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North Carolina

AcquisitionsNorth CarolinaRetailSoutheast

Marcus & Millichap Brokers $2M Sale of Retail Property in Franklin, North Carolina Leased to Aspen Dental

by John Nelson

FRANKLIN, N.C. — Marcus & Millichap has brokered the nearly $2 million sale of a single-tenant retail property located at 1370 Siler Road in Franklin, a city in western North Carolina near the Georgia border. Built in 2022 and shadow-anchored by Walmart, the property is net-leased to Aspen Dental, which is occupying the store on a 10-year corporate lease. Don McMinn and Andrew Koriwchak of Marcus & Millichap represented the seller in the transaction. Kevin Smith Sr. and Brandon Sherrill of Marcus & Millichap represented the buyer. Both parties are privately based real estate investors that requested anonymity. Donald Gilchrist, Marcus & Millichap’s broker of record in North Carolina, assisted in the sale. “This transaction highlights continued investor confidence in essential healthcare retail, particularly in premier tertiary markets like Franklin,” says McMinn. “Net-leased dental assets with strong corporate backing remain highly sought after, even as broader market dynamics evolve.”

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Leasing ActivityLife SciencesNorth CarolinaSoutheast

Liquidia Signs 70,000 SF Life Sciences Lease at Pathway Triangle in Morrisville, North Carolina

by John Nelson

MORRISVILLE, N.C. — Liquidia Corp., a publicly traded biopharmaceutical firm specializing in therapies for those suffering from rare cardiopulmonary diseases, has signed an approximately 70,000-square-foot lease in North Carolina’s Research Triangle region. The company will occupy space at Building 1 at Pathway Triangle, a 1 million-square-foot life sciences development located at 1000 Science Drive in Morrisville, less than three miles from Raleigh-Durham International Airport and 11 miles northwest of North Carolina State University. King Street Properties, the landlord and developer of Pathway Triangle, recently broke ground on an amenity center on the campus called The Junction, which will feature meeting rooms, conference space, a fitness center and dining options. Liquidia Corp. recently received FDA approval for YUTREPIA, the company’s trademarked treprostinil inhalation powder. The locally based firm will begin operating at Pathway Triangle in 2026.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

ATCO Obtains $66M Refinancing for Kinship Apartments in North Charlotte

by John Nelson

CHARLOTTE, N.C. — ATCO Properties & Management has obtained a $66 million loan for the refinancing of Kinship, a newly built, 301-unit apartment community in Charlotte. The property is the first multifamily component to come on line at Camp North End, a 76-acre adaptive reuse development on the north end of Charlotte. Mark Gallinaro of WelcomeLend arranged the three-year bridge loan from Benefit Street Partners. Kinship was 35 percent occupied at the time of the loan closing. The property features studio, one- and two-bedroom apartments with some live-work floorplans and fully furnished corporate housing options. Amenities include work-from-home office spaces, an outdoor pool and lounge area, gas grills and fire pits, fitness center, communal kitchen, conference room, bike storage, rideshare spots, a parking garage and a shared rooftop space. Greystar operates Kinship on behalf of ATCO.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Kimley-Horn to Occupy 40,000 SF at Weston I Office Building in Cary, North Carolina

by John Nelson

CARY, N.C. — Engineering and consulting firm Kimley-Horn has signed a nearly 40,000-square-foot lease at Weston I, a 212,000-square-foot office building located at 1001 Winstead Drive in Cary, a suburb of Raleigh. Tucker Shade and Ben Onderdonk of Savills represented the tenant in the lease negotiations. Brian Carr and Brad Corsmeier of CBRE represented the landlord, Accesso. Weston I is situated within the Weston Parkway master-planned business park and recently underwent a $6.5 million capital improvement program, including a new outdoor patio, tenant lounge and fitness center. Other renovations include overhauls to commons areas and the lobby.

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AcquisitionsAffordable HousingDevelopmentMultifamilyNorth CarolinaSoutheast

Coldwell Banker Brokers $3.4M Sale of Multifamily Development Site in Charlotte

by John Nelson

CHARLOTTE, N.C. — Coldwell Banker Commercial Realty has brokered the $3.4 million sale of a 3.4-acre, multifamily-zoned parcel at 5703-5707 N. Tryon St. in Charlotte. The buyer, The Annex Group, plans to develop a 200-unit affordable housing community on the site. Capital partners for the project include City of Charlotte, Bank of America and the North Carolina Housing Financing Authority (NCHFA). The construction timeline was not released. Ryan Pilsy of Coldwell Banker represented the land seller, an entity doing business as Kilbros3 LLC, in the transaction. Annex Group was represented internally by Joy Skidmore and Ryan Clark.

