North Carolina

Benderson Development Acquires 600,000 SF Toys ‘R’ Us, Babies ‘R’ Us Portfolio, Including Six Southeast Locations

by Alex Tostado December 21, 2018

SARASOTA, FLA. — Benderson Development has acquired a portfolio of 15 retail properties throughout the country that were formerly leased to Toys ‘R’ Us and Babies ‘R’ Us. The sales price was not disclosed for the 600,000-square-foot portfolio. Locations in the Southeast include five stores in Florida — Miami, Palm Beach Gardens, Naples, Fort Lauderdale and North Miami Beach — and one asset in Cary, N.C. In March, Toys ‘R’ Us announced it was closing all 735 of its stores in the United States and Puerto Rico. Founded in 1949, Benderson Development owns a real estate portfolio comprising more than 40 million square feet of retail, office, medical, industrial, lodging and residential properties in 39 states.

December 21, 2018

Acquisitions North Carolina Office Southeast

RealOp Investments Acquires Charlotte Office Portfolio Totaling 163,687 SF

by Alex Tostado December 20, 2018

CHARLOTTE, N.C. — RealOp Investments has purchased Arrowpoint II and III in Charlotte. The portfolio consists of two four-story buildings spanning 163,687 square feet. The properties are located about nine miles south of Charlotte Douglas International Airport. Greenville, S.C.-based RealOp Investments specializes in value-add acquisitions. The sales price and seller were not disclosed.

December 20, 2018

Development North Carolina Retail Southeast

Hutton Breaks Ground on Two Retail Projects Near Raleigh

by Alex Tostado December 20, 2018

SANFORD, N.C. — Chattanooga, Tenn.-based Hutton has broken ground on two adjacent retail development projects in Sanford. One project is a 10,400-square-foot, multi-tenant building that will include retail and restaurant space. The other project is a 3,200-square-foot standalone Zips Car Wash. Hutton has already signed Jersey Mike’s, Mattress Warehouse and Sport Clips to leases at the multi-tenant building, which currently has 1,500 square feet available for lease. Sanford is located about 40 miles southwest of Raleigh.

December 20, 2018

Acquisitions Multifamily North Carolina Southeast

FCP, Terwilliger Pappas Sell Two Multifamily Communities in Charlotte Totaling $128.6M

by Alex Tostado December 19, 2018

CHARLOTTE, N.C. — FCP and Terwilliger Pappas Multi Family Partners (TPMP) have sold two multifamily communities in Charlotte. The partners sold Solis Waverly for $84.4 million to Dallas-based Lan Properties/Lantower Residential and Solis Ballantyne for $44.2 million to Baltimore-based Continental Realty Corp. Solis Waverly is a 375-unit community located about 14 miles south of downtown Charlotte. Completed in 2016, the property features a pool with a sundeck, 24-hour fitness center, conference room, electric car charging station and an outdoor terrace. It is part of Waverly, a master-planned development with office space, retail space, single-family homes and a hotel. Solis Ballantyne was also completed in 2016 and is located about 14 miles south of downtown Charlotte. The community includes 194 units and features a pet washing station, pool, fitness center, bike storage and package service. Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE represented the sellers in the transaction for Solis Waverly. Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL represented the sellers in the transaction for Solis Ballantyne. Fortune Johnson was the general contractor for both developments.

December 19, 2018

Acquisitions Development Mixed-Use North Carolina Southeast

PN Hoffman Buys Seaboard Station in Raleigh, Plans $250M Redevelopment

by Alex Tostado December 14, 2018

RALEIGH, N.C. — PN Hoffman has purchased Seaboard Station in the north end of downtown Raleigh from William Peace University (WPU) for $34 million. The Washington, D.C.-based developer plans to build a $250 million, 800,000-square-foot mixed-use development consisting of approximately 650 apartments, 150 hotel rooms and 135,000 square feet of retail space. The development sits on seven acres and will be built in three phases, though a timeline was not disclosed. TradeMark Properties represented WPU in the sale. The liberal arts college will remain an active voice in the future of Seaboard Station, according to PN Hoffman.

