CHARLOTTE, N.C. — Simon Property Group, the Indianapolis-based mall giant and retail REIT, has purchased Phillips Place, a 134,000-square-foot, open-air shopping center in Charlotte’s SouthPark neighborhood. The seller and sales price were not disclosed. Simon also owns the nearby SouthPark Mall. Phillips Place’s tenant roster includes more than 25 retail shops and restaurants, including alice+ olivia, Peter Millar, rag & bone, Ralph Lauren, Veronica Beard, RH Gallery (as well as its rooftop restaurant) and The Palm. The center is part of a mixed-use campus that includes a 180-room Hampton Inn & Suites hotel that Simon also owns and apartments. Simon’s plans for any redevelopment opportunities at Phillips Place were not released.
Vulcan Elements Signs Full-Building Industrial Lease at CrossPoint Logistics Center in Metro Raleigh
BENSON, N.C. — Vulcan Elements, a rare earth magnet manufacturer, has signed a full-building lease at CrossPoint Logistics Center, a speculative industrial facility in the south Raleigh suburb of Benson. The developer, Edgewater Ventures, broke ground on the facility in 2022. Vulcan Elements plans to expand the current 501,215-square-foot facility to more than 1 million square feet and create 1,000 new jobs. CrossPoint Logistics Center is the largest speculative industrial facility ever constructed within the Raleigh-Durham MSA, according to Edgewater Ventures. Ed Brown of NAI Tri Properties and Anna Lea Stroud of A. Stroud & Co. represented Vulcan Elements in the lease transaction. Al Williams, Matthew Greer, Lee Allen and Diane Jones of JLL represented Edgewater Ventures.
CHESAPEAKE, VA. AND ELIZABETH CITY, N.C. — Newbrook Capital Properties has purchased a two-property multifamily portfolio in Chesapeake and Elizabeth City for $58.2 million. The seller was not disclosed. The properties include Green Tree, a 208-unit, garden-style community located at 749 Green Tree Circle in Chesapeake, and Emerald Lake, a 132-unit, garden-style property located at 1500 Emerald Lake Circle in Elizabeth City. The properties are 1990s vintage and sit roughly 40 miles apart. The portfolio acquisition grows Newbrook Capital’s assets under management to $400 million. The firm plans to invest in value-add capital improvements and has tapped StoneCreek to manage the portfolio. Hunter Bowling and Paul Marley of Cushman & Wakefield represented the seller for Emerald Lake in the transaction, and Drew White and Carter Wood of Berkadia represented the seller for Green Tree.
DURHAM, N.C. — Durhamite, a real estate investment and management firm, has purchased Nottingham Hall, a 105,830-square-foot office building located at 4505 Emperor Blvd. in Durham. The new owner plans to make extensive upgrades to the four-story property, including installing speculative suites. Daniel Flynn, Ryan Clutter and C.J. Liuzzo of JLL represented the undisclosed seller in the transaction. The sales price was also not disclosed. Durhamite has retained Dennis Hurley and Taylor McCuiston of JLL to lease Nottingham Hall, which is situated within the Imperial Center mixed-use business park.
RALEIGH, N.C. — Phoenix Commercial Properties, a full-service commercial real estate services firm in North Carolina’s Triangle region, has announced it will now operate as SVN | Raleigh. Founded in 2011, the brokerage firm is joining forces with SVN International Public Benefit Corp., which operates more than 200 brokerage offices with 2,000 advisors worldwide. John Powell, managing director of SVN | Raleigh, will lead the firm. The company will continue to represent buyers, tenants, landlords, sellers and developers throughout the Triangle region across office, industrial, retail, multifamily and land verticals.
CHARLOTTE, N.C. — Northwood has debuted Oro Ballantyne, a 356-unit luxury residential tower situated within The Bowl at Ballantyne mixed-use development in south Charlotte. Oro Ballantyne spans 26 floors with studio to three-bedroom apartment options, as well as townhome and penthouse layouts. Apartments range in size from 616 to 2,109 square feet. Monthly rental rates begin at $1,570. Amenities include the top-floor sky lounge, a hidden speakeasy called The Rhapsody Room, a golf and gaming simulator, resort-style swimming pool with cabanas, outdoor entertainment areas and coworking spaces. Northwood Office, in partnership with StreetLights Residential, developed the property. SK+I Architecture led the building’s design, while Samet Corp. served as the general contractor.
