North Carolina

Carey Watermark Investors 2 Acquires Charlotte Marriott City Center for $152.2M

by John Nelson June 6, 2017

CHARLOTTE, N.C. — Carey Watermark Investors 2 Inc. (CWI 2) has purchased Charlotte Marriott City Center, a 19-story, 446-room hotel located in Uptown Charlotte. The sales price and seller were not disclosed, but Charlotte Business Journal reports that Marriott Hotel Services Inc. sold the hotel to CWI 2 for $152.2 million. The hotel underwent more than $40 million of capital improvements in 2016, including the addition of eight guest rooms, five food and beverage outlets and a fitness center, as well as updates to M Club Lounge and the lobby. Other hotel amenities include a business center and 20,000 square feet of meeting space, including 13 breakout rooms and a 9,100-square-foot ballroom.

June 6, 2017

Loans Multifamily North Carolina Southeast

Medalist Capital Arranges $71M Financing for Two Apartment Communities in Raleigh, Durham

by John Nelson June 2, 2017

RALEIGH AND DURHAM, N.C. — Medalist Capital has arranged $71 million in financing for two apartment communities in Raleigh and Durham. The properties include the 203-unit Gramercy in downtown Raleigh and the 229-unit Solis Ninth in downtown Durham. Howard Brooks of Medalist Capital’s Raleigh office arranged the two separate loans through a life insurance company on behalf of the undisclosed borrowers.

June 2, 2017

North Carolina Office Southeast

Parmer Innovation Centers Purchases 1.8 MSF GSK Office Campus in Raleigh, Plans $80M Renovation

by John Nelson May 30, 2017

RALEIGH, N.C. — Los Angeles-based Parmer Innovation Centers has closed on its purchase of the 1.8 million-square-foot GSK campus within Raleigh’s Research Triangle Park. GSK, a research-based pharmaceutical and healthcare firm, sold the 20-building office and laboratory campus in a sale-leaseback transaction, whereby GSK will lease back 700,000 square feet of space on a long-term basis (up to 10 years plus renewal options). Much like Parmer’s successful Parmer Austin campus that houses Apple, Allergan, Blue Apron and GM, Parmer Innovation has rebranded the GSK campus as Parmer RTP and plans to implement an $80 million renovation focusing on amenities to attract millennial workers. Ben Kilgore, Lee Clyburn and Brian Carr of CBRE | Raleigh, along with Brian Scott of CBRE’s New York office, represented GSK in the transaction.

May 30, 2017

Multifamily North Carolina Southeast

ARA Newmark Brokers $69.3M Sale of Adaptive Reuse Apartment Community in Downtown Durham

by John Nelson May 30, 2017

DURHAM, N.C. — ARA Newmark has arranged the $69.3 million sale of Liberty Warehouse, a former tobacco warehouse in downtown Durham that has been converted into a 247-unit apartment community. Chapel Hill, N.C.-based East West Partners delivered the asset this year before selling to New York-based Duck Pond Realty, a private, family-owned investment firm. Sean Wood of ARA Newmark represented East West Partners in the transaction. Liberty Warehouse commands some of the highest rental rates in downtown Durham and features a resort-style pool, yoga room, private terrace, bike share program and 24,000 square feet of retail space.

May 30, 2017

Multifamily North Carolina Southeast

Continental Realty Purchases Apartment Community in Raleigh for $61M

by John Nelson May 25, 2017

RALEIGH, N.C. — Continental Realty Corp. has acquired The Edison Lofts, a 223-unit apartment community located at 131 E. Davie St. in Raleigh. The Baltimore-based firm purchased the asset from The NRP Group for $61 million. Sean Wood of ARA Newmark’s Charlotte office brokered the off-market transaction. Built in 2016 by NRP, The Edison Lofts is a seven-story midrise community featuring studio, one- and two-bedroom apartments ranging in size from 550 to 1,870 square feet. Community amenities include a garden courtyard, resort-style swimming pool, outdoor kitchen and grilling area, dog park, fitness center and clubroom with a resident lounge and billiards room. A direct access structured parking garage is available for both The Edison Lofts residents and visitors.

