North Carolina

CBRE Affiliates Arrange $23.2M Sale of Office Park in North Carolina’s Triad Region

by Alex Tostado March 18, 2019

GREENSBORO, N.C. — CBRE|Triad and CBRE|Raleigh have arranged the sale of CentrePort Office Park, a four-building, 264,847-square-foot office park in Greensboro, to Deep River LLC. The sales price was not disclosed, though Triad Business Journal reports the sales price was $23.2 million. The buildings are located at 101, 200 and 202 CentrePort Drive and 7336 McCloud Road, about 12 miles west of downtown Greensboro and about six miles south of Piedmont Triad International Airport. Amenities include a fitness center, conference rooms and rotating food trucks. The CBRE|Triad and CBRE|Raleigh team of Ben Kilgore, Greg Wilson, Dodson Schenck and Matt King represented the seller, Petrus Partners, in the transaction.

March 18, 2019

Industrial Market Reports North Carolina Southeast Southeast Market Reports

High Demand, Barriers to Entry Push Raleigh-Durham’s Industrial Rental Rates

by Alex Tostado March 18, 2019

The Raleigh-Durham industrial/flex market, totaling approximately 135 million square feet, continues to be strong with overall positive absorption. Absorption for industrial totaled 1.6 million square feet and flex was over 3 million square feet for 2018. Vacancy is trending lower, helping make the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any region in North Carolina. Our rental rate for new industrial product is currently in the mid to high $5 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6 per square foot market for institutional-grade warehouse space in 2019. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport (RDU). Most distributors that locate here are delivering to the local market and need the central location and access to Interstate 40. The historical barriers to entry near the airport have been high land costs and lack of land not encumbered with wetland or easements. Another barrier to entry that has crept into the picture are some local municipalities desiring a “higher end” product than warehouse and …

March 18, 2019

Development North Carolina Retail Southeast

Lincoln Harris Plans $50M Renovation, Expansion of Phillips Place in Charlotte

by Alex Tostado March 15, 2019

CHARLOTTE, N.C. — Lincoln Harris will invest $50 million over the next five years to renovate and expand Phillips Place in Charlotte’s SouthPark district, according to Charlotte Business Journal. The renovation will include expanding RH’s current 8,850-square-foot location to a 41,000-square-foot gallery space. RH Charlotte, The Gallery at Phillips Place will also include a rooftop restaurant, one of seven RH locations in the world to have one. Other renovations for Phillips Place will include indoor and outdoor gathering places, reconfigured traffic and parking patterns and a pedestrian walkway that will connect Phillips Place to surrounding neighborhoods. Additionally, Lincoln Harris has taken over full ownership of Phillips Place by buying an interest from Regency Centers. According to Charlotte Business Journals, Jacksonville, Fla.-based Regency Centers bought its 50 percent stake in the property in 2013 from Peter Pappas and Pat Clayton, who were key members of the Lincoln Harris-led ownership group known as Phillips Place Partners. Current tenants at Phillips Place include The Palm, Wolfgang Puck, P.F. Chang’s, Taylor Richards & Conger, Brooks Brothers, Orvis, J. McLaughlin, Eileen Fisher and Paper Source. The property also includes a 10-screen Regal Cinemas and Hampton Inn & Suites. RH offers furniture, lighting, textiles, rugs, bathware, décor and outdoor, as …

March 15, 2019

Acquisitions Multifamily North Carolina Southeast

IMG Acquires Multifamily Community in South Charlotte for $45.5M

by Alex Tostado March 15, 2019

CHARLOTTE, N.C. — Investors Management Group (IMG) has acquired Reafield Village, a 324-unit apartment community in south Charlotte, for $45.5 million. IMG plans to invest $3 million to upgrade apartment interiors, community amenities and place a new management team, as well as rebrand the community as Canopy at Baybrook. As of Feb. 1, the asset was 97 percent occupied. The community offers one-, and two-bedroom floor plans ranging from 619 square feet to 955 square feet. Amenities include two clubhouses, three swimming pools, a tennis court, business center and two fitness centers. IMG sponsored a syndication of more than 100 investors, including 1031 exchange buyers, to purchase Canopy at Baybrook. The seller was not disclosed.

