North Carolina

PAC Receives $114.4M Loan to Acquire Wells Fargo-Anchored Office Tower in Raleigh’s CBD

by Camren Skelton August 2, 2018

RALEIGH, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Wells Fargo Capitol Center, a 559,591-square-foot office building located at 150 Fayetteville St. in Raleigh’s central business district. PAC acquired the 29-story asset through its wholly owned subsidiary, Preferred Office Properties LLC. The sales price was not disclosed, but PAC financed the acquisition using a $114.4 million, first-mortgage loan from New York Life Insurance Co. The 10-year loan features a fixed interest rate of 4.27 percent. The Triangle Business Journal reports HighBrook Investors, which bought a majority stake in the tower last year, sold the asset. Wells Fargo Capitol Center serves as the regional headquarters for Wells Fargo Bank and features a bank branch on the first floor. City Club Raleigh, a private dining club, is located on the building’s 28th and 29th floors.

August 2, 2018

Acquisitions Industrial North Carolina Southeast

HFF, JLL Negotiate $49.2M Sale of Industrial Park, Future Development Sites in Metro Charlotte

by Camren Skelton August 2, 2018

CONCORD, N.C. — HFF and JLL have arranged the $49.2 million sale of RiverOaks Corporate Center, a two-building industrial park in Concord, roughly 25 miles northeast of Charlotte. Chris Norvell and Patrick Nally of HFF, in conjunction with JLL’s Pete Pittroff, brokered the transaction on behalf of the seller, Beacon Partners. Exeter Property Group acquired the property, which totals 453,206 square feet. The sale also included three land sites for future development. Completed in 2016, the existing buildings are located at 800 Derita Road and 8475 Automation Drive. The buildings feature 24- to 32-foot clear heights. The pre-graded development sites, located at 700 Derita and 8400 and 8500 Automation, would add nearly 900,000 square feet to RiverOaks Corporate Park, bringing the total square footage to approximately 1.4 million square feet. The park is located adjacent to Concord Regional Airport and 23 miles from Charlotte Douglas International Airport.

August 2, 2018

Loans Multifamily North Carolina Southeast

Canyon Provides $16.9M Equity Investment for New Multifamily Construction in Raleigh

by Camren Skelton July 31, 2018

RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $16.9 million preferred equity investment to Kane Realty Corp. for the development of Vine North Hills, a 326-unit apartment community in Raleigh’s North Hills submarket. Located on four acres along St. Albans Drive, Vine North Hills is the first phase of the 33-acre, multi-phased North Hills East Expansion. The community will feature a mix of studio to three-bedroom apartment units with quartz countertops, stainless steel appliances, glass walk-in showers and private balconies. Community amenities will include a clubhouse with hospitality kitchen, lounge and game rooms, fitness center, saltwater pool, grills, fire pits, dog washing facility, a bike center and storage units. A construction timeline was not disclosed.

July 31, 2018

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $33.1M Sale of Multifamily Community in Metro Charlotte

by Camren Skelton July 30, 2018

MOORESVILLE, N.C. — Cushman & Wakefield has brokered the $33.1 million sale of Fountains at Mooresville Town Square, a 227-unit apartment community in Mooresville, a suburb roughly 33 miles north of Charlotte. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller. RST Development acquired the property. Constructed in 2012, The Fountains at Mooresville Town Square is located within Mooresville Town Square, a 122,000-square-foot mixed-use development. The community features a saltwater pool, fitness center, demonstration kitchen, billiards room and a fenced-in dog park.

July 30, 2018

Acquisitions Industrial North Carolina South Carolina Southeast

HFF Brokers $70.5M Sale of Industrial Portfolio in Metro Charlotte

by Camren Skelton July 24, 2018

CHARLOTTE, N.C. AND FORT MILL, S.C. — HFF has brokered the $70.5 million sale of a two-building industrial portfolio in the greater Charlotte area. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, The Keith Corp., which also developed the buildings. The name of the buyer was not disclosed. The portfolio includes a 599,018-square-foot building at 3725 Westinghouse Blvd. in Charlotte and a 165,382-square-foot building at 2901 Lakemont Blvd. in Fort Mill, roughly 18 miles south of Charlotte in South Carolina. The Keith Corp. completed construction on the Westinghouse Boulevard building in the second quarter. The cross-dock facility is triple-net-leased to Staples for its e-commerce operations, and features 36-foot clear heights and 15,600 square feet of office space. Completed in 2015, the building on Lakemont Boulevard is triple-net-leased to Broad River Retail, Ashley HomeStore’s largest independent licensee. The building, which serves as the corporate headquarters for the company, features 32-foot clear heights and two stories of office space totaling 23,083 square feet.

