CHARLOTTE, N.C. — Stream Realty Partners has executed 70,000 square feet of leases at The Grove, a four-building office park located at 8520-8615 Cliff Cameron Drive in Charlotte, over the past 18 months. The landlord, B Group Capital Management, recently completed extensive renovations at the 260,000-square-foot property, which it purchased in fall 2022. These include the implementation of Google Fiber and physical upgrades to common areas and a new spec office suite. Grant Keyes and Holden Brayboy of Stream Realty represented the landlord in the lease negotiations. The deals include leases and/or lease extensions with Alliance Health, Bridge to Achievement, Autism Living Experience and Keller Williams.
North Carolina
RALEIGH, N.C. — SRS Real Estate Partners has brokered the ground-lease sale of a newly built, 2,775-square-foot retail property located at 615 Oberlin Road in Raleigh. Fifth Third Bank occupies the single-tenant property, which features a drive-thru ATM, on a 20-year lease. Matthew Mousavi and Patrick Luther of SRS’ Newport Beach, Calif., office represented the seller, a private developer, in the $6.9 million sale. A New York-based private investor purchased the asset at a 4.86 percent cap rate.
CHARLOTTE, N.C. — JLL has arranged the sale of CBI Distribution Center, a 60,000-square-foot industrial facility located at 2817 Westinghouse Blvd. in Charlotte. Built in 2017 within two miles of the I-485/I-77 interchange, the distribution center was fully leased at the time of sale to CBI Workplace Solutions, with 6.5 years of lease term remaining. An unnamed family investment company based in Charlottesville, Va., purchased the asset for an undisclosed price. Dave Andrews, Pete Pittroff, Josh McArdle and Michael Lewis of JLL represented the seller, an affiliate of Zurich Alternative Asset Management, in the transaction.
Johnson Brothers Breaks Ground on 625,000 SF Industrial Facility in Garner, North Carolina
by John Nelson
GARNER, N.C. — Johnson Brothers Mutual Distributing, a wine and beer distributor, has broken ground on a 625,000-square-foot industrial building in Garner, a southern suburb of Raleigh. Upon completion, the property will feature 40-foot clear heights with dock-high, drive-in doors and trailer parking. Johnson Brothers plans to relocate and occupy 420,000 square feet at the development in early 2026. Jim Allaire and Alexis Lambeth of Foundry Commercial will lease the remaining 205,000 square feet. LS3P designed the project, and Evans is the general contractor, with DCI serving as project manager.
LANDIS, N.C. — Jackson-Shaw has broken ground on Landis Ridge, a 1.3 million-square-foot industrial park in Landis, a northeast suburb of Charlotte in Rowan County. The Dallas-based developer plans to deliver the project, its first in the Charlotte area, in two separate phases. Phase I is slated for a second-quarter 2025 delivery and will comprise three buildings totaling nearly 600,000 square feet. Situated on nearly 150 acres at 619 Old Beatty Ford Road, the parcel is located midway between US Route 29 and the new exit 65 on I-85. Jackson-Shaw is developing Landis Ridge on a speculative basis with various uses in mind, including third-party logistics occupiers, e-commerce distribution, consumer goods, warehousing and manufacturing. Jay Hill, Spencer Yorke and Matthew Greer of JLL are leading leasing efforts. Compatriot Capital is Jackson-Shaw’s equity partner for Landis Ridge, and Hartford Investment Management Co. (HIMCO) provided construction debt financing. The design-build team includes general contractor Frampton Construction, civil engineer Orsborn Engineering Group and architect Merriman Schmitt Architects.
KNIGHTDALE AND DURHAM, N.C. — The Providence Group has arranged two leases in the metro Raleigh-Durham area with national retailers HomeGoods and Michaels. HomeGoods will occupy nearly 23,000 square feet at Knightdale Marketplace, a 325,000-square-foot, open-air shopping center in Knightdale. Michaels will occupy 16,200 square feet at Durham Festival, a 134,290-square-foot retail center in Durham. Melissa McDonald of The Providence Group represented the tenants in both lease transactions. Reagan Crabtree and Cristi Webb, also with The Providence Group, represented the landlords in both deals — Epic Real Estate Partners at Durham Festival and M&J Wilkow at Knightdale Marketplace.
NEWPORT BEACH, CALIF. — Newport Beach-based Graystone Capital Advisors has negotiated the $12 million sale of a portfolio of 7-Eleven properties located throughout North Carolina and Virginia. A Texas-based developer sold the portfolio, which comprises seven newly constructed locations. 7-Eleven occupies the properties on 15-year leases. Shannon Bona and Julius Swolsky of Graystone represented the 1031-exchange buyer in the transaction.
CP Group Executes 70,000 SF of Leases at Harris Corners Office Campus in North Charlotte
by John Nelson
CHARLOTTE, N.C. — CP Group has executed nearly 70,000 square feet of lease deals this year at Harris Corners, a three-building office campus situated off I-77 on the north end of Charlotte. Five new tenants are joining the office campus, including Alight Solutions (4,011 square feet); Southern National Roofing (9,676 square feet); Fidelity National Title Insurance Co. (2,602 square feet); Adams Outdoor Advertising (4,490 square feet); and Well Care Home Health (3,744 square feet). The lease deals also comprise three renewals, which include Sunstate Security (2,373 square feet); Dewberry (13,917 square feet); and Quint Events (28,278 square feet). Jennifer Kurz and Tim Arnold of Trinity Partners represented CP Group in all eight lease transactions. The Florida-based landlord has owned Harris Corners since summer 2021.
Wegmans to Open 110,000 SF Grocery Store at Ballantyne Campus in Charlotte, North Carolina
by John Nelson
CHARLOTTE, N.C. — Wegmans Food Markets Inc., a Rochester, N.Y.-based grocer, plans to open a 110,000-square-foot store in Charlotte. Located along North Community House Road, the grocery store will be situated within Ballantyne, Northwood Investors’ 2,000-acre master-planned development on the south side of Charlotte adjacent to the South Carolina border. Wegmans aims to open the new store by the third quarter of 2026. The store will feature all traditional Wegmans departments, including produce, seafood, meat, bakery, deli, cheese and wine and beer. Additional offerings will include Meals2Go and catering, online shopping capabilities, a floral shop, coffee and home goods. The store will also have a market café with indoor and outdoor seating for customers dining at one of Wegmans’ multiple food outlets. “We’ve received hundreds of requests from locals asking for a store in their area, and we’ve spent years looking for exactly the right location,” says Dan Aken, vice president of real estate and store planning at Wegmans. The new Wegmans will be located on the east side of Ballantyne and half a mile from Northwood’s The Bowl at Ballantyne mixed-use development, which is currently under construction. The project will feature a wide array of retail and restaurant tenants …
Legacy Realty Brokers Sale of 63,507 SF Shopping Center in Mount Airy, North Carolina
by John Nelson
MOUNT AIRY, N.C. — Legacy Realty Group Advisors has brokered the sale of Independence Square, a 63,507-square-foot shopping center located in Mount Airy, a city on the North Carolina-Virginia border. The center was 97 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Dollar General and USPS. Jacob Baruch of Legacy Realty Group represented the seller in the transaction, and Kevin Henry of Pine Forest Oak Island Realty represented the buyer. Both parties requested anonymity, and the sales price was also not disclosed.