North Carolina

CBRE | Raleigh Negotiates Three New Tenant Leases at Shopping Center in Raleigh

by Alex Tostado February 19, 2019

RALEIGH, N.C. — CBRE | Raleigh has signed Petco, Ulta Beauty and Five Below to leases at Pleasant Valley Promenade in Raleigh. Petco signed a 13,600-square-foot lease, Ulta signed a 10,718-square-foot lease and Five Below signed an 8,474-square-foot lease. The new tenants are expected to open this year and will join Dick’s Sporting Goods, Ross Dress for Less, Marshalls, Bed Bath & Beyond and Fitness Connection. Pleasant Valley Promenade offers more than 362,000 square feet of retail space and is situated about seven miles northwest of downtown Raleigh. Cristi Greene and Reagan Crabtree of CBRE | Raleigh represented the landlord, Kimco Realty, in the transactions.

February 19, 2019

Acquisitions North Carolina Office Southeast

DRP Acquires 386,844 SF Office Park in Metro Greensboro for $25M

by Alex Tostado February 18, 2019

HIGH POINT, N.C. — Dominion Realty Partners (DRP) has acquired Mendenhall Business Park, a six-building, 386,844-square-foot office park in High Point. The business park is situated about 12 miles west of downtown Greensboro and was 69 percent leased at the time of sale. DRP plans to make significant investments in building renovations and capital improvement projects to enhance the overall appeal and marketability of the buildings. The sales price was not disclosed, though Triad Business Journals reports the asset sold for $25 million. The seller was not disclosed.

February 18, 2019

Market Reports North Carolina Office Southeast Southeast Market Reports

Strong Tenant Demand Propels New Office Developments Underway in Charlotte

by Alex Tostado February 18, 2019

With 3.2 million square feet of new office space under construction, much of it in the city’s urban core, Charlotte’s skyline is in the midst of a significant transformation. Due to strong preleasing activity and solid economic underpinnings, however, the city’s office vacancy rate is projected to remain stable over the coming months as many of those projects deliver. Approximately 60 percent of Charlotte’s construction pipeline has been preleased, according to JLL research, and 2.3 million is concentrated in the city’s central business district. In Uptown Charlotte, the 33-story Legacy Union office tower recently topped out, signaling the end of vertical construction. The 850,000-square-foot development by Lincoln Harris is scheduled to deliver early next year and will be anchored by Bank of America, which has signed a lease for 550,000 square feet. Lincoln Harris recently revealed plans for a second office tower with 388,835 square feet of office space and 22,763 square feet of retail space at the high-profile site, which was once home to The Charlotte Observer. Across the street from Legacy Union, construction is also underway on Ally Charlotte Center, a 26-story, 742,000-square-foot office tower by Crescent Communities. Last year Ally Financial announced that it had leased 400,000 …

February 18, 2019

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges Sale of 117,138 SF Office Building in Raleigh

by Alex Tostado February 15, 2019

RALEIGH, N.C. — Cushman & Wakefield has arranged the sale of Legacy at Brier Creek, a four-story, 117,138-square-foot office building in Raleigh. Legacy at Brier Creek delivered in December 2017 and was fully leased at the time of the sale and anchored by Infosys, an Indian multinational corporation that provides business consulting, information technology and outsourcing services. The asset is situated about 13 miles northwest of Raleigh and about nine miles southeast of Durham. David Finger, Sara Owen, David Meline and Samir Idris of Cushman & Wakefield represented the undisclosed seller in the transaction. Zurich Alternative Asset Management LLC represented the buyer, a member company of Zurich North America, in the transaction. The sales price was not disclosed.

February 15, 2019

North Carolina Retail Southeast

Asheville Outlets Provides Home Furnishings Niche for Western North Carolina Market

by John Nelson February 15, 2019

ASHEVILLE, N.C. — Asheville has long been a destination for visitors seeking finely crafted furniture and decorative arts, dating back to the city’s preeminence in the early 20th century international arts and crafts movement and extending to Asheville’s current prominence as one of the country’s most lauded destinations for travelers. Indeed, Travel + Leisure magazine recently named “artsy Asheville” to its list of the “Top 15 Cities in the United States.” Asheville Outlets has created a home furnishings niche that taps into the region’s love of furniture and crafts, featuring stores including Restoration Hardware Outlet, West Elm Outlet, Le Creuset and Kirkland’s, all of which opened between 2015 and 2016. The stores benefit from strong demographics and purchasing behavior as residents within the center’s trade area spend $1.02 billion annually on home furnishings. The region’s 11.1 million visitors provide another strong base of consumers. “There is a strong demand for beautiful and affordable home furnishings and decorative accessories in our market area and these stores offer the right mix for every style and budget,” says Sharon Morgan, general manager of Asheville Outlets. RH Outlet Restoration Hardware at Asheville Outlets carries a range of distinctive, high-quality items for the home, including …

