Thursday, July 17, 2025
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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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IndustrialMarket ReportsNorth CarolinaSoutheastSoutheast Market Reports

Industrial Developers are Building for the Long Term in Charlotte

by John Nelson

As demand for e-commerce and corporate distribution space continues to drive supply chain expansion in the Southeast, many developers are designing facilities to accommodate the truck-dependent, labor-driven operations present today and for the near-term. While robotics and automated vehicles are exciting to dream about, the reality is that these innovations are not expected to impact industrial building design any time soon in the Southeast. Modern industrial buildings that can support heavier than average employee parking needs while also providing abundant trailer storage are the standard for new projects. At the same time, these buildings need to support advanced technology, automation and extensive stacking and sorting operations. By building with an eye toward long-term tenant needs, developers are working to differentiate themselves in this highly competitive environment. These trends are particularly apparent in the Charlotte market, where developers have added 4.5 million square feet of industrial space over the past year. With a 5.3 percent vacancy rate in the first quarter of 2018, the market is well positioned to absorb the additional 4.7 million square feet of projects in the pipeline. Of that total, 62 percent is either preleased or set to be owner-occupied. Modern Design Demands At the core of …

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DevelopmentMultifamilyNorth CarolinaSoutheast

Dominion Realty Partners Breaks Ground on $59M Apartment Community in Triangle

by Camren Skelton

MORRISVILLE, N.C. — Dominion Realty Partners (DRP) has broken ground on The Residences at Shiloh Crossing, a $59 million apartment development in Morrisville, about 14 miles west of Raleigh. The 318-unit community will feature a resort-style swimming pool and a 5,000-square-foot clubhouse and community center. In addition, Shiloh Crossing will be designed to obtain a green designation from the National Association of Home Builders (NAHB). DRP expects to deliver the first units at Shiloh Crossing in mid-2020, and wrap up construction on the project in late 2020. Capital Bank — formerly First Tennessee Bank — is providing construction financing to DRP. Rule Joy Trammell + Rubio is the architect, Batson Cook Construction Co. is the general contractor and Priest Craven & Associates is the civil engineer. Justin Good of HFF brokered the land sale on behalf of the seller, as well as provided financial advisory services to DRP.

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Leasing ActivityNorth CarolinaRetailSoutheast

Lat Purser Arranges Leases With Five Tenants at New Retail Center in Metro Charlotte

by Camren Skelton

HARRISBURG, N.C. — Lat Purser & Associates has arranged leases with five new tenants at Harris Square, a newly developed, 67,200-square-foot shopping center in Harrisburg, located 20 miles northeast of Charlotte. Burgerim, a fast-casual gourmet burger restaurant, will open a 1,800-square-foot location at the center this fall for one of its first locations in the Charlotte area. Chick-fil-A has leased an outparcel at Harris Square for a new restaurant. Construction on the store is expected to start this month, with an opening scheduled for the first quarter of 2019. Dough Re Mi Donuts has leased space at Harris Square for its first ever physical store. The locally owned and operated retailer will serve made-to-order doughnuts, cupcakes, doughnut parfaits, doughnut sundaes and specialty items such as bacon, egg and cheese on a doughnut when it opens later this month. The Groomery by PetSmart — a concept launched in 2017 — has leased 1,800 square feet at Harris Square for its first North Carolina store. The Groomery offers traditional pet grooming services as well as pampering “spaw” treatments and a self-service dog wash. The fifth tenant — Harrisburg Animal Hospital — has leased 2,400 square feet at the center, and is expected to open in …

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