REBusinessOnline

Cousins Properties Acquires RailYard Office Building, Adjacent Parcel in Charlotte’s South End for $229.1M

CHARLOTTE, N.C. — Cousins Properties has acquired RailYard, a 328,985-square-foot office building, and an adjacent 3.4-acre plot for the development of a mixed-use project in Charlotte’s South End district. The Atlanta-based REIT paid $201 million for RailYard and $28.1 million for the land.Charlotte-based Beacon Partners delivered RailYard in 2019 and sold it to Cousins for approximately $611 per square foot. At the time of sale, the 296,392-square-foot office portion was 97 percent …

Acquisitions, Development, Mixed-Use, North Carolina, Office, Southeast

Chick-fil-A to Develop $52M Distribution Center in Raleigh-Durham Area

MEBANE, N.C. — Chick-fil-A will develop a $52 million distribution center in the Durham suburb of Mebane. The property is expected to open in early 2022 and house 160 employees. The facility will be situated about 25 miles west of downtown Durham near Interstate 85. In 2019, the Atlanta-based restaurant chain launched its distribution company, Chick-fil-A Supply LLC, to serve its restaurants. This will be Chick-fil-A’s second distribution center, joining the location in Cartersville, Ga. …

Development, Industrial, North Carolina, Southeast

JLL Negotiates $201M Sale of Industrial Park in Charlotte

CHARLOTTE, N.C. — JLL has negotiated the sale of Metrolina Park, a 1.9 million-square-foot industrial campus in Charlotte’s Henderson Circle district. The sales price was not disclosed but multiple news outlets reported the eight-building business park traded for $201 million. The seller, Beacon Partners, developed the asset, which is situated on 163 acres along Statesville Road, less than one mile from Interstate 77 and six miles north of downtown Charlotte. Pete Pittroff, Patrick Nally, …

Acquisitions, Industrial, North Carolina, Southeast

JLL Secures $52.8M Loan for Life Sciences Property at Research Triangle Park in Raleigh-Durham

MORRISVILLE, N.C. — JLL has arranged a $52.8 million loan for the acquisition and conversion of Perimeter’s Edge, a four-building, 341,547-square-foot property in Morrisville. The buyer and borrower, Longfellow Real Estate Partners, will convert the asset into a life sciences lab. MetLife Investment Management provided the five-year, floating-rate loan. Perimeter’s Edge is situated within Research Triangle Park at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon …

Acquisitions, Development, North Carolina, Office, Southeast

Joint Venture to Develop 248-Unit Multifamily Community in Raleigh

RALEIGH, N.C. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and Marble Capital has acquired 11 acres between Interstates 540 and 440 east of downtown Raleigh to develop a 248-unit multifamily community. AT&T sold the land, which currently houses an AT&T Operations Center that will remain in use for the immediate future. The joint venture expects to break ground on the yet-to-be-named project in December with a completion date slated for fall 2022. The …

Development, Multifamily, North Carolina, Southeast

Cushman & Wakefield Negotiates $13.9M Sale of Publix-Anchored Shopping Center Near Charlotte

SHERRILLS FORD, N.C. — Cushman & Wakefield has negotiated the $13.9 million sale of The Villages Shoppes at Sherrills Ford, a 60,298-square-foot, Publix-anchored shopping center in Sherrills Ford. The developer, Tampa, Fla.-based Wagner Property Group, sold the asset, which is located at the intersection of Slanting Bridge Road and Village Center North, 31 miles north of downtown Charlotte. Other tenants at the center include Hardee’s, Pizza Hut, Great Clips and Blue Sky Nails. Fain …

Acquisitions, North Carolina, Retail, Southeast

FCP, Kane Realty Sell The Dillon Mixed-Use Development in Downtown Raleigh for $236M

RALEIGH, N.C. — FCP and Kane Realty Corp. have sold The Dillon, a mixed-use development in downtown Raleigh, for $236 million. An undisclosed institutional buyer advised by MetLife Investment Management acquired the asset.The 18-story property comprises 221,300 square feet of office space, 271 multifamily units, 52,600 square feet of retail space and a 994-space parking deck. The Dillon is situated on 2.5 acres within downtown’s Warehouse District. FCP and Kane Realty completed the …

Acquisitions, Mixed-Use, North Carolina, Southeast

PGIM Provides $120M Acquisition Loan for Industrial Portfolio in North Carolina

DURHAM AND GREENSBORO, N.C. — PGIM Real Estate has provided a $120 million acquisition loan for Patriot Park and Triangle Industrial Portfolio, two industrial campuses totaling 24 buildings in Durham and Greensboro, respectively. Blackstone Real Estate Income acquired the properties, which span nearly 3 million square feet. Tom Goodsite of PGIM originated the floating-rate loan on behalf of Blackstone.Patriot Park is located at 4032 Patriot Park and 2 Freedom Court on the edge of Research …

Acquisitions, Industrial, Loans, North Carolina, Southeast

Wegmans to Open Two New Grocery Stores in North Carolina Next Spring Totaling 203,000 SF

WAKE FOREST AND CHAPEL HILL, N.C. — Wegmans will open two new grocery stores in 2021 in Wake Forest and Chapel Hill. The New York-based grocer plans to add 500 full-time jobs and nearly 900 total jobs at the two stores. The store in Wake Forest will span 104,000 square feet and will house 200 full-time employees. The property, located at 11051 Ligon Mill Road, is expected to open in May.The asset in Chapel Hill is expected to open in late February and will house 300 full-time jobs. The …

Development, North Carolina, Retail, Southeast

Hines, Columbia Development Begin Construction on Fenton in Raleigh-Durham

CARY, N.C. — Hines and Columbia Development have broken ground on Fenton, a 69-acre mixed-use project in Cary that is expected to be complete in spring 2022. In addition to the groundbreaking, the developers also announced that Arhaus has preleased 17,974 square feet at Fenton. The retail portion is now 73 percent preleased and includes other retailers such as Wegmans, CMX CineBistro, Sephora, Free People and Bailey’s Fine Jewelry. Fenton is located at the intersection of Interstate 40 and …

Development, Mixed-Use, North Carolina, Southeast
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