North Carolina

Madison Marquette Sells Chapel Hill Shopping Center for $51.5M

by John Nelson January 11, 2019

CHAPEL HILL, N.C. — Madison Marquette has sold University Place, a 372,190-square-foot shopping center in Chapel Hill, for $51.5 million. Harris Teeter, SilverSpot Cinema, Planet Fitness and Southern Season anchor the 39.5-acre property. Other tenants include Burlington Shoes, City Kitchen, Chick-fil-A, Bath & Body Works, AT&T, Stoney River Steakhouse and Grill and Bartaco. University Place was originally built in 1973 and most recently renovated in 2013. Daniel Finkle, Richard Reid, John Owendoff, Jordan Lex, Tom Kolarczyk and Kim Flores of HFF represented the seller in the transaction. Ram Realty Advisors purchased the asset.

January 11, 2019

Acquisitions North Carolina Retail Southeast

Hendricks Commercial Sells Kohl’s-Anchored Shopping Center in North Carolina for $29M

by John Nelson January 11, 2019

SOUTHERN PINES, N.C. — Hendricks Commercial Properties has sold Southern Pines Village, a 179,276-square-foot shopping center in Southern Pines, for $29 million. Kohl’s, Hobby Lobby, Ulta Beauty, Dollar Tree and LongHorn Steakhouse anchor the shopping center. Julia Evinger, Nathan Whalen, Jeremie Johnson and Damien Yoder of Marcus & Millichap represented the seller in the transaction. Ashish Vakhariya and Seth Haron, also of Marcus & Millichap, procured the buyer, a Midwest-based private investor.

January 11, 2019

Acquisitions Multifamily North Carolina Southeast Top Stories

Waterton Purchases Multifamily Portfolio in North Carolina for $169M

by Alex Tostado January 10, 2019

RALEIGH, CHARLOTTE AND CARY, N.C — In a move that furthers its value-add strategy, Waterton has acquired a four-property, 1,148-unit apartment portfolio in North Carolina. The sales price was undisclosed, but the Triangle Business Journal reports that the portfolio traded for $169 million. The seller was an investment group led by the Bainbridge Cos. The properties are located in Raleigh, Charlotte and Cary. The complexes were built between 1987 and 1995, and the acquisition nearly doubles Chicago-based Waterton’s portfolio in North Carolina. The properties, which feature a mix of garden-style buildings and townhomes, include: Ashford Green, a 300-unit community consisting of 22 three-story, garden-style buildings and five townhome buildings on 20 acres in Charlotte; Atria at Crabtree Valley, a 268-unit complex across 18 two- and three-story, garden-style buildings on 28 acres in Raleigh; Audubon Parc, 180-units with 10 three-story, garden-style buildings on 18 acres about 11 miles southwest of downtown Raleigh in Cary; and The Retreat at McAlpine Creek, a 400-unit property with 30 three-story, garden-style buildings and four townhome buildings on 40 acres in Charlotte. Waterton plans to renovate unit interiors and exteriors, upgrade amenities, including clubhouses, leasing centers, pools, fitness centers and playgrounds at all four locations, and …

January 10, 2019

Acquisitions Multifamily North Carolina Southeast

Novare Group Sells Multifamily High-Rise in Uptown Charlotte to CBRE Global for $190M

by Alex Tostado January 10, 2019

CHARLOTTE, N.C. — Novare Group has sold SkyHouse Uptown, a 672-unit multifamily complex in Uptown Charlotte’s Fourth Ward neighborhood, to CBRE Strategic Partners U.S. Value 8 fund, a subsidiary of Los Angeles-based CBRE Global Investors. The sales price was undisclosed, but Charlotte Business Journal reports the high-rise project sold for $190 million. The asset consists of two 24-story buildings, which were completed in 2015 and 2017. The property includes 14,000 square feet of retail space and an eight-story parking structure. Each tower features a rooftop pool, covered poolside lounges with billiards, fire pits and large flat screen TVs. David Gutting, Andrea Howard, Jim Sewell and John Currin of JLL represented the Atlanta-based seller in the transaction.

January 10, 2019

Acquisitions North Carolina Office Southeast

PAC Acquires Office Complex in Charlotte’s SouthPark District for $209M

by Alex Tostado January 7, 2019

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Capitol Towers, a 477,704-square-foot office complex in Charlotte’s SouthPark neighborhood. Charlotte Business Journal reported that the two 10-story buildings sold for $209 million. PAC purchased the asset through its subsidiary, Preferred Office Properties LLC. At the time of sale, PAC signed an undisclosed tenant to a 33,000-square-foot lease, bringing the project to 95 percent occupancy. Campbell Walker of Lincoln Harris represented the landlord in the transaction, and Chris Schaaf and Jim Thorp of JLL represented the tenant. Capitol Towers is located about six miles south of downtown Charlotte. New York Life Insurance Co. provided acquisition financing to PAC, which has retained Lincoln Harris to lease and manage the property.

