REBusinessOnline

Alliance Residential to Develop 320-Unit Multifamily Community in Charlotte

CHARLOTTE, N.C. — Alliance Residential Co. has acquired 15 acres in south Charlotte to develop Broadstone Ayrsley, a planned 320-unit multifamily community. Alliance Residential will begin construction this year and expects to welcome its first residents in 2021. Named Broadstone Ayrsley, the property will comprise one-, two- and three-bedroom apartments and townhomes averaging 939 square feet. Amenities will include a pool, clubroom, fitness center, dog park and a walking path on property. …

Joint Venture to Develop $95M Mixed-Use Tower in Charlotte

CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature …

Progress Realty Acquires Shopping Center in Fayetteville, North Carolina for $36M

FAYETTEVILLE, N.C. — Progress Realty Partners has acquired Marketfair Shopping Center, a 219,000-square-foot retail property in Fayetteville, for $36 million. The property recently underwent a complete redevelopment and remerchandising, highlighted by the mid-December grand opening of Lidl. The German grocer joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theatres. Marketfair Shopping Center is located at 1916 Skibo Road, six miles west of downtown Fayetteville. …

Triangle’s Office Vacancy is up Due to New Supply, but Job Growth is in a Good Spot

The Raleigh-Durham region’s strong job growth is fueling sustained demand from tenants, keeping the office market firmly in favor of landlords despite a notable increase in construction activity in recent months. According to the Bureau of Labor Statistics, the region added 24,200 nonfarm payroll jobs between October 2018 and October 2019 for a growth rate of 2.5 percent. Unemployment rose slightly from 3 percent to just 3.1 percent during this time as nearly 36,000 people entered the local …

Transpacific Suppliers Alliance Signs 120,000 SF Lease in Metro Raleigh Industrial Park

KNIGHTDALE, N.C. — Transpacific Suppliers Alliance Inc. has signed a 120,000-square-foot lease in Hinton Oaks Industrial Park with owner and developer Wake Stone Corp. The park is located at 520 Hinton Oaks Blvd. in Knightdale, roughly nine miles east of Raleigh. KW Commercial’s Brian Donnelley represented the tenant in the lease negotiations. Foundry Commercial, led by Alexis Lambeth, leases the park on behalf of Wake Stone. The 48-acre industrial park is master-planned for five …

Beacon Partners Purchases 7.6 Acres in Charlotte for LoSo Station Office Building

CHARLOTTE, N.C. — Beacon Partners has purchased two parcels totaling over 7.6 acres in Charlotte from Raleigh-based Cherokee Fund that will house a five-story, office building. The project will be part of LoSo Station, a mixed-use development in Charlotte’s Lower South End (LoSo) neighborhood. Beacon’s office development will encompass 80,000 square feet of office and retail space, with an expected move-in date of 2021. The design team for the office building includes RBA Architects and …

JLL, Capital Associates Broker $17.7M Sale of Biomedical Partnership Center in Raleigh

RALEIGH, N.C. — JLL and Raleigh-based Capital Associates have co-brokered the $17.7 million sale of the Biomedical Partnership Center, a 44,835-square-foot flex/lab building in Raleigh. The newly built property is located at 1001 William Moore Drive on the North Carolina State University’s Centennial Biomedical Campus. Located on 2.6 acres at the corner of Blue Ridge Road and Hillsborough Street, the two-story property has nearby access to Interstates 40 and 440, N.C. Highway 54 and …

Population Gains, Transforming CBDs Drive Triangle’s Multifamily Market Forward

Today, the Triangle market is booming. The once sleepy Raleigh and Durham central business districts have been transformed with development pipelines exceeding $2.5 billion. Since 2009, Kane Realty’s North Hills, which has become our standard bearer for suburban mixed-use planning, has delivered an additional 1,100 multifamily units, 120,000 square feet of retail, 501 hotel keys and 1.1 million square feet of office space that is achieving top rental rates for the market. And there are more …

CBL Inks Lease with Dave & Buster’s at Cross Creek Mall in Fayetteville, North Carolina

FAYETTEVILLE, N.C. — CBL Properties has unveiled redevelopment plans for Phase I of the former Sears department store within Cross Creek Mall in Fayetteville. New-to-market Dave & Buster’s will occupy and operate the space, which is under construction. Chattanooga, Tenn.-based CBL also says it is looking add restaurants, specialty stores and other uses that will further enhance Cross Creek Mall. The Sears closed in January 2019. The mall is located at 419 Cross Creek Mall, five miles …

JLL Arranges $30M Sale of Wendover Commons Shopping Center in Greensboro, North Carolina

GREENSBORO, N.C. — JLL has brokered the sale of Wendover Commons, a new 151,016-square-foot retail center in Greensboro. JLL’s Thomas Kolarczyk, Ryan Eklund, Travis Anderson and Cory Fowler represented the seller, Hammerford Development Co. CRS Realty purchased the asset. Although the sales price was not disclosed, Triad Business Journal reports that the shopping center sold for nearly $30 million. Situated on approximately 20 acres at 4526 W. Wendover Ave., Wendover Commons is in the …

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