North Carolina

CBRE Brokers $133.5M Sale of Office Tower in Charlotte’s CBD

by Camren Skelton May 21, 2018

CHARLOTTE, N.C. — CBRE has arranged the sale of 400 South Tryon, a 33-story office tower in Charlotte’s central business district. Funds managed by Oaktree Capital Management LP acquired the property from DRA Advisors and Trinity Capital Advisors. The sales price was not disclosed, but the Charlotte Business Journal reports the building sold for $133.5 million — more than double the price the joint venture paid in 2014. Patrick Gildea, Matt Smith, Will Yowell, Justin Parsonnet and Jay O’Meara of CBRE arranged the transaction on behalf of DRA and Trinity Capital. CBRE’s Harris Ralston, Jeff Ackerman and Jonathan Rice arranged a floating-rate loan on behalf of Oaktree. 400 South Tryon underwent significant renovations during its prior ownership, including a modernized lobby, new restrooms, new fitness center and new street-level retail space. The building was 94.6 percent leased at the time of sale. Companies recently joining the tenant roster include Skillstorm, Document Technologies and Driven Brands.

May 21, 2018

Development Multifamily North Carolina Southeast

Alliance Residential Breaks Ground on 260-Unit Apartment Community Near Uptown Charlotte

by Camren Skelton May 21, 2018

CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Queen City, a 260-unit apartment located at the convergence of Charlotte’s South End and Uptown districts. The community will feature a mix of studio, one- and two-bedroom units and will feature a Sky Lounge on the top floor overlooking the Uptown skyline. Other amenities will include a resort-style pool, 24-hour fitness center with a separate studio, garage parking, pet spa with grooming station, 24-hour package delivery system, electric car charging stations and bike storage. The community is expected to open in spring 2020.

May 21, 2018

Acquisitions Civic North Carolina South Carolina Southeast

Stan Johnson Co. Arranges $57M Sale of 21-Property Childcare Portfolio in Carolinas, Colorado

by Camren Skelton May 18, 2018

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has arranged the $57 million sale of a Gateway Academy portfolio located throughout Colorado, North Carolina and South Carolina. The portfolio includes 21 single-tenant assets that are net-leased to the childcare organization. Six of the facilities are located in North Carolina, 10 in South Carolina and five in Colorado. Milo Spector, Chris Lomuto and Matt Lipson of Stan Johnson Co. arranged the transaction on behalf of the seller, which developed the properties and co-founded Gateway Academy. A Texas-based institutional investor acquired the portfolio.

May 18, 2018

Loans Multifamily North Carolina Southeast

Blue Heron Receives Construction Financing for 164-Unit Multifamily Community in Durham

by Camren Skelton May 18, 2018

DURHAM, N.C. — Blue Heron Asset Management has received a construction loan for the development of Foster on the Park, a 164-unit apartment community located at 545 Foster St. in Durham. Roger Edwards, Justin Good and Henry Sisson of HFF arranged the loan through First National Bank, a subsidiary of FNB Corp., on behalf of Blue Heron. Foster on the Park will feature ground-floor retail and restaurant space and will overlook Central Park — the city’s main urban park that hosts a twice-weekly farmers market, food truck rodeos and community and social events. In addition, the community will be located adjacent to Durham Innovation District, a 1.7 million-square-foot, planned mixed-use development, as well as the Historic Durham Athletic Park. In addition to Blue Heron, the project team includes general contractor Resolute Building Co., architect Cline Design Associates and civil engineer Coulter Jewell Thames. Bell Partners will manage the community upon completion in the first quarter of 2020.

May 18, 2018

Acquisitions Industrial North Carolina Southeast

Meritex Acquires 100,286 SF Industrial Building Near Charlotte Douglas International Airport

by Camren Skelton May 18, 2018

CHARLOTTE, N.C. — The Meritex Co. has acquired Airpark West V, a 100,286-square-foot industrial property located three miles from Charlotte Douglas International Airport. Justin Smith and Rob Speir of Colliers International arranged the transaction on behalf of Meritex. The name of the seller and sales price were not disclosed. Airpark West V was initially constructed in 2004 and expanded in 2007. Meritex acquired the building completely vacant, and will invest in capital improvements to the property. Planned renovations include the addition of more dock doors, energy-efficient LED lighting, new HVAC systems, exterior enhancements and newly updated office suites. Foundry Commercial will manage the property and handle the building’s leasing assignment.

