North Carolina

Morgan Bond Opens 369-Unit Apartment Community in Charlotte’s SouthPark District

by Amy Works October 19, 2018

CHARLOTTE — Morgan Bond Co. has opened Inspire Southpark, an apartment development in Charlotte’s SouthPark neighborhood. Morgan Bond Co. is a joint venture between Chicago-based Bond Cos. and La Jolla, Calif.-based Morgan Holdings. Designed by Kathy Andrews Design, the 369-unit property features one- and two-bedroom apartment units in a mix of layouts ranging from 621 square feet to 2,032 square feet. Rents start at $1,300 for studio units and range to $4,225 for three-bedroom units. All residences feature open-concept floor plans with oversized windows, nine-foot ceilings, high-end finishes and fixtures, wood cabinetry, custom walk-in closets, frameless shower doors, Nest thermostats and keyless door entry. Community amenities include The Clubhouse with a demonstration kitchen and party room; The Morrison private dining room; Inspire Society Social Hall, a gaming center; The Lounge, a club-inspired gathering space with a golf simulator, poker table and TV; Groomingdale’s, a pet spa managed by The Dog Salon; Happy Tails, an indoor doggy daycare; and two dog parks. Additional amenities include the Inspire Fitness and Wellness Center; an outdoor yoga studio; spa with sauna, nail and massage services; the Grand Lawn with a 25-meter pool with sundeck, grilling stations, a pizza oven and fire pits; Sprockets bike …

October 19, 2018

Acquisitions Development North Carolina Retail Southeast

Willard Retail Buys Land for 150,000 SF Town Center Project in Raleigh’s Research Triangle Park

by Amy Works October 19, 2018

RALEIGH, N.C. — Chevy Chase, Md.-based Willard Retail has signed an agreement with the Research Triangle Foundation to acquire a 12-acre parcel located in Research Triangle Park. The site is at the convergence of Interstate 40, Highway 54 and Davis Drive in Raleigh. Willard Retail plans to develop a 150,000-square-foot town center to serve as the shopping and dining core of Park Center — a large mixed-use development project included more than 1,000 residential units, a hotel, conference center and more than 1 million square feet of office space. Expected to open in late 2020, the new retail component is slated to include a grocery store, health club and a mix of restaurants and small shops. Additionally, the development will feature outdoor public spaces for programmed events such as yoga classes, movie nights and live music. Willard Retail has engaged CBRE|Raleigh to lead the project’s leasing activities.

October 19, 2018

Acquisitions North Carolina Office Southeast

Arch Cos., Lakestar Properties Buy 350,000 SF Office Property in Charlotte for $63M

by Amy Works October 15, 2018

CHARLOTTE, N.C. — Arch Cos. and Lakestar Properties have acquired Cambridge, an office property located in Charlotte, for $63 million. The name of the seller was not released. Constructed in 1990 on a 50-acre parcel within University Research Park, the 350,000-square-foot campus offer tech-centric office space for multiple tenants. The property features floor-to-ceiling windows, skylights, an open-air atrium, outdoor meeting spaces, on-site parking and a fitness center. Additionally, the building’s infrastructure includes a redundant power supply, high-floor loads and fiberoptic lines. Arch Cos. and Lakestar Properties funded the acquisition using $50.4 million in fixed-rate financing. Abe Katz and Mark Silbersher of Walker & Dunlop arranged the first mortgage loan through Citigroup and a mezzanine loan through Morrison Street Capital.

October 15, 2018

Acquisitions Loans Multifamily North Carolina Southeast

Hunt Provides $18.3M Fannie Mae Loan for Acquisition of Charlotte Multifamily Property

by Amy Works October 11, 2018

CHARLOTTE, N.C. — Hunt Real Estate Capital has provided a $18.3 million Fannie Mae multifamily loan for the purchase of Fields at Archdale Station, a multifamily property located at 6614 Wisteria Drive in Charlotte. The borrower, Roseland, N.J.-based Gellar Associates, acquired the property from Elite Street Capital Grand Oaks Equity LP. The new loan has a 12-year term. Built from 1968 to 1975, Fields at Archdale Station features 243 apartments spread across 26 three-story apartment buildings. Situated on 14.6 acres, the garden-style community also features 489 parking spaces, a dog park, playground, outdoor kitchen, pavilion, picnic areas and a soccer field. Additional on-site amenities include a centralized laundry facility, on-site management and 24-hour emergency maintenance.

