North Carolina

Marsh Properties Breaks Ground on 263-Unit Apartment Community in Charlotte

by Camren Skelton September 11, 2018

CHARLOTTE, N.C. — Marsh Properties has broken ground on The Edge@Sedgefield, a 263-unit apartment community located within the Sedgefield mixed-use redevelopment in Charlotte. The community will include a mix of studio to two-bedroom apartment units ranging in size from 600 to 1,450 square feet. Community amenities will include five private courtyards, bike storage, a dog wash station, dog park, fitness center with yoga studio, pool, clubroom and a rooftop terrace with views of South End and Uptown Charlotte. The development team for The Edge@Sedgefield includes BB+M Architecture, Samet Corp. and LandDesign. BB&T is providing construction financing for the project. The first units at the community are expected to deliver in the spring of 2020. At full build-out, Sedgefield will include approximately 700 residential units, the redevelopment of 30,000 square feet of retail and the potential for 100,000 square feet of office space. Sedgefield Shopping Center, a 68,000-square-foot shopping center developed by Marsh in partnership with Aston Properties, opened at the development last year. The center is home to Harris Teeter, Nexter Juice Bar, Holler & Dash and The Waterman. The Edge@Sedgefield will be located adjacent to the retail center.

September 11, 2018

Acquisitions North Carolina Office Southeast

CBRE | Raleigh Brokers $56.3M Sale of Office Park in Triangle

by Camren Skelton September 5, 2018

RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of WestChase Office Park, a three-building, 312,544-square-foot office park in the Triangle’s West Raleigh submarket. The sales price was not disclosed, but the Triangle Business Journal reports the property sold for $56.3 million. Ben Kilgore, Brad Corsmeier, John Brewer, Chandler Hawkins and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Real Estate Alternatives Portfolio 4 MR LLC. The Brookdale Group acquired the buildings. The assets are located at 4000, 4011 and 4020 WestChase Blvd. The office park is home to tenants such as Hazen & Sawyer, Howard Green & Moye, Northwestern Mutual, Quanta Technology LLC and Qualys.

September 5, 2018

North Carolina Office Southeast

HFF Brokers $32.3M Sale of Two Office Buildings in Raleigh

by Camren Skelton August 30, 2018

RALEIGH, N.C. — HFF has brokered the $32.3 million sale of Palisades I and II, two adjacent office buildings totaling 161,480 square feet in Raleigh. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF arranged the transaction on behalf of the seller, CapRidge Partners LLC, and procured the buyer, Keystone Corp. Completed in 2001 and 2005, Palisades I and II are four-story buildings with a shared three-story parking deck and amenities including a café, vending area, lounge, conference center and a fitness center with lockers and showers. The properties were collectively 96.2 percent leased at the time of sale to tenants such as Kuehne + Nagel LP and NC State Student Aid Association. The buildings are located roughly four miles from North Carolina State University’s campus, and approximately 10 miles from Raleigh-Durham International Airport.

August 30, 2018

Development Industrial North Carolina Southeast Top Stories

Publix to Build $300M Distribution Center in Greensboro

by David Cohen August 30, 2018

GREENSBORO, N.C. — Publix Super Markets Inc. has announced plans to build a refrigerated distribution center in Greensboro as part of a multi-phase project. The company plans to invest up to $300 million in the first phase of the project, which is scheduled for completion by 2022. The distribution center, which will be located in Guilford County, will support the delivery of grocery products to Publix locations in the Carolinas and Virginia. The project is expected to create up to 1,000 jobs with an annual payroll of $44 million by 2025. A Job Development Investment Grant (JDIG) approved by the North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) will enable the project to commence. The state estimates that the project will grow the state’s economy by $1.38 billion over the course of the 12-year term of the grant. “Publix’s decision to locate up to 1,000 jobs and a new distribution center in Guilford County affirms our state’s reputation as the ideal place to do business,” says North Carolina Commerce Secretary Anthony M. Copeland. “In addition to our strategic location and proximity to major interstates and railroads, North Carolina is home to a competitive business climate, robust …

August 30, 2018

Acquisitions North Carolina Office Southeast

HFF Brokers $88.5M Sale of Newly Constructed Office Building in Uptown Charlotte

by Camren Skelton August 28, 2018

CHARLOTTE, N.C. — HFF has brokered the sale of 500 East Morehead, a 178,336-square-foot office building in Uptown Charlotte. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF arranged the transaction on behalf of the seller, Beacon Partners. HFF’s Roy Rosenbaum and Sean Bannon procured the buyer, a member company of Zurich North America, advised by Zurich Alternative Asset Management, its alternative investment adviser. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $88.5 million. Constructed in 2017, the seven-story property features a fitness center with locker rooms and showers, conference room, three outdoor terraces, a rooftop terrace and three restaurants on the ground floor. The building was fully leased at the time of sale to tenants such as Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood Hargett & Associates. The restaurants at 500 East Morehead include The Packhouse, Joe & Nosh and Capishe.

