North Carolina

Kennedy Funding Arranges $1.1M Loan for Durham-Area Steakhouse

MEBANE, N.C. — Kennedy Funding Financial LLC, a New Jersey-based private lender, has arranged a two-year, $1.1 million working capital loan for a restaurant opening soon in the Durham area. Located at 401 E. Center St. in Mebane, a town about 20 miles west of Durham, the property spans 11,000 square feet. The borrower, Mebane Steakhouse LLC, will also own and operate the restaurant.

March 24, 2017

HFF Arranges Sale, Financing for Two Class A Office Buildings in Durham, N.C.

DURHAM, N.C. — HFF has completed the sale of and secured acquisition financing for Keystone 200 and 300, two Class A office buildings totaling 223,475 square feet within Keystone Office Park in Durham. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF represented the seller, American Real Estate Partners, and procured the buyer, Innovatus Capital Partners. HFF’s Brent Bowman arranged the financing for the two properties, which are located at 530 and 430 Davis Drive, close to..

March 23, 2017

MCR Completes Renovation of Hampton Inn by Hilton in Dunn, N.C.

DUNN, N.C. — MCR Development LLC, a hotel owner-operator, has completed renovation of the Hampton Inn by Hilton Dunn, a 120-room, select-service hotel located along the I-95 corridor in Dunn, approximately 40 miles south of Raleigh. The renovations included new landscaping, the addition of LED lighting to the exterior, a fresh painting and with new beds and furniture.

March 22, 2017

CBRE Brokers Sale of 13-Building Portfolio in Greater Charlotte Area

CHARLOTTE, N.C. — CBRE has arranged the sale of the Charlotte Industrial Park Portfolio, a 13-property asset totaling 486,512 square feet of Class A office and warehouse space throughout the Charlotte area. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the seller, Maryland-based Artemis Real Estate Partners, in the transaction. At the time of sale, the Charlotte Industrial Park Portfolio was 95 percent occupied. Boston-based Albany Road Real Estate purchased the..

March 21, 2017

Grocery, Infill Mixed-Use Projects Make Up Bulk of New Retail Supply in Triangle

The Raleigh and overall Triangle retail markets ended 2016 in a very healthy position. The Triangle vacancy rate is currently at 6.09 percent, nearing 10-year lows dating back pre-recession and includes retail absorption nearing 900,000 square feet over the past four quarters. The region’s diverse economic engine driven by technology, university systems, heathcare and Raleigh as a state capital, combined with a relatively low cost of living and temperate climate, continue to push population..

March 20, 2017

UNC Asheville to Build $33.8M On-Campus Student Housing Community

ASHEVILLE, N.C. — The University of North Carolina at Asheville is set to break ground on a $33.8 million, 300-bed on-campus student housing community. The six-building development will feature four-, five- and six-bedroom units with full kitchens. The sixth building will offer a multipurpose room and visitor’s center, fitness center and an apartment for the community director. Adjacent parking is also planned as part of the project. Construction will begin this spring.

March 15, 2017

DMI to Develop Self Storage Facility in Charlotte’s South End

CHARLOTTE, N.C. — Development-Management Inc. (DMI) plans to develop a new two-story, 120,000-square-foot self storage facility at 536 W. Tremont Ave. in Charlotte’s South End. Situated on 3.5 acres between South Tryon Street and Toomey Avenue, the property will feature 98,000 square feet of rentable storage space, a wine cellar and exterior units that will be accessible by car. DMI purchased the site in a bankruptcy sale for $1.5 million. The developer expects to deliver the new property..

March 15, 2017

Rents, Occupancy Rise for Triangle’s Industrial Market as Supply Lags Demand

The Raleigh-Durham business climate has been on the climb for several years now and it doesn’t seem to be slowing anytime soon. The market continues to outpace most of the mid-tier markets across the country by all metrics of economic stability, quality of life, business environment, education, arts and quality of workforce. As a result, construction of office and retail projects has been strong, yet industrial construction and thus available space is lacking. Average asking rental rates..

March 13, 2017

Cushman & Wakefield Brokers $70.4M Sale of Two-Property Multifamily Portfolio in Charlotte

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the sale of two apartment communities in Charlotte: the 252-unit Whitehall Estates and the 318-unit Stone Ridge. Gamma Real Estate LLC purchased Whitehall Estates for $30.9 million and Stone Ridge for $43.2 million, according to Charlotte Business Journal. Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, YFP/Yager Properties, in the transaction. Built in 1996, Whitehall Estates was 92.5 percent occupied at the..

March 10, 2017

Despite Active Construction in Raleigh-Durham, Office Absorption Outpaces Supply

At the close of 2016, over 1.9 million square feet of office space was absorbed in the Raleigh-Durham market and overall vacancy increased by one percentage point from 10 percent to 11 percent. Activity was strong and can partially be attributed to a very active suburban Raleigh submarket that absorbed over 1.1 million square feet. Vacancy in this submarket ended the year at 10 percent, down from a high of 17 percent in 2010. It was also an active construction year for Raleigh-Durham, with..

March 6, 2017