North Carolina

CBRE Arranges $33M in Acquisition Financing for Newly Built Apartment Complex in Durham

by Alex Tostado January 28, 2019

DURHAM, N.C. — CBRE Capital Markets has arranged $33 million in acquisition financing to Chaucer Creek Capital LLC for 54 Station, a 264-unit apartment community that was delivered in 2018. The buyer plans to add a 24-unit building, bringing the total number of buildings to 12 and the unit count to 288. Kristen Reilly and Nate Sittema of CBRE Capital Markets’ Debt & Structured Finance team arranged a bridge loan for the borrower through MF1, a mortgage REIT focused on the multifamily sector. Amenities at 54 Station include a swimming pool, outdoor kitchens, fitness center and a fire pit with lounge seating.

January 28, 2019

Loans Mixed-Use North Carolina Southeast

Trez Forman Closes $20.5M Construction Loan for Mixed-Use Project in Burlington, North Carolina

by Alex Tostado January 21, 2019

BURLINGTON, N.C. — Trez Forman has provided a $20.5 million construction loan to developer Diamondback Investment Group LLC for a mixed-use development in Burlington. Named St. Marks, the project will entail 183 apartment units and 2,500 square feet of retail space. Bret Forman of Trez Forman originated the loan on behalf of the borrower. St. Marks is situated on seven acres and apartment amenities will include a dog park, clubhouse, saltwater pool and a lounge area. Terms of the loan and a timeline for the project were not disclosed.

January 21, 2019

Development Mixed-Use North Carolina Southeast

Bootsmead Set to Demolish 3.5 MSF of Manufacturing Space in Metro Charlotte

by Alex Tostado January 17, 2019

CONCORD, N.C. — Bootsmead LeaseCo LLC has announced that demolition will begin at The Grounds at Concord in the next 30 days, and the project is expected to last all year. D.H. Griffin will perform the demolition of the former cigarette manufacturing facility, which entails 3.5 million square feet across 500 acres. The whole site comprises more than 2,000 acres and was once a filming site of “The Hunger Games” and TV series “Homeland.” JLL Carolinas is marketing the site, which offers access to Interstate 85, is serviced by Norfolk Southern Rail Co. and is situated about 19 miles northeast of Charlotte. According to the marketing team, Charlotte-based Bootsmead is clearing the site in compliance with state and local officials to “create a clean canvas that will appeal to potential users and economic development prospects interested in Concord and the greater Charlotte region.” Chase Monroe, Pete Pittroff, John Cashion, Louis Stephens and Britten Mathews of JLL Carolinas are marketing The Grounds at Concord and are working closely with the Cabarrus Economic Development team.

January 17, 2019

Acquisitions North Carolina Retail Southeast

Loden Properties Sells Target-Anchored Retail Center in Raleigh for $7.4M

by Alex Tostado January 16, 2019

RALEIGH, N.C. — Loden Properties has sold a two-tenant shopping center adjacent to North Carolina State University in Raleigh for $7.4 million. The 24,656-square-foot asset is anchored by a 22,211-square-foot, urban-formatted Target and 2,445 square feet is leased to Guasaca, a fast-casual Venezuelan restaurant. San Francisco-based Stockbridge bought the property. Tom Kolarczyk, Justin Good and Warren Johnson of HFF represented the seller in the transaction.

January 16, 2019

Acquisitions North Carolina Retail Southeast

Madison Marquette Sells Chapel Hill Shopping Center for $51.5M

by John Nelson January 11, 2019

CHAPEL HILL, N.C. — Madison Marquette has sold University Place, a 372,190-square-foot shopping center in Chapel Hill, for $51.5 million. Harris Teeter, SilverSpot Cinema, Planet Fitness and Southern Season anchor the 39.5-acre property. Other tenants include Burlington Shoes, City Kitchen, Chick-fil-A, Bath & Body Works, AT&T, Stoney River Steakhouse and Grill and Bartaco. University Place was originally built in 1973 and most recently renovated in 2013. Daniel Finkle, Richard Reid, John Owendoff, Jordan Lex, Tom Kolarczyk and Kim Flores of HFF represented the seller in the transaction. Ram Realty Advisors purchased the asset.

