248-Unit Apartment Community in Durham

by Abby Cox

DURHAM, N.C. — ZOM Living, in partnership with AEW Capital Management, has delivered Maizon Durham, a 248-unit luxury apartment community located at 500 E. Main St. near the historic American Tobacco Campus in Durham. The project team included architecture firm Hord Coplan Macht and interior designer One Line Design. Maizon Durham offers one-, two- and three-bedroom floorplans ranging in size from 558 to 1,450 square feet. Amenities include a swimming pool with a sundeck and lounge seating and a fitness center with a dedicated recovery room and spin studio. Additional community spaces include a pet spa, coworking areas, conference rooms, private offices, quiet zones, a resident café and a 24-hour marketplace, as well as 13,000 square feet of street-level retail space.

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Leasing ActivityNorth CarolinaOfficeSoutheast

CoCoTiv Coworking Signs 25,244 SF Office Lease at Whitehall Corporate Center in Charlotte

by Abby Cox

CHARLOTTE, N.C. — CoCoTiv Coworking, a French-American cooperative workspace provider, has signed a 25,244-square-foot lease at Whitehall Corporate Center IV in Charlotte. Christianna Williams and Zach McLaren of Cresa represented CoCoTiv in the lease negotiations. This lease marks CoCoTiv’s second location in the Charlotte market. Built in 2007, Whitehall Corporate Center IV, a 210,000-square-foot office building owned by American Asset Corp., is situated within the 700-acre master-planned community of Whitehall. Whitehall Corporate Center features six office buildings, along with a technology park, corporate center, retail district, various residential communities and a nature preserve.

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Leasing ActivityLife SciencesNorth CarolinaSoutheast

Asensus Surgical Signs 63,000 SF Life Sciences Lease at The Stitch in Research Triangle Area

by John Nelson

MORRISVILLE, N.C. — Asensus Surgical, a leader in digital surgery and minimally invasive surgical systems, has signed a 63,000-square-foot lease at The Stitch, a life sciences and research-and-development (R&D) property in Morrisville. Located in North Carolina’s Research Triangle region, the 248,456-square-foot facility is an adaptive reuse of a former outlet mall. The Stitch is located at 1001 Airport Blvd., approximately one mile from Raleigh-Durham International Airport. Eric Forshee, John MacDonell and Ashley Ingram of JLL represented the landlord, Related Fund Management, in the lease transaction. Ryan Lawrence and Joe Judge, also with JLL, represented Asensus Surgical. The deal represents the largest R&D life science lease in the Triangle since 2022, according to JLL.

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AcquisitionsNorth CarolinaOfficeSoutheast

Town Lane, Trinity Capital Purchase 440 South Church Office Building in Uptown Charlotte for $75.8M

by John Nelson

CHARLOTTE, N.C. — A partnership between New York-based Town Lane and locally based Trinity Capital Advisors has purchased 440 South Church, a 15-story office building located in Uptown Charlotte. The seller and purchase price were not disclosed, but Charlotte Business Journal reported that New York-based Epic Investment Partners sold the building for $75.8 million. Patrick Gildea and Matt Smith of CBRE represented the seller in the transaction. J.P. Cordeiro, Mike Ryan and Brian Linnihan of CBRE’s Debt & Structured Finance team arranged acquisition financing. Built in 2009 and lightly renovated in 2022, 440 South Church’s occupancy rate was 47 percent at the time of the sale. Town Lane and Trinity Capital, which is also the 388,657-square-foot tower’s original developer, plan to invest $20 million in capital improvements and renovations, including an overhauled lobby, new lounges, new street-level retail space, updated building systems and upgrades to the amenity level on the second floor. Tenants at 440 South Church include Driven Brands and HDR Engineering.

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AcquisitionsNorth CarolinaOfficeSoutheast

Accesso Acquires 555 Mangum Office Building in Downtown Durham for $72M

by John Nelson

DURHAM, N.C. — Accesso has purchased 555 Mangum, a 251,464-square-foot office building located in downtown Durham. The developer and previous owner, Northwood Ravin, sold the Class A office building to Accesso for $72 million. Ryan Clutter, Mike McDonald, Daniel Flynn and C.J. Liuzzo of JLL brokered the sale. Built in 2020 adjacent to the Durham Bulls Athletic Stadium, 555 Mangum features an onsite parking garage comprising 812 spaces, a newly opened rooftop bar and restaurant called The Lenny, a fitness center with locker rooms, conference center and an outdoor courtyard. Tanium, a global cybersecurity firm, recently renewed and expanded its lease to 48,000 square feet at the building.