March 15, 2019

Loans Multifamily North Carolina Southeast Student Housing

Public-Private Partnership Closes on Financing for 2,100-Bed Student Housing Development at Appalachian State University

by Alex Tostado March 14, 2019

BOONE, N.C. — A public-private partnership between RISE: A Real Estate Co., Beyond Owners Group and Appalachian State University has closed on financing for the development of a 2,100-bed community on the university’s campus in Boone. The three-phase development will include the demolition and replacement of six existing residence halls totaling 1,800 beds, as well as the addition of 300 new beds and a 477-space parking deck. The communities will offer a mix of unit types ranging from apartments to shared suites primarily serving freshman students. Shared amenities will include 13,000 square feet of community space, living-learning programming, study rooms and lounge spaces. Construction began on Phase I of development in February, with full delivery scheduled for 2022. The project team includes architect Niles Bolton Associates; design consultant Jenkins-Peer Architects; general contractor Choate Construction; civil engineer Stanley D. Lindsey & Associates; and project management firm Brailsford & Dunlavey. The Public Finance Authority has issued tax-exempt project revenue bonds to the ownership group to fund the development. RBC Capital Markets was the bond underwriter.

March 14, 2019

Loans North Carolina Retail Southeast

Cohen Financial Arranges $11.3M Acquisition Loan for Lowes Foods-Anchored Shopping Center in Metro Raleigh

by Alex Tostado March 14, 2019

CARY, N.C. — Cohen Financial, a subsidiary of SunTrust Bank, has arranged an $11.3 million acquisition loan on behalf of a Florida-based retail investor for Wellington Park Shopping Center in Cary. The 102,487-square-foot shopping center is anchored by Lowes Foods and is situated at the intersection of Tryon Road and S.E. Cary Parkway, about nine miles southwest of downtown Raleigh. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the 10-year loan through Rialto Mortgage Finance.

March 14, 2019

Acquisitions Industrial North Carolina Southeast

CBRE Arranges $9M Sale of Industrial Facility Near Asheville Leased to FedEx Ground

by Alex Tostado March 6, 2019

MILLS RIVER, N.C. — CBRE has arranged the $9 million sale of FedEx Ground Terminal, an 89,828-square-foot industrial property leased to FedEx Ground Package System Inc., in Mills River. The asset is situated within Broadpointe Business Park, less than a mile from Asheville Regional Airport and about 11 miles south of downtown Asheville. FedEx Ground has occupied the space since the building was delivered in 2006. West Palm Properties Inc. acquired the property. Patrick Gildea, Matt Smith, Randy Getz and Grayson Hawkins of CBRE represented the sellers, Rose Canyon Business Park LP and JMWM LP, in the transaction.

March 6, 2019

Development Industrial North Carolina Southeast

Black Creek Group to Develop 621,000 SF Industrial Campus in Charlotte

by Alex Tostado March 5, 2019

CHARLOTTE, N.C. — Black Creek Group has acquired 56.4 acres of land in southwest Charlotte to develop Creekside Commerce Center, a four-building, 621,000-square-foot distribution center campus. The Denver-based real estate and development firm anticipates construction to start in the second quarter of this year with delivery scheduled by the end of the year. The four buildings will range in size from 58,000 square feet to 223,000 square feet.

March 5, 2019

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Is Raleigh’s Multifamily Market Still a Strong Investment?

by Alex Tostado March 5, 2019

The short answer: absolutely. You don’t need to be a savvy commercial real estate professional to notice the impact multifamily has on Raleigh’s urban landscape. Areas like North Hills/Midtown, Downtown and Hillsborough Street are typically at the forefront of everyone’s mind when they think of new Raleigh developments, but it’s not just Class A development in the city’s urban core that has seen a boom. Class B and C suburban product have seen the most significant rent growth through the cycle that continues to increase each quarter. Moreover, we are seeing new construction intensify along our suburban corridors. It’s also no secret that Raleigh has one of the healthiest economies in the country. The Milken Institute reported recently that Raleigh ranks No. 2 in the nation for creating and keeping quality jobs. Economic factors like wage and employment growth, quality of life, proximity to higher education and a bustling tech sector have created a perfect storm of dynamic economic activity. Much to their chagrin, Raleigh natives haven’t done a very good job of keeping this a secret, and the number of fresh new faces coming to the Triangle continues to rise. In fact, the Raleigh-Durham market grew by nearly 60,000 …

March 5, 2019

Acquisitions North Carolina Office Southeast

Hamilton EQ Purchases Seven Buildings Within Charlotte Office Park

by Alex Tostado March 1, 2019

CHARLOTTE, N.C. — Hamilton EQ has purchased seven buildings within Parkway Plaza, a 12-building business park in Charlotte’s Airport submarket. Hamilton’s purchase spans 368,871 square feet across 44.1 acres. The office park houses tenants such as Xylem Inc., a water technology provider; Roundpoint Financial; and Jack Henry & Associates, a payment processing services provider. The property is situated about six miles south of Charlotte Douglas International Airport and about six miles southwest of downtown Charlotte. New York City-based Hamilton will handle onsite management, while Trinity Partners will handle leasing efforts. The sales price was not disclosed.

March 1, 2019

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