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AcquisitionsNorth CarolinaRetailSoutheast

Avison Young Arranges $10.5M Sale of Retail Center in Chapel Hill, North Carolina

by Camren Skelton

CHAPEL HILL, N.C. — Avison Young has arranged the $10.5 million sale of Glenwood Square, a 51,900-square-foot retail center located at 1200-1218 Raleigh Road in Chapel Hill. Blake Thomas and Grant Linderman of Avison Young arranged the transaction on behalf of the seller, Flagler Holdings. Fairway Investments acquired the asset. Constructed in 1987, Glenwood Square is home to tenants including The Fresh Market and Rite Aid. The center was fully leased at the time of sale. The property is located less than two miles from the University of North Carolina at Chapel Hill.

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Company NewsNorth CarolinaRetailSoutheastTop Stories

Lowe’s to Close All 99 Orchard Supply Hardware Stores

by Camren Skelton

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has announced it will close all 99 of its Orchard Supply Hardware stores by Feb. 1. Founded in San Jose, Calif., in 1931 and acquired by Lowe’s in 2013, Orchard Supply Hardware operates locations in California, Oregon and Florida. Lowe’s is closing the stores to focus on its core home improvement business. “Our strategic reassessment is ongoing as we evaluate the productivity of our real estate portfolio and non-retail business investments,” said Marvin Ellison, president and CEO of Lowe’s, in an earnings statement. “While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy.” In addition to shuttering Orchard Supply stores, Lowe’s said it plans to “aggressively” tighten its store inventory, reducing lower-performing stock and increasing the depth of high-selling items. Mooresville-based Lowe’s increased sales 7.1 percent, year-over-year, in the second quarter of 2018. However, the company adjusted its full-year earnings and profits forecast to account for closing costs. The Orchard Supply closure is expected to cost the company between $390 million and $475 million. The company lowered the forecast for its full-year increase in sales from 5 percent to 4.5 percent. Store …

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Company NewsNorth CarolinaSoutheast

Grandbridge Real Estate Capital Appoints Matthew Rocco as New President

by Camren Skelton

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has promoted Matthew Rocco to president. Rocco will continue to serve as national production manager, overseeing the company’s national loan origination platform, but will take on additional responsibilities from a corporate perspective in his new role. In addition to overseeing Grandbridge’s loan origination efforts, Rocco will be responsible for the company’s Agency Underwriting (Fannie Mae, Freddie Mac and FHA) and Balance Sheet Closing groups. Rocco joined Grandbridge in 1998. He is a member of the company’s Board of Managers, senior leadership team and risk committee, as well as a member of BB&T’s senior leadership team. “Matt brings a wealth of knowledge and expertise to his new role,” said Thomas Dennard, chairman of the board and CEO of Grandbridge. “His leadership skills and commercial real estate finance background are tremendous assets to the company as we continue to grow and expand both our loan product offerings and staffing nationwide.” In addition to Rocco’s appointment, Grandbridge has promoted Joe Lovell to chief operating officer, Dan Husak as head of business systems and corporate operations and John Boone as senior vice president and head of asset management. John Randall will also be taking on an expanded role, …

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Avison Young Brokers $14.8M Sale of Apartment Community in Greenville, North Carolina

by Camren Skelton

GREENVILLE, N.C. — Avison Young has brokered the $14.8 million sale of Signature Place Apartments, a 171-unit apartment community located at 410 Beasley Drive in Greenville. Craig Cadwallader and Gary Lyons of Avison Young arranged the transaction on behalf of the buyer, CMF Signature Place LLC, a subsidiary of Carter Multifamily. Waterstone Multifamily represented the seller, a joint venture between Taft Family Ventures and Drucker & Falk. Constructed in 1980, Signature Place includes a mix of one- to three-bedroom units and features a pool, dog park, courtyard, grilling area, fitness center and a clubhouse.

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Market ReportsNorth CarolinaOfficeSoutheastSoutheast Market Reports

Charlotte Companies Getting in on Amenities Arms Race to Attract Top Office Users

by John Nelson

Companies looking to attract and retain talent are now offering top amenities, a modern office space and a healthy work environment with a sense of community. Employees are a company’s most vital asset, and firms are willing to pay a higher rate for office space if it provides a place that employees want to work. One of the trends this year in commercial office space is enhancing the work environment. According to a recent Pew Research Center analysis, millennials have become the largest generation in the U.S. workforce. To attract today’s workers, office users must offer an overabundance of amenities. Companies are now providing gaming lounges that include video games, foosball, air hockey and darts. They are also offering napping rooms, coffee shops with baristas and even onsite bars with wine and craft beer on tap. This type of atmosphere enhances employee interaction and provides the employee a place to relax while at work. Technology allows employees to be more efficient, but it will never replace the connection that happens with face-to-face conversations. Companies are looking to create an atmosphere where employees can collaborate throughout the workday, which in turn has a positive effect on worker productivity. The key to …

