ARCHDALE, N.C. — Crescent Communities’ AXIAL will develop a 120,000-square-foot built-to-suit manufacturing and distribution center in Archdale for Sumitomo Forestry America Inc., a subsidiary of Sumitomo Forestry Co. Ltd. AXIAL by Crescent and Sumitomo plan to invest $19.5 million in the project, which will break ground in January of next year. Upon completion, the center will produce materials such as roof and floor trusses and wall panels. Sumitomo acquired Crescent Communities in 2018.
DURHAM, N.C. — Northmarq has secured the sale of Trinity Commons at Erwin, a 342-unit apartment community located at 2530 Erwin Road in Durham. Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Ryan Bergin of Northmarq’s Carolinas investment sales team represented the seller, Northwestern Mutual Real Estate, in the transaction. The buyer and sales price were not disclosed. Amenities at Trinity Commons include a fitness center with yoga studio, resistance pool, hot and cold tubs, dry sauna, saltwater pool with a sundeck, three private courtyards with fountains, outdoor kitchen and bar with a pizza oven and secured parking garage.
WILMINGTON, N.C. — A joint venture between an affiliate of The Beach Co. and Swain & Associates plans to develop Center Point, a mixed-use project adjacent to Mayfaire Town Center in Wilmington. Phase I of the campus will include 351 apartments, 45,655 square feet of retail space and 6,941 square feet of live/work space. The co-developers have tapped Charlie Coyne and Matt Larson of CBRE|Raleigh to lease the retail component of Center Point, which will be located across from Landfall Shopping Center and The Forum. A construction timeline was not disclosed.
DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The seniors housing community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds. To address the changing needs of existing and future residents, the owner adopted a strategic plan that included two phases. Phase I, for which Ziegler arranged public, fixed-rate bonds in 2021, included a 90-unit health and wellness center that replaced the existing health center on campus. With Phase I nearing completion, the ownership is working on Phase II, which includes a 71 independent living unit apartment building. This new building will be located on the area of the campus where the original health center was located as that building is being demolished once the residents move into the new health and wellness center. At the time of closing, over 95 percent of the new independent living units were preleased.
RALEIGH, N.C. — A partnership between Chartwell Property Group and Jefferson River Capital has begun the redevelopment of the former Martin Marietta corporate headquarters located at 2700 and 2710 Wycliff Road in Raleigh. The project, named The Grove, will feature two office buildings spanning 152,000 square feet of office space and 16,000 square feet of amenity space, including a self-serve café and bar, library, lounge, golf simulator, indoor and outdoor conference rooms and outdoor workspaces. The project will also include a high-end gym and spa that features an indoor pickleball court, Peloton bikes, sauna and a locker room. Chartwell and Jefferson River Capital have tapped John Brewer and Ed Pulliam of CBRE|Raleigh to lease The Grove, which is set for an early 2023 completion.
CHARLOTTE, N.C. — Lincoln Property Co. has purchased Airpark West, a four-building, 626,061-square-foot industrial park located off Air Park West Drive in Charlotte. Toronto-based BentallGreenOak sold the infill park for an undisclosed price. Dave Andrews, Pete Pittroff, Patrick Nally and Zach Lloyd of JLL represented the seller in the transaction. Located adjacent to the I-85 and I-485 interchange, Airpark West was fully leased to multiple tenants at the time of sale. The development was completed in phases between 2007 and 2019 and is situated within a few miles from Charlotte Douglas International Airport and the Norfolk Southern CLT Intermodal Terminal.
ZUG, SWITZERLAND — IWG plc, a Swiss coworking provider, plans to open five new Regus-branded flexible offices in North and South Carolina. The five locations include 3511 Shannon Road in Durham; 8024 Glenwood Ave. in Raleigh; 140 Stoneridge Drive in Columbia, S.C.; 222 N Lafayette St. in Shelby, N.C. (Charlotte suburb); and 900 Trail Ridge Road in Aiken, S.C. (Augusta suburb). All five locations will offer IWG’s full suite of services, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services, including IT support. The new Carolinas locations are part of IWG’s plan to add more than 500 locations throughout the United States.
GARNER, N.C. — Gantry has arranged $180 million in construction financing for the development of a 250,000-square-foot medical office facility in Garner, a suburb just south of Raleigh. The U.S. Department of Veterans Affairs (VA) has fully pre-leased the property as a community-based outpatient clinic (CBOC) in a long-term agreement. Construction at the 17-acre site is scheduled to begin early next year. Gantry’s George Mitsanas, Peter Hillakas and Austin Ridge secured the construction-to-permanent loan on behalf of a private real estate investment company. One of Gantry’s correspondent life company lenders provided the 22-year loan, which features a fixed rate for the entirety of the loan. The rate was locked earlier this year at time of application. Gantry will act as the loan servicer throughout the loan term. The loan is the fifth in a series of financings this year that Gantry secured on behalf of a sponsor specializing in the construction of VA medical centers, with new loans totaling nearly $500 million in 2022. During the past three years, Gantry has completed over $1.1 billion of project financings for VA medical facilities with various borrowers. “The VA facilities program is part of a strategic effort to expand access to and …
CHARLOTTE, N.C. — Ram Realty Advisors has purchased South End Business Park, a 377,000-sqaure-foot office park located in Charlotte’s South End district. Patrick Nally, Hunter Barron and Alexis Kaiser of JLL arranged the transaction on behalf of the seller, Stockbridge. Built in phases from 1979 to 1984, the property was expanded in 2017 with the addition of a new, 50,000-square-foot building. Ram Realty plans to redevelop the business park but did not disclose a timeline.
CHARLOTTE, N.C. — JLL Capital Markets has brokered the sale of Abberly NoDa Vista, a 261-unit apartment community located in the NoDa neighborhood of Charlotte. Matthew Lawton, John Gavigan, John Mikels and Nick Brown of JLL represented the buyer, HHHunt, in the $91 million transaction. Travis Anderson and Warren Johnson of JLL aarranged a $60.3 million, floating-rate acquisition loan on behalf of the buyer. Constructed in 2019, Abberly NoDa Vista features apartments in studio, one-, two- and three-bedroom layouts with an average size of 892 square feet. Amenities include a barbecue grill and picnic area, a community gas grill, electric vehicle charging stations, private balconies and patios, a resort-style pool, sun deck and a gym.