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Market ReportsNorth CarolinaRestaurantRetailSoutheastSoutheast Market Reports

Charlotte Reigns Supreme as the ‘Queen of Retail’ in the Carolinas

by John Nelson

Charlotte: “The Queen City” named after Queen Charlotte, wife of George III, has been on a tear post-COVID with new and expanding retail concepts. Vacancy rates have hovered under 4 percent the last few years, with little signs of changing , according to research from Institutional Property Advisors (IPA). Much of that vacancy has occurred in less desirable markets, or in junior and big-box bankruptcies (JOANN, Big Lots, Party City, etc.) that are being snatched up as quickly as they become vacant. Tenants are desperate and clamoring for new locations to keep up with the strong residential growth (24,000+ new residents in the city limits in 2024 and 46,000 in the CSA), making charlotte the 14th largest city in the country, and 19th-largest CSA in terms of overall population. This factor combined with unemployment hovering in the low 4 percent range, plus household income growth has called for desperate measures to ID new space or weakness in the market. We as local experts have seen a slight uptick, over the past 12 months, in some “shadow inventory.” This occurring when an existing retailer or restaurant might be struggling with sales, or in partial default, and the landlord has the opportunity …

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AcquisitionsIndustrialNorth CarolinaSoutheast

Town Lane Acquires Industrial Portfolio in Raleigh-Durham Region for $261M

by John Nelson

RALEIGH, N.C. — Town Lane, a newly formed real estate management firm based in New York City, has acquired a 2.7 million-square-foot portfolio of infill, shallow-bay industrial facilities spread across six individual parks in the Raleigh-Durham region. Corebridge Real Estate Investors and Equus Capital Partners sold the portfolio, which includes nearly 40 acres at three of the parks that is available for future development. The sales price was not disclosed, but multiple media outlets report the portfolio traded for $261 million. Simpson Thacher & Bartlett LLP served as legal counsel to Town Lane, while Goodwin Proctor represented Corebridge and Equus. Eastdil Secured brokered the sale. Equus will retain a minority stake in the portfolio and its affiliate, BPG Management, will continue to operate the parks. The previous ownership executed more than 2 million square feet of new, expanded and renewed leases at the portfolio over the past four years, according to Corebridge.

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University of North Carolina at Chapel Hill’s Innovation Hub
LoansMixed-UseNorth CarolinaSoutheast

Avison Young Secures $26M Refinancing for UNC Chapel Hill’s Innovation Hub in North Carolina

by Abby Cox

CHAPEL HILL, N.C. — Avison Young has secured a $26 million bridge loan for the refinancing of University of North Carolina at Chapel Hill’s Innovation Hub, a 122,000-square-foot newly renovated mixed-use development located across the street from the university. Bayview Commercial Mortgage Finance provided the five-year loan to repay the existing construction loan and fund future capital needs. Hal Kempson of Avison Young represented the developer, Grubb Properties. Situated at the corner of 136 E. Rosemary St. and 137 E. Franklin St., the Innovation Hub features office and retail space and is part of the Carolina Economic Development Strategy that aims to retain and attract innovation-driven businesses and talent. Recent renovations at the property have featured the installation of oversized windows, a fresh exterior to match the neighboring buildings and a new lobby at the 136 East Rosemary office building, as well as parking deck improvements. Tenants at the Innovation Hub include Innovate Carolina, Launch Chapel Hill and BioLabs. Hillman Duncan and Taylor McCuiston of JLL lead leasing efforts for the property on behalf of Grubb Properties.

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Steele Creek
IndustrialLoansNorth CarolinaSoutheast

PGIM Real Estate Provides $100M Loan for North Carolina Industrial Portfolio

by Abby Cox

CHARLOTTE AND RALEIGH, N.C. — PGIM Real Estate has provided a $100 million loan for the financing of a 12-property industrial portfolio located in the greater Charlotte and Raleigh markets. Trace Wilson of PGIM Real Estate led financing efforts for the transaction on behalf of the borrower, Beacon Partners. The portfolio comprises 11 fully occupied industrial properties totaling nearly 1.6 million square feet, as well as one industrial outdoor storage (IOS) property. Beacon will use the fixed-rate financing to reposition and expand the portfolio, according to Wilson.

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Affordable HousingConference CoverageFeaturesMultifamilyNorth CarolinaSoutheastSoutheast Feature Archive

Lenders Are Back in Action for Multifamily Development Deals, Says InterFace Panel

by John Nelson

CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). A year prior, RealPage reported that deliveries (135,652) outstripped absorption (103,826) in first-quarter 2024. Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “It couldn’t be more different what it looked like a year ago trying to capitalize deals in tertiary markets,” said Block. “Last year we would call 50 lenders with the hope of one to get to do it at terms that we didn’t like with ridiculous deposit requirements. I probably get four or five cold calls a week from bankers now.” Block’s comments came during the development panel at InterFace Carolinas Multifamily, an annual networking and information conference held on May 21 …

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