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AcquisitionsDevelopmentIndustrialNorth CarolinaSoutheast

Avison Young Brokers Land Sale Near Charlotte, Buyer Planning 600,000 SF Industrial Building

by Camren Skelton

CONCORD, N.C. — Avison Young has brokered the sale of a 48-acre parcel located at 431 Goodman Road in Concord, roughly 25 miles northeast of Charlotte. Chris Skibinski, Henry Lobb and Tom Tropeana of Avison Young arranged the sale on behalf of the buyer, The Silverman Group, which plans to build a 600,000-square-foot speculative industrial building on the site. Dubbed Concord Industrial Center, the facility will feature 36-foot clear heights designed to suit a single tenant or multiple tenants. Avison Young will handle the property’s leasing assignment. The Silverman Group expects to wrap up construction on the project in early 2019. Concord Industrial Center is the ninth speculative industrial project in Charlotte — totaling more than 3.1 million square feet — for the development company.

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Market ReportsMultifamilyNorth CarolinaSoutheastSoutheast Market Reports

Renter Demand, Investor Interest are Strong in Carolinas’ Top Multifamily Markets

by John Nelson

Several Carolinas markets continue to top national lists for job and population growth, particularly Charlotte and the Triangle. The quality of living and strong fundamentals draw both millennial renters and empty nesters, with no slowdown in demand in sight. In turn, capital continues to pour into the region’s multifamily sector as investors chase higher yields and lower supply pressure while cap rates linger near historical lows. Multifamily Momentum With the record-setting pace of single-family pricing in these markets, renting remains a more attractive option. Developers are responding accordingly and now build product squarely aimed at specific renter demographics. Specifically, developers have raised the level of quality and amenities in the suburban product similar to that of the urban infill movement earlier in the cycle. Strong demographics in these locations produce a renter accustomed to a high level of quality in the unit interiors while also placing value on the convenience and quality of onsite amenities. That’s because empty-nesters are challenging a singular focus on millennials. To many developers’ surprise, the active-adult demographic has shown up to rent much of the luxury product in both the urban core and suburban locations. Steady Inventory Most data providers that track new supply do …

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AcquisitionsMultifamilyNorth CarolinaSouth CarolinaSoutheast

Berkadia Arranges Sales of Two Multifamily Assets in Carolinas for $47.7M

by Camren Skelton

BELMONT, N.C. AND NORTH CHARLESTON, S.C. — Berkadia has arranged the sales of two multifamily communities located in Belmont and North Charleston. In Belmont, roughly 14 miles west of Charlotte, Berkadia arranged the $16.7 million sale of Abbey Court, a 176-unit community. Texas-based Napali Capital LLC acquired the asset from Raleigh-based American Residential Investment Management. The community includes one- and two-bedroom units and features a pool, playground, grilling and picnic area and a laundry facility. In North Charleston, Berkadia arranged the $31 million sale of Legends at Charleston Park, a 232-unit community that includes a mix of one- to three-bedroom units. Memphis, Tenn.-based Fogelman Properties acquired the asset from Macon, Ga.-based United Residential Properties. The community features a playground, barbecue station, clubhouse, fitness center, pool and garages. Mark Boyce and Blake Coffey of Berkadia represented the sellers in both transactions.

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AcquisitionsFloridaGeorgiaHealthcareNorth CarolinaSoutheastTennesseeVirginia

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

by Camren Skelton

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, Virginia, Illinois, Indiana and North Carolina. Regional and hospital orthopaedic, oncology, neurology and surgical practices represent 40 percent of the portfolio’s leased space; primary care and internal medicine practices of regional and hospital tenants represent 33 percent; and women’s health and gastroenterology combined represent 10 percent of the leased space. The remainder of the portfolio is leased to physical therapy, imaging, behavioral health and pain management providers. Capital One provided senior debt financing for the acquisition.

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AcquisitionsNorth CarolinaOfficeSoutheast

CBRE Arranges $24M Sale of Office Building in Charlotte’s CBD

by Camren Skelton

CHARLOTTE, N.C. — CBRE has arranged the $24 million sale of 129 West Trade Street, a 153,498-square-foot office building in Charlotte’s central business district. Patrick Gildea and Matt Smith of CBRE brokered the deal on behalf of the seller, 129 West Trade Owner LLC. Somerset Properties acquired the 15-story tower. Located one block from the intersection of Trade and Tryon streets, 129 West Trade Street is within walking distance to the Lynx Blue Line light rail at the CTC Station stop. The building was 63 percent leased at the time of sale to tenants such as Boston National, Nova Office Strategies, Perficient and Tower Legal Solutions.

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