North Carolina

Accesso, Partners Group Acquire Charlotte Office Park for $270M

by Alex Tostado October 21, 2019

CHARLOTTE, N.C. — Accesso Partners and Partners Group have acquired Innovation Park, a 1.8 million-square-foot office campus in Charlotte. The sales price was not disclosed, but Charlotte Business Journal reports the sales price was $270 million. Innovation Park spans 202 acres and comprises 12 buildings that were 99 percent leased at the time of sale to tenants including Allstate, AXA, Alight Solutions, Classic Graphics and Wells Fargo. The property is surrounded by Interstates 85, 485 and 77, and also has two stops along the Lynx Blue Line light rail. JLL represented both the seller and buyer in the transaction and arranged acquisition financing on behalf of the buyer. Brian Dawson represented the undisclosed seller, and Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda represented the buyers. Susan Hill arranged acquisition financing through an undisclosed lender.

October 21, 2019

Development North Carolina Office Southeast

Crescent Communities to Construct 158,000 SF Office Building in Charlotte’s University Research Park

by Alex Tostado October 18, 2019

CHARLOTTE, N.C. — Crescent Communities will construct Escent Research Park, a four-story, 158,000-square-foot office building within Charlotte’s University Research Park submarket. The site spans 20 acres and is located near the intersection of West Mallard Creek Church Road and David Taylor Drive, a mile from Interstate 85. BB+M Architecture is the project architect, ColeJenest & Stone is the civil engineer and Choate Construction is the general contractor. Crescent expects to deliver the property in early 2021.

October 18, 2019

Development Multifamily North Carolina Southeast Student Housing

Fountain Residential, BAM Capital to Develop Phase I of Student Housing Project Near UNC-Charlotte

by Alex Tostado October 17, 2019

CHARLOTTE, N.C. — Fountain Residential and BAM Capital will develop the first phase of a three-phase student housing project near the University of North Carolina, Charlotte. Phase I of The Vue on University will comprise 271 apartment units offering one- through four-bedroom floor plans totaling 727 beds. Communal amenities will include a swimming pool, 6,000-square-foot fitness center and multiple private study rooms. The community will be located at the corner of University City Boulevard and East Mallard Creek Church Road. Stuart Roosth Architects and Kimley-Horn Associates designed The Vue on University. MW Builders Inc. is the general contractor. Phase I is slated to be delivered in fall 2021.

October 17, 2019

Acquisitions Development North Carolina Retail Southeast

Konover South Acquires Land Near Charlotte Premium Outlets, Plans 32,000 SF Retail Center

by Alex Tostado October 15, 2019

CHARLOTTE, N.C. — Konover South LLC has acquired a six-acre parcel for $4.8 million with plans to develop a 32,000-square-foot retail center. Located near Charlotte Premium Outlets, Freeman Retail Crossing will include a national steak restaurant, banking, mobile services and healthcare tenants. Konover South plans to break ground in early 2020 and expects to deliver Freeman Retail Crossing in the second quarter of 2021. The land is located on Steele Creek Road near I-485 in southwestern Charlotte.

October 15, 2019

Acquisitions Multifamily North Carolina Southeast Student Housing

Preiss Sells Three Student Housing Communities Near North Carolina State University

by Alex Tostado October 3, 2019

RALEIGH, N.C. — The Preiss Co. has sold three student housing communities serving North Carolina State University in Raleigh. Dispositions include University Village at 2505, a 288-bed community developed in 2012; Campus West at Tryon, a 162-bed community developed in 2014; and The College Inn, a 440-bed community developed in 2004. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank represented the seller in the transaction. Chicago-based Inland acquired the portfolio for an undisclosed amount. University Village at 2505 offers four-bedroom, fully furnished units with shared amenities including a clubhouse, 24-hour fitness center, computer lab, study room and beach volleyball court. Campus West at Tryon offers three-bedroom units with bed-to-bath parity alongside shared amenities including a lounge area, outdoor grilling areas and picnic space. The College Inn offers two-, three- and four-bedroom, fully furnished units with shared amenities including a fitness center, swimming pool, grill and patio area, a media and game room, and an internet cafe.

