CARY, N.C. — The Sigmund Cos. (TSC) has acquired Millpond Village, an 84,373-square-foot grocery-anchored retail center located in Cary, a suburb of Raleigh. TSC will operate the property as part of a joint venture with a Washington, D.C.-based institutional partner. Anchored by Publix, Millpond Village features other national tenants such as Dollar General and Starbucks. Berkeley Capital Advisors represented the undisclosed seller in the transaction. CBRE will handle leasing at Millpond Village, while Cushman & Wakefield will provide management services.
CHARLOTTE, N.C. — Crescent Communities and Fortius Capital Partners have sold AXIAL Rapid Commerce, a 449,069-square-foot industrial facility located at 500 Rhyne Road in Charlotte. The owners recently signed Amazon to a full-building lease at the facility, which is situated within the 1.5 million-square-foot, 140-acre Rapid Commerce Park. Pacolet Milliken, the project’s limited partner, is purchasing the facility from Crescent Communities and Fortius Capital for an undisclosed price. The LEED-certified property features 3,850 square feet of office space, 338 automobile parking spaces, 106 trailer parking spaces, two drive-in doors, multiple storefronts, 36-foot clear heights and abundant dock doors.
CHICAGO — Vestian, a Chicago-based commercial real estate services firm, has recently secured three commercial leases in North Carolina for three global manufacturers. The deals include an industrial lease for HEYCO-Werk USA, a tech manufacturer for plastic injection and two-shot molding; a lease for a new experience center in Charlotte for corrugated box manufacturer BHS Corrugated; and an industrial lease for BICASA North America, a provider of technical lab furniture. Information on the landlords and specific locations were not released.
WHITSETT, N.C. — A joint venture between Buchanan Capital Partners (BCP) and Crow Holdings Development has recapitalized a two-building industrial campus located in Whitsett, a city near Greensboro in North Carolina’s Piedmont Triad region. The 423,852-square-foot project, dubbed Rock Creek Center, will be situated in close proximity to the $14 billion Toyota battery manufacturing campus and the $860 million Food Lion Distribution Center. In addition, the project is within an unnamed mixed-use park that includes tenants such as Amazon, FedEx, Duke Energy, Lenovo, Ralph Lauren and American Express. Developed by Crow Holdings, the campus will feature two 211,926-square-foot buildings, with each featuring 32-foot clear heights, 2,500 square feet of office space, 38 dock doors, two drive-in doors and 205-foot truck courts, as well as about 255 car parking spaces. Completion of the project is scheduled for 2027. Rock Creek Center marks BCP’s first joint venture with Crow Holdings. ARCO Murray will serve as general contractor, while the North Carolina division of Crow Holdings’ industrial team will manage the complex. Dodson Schenck and Will Henderson of CBRE will lead leasing efforts.
HICKORY, N.C. — Ashburn, Va.-based LaRock Capital Partners has acquired 29 North Apartments, a 101-unit community located in Hickory, about 58 miles north of Charlotte. Delivered in 2013, the complex offers one-, two- and three-bedroom floorplans, ranging in size from 715 to 1,308 square feet, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, clubhouse with coworking spaces and a pet park. LaRock Capital has selected Greensboro, N.C.-based Burkely Communities to serve as the new property manager at 29 North. William Lawson of BWE originated acquisition financing on behalf of LaRock Capital. The seller and sales price were not disclosed.
WHITSETT, N.C. — Mapletree Investments has signed Lenovo to a 520,583-square-foot industrial lease in Whitsett, a city near Greensboro in North Carolina’s Piedmont Triad region. The global tech manufacturer will fully occupy 6550 Judge Adams Road, a facility within the 1,400-acre Rock Creek Center industrial park in Guilford County. The facility offers 509,393 square feet of warehouse space and an 11,190-square-foot office component. Lenovo will use the site to manufacture servers for data centers, while continuing operations at its nearby fulfillment center. Lenovo plans to invest $77 million into the project, which will create 420 new jobs. Greg Wilson of CBRE represented Mapletree, which owns the property under its Mapletree US Logistics Private Trust investment vehicle. Jason High and Dodson Schenck, also with CBRE, represented Lenovo in the lease negotiations.