May 18, 2018

Acquisitions North Carolina Office Southeast

Grubb Properties, Blue Vista Capital Sell Office Park in Durham for $16.2M

by Camren Skelton May 16, 2018

DURHAM, N.C. — Grubb Properties, in conjunction with Blue Vista Capital Management, has sold Paradigm Park, a two-building office campus in Durham, for $16.2 million. An undisclosed owner-occupant acquired the asset and will consolidate its operations at the new facility. The joint venture originally acquired the vacant, 147,477-square-foot property in 2015 for $6.6 million, and began a significant renovation and leasing program. Completed enhancements include a new courtyard, redesigned entrances, improved landscaping, renovated lobbies and bathrooms and new HVAC and mechanical systems. In addition, the renovation included the addition of a fitness center with locker rooms and a conference workspace. Paradigm Park is located adjacent to Research Triangle Park off Interstate 40.

May 16, 2018

Affordable Housing California Loans Louisiana Multifamily North Carolina Western

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

by Amy Works May 15, 2018

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.

May 15, 2018

Acquisitions North Carolina Office Southeast

CBRE | Raleigh Secures Sale of 56,954 SF Office Building in Triangle

by Camren Skelton May 15, 2018

CARY, N.C. — CBRE | Raleigh has arranged the sale of One Harrison Park, a 56,954-square-foot office building located at 401 Harrison Oaks Blvd. in Cary, roughly 12 miles west of Raleigh. Ben Kilgore, Jim McMillan, Ed Pulliam and John Brewer of CBRE | Raleigh arranged the transaction on behalf of the seller, Griffin Partners Inc. Priam Capital acquired the building for an undisclosed price. One Harrison Park was 91 percent leased at the time of sale to tenants such as Trilliant, Biosignia, Keys & Fox, Leukemia & Lymphoma Society and Bainbridge.

May 15, 2018

Affordable Housing Loans Multifamily North Carolina Southeast

SunTrust Provides $11.4M Financing for New Affordable Housing Community Near Charlotte

by Camren Skelton May 7, 2018

DALLAS, N.C. —SunTrust Community Capital, a division of SunTrust Banks, has provided $11.4 million in financing for Long Creek Apartments II, an 80-unit affordable housing community in Dallas, roughly 25 miles west of Charlotte. SunTrust Community Capital invested $4.7 million of equity into the project and provided a $6.7 million construction loan. In addition, Centrant Community Capital provided a $4.4 million permanent loan, and the North Carolina Housing Finance Agency provided a $509,000 loan. Long Creek will feature onsite management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. All of the units will be reserved for residents earning 60 percent or less of the area median income (AMI). Mills Construction Co., the project’s general contractor, plans to break ground on the community this month, and wrap up construction in May 2019.

May 7, 2018

Development North Carolina Office Southeast

KDC Breaks Ground on New 205,000 SF Office Building for Credit Suisse in Raleigh

by Camren Skelton May 4, 2018

RALEIGH, N.C. — KDC has started construction on a new regional office building for Credit Suisse in Raleigh’s Research Triangle Park. The 205,000-square-foot, four-story building will be located at 6933 Louis Stephens Drive, adjacent to the existing Credit Suisse office building that KDC developed in 2007. Upon completion of the new facility in June 2019, KDC will begin renovations of the existing building. More than 3,000 Credit Suisse employees will occupy the campus after the project is complete. The investment banking and financial services company is headquartered in Zürich and has regional offices across the U.S. The 62-acre site will feature outdoor workspaces, a new food service cafeteria, internet cafés, conference center and a pedestrian trail. In addition, KDC will add new entrance and exit points and a pedestrian bridge to connect the two buildings. The developer plans to seek LEED certification for the project. Architecture firm Gensler, general contractor Brasfield & Gorrie and engineer Crenshaw make up the rest of the project team.

May 4, 2018

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