North Carolina

CBRE Arranges $28.9M Loan for Apartment Complex in Metro Charlotte

by Christina Cannon June 9, 2016

CONCORD, N.C. — CBRE’s capital markets debt and structured finance team has arranged a $28.9 million loan for Hawthorne at Concord, a 238-unit apartment community in Concord, a northern suburb of Charlotte. Built by Davis Development in 2014, the Class A community is situated on 18.5 acres within one mile of I-85 and Concord Mills, a nearly 1.4 million-square-foot mall owned by Simon Property Group. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the Fannie Mae loan on behalf of Hawthorne Residential Partners and White Point Partners.

June 9, 2016

Conference Coverage Features North Carolina Southeast Top Stories

HB2 Brings Corporate Relocations in North Carolina to ‘Screeching Halt’

by John Nelson June 8, 2016

CHARLOTTE, N.C. — House Bill 2 (HB2), the recently passed North Carolina bill that requires transgender individuals to use public bathrooms corresponding to the sex on their birth certificate, has rocked the state since its passing on March 23. Tech giant PayPal has scrapped its previously announced plans to bring 400 jobs to Charlotte; artists such as Bruce Springsteen, Pearl Jam, Maroon 5 and Nick Jonas canceled planned concerts in North Carolina; and the NBA is considering moving its 2017 All Star Weekend away from Charlotte. In addition to these headlines, corporate relocation inquiries to North Carolina have essentially “gone away,” according to Chris Schaaf, executive vice president of JLL. “If you look at JLL’s core business and offerings, one of those services relates to major relocations. The easiest thing for me to do would be to sit up here and say how busy we are for that aspect of our business, but the reality is that it’s come absolutely to a screeching halt,” says Schaaf, speaking at the seventh-annual InterFace Carolinas conference held on June 1 at the Hilton Charlotte Center City. The conference drew 249 brokers, developers, contractors, financial intermediaries, owners and managers who do business in North …

June 8, 2016

North Carolina Office Southeast

Akridge, Northwood Ravin to Develop 10-Story Office Tower in Downtown Durham

by John Nelson June 7, 2016

DURHAM, N.C. — Akridge and Northwood Ravin plan to develop 555 Mangum, a 10-story, 240,000-square-foot office tower in downtown Durham. The project will be situated on the site of the former Elkins Chrysler dealership on the corner of South Mangum Street and Jackie Robinson Drive. The property will include ground-floor retail space, a penthouse conference center, fitness center, rooftop lounge and terrace and a courtyard featuring artwork from local artists. Akridge and Northwood Ravin plan to deliver 555 Mangum in late 2018. The partnership has selected Mac Hammer and Doug Cook of Cushman & Wakefield to lease and market the project’s office component and Charlie Coyne of CBRE to lease and market the retail component.

June 7, 2016

Multifamily North Carolina South Carolina Southeast

Middle Street Partners Purchases Six Apartment Communities in the Carolinas for $97M

by John Nelson June 3, 2016

CHARLESTON, S.C. — Middle Street Partners LLC has purchased six apartment communities in North and South Carolina for a combined $97 million. Middle Street purchased the portfolio in partnership with an undisclosed majority equity investor. The portfolio includes Waterford Apartments, Gable Hill Apartments, St. Andrews Commons Apartments and Hampton Greene Apartments in Columbia, S.C.; Forest Brook Apartments in West Columbia, S.C.; and Chason Ridge Apartments in Fayetteville, N.C. CBRE Realty Finance provided acquisition financing on behalf of the new ownership group.

June 3, 2016

Multifamily North Carolina Southeast Student Housing

Carolina Apartment Advisors Brokers $34.2M Sale of Student Housing Property in Wilmington

by John Nelson June 2, 2016

WILMINGTON, N.C. — Carolina Apartment Advisors has arranged the $34.2 million sale of Carolina Cove, a 600-bed student housing community located less than one mile away from the University of North Carolina at Wilmington campus. Built in 2013, the property features 228 two- and three-bedroom units, as well as a resort-style swimming pool, sundeck, student lounge, business center, fitness center with a tanning bed, beach volleyball court, basketball court, hammock garden, barbecue grills, campus bus route and a private gated entry. John Edwards of Carolina Apartment Advisors represented the seller, University Housing Group. The buyer, Realco Capital Partners, plans to upgrade the furnishings and interiors of the complex.