January 7, 2019

Acquisitions North Carolina Office Southeast

Accesso Acquires Two Office Buildings Near Research Triangle Park in Raleigh-Durham Area for $73M

by Alex Tostado January 2, 2019

CARY, N.C. — Accesso Partners LLC has bought the Weston I and II Parkway portfolio near Research Triangle Park in Cary for $73 million. The seller was Raleigh-based Capital Associates. Weston I is a six-story, 212,441-square-foot office building that was 97 percent leased at the time of the transaction. Weston II is a four-story, 77,742-square-foot building that was 100 percent leased at the time of the transaction. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF represented the seller in the transaction. Frank Baird of Capital Associates will stay on as property manager and leasing agent.

January 2, 2019

Acquisitions Florida North Carolina Retail Southeast

Benderson Development Acquires 600,000 SF Toys ‘R’ Us, Babies ‘R’ Us Portfolio, Including Six Southeast Locations

by Alex Tostado December 21, 2018

SARASOTA, FLA. — Benderson Development has acquired a portfolio of 15 retail properties throughout the country that were formerly leased to Toys ‘R’ Us and Babies ‘R’ Us. The sales price was not disclosed for the 600,000-square-foot portfolio. Locations in the Southeast include five stores in Florida — Miami, Palm Beach Gardens, Naples, Fort Lauderdale and North Miami Beach — and one asset in Cary, N.C. In March, Toys ‘R’ Us announced it was closing all 735 of its stores in the United States and Puerto Rico. Founded in 1949, Benderson Development owns a real estate portfolio comprising more than 40 million square feet of retail, office, medical, industrial, lodging and residential properties in 39 states.

December 21, 2018

Acquisitions North Carolina Office Southeast

RealOp Investments Acquires Charlotte Office Portfolio Totaling 163,687 SF

by Alex Tostado December 20, 2018

CHARLOTTE, N.C. — RealOp Investments has purchased Arrowpoint II and III in Charlotte. The portfolio consists of two four-story buildings spanning 163,687 square feet. The properties are located about nine miles south of Charlotte Douglas International Airport. Greenville, S.C.-based RealOp Investments specializes in value-add acquisitions. The sales price and seller were not disclosed.

December 20, 2018

Development North Carolina Retail Southeast

Hutton Breaks Ground on Two Retail Projects Near Raleigh

by Alex Tostado December 20, 2018

SANFORD, N.C. — Chattanooga, Tenn.-based Hutton has broken ground on two adjacent retail development projects in Sanford. One project is a 10,400-square-foot, multi-tenant building that will include retail and restaurant space. The other project is a 3,200-square-foot standalone Zips Car Wash. Hutton has already signed Jersey Mike’s, Mattress Warehouse and Sport Clips to leases at the multi-tenant building, which currently has 1,500 square feet available for lease. Sanford is located about 40 miles southwest of Raleigh.

December 20, 2018

Acquisitions Multifamily North Carolina Southeast

FCP, Terwilliger Pappas Sell Two Multifamily Communities in Charlotte Totaling $128.6M

by Alex Tostado December 19, 2018

CHARLOTTE, N.C. — FCP and Terwilliger Pappas Multi Family Partners (TPMP) have sold two multifamily communities in Charlotte. The partners sold Solis Waverly for $84.4 million to Dallas-based Lan Properties/Lantower Residential and Solis Ballantyne for $44.2 million to Baltimore-based Continental Realty Corp. Solis Waverly is a 375-unit community located about 14 miles south of downtown Charlotte. Completed in 2016, the property features a pool with a sundeck, 24-hour fitness center, conference room, electric car charging station and an outdoor terrace. It is part of Waverly, a master-planned development with office space, retail space, single-family homes and a hotel. Solis Ballantyne was also completed in 2016 and is located about 14 miles south of downtown Charlotte. The community includes 194 units and features a pet washing station, pool, fitness center, bike storage and package service. Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE represented the sellers in the transaction for Solis Waverly. Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL represented the sellers in the transaction for Solis Ballantyne. Fortune Johnson was the general contractor for both developments.

December 19, 2018

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