October 3, 2019

Acquisitions Development Industrial North Carolina Southeast

Beacon Partners Purchases 47,000 SF Warehouse in Charlotte, Plans to Convert into Office Space

by Alex Tostado September 30, 2019

CHARLOTTE, N.C. — Beacon Partners has purchased a 47,000-square-foot warehouse located at 2226 N. Davidson St. in Charlotte’s NoDa (North of Davison) submarket. The buyer will convert the one-story brick building into office and retail space for tenants seeking 4,000 to 7,000 square feet. The building, which was constructed in 1962, will be branded as the North Davidson Co-Operative, or NoDa Co-Op. Erin Shaw and Kristy Venning of Beacon will handle office leasing. Charles Thrift, also with Beacon, will handle retail leasing. Marty McLaughlin of Park Commercial Real Estate represented the undisclosed seller in the sale. NoDa Co-Op is expected to be complete in mid-2020.

September 30, 2019

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Negotiates $82M Sale of Apartment Complex in Charlotte

by Alex Tostado September 24, 2019

CHARLOTTE, N.C. — Cushman & Wakefield has negotiated the $82 million sale of Overton Row, a 323-unit apartment complex in Charlotte. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a craft beer station, dog park, dog washing station, clubhouse, fitness center, business center, swimming pool, coffee bar and a yoga station. Overton Row is located at 1201 Central Ave., which is on the edge of the Plaza Midwood neighborhood and two miles east of downtown Charlotte. CampusWorks Development, Kaplan Residential and an affiliate of global investment firm The Carlyle Group sold the asset to Lindemann Multifamily Management. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the sellers in the transaction.

September 24, 2019

Acquisitions Industrial North Carolina Southeast

CBRE|Raleigh Arranges Sale of Two Industrial Buildings Totaling 513,787 SF in Opportunity Zone

by Alex Tostado September 23, 2019

RALEIGH, N.C. — CBRE|Raleigh has arranged the sale of Beltline Center, a two-building, 513,787-square-foot industrial center in Raleigh. The buildings offer warehouse and flex space and were 62 percent leased at the time of sale to tenants including UPS, Iron Mountain and Andrew & Hamilton Co. Inc. Beltline Center is located within an Opportunity Zone on 30.8 acres, two miles from downtown Raleigh. Ben Kilgore, Butch Miller, Ann-Stewart Patterson, Chandler Hawkins and Leslie Holmes of CBRE|Raleigh, along with the BPG Management team of Ken Pennington and Mike Green, represented the seller, Equus Capital Partners, in the transaction. New York City-based LM Real Estate Partners acquired the property.

September 23, 2019

Development Healthcare North Carolina Southeast

Flagship Healthcare Delivers 20,995 SF Ambulatory Surgery Center in Granite Falls, North Carolina

by Alex Tostado September 23, 2019

GRANITE FALLS, N.C. — Flagship Healthcare Properties has delivered a 20,995-square-foot ambulatory surgery center within RiverCrest Medical Park in Granite Falls. Atlantic Union Bank provided construction financing for the project, which began in July 2018. The center was built for Prime Surgical Suites, an affiliate of Caldwell UNC Healthcare. Flagship Healthcare Trust Inc., Flagship’s private REIT, owns the building. Flagship will also provide property and asset management services for the facility.

September 23, 2019

Loans Multifamily North Carolina Southeast

HFF Provides $24M Refinancing Loan for Multifamily Community in Raleigh

by Alex Tostado September 20, 2019

RALEIGH, N.C. — HFF, a JLL company, has provided a $24 million Freddie Mac Green Advantage refinancing loan for Olde Raleigh Apartments in Raleigh. The 10-year loan features a floating interest rate. The borrower, Taurus Investment Holdings LLC, will use the proceeds to pay off existing debt. Details about energy-saving improvements were not disclosed. Olde Raleigh is located at 4000 Grand Manor Court, seven miles west of downtown Raleigh. The property offers one- through three-bedroom floor plans and was 94 percent occupied at the time of sale. Communal amenities include a swimming pool, grilling station, clubroom, fitness center, business center with conference lounge, car care center, pet wash station and a dog park.

September 20, 2019

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