Friday, March 28, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

North Carolina

AcquisitionsMixed-UseMultifamilyNorth CarolinaSoutheast

Cortland, Pamera Purchase and Rebrand 417-Unit Peace Apartments in Downtown Raleigh

by John Nelson

RALEIGH, N.C. — Cortland and Pamera North America have purchased Peace Apartments, a 417-unit multifamily community located at 417 W. Peace St. in downtown Raleigh. The new ownership is rebranding the 12-story high-rise as Cortland Glenwood South. The property is part of Phase I of Smoky Hollow, a mixed-use development by locally based Kane Realty. The acquisition also includes a parking garage with direct elevator access to the Publix on the ground level and one retail bay within Smoky Hollow. The Publix grocery store was not included in the sale. Kane Realty sold the multifamily community to Cortland and Pamera for an undisclosed price. Cortland plans to renovate the interior corridors and amenity areas at Cortland Glenwood South, as well as enhance the package delivery process for tenants and add a new urgent care provider on the ground level. Cortland Glenwood South features studio, one-, two- and three-bedroom apartments, as well as a heated swimming pool, fire pit, sky lounge with TVs, a two-story fitness center and a dog grooming station.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMultifamilyNorth CarolinaSoutheast

Berkadia Negotiates Sale of 288-Unit 198 Milltown Apartments in Burlington, North Carolina

by John Nelson

BURLINGTON, N.C. — Berkadia has negotiated the sale of 198 Milltown Apartments, a 288-unit community located at 198 Milltown St.  in Burlington, a city in North Carolina’s Piedmont Triad region. A fund sponsored by Birmingham, Ala.-based StoneRiver Co., StoneRiver Investment Fund III, purchased the Class A community from Wilmington, N.C.-based Zimmer Development Co. for an undisclosed price. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller in the transaction. Built in 2020, 198 Milltown features one-, two- and three-bedroom apartments ranging in size from 700 to more than 1,200 square feet. Amenities include a 24-hour health club and resident lounge, pet spa and pet park, saltwater swimming pool, outdoor social lounge and grill area, Amazon package lockers, playground, a car care center and garages.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialLife SciencesNorth CarolinaSoutheastTop Stories

Johnson & Johnson Breaks Ground on $2B Pharmaceutical Manufacturing Facility in Wilson, North Carolina, As Part of $55B Investment

by John Nelson

WILSON, N.C. AND NEW BRUNSWICK, N.J. — Johnson & Johnson (NYSE: JNJ), has broken ground on a $2 billion pharmaceutical manufacturing facility in Wilson, about 50 miles east of Raleigh. The project is part of a larger, $55 billion investment in U.S. manufacturing, research-and-development (R&D) and technology initiatives that the global pharmaceutical, medical devices and consumer health products provider is planning over the next four years. “Today’s announcements accelerate our nearly 140-year legacy as an American innovation engine tackling the world’s toughest healthcare challenges,” says Joaquin Duato, chairman and CEO of Johnson & Johnson. “Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting-edge medicines to treat patients in America and around the world.” The new manufacturing facility will span approximately 500,000 square feet and will create 5,000 construction jobs, as well as 500 specialized positions for employees and contractors, including process technicians, laboratory analysts, engineers and microbiologists. Upon completion, Johnson & Johnson plans to produce medicines for people with cancer, immune-mediated and neurological diseases at the Wilson plant. The company estimates that the facility will have an economic impact of $3 billion in North …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Greysteel Arranges Construction Financing for Venture at Port City Apartments in Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — Greysteel has arranged construction financing for Venture at Port City, a 225-unit apartment development in Wilmington. The borrower and developer, Indianapolis-based Millstone, expects to deliver the midrise community in spring 2027. Chris Wilkins led the Greysteel team to secure a three-year, floating-rate loan through an unnamed regional bank and an undisclosed amount of joint venture equity from an institutional real estate investment fund for Millstone. Venture at Port City will offer one-, two- and three-bedroom apartments, as well as a resort-style saltwater pool, gas grilling stations, an upscale clubhouse and a large outdoor cabana with a poolside lawn area.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsNorth CarolinaRetailSoutheast

Legacy Realty Arranges Sale of 159,259 SF Shopping Center in Smithfield, N.C.

by John Nelson

SMITHFIELD, N.C. — Legacy Realty Group Advisors LLC has arranged the sale of Centre Pointe Plaza, a 159,259-square-foot shopping center in Smithfield, approximately 30 miles southeast of Raleigh. An undisclosed buyer purchased the property for $11.6 million. Originally built in 1989, the shopping center is anchored by Belk. Additional tenants at the property include Bealls, Dollar Tree, Hibbett Sports, Subway and T-Mobile. Daniel Baruch of Legacy Realty represented the buyer, and Steve Shields of CBRE represented the undisclosed seller in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMultifamilyNorth CarolinaSoutheast