October 11, 2018

Development Multifamily North Carolina Southeast Student Housing

Preiss Opens 425-Bed Student Housing Community Near East Carolina University

by Amy Works October 10, 2018

GREENVILLE, N.C. — The Preiss Co. has opened The Eastern on 10th, a 425-bed student housing community located near East Carolina University (ECU) at 2301 E. 10th St. in downtown Greenville. The ground-up, garden-style development offers studio, one-, two- and three-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, an outdoor lounge with cabanas, grilling and picnic stations, a 24-hour clubhouse and fitness center, private study rooms, a cybercafé, self-serve coffee bar and a 438-space parking lot. Preiss Co. will manage The Eastern on 10th, bringing the company’s management portfolio to 3,342 beds in the ECU market alone.

October 10, 2018

Loans Multifamily North Carolina Southeast Student Housing

Trez Forman Provides $4.8M Financing for Planned 390-Unit Multifamily Community in Charlotte

by Amy Works October 9, 2018

CHARLOTTE, N.C. — Trez Forman Capital Group has provided $4.8 million in financing for a 390-unit, mixed-use community planned for development near the University of North Carolina at Charlotte campus. The borrower and developer of the planned multifamily property, Sanctuary Holdings NC, will use the loan proceeds to pay off existing debt on the property and to help fund the purchase of an additional 1.5 acres from Charlotte’s transportation department. The site — located at 7600 University City Blvd. — has already been approved for 390 multifamily or student housing units.

October 9, 2018

Acquisitions Healthcare North Carolina Office Southeast

Woodside Health Sells Jetton Medical Park in Metro Charlotte

by Amy Works October 8, 2018

CORNELIUS, N.C. — Woodside Health has completed the disposition of Jetton Medical Park, a two-building medical office property located at 19475 and 19485 Old Jetton Road in Cornelius, a suburb of Charlotte. Montecito Medical Real Estate acquired the property for an undisclosed price. The 45,000-square-foot property is anchored by medical practices affiliated with Novant Health, an integrated healthcare organization with more than 500 locations.

October 8, 2018

Acquisitions North Carolina Retail Southeast

Prudent Growth Acquires Shopping Center in North Carolina for $5.5M

by Amy Works October 3, 2018

GARNER, N.C. — Chapel Hill, N.C.-based Prudent Growth Partners has purchased The Shops at Gardner Plaza, a retail center located at 537 Plaza Circle in Garner. An undisclosed seller sold the property for $5.5 million. Family Dollar, NY Bride and Groom and Carriage House Cleaners are tenants at the 57,000-square-foot shopping center. Additionally, the property is located nearby Amazon’s newly announced, $200 million distribution center.

October 3, 2018

Acquisitions North Carolina Retail Southeast

Regency Centers, Partner Acquire Whole Foods-Anchored Center in Raleigh for $46M

by Camren Skelton September 26, 2018

RALEIGH, N.C. — Regency Centers Corp. and its joint venture partner have acquired Ridgewood Shopping Center, a 95,300-square-foot retail center in Raleigh. Regency acquired a 20 percent interest in the asset. Other terms of the deal were not disclosed, but the Triangle Business Journal reports the Richards family sold the asset for $46 million. Ridgewood Shopping Center was originally developed in 1951, and Raleigh’s first Whole Foods Market anchors the center. Additional tenants include Walgreens, Orvis, Fleet Feet Sports and a collection of local tenants. The acquisition marks Regency’s 13th property in the Raleigh market.

September 26, 2018

Acquisitions North Carolina Retail Southeast

Berkeley Capital Secures $15.5M Sale of Grocery-Anchored Shopping Center in Raleigh

by Camren Skelton September 24, 2018

RALEIGH, N.C. — Berkeley Capital Advisors has arranged the $15.5 million sale of Greystone Village, an 85,649-square-foot shopping center in Raleigh. Alex Quarrier, Marc Ozburn and John Lineberger of Berkeley Capital arranged the transaction on behalf of the seller, DNA Partners. Burroughs & Chapin Co. acquired the asset, which was fully leased at the time of sale to tenants such as Food Lion, Sola Coffee, Saw Mill Taproom, Gonza’s Tacos & Tequila and Kai Japanese Restaurant.

September 24, 2018

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