June 2, 2016

College Inn Raleigh North Carolina State University

Multifamily North Carolina Southeast Student Housing

The Preiss Co. Acquires Two Student Housing Properties in Raleigh in Joint Venture

by John Nelson May 17, 2016

RALEIGH, N.C. — The Preiss Co., in a joint venture with an undisclosed private investment group, has acquired two student housing communities near North Carolina State University (NCSU) in Raleigh. The acquisitions include College Inn, a 440-bed community located at 2717 Western Blvd., and University Village at 2505, a 288-bed community located at 2505 Red Lodge Place. Amenities at College Inn include a clubhouse, fully furnished units with washers and dryers, study rooms, fitness center and a game room. Preiss will oversee a redevelopment at the property beginning in the fourth quarter of this year, which will include substantial room upgrades, new lighting, appliances, cabinets, countertops and furniture with enhancements to the clubhouse, building exterior and landscaping. Amenities at University Village at 2505 include a clubhouse with an internet café, a fitness center, self-serve Starbucks Coffee bar, resort-style swimming pool, sand volleyball court and fully furnished suites with bed to bath parity and walk-in closets. University Village also offers a free shuttle to the main and centennial campuses of NCSU.

May 17, 2016

North Carolina Office Southeast

Avison Young Brokers $7M Sale of Office Building in Triangle Region

by John Nelson May 12, 2016

CARY, N.C. — Avison Young has arranged the $7 million sale of a 58,950-square-foot office building located at 201 Shannon Oaks Circle in Cary, a city in the Raleigh-Durham metro area. The two-story building is situated at the intersection of Kildaire Farm Road and Cary Parkway. Gary Lyons, Blake Thomas and Grant Linderman of Avison Young’s Raleigh office represented the sellers, REC Shannon Oaks LLC and Shannon Square Holdings LLC, in the transaction. Frank Norvell of Norvell Real Estate Group represented the buyer, Richmond, Va.-based Real Estate Value Advisors LLC.

May 12, 2016

North Carolina Restaurant Retail Southeast

JAB Beech to Buy Krispy Kreme Doughnuts for $1.35B

by John Nelson May 10, 2016

WINSTON-SALEM, N.C. — Jab Beech Inc. and Krispy Kreme Doughnuts Inc. have entered into a definitive merger agreement under which JAB Beech will acquire Krispy Kreme for $21 per share in cash, or a total equity value of approximately $1.35 billion. The agreement, which has been unanimously approved by Krispy Kreme’s board of directors, represents a premium of approximately 25 percent over the company’s closing stock price on May 6, 2016. Wells Fargo Securities LLC is serving as financial advisor to Krispy Kreme in connection with this transaction, and Simpson Thacher & Bartlett LLP and Womble Carlyle Sandridge & Rice LLP are providing legal support and advice. Barclays and BDT & Co. LLC are serving as financial advisors to JAB Beech in connection with this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP is providing legal advice. At the close of the transaction, Krispy Kreme will be privately owned and will continue to be independently operated from its current headquarters in Winston-Salem. As of this writing there are over 1,100 Krispy Kreme shops in more than 26 countries around the world. Jab Beech Inc. is a subsidiary of JAB Holdings Co., which has controlling stakes in Keurig Green Mountain, …

May 10, 2016

Hospitality North Carolina Southeast

Duke University to Build $62M Hotel on School’s West Campus

by John Nelson May 9, 2016

DURHAM, N.C. — Duke University plans to develop a $62 million hotel on its west campus in Durham. Located at 230 Science Drive, the 198-room JB Duke Hotel will feature two bars, a restaurant, landscaped courtyards and terraces, local décor and furnishings and a grand hall with a two-story glass wall. The hotel will also feature the 20,850-square-foot Thomas Executive Conference Center, which will comprise a 5,450-square-foot ballroom, multi-purpose spaces, two boardrooms, two 65-seat classrooms, pre-function spaces and a business center. Duke University’s MBA programs will use the hotel and conference facilities for working professionals and non-degree executive education courses hosted by the school’s Fuqua School of Business. The hotel will be within walking distance of Cameron Indoor Stadium, Wallace Wade Stadium, Koskinen Stadium, the Duke medical center, Duke Chapel, Sarah P. Duke Gardens and a 2,200-space parking garage that is currently under construction. Duke University has selected Durham-based WDI Hospitality LLC to manage JB Duke Hotel, which is a “father-and-son property” with Washington Duke Inn & Golf Club, which is also owned by Duke University and managed by WDI Hospitality. Duke University expects to start taking reservations at JB Duke Hotel in January 2017.

May 9, 2016

Industrial North Carolina Southeast

CBRE Brokers Sale of 970,000 SF Industrial Asset in Charlotte

by John Nelson May 5, 2016

CHARLOTTE, N.C. — CBRE has brokered the sale of Lakemont West Business Park, a 970,000-square-foot industrial asset located in Charlotte’s Southwest submarket. The property was 84 percent leased at the time of sale, with more than half of the property coming to term within the next five years. Patrick Gildea, Bryan Crutcher and Anne Johnson of CBRE’s national partners team represented the seller in the transaction. Jeffrey Dunne of CBRE’s New York institutional properties team represented the buyer, an entity controlled by Hartz Mountain Industries, which has retained Jim Gunning and Donna Falzarano of CBRE’s capital markets debt & structured finance team to secure financing for the asset.

May 5, 2016

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