August 28, 2018

Leasing Activity North Carolina Office Southeast

CBRE | Raleigh Arranges Leases With First Tenants at Office Development in Raleigh

by Camren Skelton August 28, 2018

RALEIGH, N.C. — CBRE | Raleigh has arranged leases with the first tenants at Crabtree Terrace, a 173,000-square-foot office building under construction in Raleigh. Coworking company Spaces signed a lease for 31,794 square feet of office space, Longleaf Law Partners signed a lease for 8,000 square feet and a high-end, large-format restaurant signed a lease for 12,500 square feet of ground-floor retail space. Chapel Hill-based East West Partners is developing Crabtree Terrace, which will include 145,000 square feet of office space and 28,000 square feet of ground-floor retail space upon completion in the fourth quarter of 2019. The building will be situated adjacent to a luxury hotel and conference center that will house a rooftop bar and full-service restaurant. Architecture firms Gensler and Kimley-Horn are designing the building, and Brasfield & Gorrie is the general contractor. Citizens Bank is providing construction financing for the project, and Northridge Capital LLC and SilverCap Partners are providing equity financing.

August 28, 2018

Acquisitions North Carolina Retail Southeast

Avison Young Arranges $10.5M Sale of Retail Center in Chapel Hill, North Carolina

by Camren Skelton August 28, 2018

CHAPEL HILL, N.C. — Avison Young has arranged the $10.5 million sale of Glenwood Square, a 51,900-square-foot retail center located at 1200-1218 Raleigh Road in Chapel Hill. Blake Thomas and Grant Linderman of Avison Young arranged the transaction on behalf of the seller, Flagler Holdings. Fairway Investments acquired the asset. Constructed in 1987, Glenwood Square is home to tenants including The Fresh Market and Rite Aid. The center was fully leased at the time of sale. The property is located less than two miles from the University of North Carolina at Chapel Hill.

August 28, 2018

Company News North Carolina Retail Southeast Top Stories

Lowe’s to Close All 99 Orchard Supply Hardware Stores

by Camren Skelton August 23, 2018

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has announced it will close all 99 of its Orchard Supply Hardware stores by Feb. 1. Founded in San Jose, Calif., in 1931 and acquired by Lowe’s in 2013, Orchard Supply Hardware operates locations in California, Oregon and Florida. Lowe’s is closing the stores to focus on its core home improvement business. “Our strategic reassessment is ongoing as we evaluate the productivity of our real estate portfolio and non-retail business investments,” said Marvin Ellison, president and CEO of Lowe’s, in an earnings statement. “While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy.” In addition to shuttering Orchard Supply stores, Lowe’s said it plans to “aggressively” tighten its store inventory, reducing lower-performing stock and increasing the depth of high-selling items. Mooresville-based Lowe’s increased sales 7.1 percent, year-over-year, in the second quarter of 2018. However, the company adjusted its full-year earnings and profits forecast to account for closing costs. The Orchard Supply closure is expected to cost the company between $390 million and $475 million. The company lowered the forecast for its full-year increase in sales from 5 percent to 4.5 percent. Store …

August 23, 2018

Company News North Carolina Southeast

Grandbridge Real Estate Capital Appoints Matthew Rocco as New President

by Camren Skelton August 22, 2018

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has promoted Matthew Rocco to president. Rocco will continue to serve as national production manager, overseeing the company’s national loan origination platform, but will take on additional responsibilities from a corporate perspective in his new role. In addition to overseeing Grandbridge’s loan origination efforts, Rocco will be responsible for the company’s Agency Underwriting (Fannie Mae, Freddie Mac and FHA) and Balance Sheet Closing groups. Rocco joined Grandbridge in 1998. He is a member of the company’s Board of Managers, senior leadership team and risk committee, as well as a member of BB&T’s senior leadership team. “Matt brings a wealth of knowledge and expertise to his new role,” said Thomas Dennard, chairman of the board and CEO of Grandbridge. “His leadership skills and commercial real estate finance background are tremendous assets to the company as we continue to grow and expand both our loan product offerings and staffing nationwide.” In addition to Rocco’s appointment, Grandbridge has promoted Joe Lovell to chief operating officer, Dan Husak as head of business systems and corporate operations and John Boone as senior vice president and head of asset management. John Randall will also be taking on an expanded role, …

August 22, 2018

Acquisitions Multifamily North Carolina Southeast

Avison Young Brokers $14.8M Sale of Apartment Community in Greenville, North Carolina

by Camren Skelton August 20, 2018

GREENVILLE, N.C. — Avison Young has brokered the $14.8 million sale of Signature Place Apartments, a 171-unit apartment community located at 410 Beasley Drive in Greenville. Craig Cadwallader and Gary Lyons of Avison Young arranged the transaction on behalf of the buyer, CMF Signature Place LLC, a subsidiary of Carter Multifamily. Waterstone Multifamily represented the seller, a joint venture between Taft Family Ventures and Drucker & Falk. Constructed in 1980, Signature Place includes a mix of one- to three-bedroom units and features a pool, dog park, courtyard, grilling area, fitness center and a clubhouse.

August 20, 2018

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