North Carolina

Mattoni Group Invests $9.3M in Multifamily Development in Charlotte

by Alex Tostado March 27, 2019

CHARLOTTE, N.C. — The Mattoni Group has invested $9.3 million in the construction of Middleburg’s Mosby University City, a 309-unit apartment community in Charlotte. The property will comprise six four- and five-story buildings spanning 14 acres. Interior amenities will include Nest Thermostats and Bluetooth keyless entry. Mosby University City will be located about two miles from the University of North Carolina at Charlotte and across from a recently opened LYNX Blue Line light rail stop. Mosby University City is the first joint venture between Mattoni Group and Middleburg. Telly Fathaly and Elliot Howell of Walker & Dunlop arranged the equity financing. A timeline for construction was not disclosed.

March 27, 2019

Acquisitions North Carolina Office Southeast

CBRE Brokers $17M Sale of Office Building in Charlotte

by Alex Tostado March 25, 2019

CHARLOTTE, N.C. — CBRE has brokered the $17 million sale of 4100 South Stream Blvd., a 125,265-square-foot, four-story office building that has housed AT&T’s Charlotte headquarters since 2015. The property is located about six miles from Charlotte-Douglas International Airport and downtown Charlotte. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, Inland Real Estate Group, in the transaction. Praelium Acquisitions bought the asset.

March 25, 2019

Market Reports North Carolina Retail Southeast Southeast Market Reports

Raleigh-Durham’s Retail Market Reaches Healthy Supply-Demand Balance

by Alex Tostado March 25, 2019

The Raleigh and overall Triangle retail markets ended 2018 in a strong position with several large sites changing hands, urban growth booming in the downtowns, numerous suburban ground-up projects in the pipeline and traditional malls undergoing major transitions. The market is poised to see retail construction activity grow with a healthy balance of supply and demand, despite national brick-and-mortar retail industry challenges. The Triangle vacancy rate ended the year with a vacancy rate below 7 percent, which represents strong improvement from the end of 2017, even with accounting for the large-scale closing and downsizings in the Triangle. Positive absorption over the past year has included re-leasing 12 Kroger stores, two Gander Mountains, five hhgregg stores and several other significant box vacancies. Fierce grocery competition and continued pressure on “in-store” sales have caused retailers, owners and developers to rethink and recreate the retail experience and development landscape. Downtown urban centers Rapid multifamily and housing gentrification in the downtowns of Raleigh and Durham continue to push mixed-use and high-street retail. With residential and employment densification occurring, Raleigh has experienced several first-time retail events in 2018. Morgan Street Food Hall and Urban Outfitters opened in the Warehouse District, Publix is under construction on …

March 25, 2019

Acquisitions Multifamily North Carolina Southeast

FCP Acquires Apartment Complex in Raleigh for $33.3M

by Alex Tostado March 22, 2019

RALEIGH, N.C. — FCP has acquired Trails of North Hills Apartments, a 279-unit complex in Raleigh’s North Hills neighborhood, for $33.3 million. FCP plans to upgrade the community, including clubhouse and amenity renovations, building upgrades and landscaping and curb appeal updates. Pinnacle Management will manage the property. Paul Marley and Watson Bryant of Cushman & Wakefield represented the buyer in the transaction. The seller was not disclosed.

March 22, 2019

Development Multifamily North Carolina Southeast

Alliance Residential Purchases Land in Raleigh-Durham to Develop 263-Unit Apartment Community

by Alex Tostado March 22, 2019

MORRISVILLE, N.C. — Alliance Residential has purchased 17 acres of land in Morrisville with plans to develop Broadstone Trailside, a 263-unit apartment community that will include smart apartment units. Construction is expected to begin this year with residents able to move in in 2021. The property will offer one-, two- and three-bedroom floor plans and townhomes averaging 1,016 square feet. Residential units will include Nest Thermostats, Google Home electronic entry door locks and connected light switches and outlets, all controlled by a smartphone. The smart features are part of the Alliance SmartHome technology package. Cline Design designed Broadstone Trailside, which is situated about 13 miles west of downtown Raleigh.

March 22, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates $40.5M Sale of Bank of America-Anchored Office Building in Uptown Charlotte

by John Nelson March 21, 2019

CHARLOTTE, N.C. — CBRE has negotiated the $40.5 million sale of Gateway Center, a 10-story, 310,745-square-foot office building in Uptown Charlotte. Hamilton EQ, an affiliate of New York-based Hamilton Equity Partners, purchased the asset, which is located at 901 W. Trade St. Gateway Center was 91 percent leased at the time of the sale, with Bank of America occupying 78 percent of the property. The seller was not disclosed, but Charlotte Business Journal reports that Chicago-based GEM Realty Capital sold the tower three years after purchasing it for $30.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction. Hamilton EQ entered the Charlotte market earlier this month with a portfolio acquisition in the suburbs.

March 21, 2019

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Negotiates Sale of 1.5 MSF Industrial Building Leased to Kmart in Greensboro

by Alex Tostado March 18, 2019

GREENSBORO, N.C. — Cushman & Wakefield has negotiated the sale of a 1.5 million-square-foot industrial building fully leased to Kmart Inc. in Greensboro. NFI Industries, a third-party logistics provider, subleases the asset. The facility is situated at 300 Penry Road, about four miles east of downtown Greensboro. Rob Cochran, Jared Londry, Nolan Ashton, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, Greensboro Lease Management LLC, in the transaction. The buyer was a joint venture between Pacer Partners and Drake Real Estate Partners. The sales price was not disclosed.

March 18, 2019

Leasing Activity North Carolina Retail Southeast

HomeGoods, Rack Room Shoes to Anchor Phase II of New Bern Marketplace in Coastal North Carolina

by Alex Tostado March 18, 2019

NEW BERN, N.C. — Columbia Development has signed leases with HomeGoods and Rack Room Shoes to anchor Phase II of New Bern Marketplace in New Bern, a town situated along the Neuse River near the Atlantic Ocean. HomeGoods will occupy 22,000 square feet of space while Rack Room Shoes will occupy 6,139 square feet. Phase II is underway with both stores expected to open in early 2020. Columbia Development is developing the 330,000-square-foot neighborhood center and recently opened the nation’s largest Harris Teeter, as well as other tenants including Academy Sports + Outdoors, Hobby Lobby, Ross Dress for Less and Ulta Beauty. Located at the intersection of Dr. Martin Luther King Jr. Boulevard and South Glenburnie Road, New Bern Marketplace is 90 percent leased. The Shopping Center Group represented the landlord in the lease transactions.

March 18, 2019

Acquisitions North Carolina Office Southeast

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

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