RALEIGH, N.C. — A partnership between M&J Wilkow and Bailard Inc. has bought two retail centers totaling 323,000 square feet in Raleigh for $43.6 million. Midtown Commons is a 138,756-square-foot power center with tenants including Starbucks Coffee, T.J. Maxx and Dick’s Sporting Goods. Shoppes at Midway Plantation, a neighboring 184,244-square-foot power center, has tenants including Michael’s, Ross Dress for Less, Kay Jewelers, Saltgrass Steak House and Rack Room Shoes. The partners plan to implement a new leasing strategy to bring new-to-market retailers to the centers, as well as upgrade the centers’ amenities. The seller(s) was not disclosed.
CHARLOTTE, N.C. — MLA Properties and Pearlmark have acquired Pavilion Village, a 294-unit apartment complex in Charlotte, for $44 million. The property is located three miles from the University of North Carolina-Charlotte and 13 miles from Uptown Charlotte. Pavilion Village was 93 percent occupied at the time of sale. The new owners plan to renovate and upgrade interior units and communal amenities. Details of the renovations were not disclosed. MLA and Pearlmark have hired Drucker + Faulk to handle leasing efforts for the property.
CHARLOTTE, N.C. — Alliance Residential Co. has acquired 25.5 acres in southeast Charlotte for the development of Broadstone Lemmond Farm, a 336-unit apartment community. Situated at the intersection of Interstate 485 and Albermarle Road, the community will anchor the Lemmond Farm master-planned development that the Helms family and Stanchion Asset Partners are co-developing. In addition to apartments, Lemmond Farm will include 50,000 square feet of retail and office space. Alliance Residential plans to begin construction later this year and open the community in 2020. Cline Design Associates designed Broadstone Lemmond Farm, which will feature a mix of one-, two- and three-bedroom apartments averaging 924 square feet.
CHAPEL HILL, N.C. — The Dilweg Cos. has sold The Courtyard of Chapel Hill, a mixed-use project located at 431 W. Franklin St. in Chapel Hill. The Courtyard at Chapel Hill comprises more than 17,000 square feet of retail space and 20 residential units known as The Courtyard Lofts. The building was delivered in 1982 and renovated in 2013. The property was fully leased at the time of sale to tenants including Kipos, Franklin Street Yoga, Vimala’s Curryblossom Café and Cat Tales Cat Café. Tom Kolarczyk and Jeff Glenn of HFF represented the seller in the transaction. New York City-based Vista Property Group acquired the asset. The sales price was not disclosed.
RALEIGH, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has purchased Park Point at Research Triangle Park, a 645,000-square-foot office park in Raleigh. The sales price was not disclosed, though the new owners plan to invest more than $100 million in renovating and repositioning the 95-acre park, which includes office, industrial and lab space, to offer creative office space. Indoor renovations include expanding ceiling heights between 19 and 24 feet and installing a concrete floor on an atrium. Plans to reposition the property include creating 300,000 square feet of indoor and outdoor gathering areas, athletic fields, walking trails, onsite food service, a fitness center and training and conference facilities. Redevelopment of the existing site will begin immediately, and tenants will be able to occupy their spaces as early as second-quarter 2020. William Allen of Trinity Partners will lead leasing efforts. CBRE|Raleigh’s Ben Kilgore, Patrick Gildea in CBRE’s Charlotte office and Will Yowell in the firm’s Atlanta office represented the seller, an affiliate of Zurich Alternative Asset Management, in the transaction.
DURHAM, N.C. — North Carolina Central University has chosen Corvias to develop two new student housing facilities totaling 1,247 beds and a 100,230-square-foot student center. The two residence halls will be called Chidley South and George Street. Both are being funded through a public-private partnership between the university and Corvias, and are expected to open in 2020. Vines Architecture is designing the residence halls in conjunction with the public-private partnership. Metcon is the general contractor. The $47 million student center is expected to be complete in 2021. Plans include a 1,750-seat auditorium and a 1,000-seat banquet hall, along with concessions and computer stations. O’Brien Atkins Associates, Duda | Paine Architects and MHTN Architects designed the student center. The general contractors are Balfour Beatty Construction, Holt Brothers Construction and Structure Building Co. Funds for the student center were generated by a $300 annual student fee approved by the student body in 2014.
GREENSBORO, N.C. — McConnell Center Associates has sold a three-building industrial portfolio in Greensboro for $49.3 million. The buildings total 670,536 square feet and are located at 4751, 4755 and 4754 McConnell Center Drive within McConnell Center, a master-planned industrial park totaling more than 1 million square feet. The property is situated six miles east of downtown Greensboro and 20 miles from Piedmont Triad International Airport. New York Life Insurance Co. acquired the portfolio. Patrick Nally and Chris Norvell of HFF and Tom Townes and John Schultz of Triad Commercial represented the seller in the transaction.
MORRISVILLE, N.C. — HFF has arranged the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit apartment community in Morrisville. Bainbridge Lake Crabtree is located at 2599 Evans Road, about 15 miles from both Raleigh and Durham. The asset was delivered in 2018 and offers units averaging 1,015 square feet. Communal amenities include a swimming pool, sun deck, interior courtyard with fire pits, grilling station, pet spa, bark park, clubroom and a fitness center with yoga studio. Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark of HFF represented the seller, The Banbridge Cos. LLC and Amzak Capital Management, in the transaction. The team also procured the buyer, RK Properties.
DURHAM, N.C. — Duke University and McKinney have renewed their respective leases totaling 179,000 square feet within the American Tobacco Campus (ATC) mixed-use project in Durham. Duke has been at the campus since 2004 and its new lease will go through April 2030. The school will house some or all of its IT, financial services, university counsel, corporate education, alumni affairs and other resources at ATC, occupying 136,000 square feet of office space. McKinney, an advertising agency based in Durham, has also been at ATC since 2004. It will occupy 43,000 square feet of office space through 2031. D3 Development developed ATC in phases from 2004 to 2006. The campus comprises 720,000 square feet of office space, 80 residential units and two parking decks, as well as the former Lucky Strike tobacco plant, Diamond View, DPAC and the Durham Bulls Athletic Park.
CHARLOTTE, N.C. — Northwood Ravin will break ground on 500 West Trade in July. The project will feature 354 apartment units, 8,500 square feet of retail space and a 3,600-square-foot pedestrian courtyard. The apartment units will be situated within a seven-story and a 14-story building connected by the courtyard. Communal amenities will include a business center overlooking Trade Street, a rooftop lounge and outdoor kitchen in the 14th floor, dog spa and two swimming pools. Additionally, there will be a health club with an exercise room, men’s and women’s saunas, fitness room and a massage room. Northwestern Mutual is providing construction financing. Northwood Ravin is the developer and general contractor for 500 West Trade and will serve as the residential property manager when leasing begins. Northwood Ravin expects the first units to open in early 2021.