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North Carolina

GCP Purchases 464,947 SF Industrial Property in Charlotte for $22M

CHARLOTTE, N.C. — Birmingham, Ala.-based Graham Commercial Properties (GCP) has acquired 10000 Twin Lakes Parkway, a 464,947-square-foot industrial property in Charlotte, for $22 million. Constructed in 1992, the Class A property is situated at the junction of Interstates 77 and 485. At the time of sale, 10000 Twin Lakes was fully leased to Schleich North America, a German producer of hand-painted toys, and Ingersoll Rand, a Dublin, Ireland-based industrial supply company. The seller was not..

August 22, 2017

SRS Arranges $11.2M Sale of Shopping Center in Metro Charlotte

INDIAN TRAIL, N.C. — SRS Real Estate Partners has brokered the $11.2 million sale of Union Town Centre, a 102,360-square-foot shopping center in Indian Trail, roughly 16 miles southeast of Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Equity Investment Group, in the sale to Katz Properties LLC. Situated on 15 acres at 5850 Highway 74 West, Union Town Centre is anchored by Food Lion and Dollar Tree.

August 22, 2017

InvenTrust Acquires Harris Teeter-Anchored Shopping Center in Metro Raleigh for $25M

CARY, N.C. — InvenTrust Properties Corp. has purchased Cary Park Town Center, a Harris Teeter-anchored shopping center in Cary, roughly 11 miles west of Raleigh, for $25 million. The seller was not disclosed. In addition to Harris Teeter, the 93,000 square-foot center is home to tenants including CVS/pharmacy, Dunkin’ Donuts, Subway, Great Clips and Mathnasium. Located at 10130 Green Level Church Road, Cary Park Town Center is roughly 10 miles south of Research Triangle Park.

August 18, 2017

Trinity Partners Secures 81,032 SF Lease for Shared Office Space Provider in Raleigh

RALEIGH, N.C. — Trinity Partners has secured an 81,032-square-foot lease for WeWork, a shared office space provider, at One Glenwood, an $86 million office building under development in Raleigh. William Allen and Alex Dunn of Trinity Partners represented the building’s owner and developer, Heritage Properties Inc., in the lease transaction. Jason High and John Daly of CBRE represented WeWork. Upon completion, One Glenwood will total 227,500 square feet, including 15,000 square feet of..

August 16, 2017

Cushman & Wakefield Arranges $22M Sale of Multifamily Property in Durham

DURHAM, N.C. — Cushman & Wakefield has brokered the $22 million sale of Bainbridge in the Park, a 216-unit apartment community in Durham. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the seller, PRG Real Estate. Dasmen Residential acquired the property. Constructed in 1986, Bainbridge in the Park is located roughly three miles from the Meridian Corporate Center and Research Triangle Park. At the time of sale, the..

August 9, 2017

SunTrust Community Capital Provides $17.4M in Financing for Multifamily Project Near Asheville

ARDEN, N.C. — SunTrust Community Capital has provided $17.4 million in financing for the development of Perry Lane Apartments, a 120-unit multifamily project in Arden, roughly 10 miles south of Asheville. SunTrust Community Capital, a division of SunTrust Banks, provided $8.3 million in equity investments and a $9.1 million construction loan on behalf of the borrower, Mills Construction Co. Community Investment Corp. of the Carolinas also provided a $5.7 million permanent loan on behalf of..

August 9, 2017

Strategic Capital Partners to Develop $60M Industrial Project in Research Triangle Park

DURHAM, N.C. — Strategic Capital Partners has unveiled plans for Patriot Park, a $60 million industrial development located near Miami Road and Patriot Drive within Research Triangle Park in Durham. The project will comprise roughly 1 million square feet to be developed over the next several years. Construction on Phase I, which will include 322,800 square feet, is slated to begin this summer. In addition to Strategic Capital Partners, the investment group includes Westminster Capital,..

August 7, 2017

Monmouth Real Estate Acquires Industrial Building in Metro Charlotte for $40.6M

CONCORD, N.C. — Monmouth Real Estate Investment Corp. has acquired a 354,482-square-foot industrial building located at 4350 Fortune Ave. in Concord, roughly 25 miles north of Charlotte, for $40.6 million. The building is net-leased to FedEx for 15 years and sits adjacent to Monmouth’s recently constructed FedEx SmartPost facility. With this acquisition, the company owns a two-property campus in the Charlotte submarket totaling 685,200 square feet on 116 acres.

August 7, 2017

Swain & Associates to Break Ground on $250M Mixed-Use Community in Wilmington

WILMINGTON, N.C. — Swain & Associates has unveiled plans for CenterPoint, a $250 million mixed-use development that will be located at 1531 and 1541 Eastwood Road in Wilmington. The 1 million-square-foot project will span 23 acres and feature a seven-story hotel; 300 one-, two- and three-bedroom apartments; 50 to 60 retail shops and restaurants; a 75,000-square-foot medical services building; 31,600 square feet of office space; structured parking for 1,450 cars and surface parking for 275..

August 2, 2017

Aston Properties Opens 70,000 SF Self-Storage Facility at Former Kmart in Metro Charlotte

MONROE, N.C. — Charlotte-based Aston Properties has delivered a 70,000-square-foot self-storage facility at the site of a former Kmart store in Monroe, roughly 25 miles southeast of Charlotte. Located at 2120 W. Roosevelt Blvd., the property is managed by Extra Space Storage, one of the country’s largest self-storage operators. Aston Properties purchased the former retail building last year and invested $1.7 million to upgrade the interior and exterior. The climate-controlled facility..

August 2, 2017