CHARLOTTE, N.C. — Scout Motors has selected Charlotte as its new U.S. corporate headquarters. The car manufacturer and subsidiary of German automaker Volkswagen plans to invest about $206 million within the local economy and to bring about 1,200 new jobs to the trade area. Scout Motors plans to fill these jobs over the next five years and will pay average annual wages of $172,000, which the company says is nearly double the average annual wage in Mecklenburg County. Scout Motors will locate its headquarters within Commonwealth, a mixed-use development in Charlotte’s Plaza Midwood neighborhood that is co-developed by Crosland Southeast and Nuveen Real Estate. The announcement builds on previous U.S. real estate activity by Scout Motors. The company is currently under construction on a 1,100-acre car manufacturing facility roughly 75 miles south of Charlotte in Blythewood, S.C., a project that is expected to be operational by 2027. The company also operates an “innovation center” in Novi, Mich. According to The Center Square, a watchdog publication that covers activities of state and local governments, Scout Motors received roughly $72 million in economic incentives for the deal. These included about $51.3 million from the State of North Carolina, $12.8 million from Mecklenburg …
SALISBURY, N.C. — Food Lion is investing $484 million to enhance the customer shopping experience with 153 remodeled stores. The stores were unveiled on Nov. 5 throughout the greater Charlotte market. Founded in Salisbury in 1957, Food Lion operates more than 1,100 stores throughout 10 Southeastern and Mid-Atlantic states. Additionally, Ahold Delhaize USA, the parent company of Food Lion as well as Giant Food and Stop & Shop, recently announced it is investing $860 million for its new East Coast distribution hub in Burlington, N.C.
CHARLOTTE, N.C. — Swinerton, working on behalf of developer Space Craft, has topped out Cordo, a $111 million multifamily development located at 512 E. 21st St. in Charlotte’s Optimist Park neighborhood. The development, the fifth between Swinerton and Space Craft, will feature 287 studio, one-, two-, three- and four-bedroom units, as well as a rooftop terrace, resident lounge/game room with a full kitchen, meeting and coworking spaces, outdoor courtyard and fitness and wellness areas. Designed by Charlotte-based architecture firm Shook Kelley, the project will feature cross-laminated timber (CLT) decks, which will create exposed timber ceilings. Timberlab, sister company of Swinerton, prefabricated approximately 50,000 linear feet of wood wall framing and 185,000 square feet of CLT using pine, spruce and fir in its Greenville, S.C., facility for the development. The project team broke ground on Cordo last fall and expects to deliver the community by summer 2027.
LIBERTY, N.C. — Toyota (NYSE: TM) has begun production at its new $13.9 billion battery plant in Liberty, approximately 20 miles southeast of Greensboro, N.C. The 7 million-square-foot facility, which broke ground in 2021, is Toyota’s first and only battery plant outside of Japan and the company’s 11th U.S. plant. Toyota will also make an additional investment of up to $10 billion over the next five years to “support future mobility efforts,” according to company representatives. Toyota has invested nearly $60 billion since the company began its U.S. operations nearly 70 years ago. “Toyota is a pioneer in electrified vehicles, and the company’s significant manufacturing investment in the United States and North Carolina further solidifies our commitment to team members, customers, dealers, communities and suppliers,” says Ted Ogawa, president and CEO of Toyota Motor North America (TMNA). Toyota North Carolina is expected to create as many as 5,100 jobs. “This new facility will bring new opportunities and long-term growth to our state. It’s another sign that North Carolina continues to lead the way in manufacturing and innovation,” adds U.S. Representative Richard Hudson of North Carolina. The 1,850-acre site can produce 30 gigawatt-hours (GWh) annually at full capacity and will serve …