January 11, 2019

Acquisitions North Carolina Retail Southeast

Hendricks Commercial Sells Kohl’s-Anchored Shopping Center in North Carolina for $29M

by John Nelson January 11, 2019

SOUTHERN PINES, N.C. — Hendricks Commercial Properties has sold Southern Pines Village, a 179,276-square-foot shopping center in Southern Pines, for $29 million. Kohl’s, Hobby Lobby, Ulta Beauty, Dollar Tree and LongHorn Steakhouse anchor the shopping center. Julia Evinger, Nathan Whalen, Jeremie Johnson and Damien Yoder of Marcus & Millichap represented the seller in the transaction. Ashish Vakhariya and Seth Haron, also of Marcus & Millichap, procured the buyer, a Midwest-based private investor.

January 11, 2019

Acquisitions Multifamily North Carolina Southeast Top Stories

Waterton Purchases Multifamily Portfolio in North Carolina for $169M

by Alex Tostado January 10, 2019

RALEIGH, CHARLOTTE AND CARY, N.C — In a move that furthers its value-add strategy, Waterton has acquired a four-property, 1,148-unit apartment portfolio in North Carolina. The sales price was undisclosed, but the Triangle Business Journal reports that the portfolio traded for $169 million. The seller was an investment group led by the Bainbridge Cos. The properties are located in Raleigh, Charlotte and Cary. The complexes were built between 1987 and 1995, and the acquisition nearly doubles Chicago-based Waterton’s portfolio in North Carolina. The properties, which feature a mix of garden-style buildings and townhomes, include: Ashford Green, a 300-unit community consisting of 22 three-story, garden-style buildings and five townhome buildings on 20 acres in Charlotte; Atria at Crabtree Valley, a 268-unit complex across 18 two- and three-story, garden-style buildings on 28 acres in Raleigh; Audubon Parc, 180-units with 10 three-story, garden-style buildings on 18 acres about 11 miles southwest of downtown Raleigh in Cary; and The Retreat at McAlpine Creek, a 400-unit property with 30 three-story, garden-style buildings and four townhome buildings on 40 acres in Charlotte. Waterton plans to renovate unit interiors and exteriors, upgrade amenities, including clubhouses, leasing centers, pools, fitness centers and playgrounds at all four locations, and …

January 10, 2019

Acquisitions Multifamily North Carolina Southeast

Novare Group Sells Multifamily High-Rise in Uptown Charlotte to CBRE Global for $190M

by Alex Tostado January 10, 2019

CHARLOTTE, N.C. — Novare Group has sold SkyHouse Uptown, a 672-unit multifamily complex in Uptown Charlotte’s Fourth Ward neighborhood, to CBRE Strategic Partners U.S. Value 8 fund, a subsidiary of Los Angeles-based CBRE Global Investors. The sales price was undisclosed, but Charlotte Business Journal reports the high-rise project sold for $190 million. The asset consists of two 24-story buildings, which were completed in 2015 and 2017. The property includes 14,000 square feet of retail space and an eight-story parking structure. Each tower features a rooftop pool, covered poolside lounges with billiards, fire pits and large flat screen TVs. David Gutting, Andrea Howard, Jim Sewell and John Currin of JLL represented the Atlanta-based seller in the transaction.

January 10, 2019

Acquisitions North Carolina Office Southeast

PAC Acquires Office Complex in Charlotte’s SouthPark District for $209M

by Alex Tostado January 7, 2019

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Capitol Towers, a 477,704-square-foot office complex in Charlotte’s SouthPark neighborhood. Charlotte Business Journal reported that the two 10-story buildings sold for $209 million. PAC purchased the asset through its subsidiary, Preferred Office Properties LLC. At the time of sale, PAC signed an undisclosed tenant to a 33,000-square-foot lease, bringing the project to 95 percent occupancy. Campbell Walker of Lincoln Harris represented the landlord in the transaction, and Chris Schaaf and Jim Thorp of JLL represented the tenant. Capitol Towers is located about six miles south of downtown Charlotte. New York Life Insurance Co. provided acquisition financing to PAC, which has retained Lincoln Harris to lease and manage the property.

January 7, 2019

Acquisitions North Carolina Office Southeast

Accesso Acquires Two Office Buildings Near Research Triangle Park in Raleigh-Durham Area for $73M

by Alex Tostado January 2, 2019

CARY, N.C. — Accesso Partners LLC has bought the Weston I and II Parkway portfolio near Research Triangle Park in Cary for $73 million. The seller was Raleigh-based Capital Associates. Weston I is a six-story, 212,441-square-foot office building that was 97 percent leased at the time of the transaction. Weston II is a four-story, 77,742-square-foot building that was 100 percent leased at the time of the transaction. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF represented the seller in the transaction. Frank Baird of Capital Associates will stay on as property manager and leasing agent.

January 2, 2019

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