GARNER, N.C. — Artesia Real Estate has sold Greenbrier, a 223-unit apartment complex in Garner, to EBEX Holdings and FriedLam Partners for $19.6 million. Greenbrier, located about six miles south of Raleigh, offers studio, one- and two-bedroom floor plans. Amenities include a pool, playground and extra storage. Watson Bryant, Paul Marley and Brooks Colquitt of Cushman & Wakefield represented the seller.
WINSTON-SALEM, N.C. — FourPoint Student Housing Investments has arranged the sale of Deacon Place, a 328-bed student housing community located near Wake Forest University in Winston-Salem. The property opened in 2017 and offers suite- and townhome-style units. Community amenities include a resort-style swimming pool, fitness center, study lounge and a putting green. Chris Epp, Chris Bancroft, Meredith Wolff and Craig Miller of FourPoint arranged the sale on behalf of the seller, Signet Real Estate Group. The buyer and terms of the transaction were not disclosed.
CHARLOTTE, N.C. — Honeywell is set to relocate its global headquarters from Morris Plains, N.J., to Charlotte. The company will also move its Safety and Productivity Solutions headquarters from Fort Mill, S.C., to Charlotte. The Fortune 100 technology company plans to move 150 to 200 jobs from New Jersey to Charlotte and about 100 from South Carolina between now and September. The company also plans to add 500 corporate jobs before 2024. The move comes as part of the recently passed North Carolina Job Development Investment Grant that awards state and local incentives to companies. The News & Observer reports that the State of North Carolina will give Honeywell an incentive package of $42.5 million for the relocation. Honeywell specializes in industry specific solutions that include aerospace products and services, control technologies for buildings and industry and performance materials globally.
RALEIGH, N.C. — Halpern Enterprises Inc. has completed Leesville Market Place, a 62,880-square-foot retail development in Raleigh. Publix anchors the property, located inside Interstate 540 at the intersection of Leesville and Strickland roads. Situated adjacent to CVS, Walgreens, a medical office building and Leesville Towne Centre, Leesville Market Place will add tenants Hollywood Feed, Sport Clips and Noire the Nail Bar early next year.
MONROE, N.C. — Big V Property Group has acquired Poplin Place, a 227,669-square-foot shopping center located in the southern Charlotte suburb of Monroe, for $28.3 million. Poplin Place was 94 percent leased at the time of the sale to tenants including T.J. Maxx, Ross Dress for Less, Big Lots and PetSmart, and is shadow-anchored by Target. Charlotte-based Berkeley Capital Advisors represented the seller, InvenTrust Properties, in the transaction.
ATLANTA — Carroll Organization and PGIM Real Estate have acquired three multifamily portfolios in the metro areas of Raleigh-Durham, N.C.; Ponte Vedra Beach, Fla.; and Charleston, S.C. valued at $600 million. The combined properties total 4,043 residential units. The three acquisitions by the joint venture include an eight-property, 2,883-unit portfolio in Raleigh-Durham; a two-property, 480-unit portfolio in Ponte Vedra Beach; and a three-property, 680-unit portfolio in Charleston. The sellers and price were not disclosed. “These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.” The acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Atlanta-based Carroll Organization. The transactions mark the fifth joint venture between PGIM Real Estate and Carroll Organization since December 2017. To …
CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired CityPark View South, a 200-unit multifamily community in Charlotte. Amenities include a saltwater pool, complimentary bike rentals for residents, grilling areas, 24-hour package locker system and a fitness club. PAC had the opportunity to purchase the community, which opened in 2017, through an investment loan made over two years ago, according to PAC. The sales price and seller were undisclosed. PAC financed the acquisition using a $24.1 million loan from Prudential Affordable Mortgage Co.
RALEIGH, N.C. — Lee & Associates, one of the largest broker-owned commercial real estate firms in North America, has opened its first office in North Carolina. Moss Withers and Karah Jennings will head the new Lee & Associates office in Raleigh-Durham. Lee & Associates was founded in 1979 and has offices in the U.S. and Canada. The Raleigh-Durham office joins locations in Miami; Seattle; Pasadena, Calif.; Walnut Creek, Calif.; Minneapolis; Vancouver; eastern Pennsylvania; Columbus, Ohio; Cincinnati; Cleveland; and Houston as the most recent openings. Withers and Jennings are both joining Lee & Associates from NAI Carolantic.
CHARLOTTE, N.C. — Bahrain Mumtalakat Holding Co. (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, in partnership with Sentinel Real Estate Investment Corp., has acquired two office buildings in Charlotte for $136.8 million, according to Triad Business Journal. The seller was undisclosed. The 421,863-square-foot property is fully occupied by The Lash Group, a pharmaceutical and healthcare service provider. This is the second purchase Mumtalakat has made in the U.S. this year. In February, also with Sentinel, Mumtalakat acquired Lenovo’s Raleigh-Durham campus.
CHAPEL HILL, N.C. — PGIM Real Estate Finance has provided a $34.2 million 221 (d)(4) construction-to-permanent loan for Link Apartments Linden, a new apartment development underway in Chapel Hill. The borrower, Grubb Properties, is developing the 215-unit, market-rate apartment community, which will share a parking deck with a to-be-developed, 106,000-square-foot, Class A office park. Link Apartments Linden is Phase I of the Glen Lennox redevelopment, a public-private partnership between the Town of Chapel Hill and Grubb Properties that will include 3 million square feet of office, residential, retail and hotel space across 70 acres over the next 20 years. The site is about one mile from the University of North Carolina at Chapel Hill. Grubb Properties has Link-branded apartment communities in Richmond, Va.; Winston-Salem and Raleigh, N.C.; Greenville and Charleston, S.C., and more under development in Atlanta, Winston-Salem and Charlotte.