REBusinessOnline

Avison Young Arranges $10.5M Sale of Retail Center in Chapel Hill, North Carolina

CHAPEL HILL, N.C. — Avison Young has arranged the $10.5 million sale of Glenwood Square, a 51,900-square-foot retail center located at 1200-1218 Raleigh Road in Chapel Hill. Blake Thomas and Grant Linderman of Avison Young arranged the transaction on behalf of the seller, Flagler Holdings. Fairway Investments acquired the asset. Constructed in 1987, Glenwood Square is home to tenants including The Fresh Market and Rite Aid. The center was fully leased at the time of sale. The property is …

Lowe’s to Close All 99 Orchard Supply Hardware Stores

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has announced it will close all 99 of its Orchard Supply Hardware stores by Feb. 1. Founded in San Jose, Calif., in 1931 and acquired by Lowe’s in 2013, Orchard Supply Hardware operates locations in California, Oregon and Florida. Lowe’s is closing the stores to focus on its core home improvement business. “Our strategic reassessment is ongoing as we evaluate the productivity of our real estate portfolio and non-retail business …

Grandbridge Real Estate Capital Appoints Matthew Rocco as New President

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has promoted Matthew Rocco to president. Rocco will continue to serve as national production manager, overseeing the company’s national loan origination platform, but will take on additional responsibilities from a corporate perspective in his new role. In addition to overseeing Grandbridge’s loan origination efforts, Rocco will be responsible for the company’s Agency Underwriting (Fannie Mae, Freddie Mac and FHA) and Balance Sheet …

Avison Young Brokers $14.8M Sale of Apartment Community in Greenville, North Carolina

GREENVILLE, N.C. — Avison Young has brokered the $14.8 million sale of Signature Place Apartments, a 171-unit apartment community located at 410 Beasley Drive in Greenville. Craig Cadwallader and Gary Lyons of Avison Young arranged the transaction on behalf of the buyer, CMF Signature Place LLC, a subsidiary of Carter Multifamily. Waterstone Multifamily represented the seller, a joint venture between Taft Family Ventures and Drucker & Falk. Constructed in 1980, Signature Place includes a …

Charlotte Companies Getting in on Amenities Arms Race to Attract Top Office Users

Companies looking to attract and retain talent are now offering top amenities, a modern office space and a healthy work environment with a sense of community. Employees are a company’s most vital asset, and firms are willing to pay a higher rate for office space if it provides a place that employees want to work. One of the trends this year in commercial office space is enhancing the work environment. According to a recent Pew Research Center analysis, millennials have become the largest …

Avison Young Brokers Land Sale Near Charlotte, Buyer Planning 600,000 SF Industrial Building

CONCORD, N.C. — Avison Young has brokered the sale of a 48-acre parcel located at 431 Goodman Road in Concord, roughly 25 miles northeast of Charlotte. Chris Skibinski, Henry Lobb and Tom Tropeana of Avison Young arranged the sale on behalf of the buyer, The Silverman Group, which plans to build a 600,000-square-foot speculative industrial building on the site. Dubbed Concord Industrial Center, the facility will feature 36-foot clear heights designed to suit a single tenant or multiple …

Renter Demand, Investor Interest are Strong in Carolinas’ Top Multifamily Markets

Several Carolinas markets continue to top national lists for job and population growth, particularly Charlotte and the Triangle. The quality of living and strong fundamentals draw both millennial renters and empty nesters, with no slowdown in demand in sight. In turn, capital continues to pour into the region’s multifamily sector as investors chase higher yields and lower supply pressure while cap rates linger near historical lows. Multifamily Momentum With the record-setting pace of …

Berkadia Arranges Sales of Two Multifamily Assets in Carolinas for $47.7M

BELMONT, N.C. AND NORTH CHARLESTON, S.C. — Berkadia has arranged the sales of two multifamily communities located in Belmont and North Charleston. In Belmont, roughly 14 miles west of Charlotte, Berkadia arranged the $16.7 million sale of Abbey Court, a 176-unit community. Texas-based Napali Capital LLC acquired the asset from Raleigh-based American Residential Investment Management. The community includes one- and two-bedroom units and features a pool, playground, grilling and picnic area …

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, …

CBRE Arranges $24M Sale of Office Building in Charlotte’s CBD

CHARLOTTE, N.C. — CBRE has arranged the $24 million sale of 129 West Trade Street, a 153,498-square-foot office building in Charlotte’s central business district. Patrick Gildea and Matt Smith of CBRE brokered the deal on behalf of the seller, 129 West Trade Owner LLC. Somerset Properties acquired the 15-story tower. Located one block from the intersection of Trade and Tryon streets, 129 West Trade Street is within walking distance to the Lynx Blue Line light rail at the CTC Station stop. …

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