May 25, 2017

North Carolina Office Southeast

Sealed Air Opens New Office, R&D Campus in Charlotte

by John Nelson May 24, 2017

CHARLOTTE, N.C. — Sealed Air Corp., the company behind brands such as Bubble Wrap and Cryovac, has opened its new office and research campus within LakePointe Corporate Center in Charlotte. Situated south of the Charlotte Douglas International Airport, the project features two office buildings totaling 220,000 square feet, a 170,000-square-foot research and development laboratory and two parking decks. Designed by Atlanta-based tvsdesign, the property is expected to house 1,300 of Sealed Air’s employees. Amenities at the campus include a fitness center, cafeteria and social spaces, including an outdoor pavilion.

May 24, 2017

Mixed-Use North Carolina Office Southeast

F.N.B. Corp. to Anchor 22-Story Mixed-Use Tower in Downtown Raleigh

by John Nelson May 24, 2017

RALEIGH, N.C. — F.N.B. Corp., parent company of First National Bank, has signed on as the anchor tenant of a planned 22-story office and residential tower at 501 Fayetteville St. in downtown Raleigh. Named FNB Tower, the project will feature 150,000 square feet of Class A office space, 240 residential units and street-level retail space, including a branch of First National Bank. F.N.B. Corp. will occupy more than 40,000 square feet of office space with options to expand to accommodate future growth. The developer, Dominion Realty Partners, is aiming for FNB Tower to be LEED Platinum-certified. The groundbreaking for FNB Tower will take place this December, with delivery anticipated by the summer of 2019. CBRE | Raleigh will handle FNB Tower’s office and retail leasing responsibilities, and Dominion Realty will manage the property once complete. Gregg Broujos and Kathy Gigac of Colliers International and David Thor of JLL represented F.N.B. Corp. in the lease transaction.

May 24, 2017

Multifamily North Carolina Southeast Tennessee

Capital One Closes $61.6M in Fannie Mae Financing for Two Southeast Apartment Communities

by John Nelson May 23, 2017

CORDOVA, TENN. AND HIGH POINT, N.C. — Capital One Multifamily Finance has originated $61.6 million in two Fannie Mae loans for the refinancing of two apartment communities in the Southeast. The financing included a $25.6 million loan for Lincoln at Wolfchase, a 408-unit apartment community located in Cordova, about 15 miles east of Memphis. The other deal was a $36 million loan for Laurel Springs Apartments, a 501-unit multifamily community in High Point. Chad Thomas Hagwood and Brandon Pate of Capital One Multifamily Finance’s Birmingham, Ala., office arranged both 12-year, fixed-rate loans on behalf of the borrower, EBSCO Income Properties. Laurel Springs was financed under Fannie Mae’s Green Building Certification program.

May 23, 2017

North Carolina Retail Southeast

FCA Partners Purchases 125,000 SF Shopping Center in North Raleigh for $19.1M

by John Nelson May 18, 2017

RALEIGH, N.C. — FCA Partners LLC has acquired Celebration at Six Forks, a 125,000-square-foot retail center located at the intersection of Six Forks and Sawmill roads in north Raleigh. The Charlotte-based investment management firm purchased the asset from a high net worth fiduciary based in New Jersey for $19.1 million. Built in 1978, the shopping center was 95 percent leased at the time of sale to tenants such as Fitness Connection, The UPS Store, Dollar General, Domino’s, McDonald’s and BB&T Bank. FCA intends to upgrade Celebration at Six Forks with painting, façade improvements, lighting, landscaping and adding outdoor seating.

May 18, 2017

North Carolina Retail Southeast

Alamo Drafthouse Cinema to Open First N.C. Location in Raleigh

by John Nelson May 18, 2017

RALEIGH, N.C. — Alamo Drafthouse Cinema, an Austin, Texas-based theater chain, plans to open its first North Carolina theater in Raleigh. The Alamo Drafthouse Raleigh will feature 11 screens, 660 reclining seats and a bar and restaurant with 36 local beers on tap. Situated within the Longview Shopping Center on New Bern Avenue and King Charles Road, the theater is expected to open by the end of the year and employ roughly 160 people.

May 18, 2017

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