December 14, 2018

Development Mixed-Use North Carolina Southeast

Lincoln Harris Begins Phase II of Legacy Union in Uptown Charlotte, Signs Deloitte as Anchor

by Alex Tostado December 12, 2018

CHARLOTTE, N.C. — Lincoln Harris, a real estate development, investment and property management company, has entered Phase II of Legacy Union, a mixed-use development in Uptown Charlotte. Construction of the 362,000-square-foot 650 South Tryon, an 18-story glass building, has begun, and London-based Deloitte, a multinational professional services network and one of the Big Four accounting firms, will occupy the top four floors. Legacy Union spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade.

December 12, 2018

Development North Carolina Office Southeast

Duke Energy to Build 39-Story Office Building in Uptown Charlotte

by Alex Tostado December 11, 2018

CHARLOTTE, N.C. — Duke Energy plans to consolidate its office space in Uptown Charlotte and build a 39-story office building located on the 500 block of South Tryon Street, across from Duke Energy Center. Duke Energy will sell two properties (526 Church St. and 401 S. College St.) and exit its lease at 400 S. Tryon St. The Charlotte-based company will reduce its Charlotte office space from 2 million square feet to 1.5 million square feet. The building, developed by Childress Klein, is expected to take three years to build. Duke Energy provides electricity to 7.6 million retail customers in six states and has $138 billion in assets as of year-end 2017. The company currently employs 29,060 people.

December 11, 2018

Acquisitions Multifamily North Carolina Southeast

Lantower Residential Acquires Multifamily Community in Charlotte for reported $84M

by Alex Tostado December 10, 2018

CHARLOTTE, N.C. — Dallas-based Lantower Residential has acquired Lantower Waverly, a 375-unit apartment community in Charlotte’s Ballantyne neighborhood. Charlotte Business Journal reports that the property sold for more than $84 million. The complex is located about 13 miles south of downtown Charlotte, and amenities include a saltwater pool, fitness center, dog park, electric car charging stations and a media center/movie theater. The seller was undisclosed.

December 10, 2018

Market Reports North Carolina Office Southeast Southeast Market Reports

Tech, Co-Working Shine in Raleigh-Durham’s Downtown Submarkets

by John Nelson December 9, 2018

The question today for office tenants and investors is not why Raleigh-Durham, but why not. The Raleigh-Durham market is defined by continued job growth and a thriving technology sector. The Triangle is enjoying significant rent growth, strong absorption and major construction that now has a Downtown Raleigh and a Downtown Durham. Raleigh-Durham’s overall growth continues and was recently ranked No. 1 in the Southeast in projected population growth, posting a 10.3 percent growth rate from 2017 to 2022. This figure is nearly double the 5.5 percent average growth rate for Southeastern cities. Job growth is the primary driver of the region’s expanding presence with over 30,000 jobs added in 2018 through the first half of the year, already surpassing the 24,000 jobs added in all of 2017. Over the last year, we have seen Infosys (2,000), Credit Suisse (1,200), LabCorp (400) and Ipreo (250) announce major job additions to the area. Most recently, Amazon announced 1,500 jobs that will be required for its new fulfillment center. The tech sector is a major contributor to those jobs, and there is a lot of talk about a well-known e-commerce giant and a major technology giant bringing a significant presence to our market. …

December 9, 2018

Acquisitions Multifamily North Carolina Southeast

Hudson Capital Properties Acquires Apartment Community in Raleigh-Durham Area for $55M

by Alex Tostado December 7, 2018

CARY, N.C. — Hudson Capital Properties has acquired Cornerstone, a 302-unit apartment community in Cary, for $55 million. Hudson Capital plans to renovate all 302 studio- and townhome-style units and improve the property’s amenity offerings. Cornerstone is located about 17 miles west of Raleigh and about 16 miles south of Durham. The seller was undisclosed.

December 7, 2018

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