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North Carolina

CBRE Arranges $42.2M Acquisition Loan for New Apartment Community in Triangle

MORRISVILLE, N.C. — CBRE has arranged a $42.2 million Fannie Mae loan for the acquisition of The Reserve at Park Place, a 312-unit apartment community located at 4531 Langdon Drive in Morrisville. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE arranged the loan on behalf of the buyer, Centennial Holding Co. Watson Bryant, Jordan McCarley and Marc Robinson of Cushman & Wakefield arranged the sale on behalf of the seller, Park Place Members LLC. Constructed in 2017, the property..

February 5, 2018

High Demand, Low Vacancy Push Triangle’s Industrial Rents to New Heights

The Raleigh-Durham industrial and flex market, totaling approximately 129 million square feet, continues to be strong with overall positive absorption. Vacancy is trending lower, making the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any city in North Carolina. Available industrial land is diminishing for development in high-demand areas, and that typically signifies a..

February 5, 2018

CBRE Brokers Sale of 491,025 SF Distribution Center in Charlotte

CHARLOTTE, N.C. — CBRE Capital Markets has arranged the sale of a 491,025-square-foot distribution center located at 10701 Nations Ford Road in Charlotte. The building is situated at the intersection of Interstates 77 and 485, roughly 13 miles south of Charlotte Douglas International Airport. Patrick Gildea, Anne Johnson, Bryan Crutcher and Matt Smith of CBRE arranged the transaction on behalf of the seller, an affiliate of Boston-based STAG Industrial Inc. Other terms of the deal and the..

February 2, 2018

Trez Forman Provides $35M Construction Loan for Mixed-Use Project in Coastal North Carolina

WILMINGTON, N.C. — Trez Forman Capital Group has provided a $35 million loan for the development of River Place, a mixed-use project located at 200 N. Water St. in downtown Wilmington. The Florida-based company is a joint venture between Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group. Trez Forman Capital arranged the loan on behalf of developer East West Partners. The Chapel Hill, N.C.-based firm is developing the 13-story project, which will include 92 condominium..

January 30, 2018

Keith Corp. Breaks Ground on Pharmaceutical Company’s Headquarters in Research Triangle Park

DURHAM, N.C. — The Keith Corp. has broken ground on a 159,000-square-foot corporate headquarters for Rho Inc., a contract research organization that provides clinical drug development services. Located at the corner of Highway 54 and TW Alexander Drive in Durham, the building is situated within Triangle 54 Office Park, a 39-acre office park under development in North Carolina’s Research Triangle Park submarket. The Rho project is the first of three phases within the park. At full..

January 29, 2018

Greystone Closes $79.2M in HUD Financing for Affordable Housing Portfolio in North Carolina

GREENSBORO, N.C. — Greystone Affordable Development, an affiliate of Greystone & Co. Inc., has closed $79.2 million in financing for a nine-property, 645-unit affordable housing portfolio in Greensboro. The financing was arranged through the HUD Rental Assistance Demonstration (RAD) program on behalf of the Greensboro Housing Authority. HUD’s RAD program provides funding for housing authorities to convert public housing properties to a Section 8 platform using public and private debt..

January 26, 2018

HFF Brokers $55.6M Sale of Two-Building Office Park in Triangle

DURHAM, N.C. — HFF has arranged the $55.6 million sale of Palladian Corporate Center, a two-building, 201,008-square-foot office complex in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, an institutional owner advised by Clarion Partners LLC. An affiliate of Innovatus acquired the asset. In addition, Brent Bowman of HFF arranged acquisition financing for the asset through Citizens Bank on behalf of the new owner. Palladian..

January 23, 2018

Charlotte Sees New Construction, Renovations of Second-Generation Office Space

It’s impossible to ignore the ongoing boom of new commercial real estate development in downtown Charlotte. Get a glimpse of the skyline from the Interstate 277 loop and you can see the already-present structures standing tall among the handful of cranes and half-completed construction filling in the gaps. More than a dozen projects are currently underway in Center City, with more expected during the next 12 to 18 months. New and Improved Recently opened towers, like 300 South Tryon and..

January 22, 2018

CBRE Arranges $142M Sale of Duke University Medical Office Building in North Carolina

DURHAM, N.C. — CBRE has arranged the sale of Hock Plaza, a 327,160-square-foot medical and educational office building in Durham. Harrison Street Real Estate Capital LLC acquired the 12-story building from Hines. The sales price was $142 million, according to the Triangle Business Journal. Constructed in 2004, Hock Plaza is situated on more than 2.5 acres at 2424 Erwin Road, adjacent to Duke University Hospital. The building is home to 34 different Duke University medical institutes,..

January 19, 2018

Hudson Capital Acquires Two Multifamily Properties in North Carolina, Georgia for $66.1M

CARY, N.C. AND NORCROSS, GA. — Hudson Capital Partners (HCP) has acquired two multifamily properties in North Carolina and Georgia for a combined $66.1 million. The New York-based company acquired Cary Reserve at Weston, a 288-unit property in the Raleigh-Durham metro of Cary, for $46.8 million, as well as the 224-unit Willow Trail, a community in the Atlanta suburb of Norcross, for $19.3 million. HCP plans to invest approximately $7 million to renovate both properties, including unit..

January 18, 2018