North Carolina

NEWNAN, GA. AND HOLLY SPRINGS, N.C. — PointOne Holdings has broken ground on two multifamily communities in Georgia and North Carolina totaling 614 units. Combined, the projects are valued at $90 million. In the Atlanta metro of Newnan, PointOne started construction on The Promenade at Newnan Crossing, a 298-unit community comprising three-story apartments and townhomes. In the Raleigh-Durham suburb of Holly Springs, the South Florida-based apartment owner and developer has broken ground on The Exchange at Holly Springs, a 316-unit, garden-style property. PointOne expects the first residents of both apartment communities to move in during the second quarter of 2019.

FacebookTwitterLinkedinEmail

CHARLOTTE AND DURHAM, N.C. — HFF has brokered the sale of a four-building industrial portfolio totaling 681,346 square feet in Charlotte and Durham. A joint venture between Trinity Capital Advisors and SilverCap Partners sold the buildings to Rialto Capital Management. The sales price was not disclosed, but the Charlotte Business Journal reports the portfolio sold for $39.8 million. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the sellers. In Charlotte, the sold portfolio includes a two-building facility located at 1001 Bond St. The property is less than one mile from the North Carolina State Port Authority and the CSX Intermodal Terminal, the only CSX intermodal terminal in North Carolina. The Durham buildings are located at 2710 and 2910 Weck Drive. The facilities are located within the Research Triangle Park submarket and are fully leased to two tenants.

FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — CBRE Global Investors has acquired 615 South College, a newly constructed office building located in Charlotte’s Uptown district. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $222 million, or roughly $590 per square foot. The seller, Atlanta-based Portman Holdings, delivered the 375,865-square-foot property in 2017. The 18-story building is connected to The Westin hotel and features 10-foot ceiling heights, floor-to-ceiling glass windows, multiple two-story balconies and a parking garage with 1,456 spaces. CBRE will manage 615 South College, and Anne Vulcano and Joe Franco of CBRE will handle the building’s leasing assignment. At the time of sale, the property was 84 percent leased to tenants including Regions Bank, WeWork and BDO USA.

FacebookTwitterLinkedinEmail

DURHAM, N.C. — OA Development has acquired four buildings located within Durham’s Imperial Center office park for $31.4 million. The Atlanta-based company acquired the Canterbury, Cambridge, Chelsea and Oxford buildings from two different sellers — ROC III Fairlead Imperial Center LLC and Crown Realty — and combined the assets to assemble one 211,308-square-foot portfolio. The Class B buildings were constructed in the late 1980s and are situated on 15 acres at the entrance of the 456-acre park. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF arranged the transaction on behalf of the sellers. Patterson Real Estate Advisory Group arranged acquisition financing for OA Development through SunTrust Bank.

FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $39 million sale of 1420 Magnolia, a 204-unit apartment community in Charlotte. Jordan McCarley, Watson Bryant and Marc Robinson of Cushman & Wakefield arranged the transaction on behalf of the seller, Estates & Cos. Hudson Capital Properties acquired the asset. Constructed in 1999, 1420 Magnolia features a car care center, controlled access gates, dog park, fitness center, grilling and picnic areas, business center, yoga/Pilates room and a swimming pool.

FacebookTwitterLinkedinEmail

GREENSBORO, N.C. — HFF has brokered the $32.2 million sale of Airport Distribution Center, a five-building industrial campus located roughly seven miles from Piedmont Triad International Airport. Situated on 41 acres at 202, 204, 206, 311-F and 311-G N. Chimney Rock Road in Greensboro, the center is minutes from the FedEx Mid-Atlantic Hub, the carrier’s fifth largest U.S. hub. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, a joint venture between Somerset Properties and Thackeray Partners. The name of the buyer was not disclosed. Airport Distribution Center features front-load facilities, clear heights ranging from 24 to 35 feet and rail access to 316,532 square feet of space within buildings 311F and 311G.

FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — Cambridge Properties plans to convert a former Kohl’s department store at 9315 N. Tryon St. in Charlotte into an 87,000-square-foot office building. The transit-oriented development is located across the street from the main entrance to University of North Carolina at Charlotte and near the JW Clay Boulevard light-rail station. In addition, the building is situated within walking distance to more than 30 restaurants. The property features high ceilings and a mezzanine level and has the ability to accommodate a new glass storefront, collaborative meeting space, employee lounge/game area and an outdoor back patio. Alexandra Mann, Barry Fabyan and Charley Leavitt of JLL are handling the building’s leasing assignment. Last year, JLL leased roughly 96,000 square feet of creative office space to Verizon Wireless at the site of a former Super Kmart in east Charlotte.

FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — Alliant Credit Union has provided a $26 million loan for the refinancing of a 120,000-square-foot office building in Charlotte’s Arysley submarket. According to the Charlotte Business Journal, the property, known as One Silver Crescent, opened in February and is fully leased to Jeld-Wen, a window and door manufacturer. The name of the borrower was not disclosed.

FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — Healthcare systems and physicians groups once viewed their real estate operations as a line item on a ledger and not as high a priority as staffing, education or equipment. In the years since reimbursements from Medicare began tightening as it went from a fee-for-service model to an outcome-based one, healthcare systems and physicians are getting more savvy when it comes to their real estate strategies. “With respect to real estate, healthcare systems used to be naïve,” said Mark Curtis, director of Greenville Health System, a not-for-profit system serving the Upstate South Carolina area. “Now they’re far more sophisticated than they were five years ago.” Curtis was one of five healthcare real estate experts on stage at a panel entitled “What Do Hospitals & Systems See Coming in 2018?” Rex Noble, senior vice president of asset management at Flagship Healthcare Properties, moderated the discussion. The panel was the closing act at the eighth annual InterFace Healthcare Real Estate Carolinas show, which took place on May 31 at the Hilton City Center hotel in Uptown Charlotte. The event drew 160 attendees in the healthcare real estate space from across North and South Carolina. Operations are Under the Microscope Spurred …

FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — Trinity Capital Advisors will begin construction this month on Toringdon 7, a 198,195-square-foot office building located in Charlotte. The eight-story building will be the seventh and final office building within Toringdon Office Park, which Trinity Capital began acquiring in 2012. After bringing the park under single ownership, the firm invested in capital improvements that included a new fitness center and pocket park. Toringdon 7 will feature column-free floor plans, floor-to-ceiling windows and a parking ratio of four spaces per 1,000 square feet. Architecture firm Gensler designed the building, Brasfield & Gorrie is the project’s general contractor and D&A Wolverine is the civil engineer. Trinity Capital expects to wrap up construction on the building in summer 2019. Located immediately off Interstate 485, Toringdon Office Park is 95 percent leased to tenants such as Blue Cross Blue Shield of North Carolina, Coats, Coldwell Banker, Crown Castle, Harsco, Keller Williams, Novolex, PepsiCo, Regus, Selective Insurance, Heartland Payment Systems and TIAA.

FacebookTwitterLinkedinEmail