CHARLOTTE, N.C. — Daye North America, a manufacturer of outdoor power equipment, has signed a full-building office lease at 901 Tuck, an adaptive reuse project located at 901 Tuckaseegee Road in Charlotte’s FreeMoreWest submarket. The company will utilize 901 Tuck as its new corporate office. Chase Merkel of Trinity Partners represented the undisclosed landlord in the lease negotiations, and Warren Snowdon of Foundry Commercial represented the tenant.
CHARLOTTE, N.C. — Atlanta-based Portman has announced it is nearing completion of Vera at Savona Mill, a 319-unit midrise apartment community in Charlotte’s West End. First units are set to deliver in July. Vera at Savona Mill will offer one-, two- and three-bedroom options, as well as studios, lofts and townhomes. Amenities will include a resort-style pool with cabanas, a pet spa and dog park, fitness center with a yoga studio, game room and a coworking lounge. Portman plans to launch preleasing later this month. The multifamily property is the latest component of a mixed-use, adaptive reuse of a 105-year-old former textile mill that also includes retail space, creative offices, a community plaza and the expansion of the Stewart Creek Greenway that is set to open soon. The second phase of residential at Savona Mill is anticipated to break ground next summer and include 279 multifamily units and 40 townhouses.
CHARLOTTE, N.C. — Alliance Residential Co. has opened Prose McCullough Station, a 279-unit apartment community located at 8424 N. Tyron St. in Charlotte’s University City neighborhood. The property is the second Prose-branded community to open in Charlotte and the third in North Carolina. Designed by architect Cline Design, Prose McCullough Station features one-bedroom layouts ranging in size from 663 to 854 square feet and two-bedroom layouts ranging from 950 to 1,206 square feet. Monthly rental rates start at $1,275, according to the property website. Amenities include a business center with private offices, fitness center featuring cardio and strength-training equipment, resident clubroom with an entertainment kitchen and an outdoor courtyard featuring a resort-style pool, grilling stations and a cabana with a TV and lounge seating. The community also features package lockers and a fenced pet park.
WILMINGTON, N.C. — APG Capital has sold a 93,508-square-foot industrial building located at 3881 U.S. Highway 421 N in Wilmington. Fayetteville, N.C.-based Robeson Street Properties LLC purchased the asset for $11.9 million. Ferguson Enterprises, a wholesaler of plumbing and HVAC products, has fully occupied the facility since 2009 and recently signed a lease extension through 2033. The sale also included a five-acre lot 3901 U.S. Highway 421 N, which has the potential for development of a 30,000-square-foot building. Both parcels combined for over 14 acres, including a 2.3-acre lay yard. An affiliate of APG Capital originally acquired the property in 2013 for $5.6 million and has conducted over $2.7 million worth of building renovations during its ownership. Don Hyneman of APG Capital oversaw a 25,000-square-foot expansion of the building in 2023. David Divine and Daniel Walser represented the seller on an internal basis in the transaction, and Coastal Legacy Real Estate represented the buyer.
By Gib Laite, Esq. of Williams Mullen Multifamily investors are accustomed to paying property taxes based on an assessor’s opinion of their asset’s income-based market value. But for the growing number of developers and investors assembling communities of single-family homes and townhomes for rent, tax assessment is more complex and potentially troublesome. The difficulty for these taxpayers is that most assessors shun the income approach to valuing single-family rental properties. In the following paragraphs, we examine the roots of this common assessor stance, and explore strategies that may help taxpayers argue for a more predictable, apartment-like treatment for their single-family rental communities. Similar, but different Multifamily construction has delivered a tremendous volume of apartment properties over the past decade. Once stabilized, these assets have been relatively simple to value by relying on market rents, occupancy, expenses, and cap rates. On the heels of this apartment construction, the nation is seeing a proliferation of investor-backed, single-family construction and acquisitions of large blocks of homes and townhouses for use as rental properties. This may take the form of constructing a multitude of homes or townhomes in a single development. Alternatively, it may involve the acquisition of many existing homes or townhomes in …
DURHAM, N.C. — Driftwood Capital has purchased Marriott Raleigh Durham Research Triangle Park, a 225-room hotel located in North Carolina’s Research Triangle area. Built in 1988 at 4700 Guardian Drive in Durham, the hotel marks Driftwood’s third acquisition in the state. Franklin BSP Realty Trust originated a two-year loan with three one-year extension options for the acquisition on behalf of Driftwood Capital. The buyer plans to implement $9 million of renovations at the property, with planned improvements including upgrades to the guest rooms, a new central air system and the introduction of amenities such as a lounge and expanded fitness center.
CHARLOTTE, N.C. — Stream Realty Partners has executed 70,000 square feet of leases at The Grove, a four-building office park located at 8520-8615 Cliff Cameron Drive in Charlotte, over the past 18 months. The landlord, B Group Capital Management, recently completed extensive renovations at the 260,000-square-foot property, which it purchased in fall 2022. These include the implementation of Google Fiber and physical upgrades to common areas and a new spec office suite. Grant Keyes and Holden Brayboy of Stream Realty represented the landlord in the lease negotiations. The deals include leases and/or lease extensions with Alliance Health, Bridge to Achievement, Autism Living Experience and Keller Williams.
RALEIGH, N.C. — SRS Real Estate Partners has brokered the ground-lease sale of a newly built, 2,775-square-foot retail property located at 615 Oberlin Road in Raleigh. Fifth Third Bank occupies the single-tenant property, which features a drive-thru ATM, on a 20-year lease. Matthew Mousavi and Patrick Luther of SRS’ Newport Beach, Calif., office represented the seller, a private developer, in the $6.9 million sale. A New York-based private investor purchased the asset at a 4.86 percent cap rate.
CHARLOTTE, N.C. — JLL has arranged the sale of CBI Distribution Center, a 60,000-square-foot industrial facility located at 2817 Westinghouse Blvd. in Charlotte. Built in 2017 within two miles of the I-485/I-77 interchange, the distribution center was fully leased at the time of sale to CBI Workplace Solutions, with 6.5 years of lease term remaining. An unnamed family investment company based in Charlottesville, Va., purchased the asset for an undisclosed price. Dave Andrews, Pete Pittroff, Josh McArdle and Michael Lewis of JLL represented the seller, an affiliate of Zurich Alternative Asset Management, in the transaction.
GARNER, N.C. — Johnson Brothers Mutual Distributing, a wine and beer distributor, has broken ground on a 625,000-square-foot industrial building in Garner, a southern suburb of Raleigh. Upon completion, the property will feature 40-foot clear heights with dock-high, drive-in doors and trailer parking. Johnson Brothers plans to relocate and occupy 420,000 square feet at the development in early 2026. Jim Allaire and Alexis Lambeth of Foundry Commercial will lease the remaining 205,000 square feet. LS3P designed the project, and Evans is the general contractor, with DCI serving as project manager.
