North Carolina

CBRE Affiliates Broker $22.9M Sale of Warehouse Facility in Durham

by Amy Works November 7, 2018

DURHAM, N.C. — CBRE|Raleigh and CBRE|Triad have arranged the sale of an industrial property located at 3700 S. Miami Blvd. in Durham. Beacon Properties acquired the property for $22.9 million. The CBRE|Raleigh and CBRE|Triad team of Dodson Schenck, Ann-Stewart Patterson and Butch Miller represented the private seller in the deal. PMB Graphics, a full-service printing and graphics communication company, occupies the entire 293,000-square-foot warehouse, which is situated within Research Triangle Park.

November 7, 2018

Company News North Carolina Retail Southeast Top Stories

Private Equity JV Agrees to Acquire Fast-Food Chain Bojangles’ for $593.7M

by David Cohen November 7, 2018

CHARLOTTE, N.C. — A joint venture between private equity firms Durational Capital Management LP and The Jordan Company LP has agreed to acquire chicken-and-biscuits chain Bojangles’ Inc. for $593.7 million in an all-cash transaction. Bojangles’ (NASDAQ: BOJA) stockholders will receive $16.10 in cash for each share held, representing a 15 percent premium to the closing share price of Sept. 27, a day prior to a published report by Reuters that the company was exploring alternatives including a sale. The deal is expected to close in the first quarter of 2019 and is subject to shareholder approval. Once the transaction closes, Bojangles’ will operate as an independent, privately held company based in Charlotte. “For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand,” says Randy Kibler, Bojangles’ interim president and CEO. “The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades.” Jack Fulk and Richard Thomas founded Bojangles’ in Charlotte in 1977. As of July 1, 2018, the company had 766 locations, of which 325 were company operated and 441 were franchised. The locations are primarily located in the Southeastern United States. “Bojangles’ is …

November 7, 2018

Company News North Carolina Retail Southeast Top Stories

Lowe’s to Close 20 Underperforming Stores in U.S., 31 in Canada

by John Nelson November 6, 2018

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has unveiled its plans to close 20 underperforming stores in the United States as part of its ongoing strategic reassessment. Additionally, the company will close 31 Canadian stores. The Mooresville-based home improvement retailer stated that most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of affected stores are located within 10 miles of another Lowe’s store. Lowe’s expects to close the impacted stores by Feb. 1, 2019, which is the end of the company’s 2018 fiscal year. The list of the closed stores can be found here. The company intends to conduct store-closing sales for most of the impacted locations, with the exception of select stores in the U.S. that will close immediately. “The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” says Marvin Ellison, president and CEO of Lowe’s. Previously the CEO of J.C. Penney, Ellison was appointed over the summer to lead Lowe’s, taking over for Robert Niblock. Shortly after the hire, Lowe’s announced plans to close all 99 Orchard Supply Hardware stores, as well as a …

November 6, 2018

Civic North Carolina Southeast

Updated Estimates Show Hurricane Florence Caused $17B in Damage in North Carolina

by Amy Works November 5, 2018

RALEIGH, N.C. — In a new report released by the North Carolina Office of State Budget and Management, the updated damage estimate from Hurricane Florence has increased to $17 billion, up from an earlier estimate of $13 billion. “Six weeks ago, Hurricane Florence’s powerful storm surges, winds and rains brought unprecedented devastation to our state, causing an estimated $17 billion in damage,” said North Carolina Gov. Roy Cooper. “I’ve spent time since then visiting with families, businesses and local officials in the impacted area and it’s clear that we have to recover smarter and stronger to better withstand future storms.” Damage from Hurricane Florence has topped the charts for storm damage across North Carolina. Hurricane Matthew caused $4.8 billion, and when adjusted for inflation, Hurricane Floyd caused between $7 billion and $9.4 billion. To date, more than 130,000 people have registered with FEMA for individual assistance and more than $108 million in individual assistance has been approved for homeowners and renters. Additionally, Small Business Administration loans have been approved for nearly 400 hurricane-affected small businesses. The updated figure is based on new data from the North Carolina Department of Insurance, as the original $13 billion figure was based on estimates …