ELMSFORD AND NEW YORK CITY, N.Y. — DLC, in partnership with a fund managed by DRA Advisors, has acquired a multi-state shopping center portfolio in an off-market transaction for $429 million. Totaling 2.1 million square feet, the portfolio comprises eight shopping centers across five states. The seller was not disclosed. The properties include Central Texas Marketplace in Waco, Texas; Portofino Shopping Center in the Houston suburb of Shenandoah; Watauga Pavilion in the Dallas suburb of Watauga; Shops at Park Place in Plano, Texas; Pavilion at King’s Grant in the northeast Charlotte suburb of Concord, N.C.; International Speedway Square in Daytona Beach, Fla.; Peoria Square in Glendale, Ariz.; and Belle Isle Station in Oklahoma City, Okla. The portfolio was 91.3 percent leased at the time of sale. Long-term tenants across the portfolio include Nordstrom Rack, REI, T.J. Maxx, Ross Dress for Less, Dick’s Sporting Goods, HomeGoods, Marshalls, Total Wine & More and Ulta Beauty. This portfolio marks DLC’s first retail acquisitions in Phoenix and Oklahoma and expands the company’s existing presence in Texas and Florida. In October, DLC and DRA Advisors purchased a $625 million retail portfolio on the West Coast. The two organizations have now completed more than $1.7 billion of …
DURHAM, N.C. — Drawbridge Realty has signed Aspida Financial Services to an 89,770-square-foot lease at Imperial Tower, a 264,598-square-foot office building located at 4820 Emperor Blvd. in Durham. Greg Sanchez, Ryan Gaylord and Robin Roseberry Anders of NAI Tri Properties represented Drawbridge Realty in the lease negotiations. Matthew Cooke and Gardner Gibson of Davis Moore represented Aspida, which plans to occupy the top three full floors of the 11-story office building. Imperial Tower was previously fully occupied by an undisclosed tenant through May 2026 before the tenant broke off its lease and enforced a remote work policy during the COVID-19 pandemic. Drawbridge Realty is underway on a $10 million overhaul of the property, including a new wellness room, tenant lounge and game room, waterside patio, café, golf simulator, fitness center with locker room and shower facilities, athletic fields and pickleball and sport courts. The company is also renovating Imperial Tower’s existing lobby and conference center.
RALEIGH, N.C. — Northmarq has secured a $55 million bridge loan to refinance 403 West, a 438-unit, garden-style apartment community located in Raleigh. Northmarq arranged the three-year loan through Truist Bank on behalf of the borrower, Blackfin Real Estate Investors LLC. Built in 2002, 403 West features one- to four-bedroom floorplans ranging in size from 487 to 1,432 square feet, according to Apartments.com. Amenities at the property include a resident lounge, luxury café station, gas grill pavilion, 24-hour fitness center, bike storage, dog park with a shade pavilion, pickleball court, resort-style swimming pool and a playground.
NEW YORK CITY — CBRE has arranged the sale of a 20-property last-mile distribution and light-manufacturing industrial portfolio across eight states. New York City-based Ares Commercial Real Estate Corp. (NYSE: ACRE) acquired the portfolio, which spans more than 3 million square feet. Brian Fiumara led CBRE’s National Partners team in marketing the portfolio and representing the undisclosed seller in the transaction. The CBRE team also procured the buyer. The properties include: The industrial portfolio consists of well-maintained industrial buildings ranging in size from 16,000 to 500,000 square feet, while average occupancy across the properties currently sits at 95 percent. “The acquisition by Ares allows the company to expand its existing portfolio with a critical mass of light industrial and well-located last-mile assets in major population centers with access to key distribution infrastructure,” says Fiumara. ACRE is a real estate investment trust (REIT) managed by Ares Commercial Real Estate Management LLC, a subsidiary of Ares Management Corp., which manages approximately $596 billion of assets. ACRE’s stock price closed on Thursday, Dec. 4 at $5.15 per share, down from $6.98 a year ago, a nearly 26 percent decline. — Abby Cox