CONCORD, N.C. — Monmouth Real Estate Investment Corp. has acquired a 354,482-square-foot industrial building located at 4350 Fortune Ave. in Concord, roughly 25 miles north of Charlotte, for $40.6 million. The building is net-leased to FedEx for 15 years and sits adjacent to Monmouth’s recently constructed FedEx SmartPost facility. With this acquisition, the company owns a two-property campus in the Charlotte submarket totaling 685,200 square feet on 116 acres.
WILMINGTON, N.C. — Swain & Associates has unveiled plans for CenterPoint, a $250 million mixed-use development that will be located at 1531 and 1541 Eastwood Road in Wilmington. The 1 million-square-foot project will span 23 acres and feature a seven-story hotel; 300 one-, two- and three-bedroom apartments; 50 to 60 retail shops and restaurants; a 75,000-square-foot medical services building; 31,600 square feet of office space; structured parking for 1,450 cars and surface parking for 275 cars. In addition to Swain & Associates, the project team includes project planner and architect ci design inc., project engineer McKim & Creed Engineers PA and consulting engineer Bruce Bowman of BMH Architects.
MONROE, N.C. — Charlotte-based Aston Properties has delivered a 70,000-square-foot self-storage facility at the site of a former Kmart store in Monroe, roughly 25 miles southeast of Charlotte. Located at 2120 W. Roosevelt Blvd., the property is managed by Extra Space Storage, one of the country’s largest self-storage operators. Aston Properties purchased the former retail building last year and invested $1.7 million to upgrade the interior and exterior. The climate-controlled facility offers units ranging in size from 25 square feet to over 300 square feet, and features drive-up access, 24-hour video surveillance and electronic gate access. The Monroe property is Aston Properties’ first conversion of a former retail space to self-storage.
BEAUFORT, N.C. — Avison Young has arranged a $19.2 million construction loan for the development of a 133-unit Ascend Collection hotel in Beaufort. The hotel will be situated within the Front Street Village development on the coast of North Carolina. Bruce Whipple, Justin Piasecki and Ethan Blum of Avison Young structured the 18-month construction loan with interest-only payments and an interest rate of 5.5 percent. Following construction completion, the loan will convert to a three-year, fixed-rate, mini-permanent loan. At the end of the term, the loan will remain in place with a 25-year amortization schedule and the same interest rate of approximately 5.5 percent. Front Street Village is a 31-acre mixed-use property developed by Charles Oliver II, founder of Jetcraft. The three-story Ascend Collection hotel will feature an adjacent conference and special events space, bistro structure on the Front Street Village development, waterfront suites and 30,000 square feet of meeting space.
DURHAM, N.C. — Marcus & Millichap has brokered the $17.1 million sale of Homestead Market, a 164,200-square-foot shopping center in Durham. Andrew Margulies of Marcus & Millichap represented the seller, a Raleigh-Durham-based family partnership, in the transaction, and procured the buyer, a Florida-based real estate investment and development company. Constructed in 1988 and renovated in 2014, Homestead Market is home to Roses, Fitness World, Shiki Sushi and Bean Trade’s Coffee. The property was 98 percent leased at the time of sale.
CARRBORO, N.C. — ARA Newmark has brokered the sale of Autumn Woods, a 236-unit apartment community in Carrboro, roughly five miles from the University of North Carolina Chapel Hill. Dean Smith and Sean Wood of ARA Newmark represented the seller, Dayton, Ohio-based The Connor Group. Manhattan- and Dallas-based The Milestone Group acquired the property for an undisclosed price. Constructed in 1997, Autumn Woods includes a mix of one-, two- and three-bedroom floor plans and a features a pool, cabana, fitness center, playground, business center and a car care center. The property was 94 percent occupied at the time of sale.
CARY, N.C. — ARA Newmark has brokered the $52.5 million sale of Cary Greens at Preston, a 292-unit apartment community located in Cary, roughly 10 miles west of Raleigh. Dean Smith and Sean Wood of ARA Newmark arranged the sale on behalf of the seller, Dayton, Ohio-based The Connor Group. New York-based Rivendell Global Real Estate acquired the property. Constructed in 1996, Cary Greens at Preston includes a mix of one-, two- and three-bedroom units and features a resort style pool with a sundeck and cabana, 24-hour fitness center, business center and a playground area.
RALEIGH, N.C. — Oberlin Capital Acquisition has sold the Occidental Building, a 56,043-square-foot office building located at 1001 Wade Ave. in Raleigh, for $9.9 million. Marcus Jackson of TradeMark Properties represented Oberlin Capital in the sale to Empire Properties. Constructed in 1956, the building is registered and certified with the National Register of Historic Places. At the time of sale, the property was fully leased to tenants including Coldwell Banker Howard Perry and Walston, TradeMark Properties, Wall Templeton and Louis Berger.
RALEIGH, N.C. — Heritage Properties Inc. has commenced site preparation for One Glenwood, a 10-story, Class A office building in Raleigh. Located at Hillsborough Street and Glenwood Avenue, the $86 million project will total 227,500 square feet and include 15,000 square feet of street-level retail space. Amenities will include a rooftop terrace and lounge, fitness center, bike room and on-site parking with 730 spaces. Whiting-Turner, the project’s general contractor, has installed construction barriers and fencing and will soon begin demolition as part of a plan to shorten construction time. Heritage Properties has secured financing from Citizens Bank as the lead construction lender and M&T Bank as a participating lender. JDavis is the project architect, McAdams is the civil engineer and Trinity Partners will handle leasing of the property. Heritage and Trinity Partners also plan to construct a hotel at the project site.
CHARLOTTE, N.C. — CBRE Group Inc. has arranged the $72.5 million sale of a 1.2 million-square-foot industrial portfolio along the I-85 corridor in the Carolinas. The portfolio includes four warehouse and distribution buildings — one in Charlotte and one in Greensboro in North Carolina and two in Greenville, S.C. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Trey Pennington and Dodson Schenck of CBRE represented the seller, Charlotte-based Beacon Partners, in the transaction to New York-based Gramercy Property Trust. The properties were 87 percent leased at the time of sale to anchor tenants including HD Supply, BMW Manufacturing, LeSaint Logistics and XPO Logistics.