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FeaturesNorth CarolinaSoutheastSoutheast Feature Archive

North Carolina Allows Look-Back Property Tax Exemption for Religious Uses

by John Nelson

By Gib Laite, Esq. of Williams Mullen North Carolina has little sympathy for taxpayers that miss filing deadlines, but a new law eases the potential repercussions for property owners otherwise qualifying for religion-based tax exemptions. Under the new measure, taxpayers can apply for the religious exemption from property taxes going back five years from the law’s adoption date earlier this year. It will be interesting to see whether the General Assembly extends a similar grace period to other exemptions over time. Regardless, the new measure provides welcome relief to a segment of taxpayers and offers a possible model for lawmakers to adjust the regulation of other exemptions down the road, if they choose to do so. And for all taxpayers, the recent change provides a good opportunity to review how North Carolina grants and regulates property tax exemptions. Machinery of Taxation As a rule, North Carolina subjects all real and personal property to property tax unless the General Assembly or the state constitution exempts the property, or it falls into a special class of exempted property. Most exemptions are set out in the Machinery Act, a framework of tax rules within the North Carolina General Statutes. The Machinery Act allows …

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DevelopmentIndustrialNorth CarolinaSoutheast

Walmart to Invest $300M for Fulfillment Center in Suburban Charlotte

by Abby Cox

KINGS MOUNTAIN, N.C. — Walmart Inc. has announced plans to invest $300 million for a 1.2 million-square-foot fulfillment facility located in Kings Mountain, approximately 30 miles west of Charlotte. The project, which is expected to create more than 300 jobs, is scheduled to open in 2027. The fulfillment center will ship large items, such as patio furniture and lawnmowers, directly to customers. The Keith Corp. delivered the industrial building, dubbed Kings Mountain Corporate Center, in late 2023. The project will be facilitated by a Job Development Investment Grant (JDIG), which was awarded to Walmart Fulfillment Services LLC and approved by the state’s Economic Investment Committee. In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other partners in this project include the North Carolina General Assembly, the North Carolina Community College System, N.C. Commerce’s Division of Workforce Solutions, the City of Kings Mountain, Gaston County and the Gaston County Economic Development Commission.

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beacon-commerce-park
DevelopmentIndustrialNorth CarolinaSoutheast

Beacon Partners, HM Partners Break Ground on Final Phase of Industrial Park in Suburban Raleigh

by Abby Cox

GARNER, N.C. — Beacon Partners and HM Partners have broken ground on the third and final phase of Beacon Commerce Park, a 924,691-square-foot industrial development located in the Raleigh suburb of Garner along the I-40 corridor. Jeff Stephens, Jackson Rives and Jordan Rives of Foundry Commercial are leading leasing efforts for Phase III. The project team includes general contractor Myers & Chapman, architect HagerSmith and Advanced Civil Design. CIBC Bank USA is providing construction financing. Situated immediately north of three existing buildings at Beacon Commerce Park, Phase III will add 294,000 square feet of industrial space across two buildings, which total 156,033 square feet and 138,625 square feet, respectively. The facilities will feature 32-foot clear heights, build-to-suit office space, full concrete truck courts and ESFR sprinkler systems. Shell completion is slated for September 2026.

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Park-Central-Apartments_Raleigh-N.C
AcquisitionsMultifamilyNorth CarolinaSoutheastTop Stories

KBS Sells High-Rise Multifamily Property in Raleigh for $132.5M

by Hayden Spiess

RALEIGH, N.C. — Commercial real estate owner and operator KBS has completed the disposition of Park Central Apartments, a luxury high-rise multifamily property located in Raleigh. San Diego-based Fairfield Residential acquired the asset for $132.5 million.  KBS developed Park Central Apartments in a joint venture with locally based Kane Realty Corp. Construction on the project began in 2015 and was completed in 2017.  Totaling 286 apartments, the building also features 36,000 square feet of retail space. Current tenants at the property include food-and-beverage concept Happy + Hale, fitness studios Midtown Yoga and Orangetheory, ice cream shop Kilwins and Jabala Coffee.  Amenities at the community include a sky deck with a saltwater pool, clubhouse, sauna, dog spa, fitness center, conference center and a dedicated parking garage.  Situated in the North Hills district, the property features access to I-440 and walkability to a grocery store, multiple fitness concepts and dozens of restaurants, entertainment venues and retailers. Park Central Apartments is also located in proximity to downtown Raleigh and North Carolina State University.  “Each project we’ve developed in North Hills has outperformed our underwriting, reinforcing our conviction to this live-work hub and our strategy,” says Allen Aldridge senior vice president at KBS and asset …

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