July 24, 2018

Acquisitions North Carolina Office Southeast

FCP Sells Historic Three-Building Office Campus in Downtown Durham for $27.3M

by Camren Skelton July 24, 2018

DURHAM, N.C. — Federal Capital Partners (FCP) has sold Venable Center, a three-building office campus located at the intersection of South Roxboro and Pettigrew streets in downtown Durham. The News & Observer reports the former tobacco mill property sold for $27.3 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF represented FCP in the transaction. A joint venture between Wheelock Street Capital, SLI Capital and Trinity Capital Advisors acquired the buildings. FCP originally purchased Venable Center in 2016 for $18 million and completed several building and site improvements. Biotechnology company Precision Biosciences is headquartered at Venable Center and is the property’s largest tenant. The property was originally constructed in 1905 and is listed on the National Register of Historic Places.

July 24, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

Waypoint Residential Acquires 576-Bed Student Housing Community Near UNC Charlotte

by Camren Skelton July 20, 2018

CHARLOTTE, N.C. — Waypoint Residential LLC has acquired 901 Place, a 576-bed student housing community located less than two miles from the University of North Carolina (UNC) at Charlotte. The name of the seller and sales price were not disclosed. Constructed in 2000, the garden-style community features a clubhouse, computer room, game room, swimming pool, fitness center, yoga studio, sand volleyball courts, tennis courts and basketball courts. Waypoint plans to invest $3 million in property upgrades across unit interiors, common areas and amenities.

July 20, 2018

Leasing Activity North Carolina Retail Southeast

Branch Signs Three Tenants to 215,000 SF Shopping Center in North Carolina’s Triad Region

by Camren Skelton July 18, 2018

GREENSBORO, N.C. — Branch Properties LLC has signed three tenants to Westridge Square, a 215,000-square-foot shopping center in Greensboro. The Atlanta-based real estate company originally acquired the center and its seven outparcel buildings in 2015, and is currently re-tenanting the property. Kohl’s will reduce its footprint at the center from 87,000 square feet to 55,000 square feet, and Planet Fitness will occupy the vacated space. The gym is expected to open in late 2018 or early 2019. According to local media reports, Sprouts Farmers Market will backfill 30,524 square feet of the 47,452-square-foot space formerly occupied by Harris Teeter, which closed in December. Later this summer, Title Boxing Club will open at one of Westridge Square’s outparcels. Negotiations are underway for an additional tenant to occupy the remaining space. In addition to remerchandising Westridge Square, Branch will modernize the shopping center with planned renovations including raising the parapets and upgrading the building materials to include brick, metal and wood.

July 18, 2018

Development Loans North Carolina Retail Southeast

HFF Arranges $28.8M in Construction Financing for Wegmans-Anchored Project in Triangle

by Camren Skelton July 17, 2018

CARY, N.C. — HFF has arranged $28.8 million in preferred equity and construction financing for the development of the first phase of Twin Lakes Center, a 153,229-square-foot retail center in Cary. The first phase includes a four-building retail center that is 93 percent preleased and will be anchored by Wegmans, a Rochester, N.Y.-based grocer.Greg Nalbandian, Roger Edwards, Devlin Murphy and Andrew Zilenziger of HFF arranged $6.3 million in preferred equity through a life insurance company and a $22.5 million, floating-rate loan through CapitalSource, a division of Pacific Western Bank. LeylandAlliance is developing the 35.8-acre property, which will be completed in phases and will include restaurants, retail space, seniors housing, a lake and walking paths. LeylandAlliance expects to wrap up construction on the retail portion of the project in July 2020.

July 17, 2018

Acquisitions Multifamily North Carolina Southeast

Dominion Realty Sells Newly Built Apartment Community in Uptown Charlotte for $68.8M

by Camren Skelton July 16, 2018

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has sold Centric Gateway, a 297-unit apartment community located at 1010 W. Trade St. in Uptown Charlotte. An affiliate of TH Real Estate acquired the property for $68.8 million. Justin Good, Allan Lynch and Jeff Glen of HFF arranged the transaction on behalf of DRP, which completed construction on the property in December 2017. Individual units feature quartz countertops, private balconies, exterior storage and keyless entry. Community amenities include a central courtyard with a saltwater pool, activity lawn, automated package delivery system, fitness center with an interactive studio and a game room. Centric Gateway was 43 percent occupied at the time of sale.

July 16, 2018

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