November 5, 2018

Acquisitions North Carolina Office Southeast

HLM Realty Buys Office Complex in Metro Raleigh for $69M

by Amy Works November 2, 2018

CARY, N.C. — New York-based HLM Realty has purchased Crescent Lakeside I and II, an office complex located within The Crescent business park in Cary, a suburb of Raleigh. Crescent Lakeside LLC sold the asset for $69 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF, along with Frank Baird of Capital Associates Management, represented the seller in the transaction. Located at 1225 and 1255 Crescent Green Drive, the two-building asset features 254,796 square feet of Class A office space. Completed in 2001 and 2009, respectively, the three-story Crescent Lakeside I and the four-story Crescent Lakeside II were 98.9 percent leased to a variety of tenants at the time of sale, including Hill-Rom and Precision Lender. Capital Associates Management, in partnership with Boddie-Noell Enterprises, developed the office properties. The Crescent is a mixed-use development featuring entertainment, retail, lifestyle amenities, the Koka Booth Amphitheater, walking/jogging trails and the 30-acre Symphony Lake.

November 2, 2018

Acquisitions Multifamily North Carolina Southeast

TH Real Estate Sells Apartment Community in Durham for $42.7M

by Amy Works November 2, 2018

DURHAM, N.C. — TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA), has completed the sale of Southpoint Glen, a multifamily property located at 5800 Tattersall Drive in Durham. Washington, D.C.-based StoneBridge Investments acquired the property for $42.7 million. Located within minutes of Research Triangle Park (RTP), the garden-style apartment community features 346 units, a swimming pool and a fitness center. The buyer plans to renovate portions of the property, including adding upgraded cabinets, faux granite countertops, tile backsplashes, two-inch blinds and plank flooring with soundproofing to individual apartments. StoneBridge also plans to expand the swimming pool and fitness center, add an outdoor fitness area and repurpose the existing sand volleyball court. Elliott Throne and Roger Edwards of HFF secured a seven-year fixed-rate acquisition loan through Freddie Mac’s CME Program for Stonebridge.

November 2, 2018

Acquisitions Multifamily North Carolina Southeast

Passco Acquires Newly Built Apartment Community in Asheville for $56.6M

by Amy Works October 30, 2018

ASHEVILLE, N.C. — Passco Cos. has purchased Asheville Exchange, a Class A multifamily property located at 105 Exchange Circle in Asheville. Hathaway Development sold the property for $56.6 million. This transaction is Passco’s first multifamily acquisition in Asheville, and its first North Carolina purchase in nearly five years. Completed in 2017, Asheville Exchange features 312 units in a mix of one-, two- and three-bedroom layouts with energy-efficient appliances, granite kitchen countertops and tiled backsplash, wine racks, modern cabinetry and full-sized washers and dryers in select units. Community amenities include bike and kayak storage, a clubhouse with Wi-Fi, controlled-access gates, car care center, dog park and pet care station, fitness center, game room with billiards, bocce ball court, outdoor lounge and grilling area, resident business center, saltwater swimming pool, tanning salon and massage room and valet trash service. Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco.

October 30, 2018

Acquisitions North Carolina Retail Southeast

Brodyco Purchases 82,000 SF Retail Center in Durham, Plans Redevelopment

by Amy Works October 24, 2018

DURHAM, N.C. — An affiliate of Greenville, N.C.-based Brodyco has purchased Lakewood Shopping Center in Durham for an undisclosed price. A 29,000-square-foot Food Lion and Dollar General anchor the 82,000-square-foot shopping center, which was built in the 1960s. The buyer is considering remerchandising the center’s tenant mix going forward. The 58-year-old shopping center has a rich history. The property was once an amusement park with roller coaster, dance pavilion and bowling, and more recently, home to Winn Dixie, W.T. Grant and Woolworth’s Department Stores.

October 24, 2018

Development North Carolina Office Southeast

Dominion Realty Partners Set to Break Ground on 209,000 SF Office Building in West Raleigh

by Amy Works October 22, 2018

RALEIGH, N.C. — Dominion Realty Partners is breaking ground on the newest office building at The Offices at Wade in West Raleigh. Development for Wade V will commence on Tuesday, Oct. 23, at 5438 Wade Park Blvd. The six-story, 209,000-square-foot office building has been designed to achieve LEED Gold certification and marks the Dominion Realty’s 21st green certified development. PGIM Real Estate is partnering with Dominion Realty on the project, which Triangle Business Journal reports will cost $62 million to develop. The media outlet is also reporting that the project is being built on a speculative basis.

October 22, 2018

Development Hospitality Mixed-Use North Carolina Office Restaurant Retail Southeast

Spectrum, Invesco to Develop Five-Acre Mixed-Use Project in Charlotte

by Amy Works October 22, 2018

CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.

October 22, 2018

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