February 15, 2019

Development Hospitality North Carolina Southeast

Midas Hospitality Opens Marriott-Branded Hotel in South Charlotte

by Alex Tostado February 14, 2019

CHARLOTTE, N.C. — Midas Hospitality has opened its third Residence Inn by Marriott hotel in Charlotte. The four-story, 119-room The Residence Inn Charlotte Steele Creek is located at 5110 Trojan Drive, about 10 miles south of downtown Charlotte and seven miles south of Charlotte Douglas International Airport. The 82,000-square-foot hotel offers studio, one- and two-bedroom suites. Henry Schmidlin and Sue Wing of Midas will serve as general manager and director of sales, respectively. Midas’ sister company, MC Hotel Construction, served as the general contractor.

February 14, 2019

Development Mixed-Use North Carolina Southeast

Joint Venture Announces New Mixed-Use Building in Downtown Durham

by Alex Tostado February 13, 2019

DURHAM, N.C. — A joint venture between Trinity Capital Advisors, Wheelock Street Capital and SLI Capital has announced a mixed-use building in downtown Durham’s Venable Center. Located at 464 Pettigrew St., the Roxboro at Venable Center will feature 202,000 square feet of office and ground-level retail space spanning eight floors, as well as 200 apartment units. Amenities will include a sky deck lounge, fitness center and a conference center. Venable Center is currently an 87,000-square-foot historic and revitalized campus situated at the intersection of South Roxboro and East Pettigrew streets. The campus is home to the headquarters of Precision BioSciences. Brad Corsmeier and John Brewer of CBRE | Raleigh will handle leasing efforts for The Roxboro.

February 13, 2019

Acquisitions North Carolina Office Southeast

CBRE Arranges $29.9M Sale of Office Building in Downtown Charlotte

by Alex Tostado February 12, 2019

CHARLOTTE, N.C. — CBRE has arranged the $29.9 million sale of the Chamber Building, a five-story, 65,444-square-foot office building located at 330 S. Tryon St. in downtown Charlotte. The asset was fully renovated in 2015 and includes a parking garage on a half-acre lot adjacent to the building. Tenants at the time of the sale included the Charlotte Chamber of Commerce, Perkins & Will, Compass Bank, Famous Toastery and Progressive AE. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, Grubb Properties, in the transaction. Ferncroft Capital purchased the property.

February 12, 2019

Development Multifamily North Carolina Southeast

Leon Capital Breaks Ground on 203-Unit Multifamily Community in Raleigh

by Alex Tostado February 11, 2019

RALEIGH, N.C. — Leon Capital Group has broken ground on Trilogy Cameron Village, a 203-unit multifamily community in Raleigh. The complex will be situated at 305 Oberlin Road on 3.6 acres, about one mile north of North Carolina State University and about two miles west of downtown Raleigh. The community will offer studio, one-, two- and three-bedroom floor plans. It is the third Trilogy brand apartments in North Carolina, joining Trilogy Cary and Trilogy Chapel Hill, both of which will begin preleasing this year. Amenities at Trilogy Cameron Village will include a resort-style swimming pool, grilling area, package lockers, a fitness and wellness center and an entertainment lounge. JDavis is the architect, and Samet is the general contractor. Completion is slated for summer 2020.

February 11, 2019

Company News Georgia North Carolina Southeast Top Stories

BB&T, SunTrust Agree to Merge in $66B Deal, Creating Sixth Largest U.S. Bank

by Taylor Williams February 7, 2019

ATLANTA AND WINSTON-SALEM, N.C. — In a blockbuster deal, SunTrust Banks Inc. (NYSE: STI) and BB&T Corp. (NYSE: BBT) have entered into an all-stock merger agreement valued at approximately $66 billion. The marriage of these two iconic financial institutions in the Southeast will create the sixth-largest bank in the United States. Under terms of the agreement, SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own. That equates to BB&T agreeing to pay $28.1 billion for SunTrust’s equity as of the closing price on Wednesday, Feb. 6. The combined company will operate under a new name and brand and be headquartered in Charlotte, N.C., while maintaining significant operations and investment in Winston-Salem, N.C., and Atlanta. The entity’s headquarters in Charlotte will also feature an innovation and technology center to aid with the transference of digital information. The deal, which is still subject to shareholder approval and other customary regulatory approvals, is expected to close in the fourth quarter of this year. A press release highlighting the agreement says the name of the new entity will be announced prior to the transaction closing. The agreement is being billed by both companies as a “merger of equals.” Shareholders of North …

February 7, 2019

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