Crescent Communities, GID Open 336-Unit Multifamily Property in Morrisville, North Carolina

by John Nelson

MORRISVILLE, N.C. — A joint venture between Crescent Communities and GID has opened Novel Morrisville, a 336-unit multifamily community located at 218 Southport Drive in Morrisville. Situated about 14 miles west of Raleigh, the property is a walkable master-planned community that houses the Wake Competition Center, a practice hockey complex for the NHL’s Carolina Hurricanes. Novel Morrisville features a mix of studio, one-, two- and three-bedroom floorplans, as well as 10 carriage-style townhomes. Unit sizes range from 532 square feet to 2,128 square feet. Monthly rental rates at the complex begin at $1,415, according to Apartments.com. Amenities include a saltwater swimming pool with cabanas, two-story fitness center, community library, clubroom, full-scale indoor rock-climbing wall, walking and biking trails and an onsite Land of a Thousand Hills coffee shop. Crescent Communities Construction was the general contractor. The project architect and interior designer was Hord Coplan Macht, and the civil engineer and landscape architect was Kimley-Horn. U.S. Bank was the project lender.

Continue Reading
FacebookTwitterLinkedinEmail
IndustrialLeasing ActivityNorth CarolinaSoutheast

Eaton Corp. Signs 550,000 SF Industrial Lease in Youngsville, North Carolina

by John Nelson

YOUNGSVILLE, N.C. — Eaton Corp., a publicly traded electric utility company based in Ireland, has signed a 550,000-square-foot industrial lease at US-1 North Commerce Center in Youngsville, approximately 23 miles outside Raleigh. Upon completion of the three-phase development, US-1 North Commerce Center will span five buildings across 1.4 million square feet. Summit Real Estate Group is the developer for the project. Foundry Commercial represented Summit Real Estate in the lease negotiations. Delivered in June 2024, the first phase — which was 90 percent preleased to three tenants — includes two buildings that total 394,000 square feet. Phase II — which comprises two additional buildings at 470,000 square feet — is slated for completion in the summer. Eaton Corp. will occupy the entirety of Phase III in an $18.3 million build-to-suit arrangement by the second-quarter 2026.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMultifamilyNorth CarolinaSoutheast

Joint Venture Breaks Ground on 265-Unit Apartment Community in Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — A joint venture between The Beach Co., Swain & Associates and Larson Capital Management has broken ground on The Sterling, a 265-unit apartment community located within the larger mixed-use development of Center Point in Wilmington. Clancy & Theys Construction Co. is the general contractor for the project, which will feature a four-story building that totals 326,384 square feet.   The luxury apartment complex will offer studios, one-, two- and three-bedroom apartments, as well as a swimming pool, courtyard, fitness center, billiards and game rooms, golf simulator, business and outdoor lounges, electric vehicle charging stations, a dog park and grilling areas. The Sterling is slated to open in August 2026, with preleasing beginning in May 2026.  

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialNorth CarolinaSoutheast

M. David Properties Completes 105,384 SF Industrial Facility in Charlotte

by John Nelson

CHARLOTTE, N.C. — M. David Properties has completed SilverPark North I, a 105,384-square-foot industrial facility located within the three-building SilverPark North industrial campus in Charlotte. SilverPark North I features 32-foot clear heights, 20 dock-high doors and two drive-in doors, as well as a 2,501-square-foot speculative office suite. Veho, a technology company that operates one of the largest parcel delivery platforms in the United States, leases a 60,932-square-foot space at SilverPark North III. SilverPark North II and III are now both fully occupied. Brad Cherry and Matthew Greer of JLL lead leasing efforts for the campus on behalf of M. David Properties.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentNorth CarolinaSoutheastStudent HousingTennessee

Preiss, FD Stonewater to Break Ground on Two Student Housing Developments Near NC State and University of Tennessee

by John Nelson

RALEIGH, N.C. AND KNOXVILLE, TENN. — A joint venture between The Preiss Co. and FD Stonewater has acquired sites for two student housing developments in North Carolina and Tennessee. Projects will includes Signature on Grand, located near the University of Tennessee in Knoxville; and Signature on Varsity, which will serve students attending North Carolina State University in Raleigh. The communities will offer over 1,200 beds in studio through five-bedroom configurations. Shared amenities will include resort-style pools, state-of-the-art fitness centers, study lounges and social spaces. The communities will be developed in partnership with Monarch Alternative Capital and are scheduled for completion in fall 2027. Ian Walker and Ben Roelke of Newmark secured debt and construction financing for the communities. Teddy Leatherman and Jayme Nelson of JLL secured additional equity for the projects.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts