North Carolina

KeyBank Provides $15.5M Refinancing for Seniors Housing Asset in Mebane, North Carolina

by Camren Skelton March 1, 2018

MEBANE, N.C. — KeyBank Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Mebane Ridge Assisted Living, a 65-unit seniors housing property in Mebane, roughly 25 miles northwest of Durham. Charlie Shoop of KeyBank arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed, but the property website lists Ridge Care Inc. as the owner/operator. The one-story Mebane Ridge Assisted Living was constructed in 2014 and includes assisted living and memory care units.

March 1, 2018

Industrial North Carolina Southeast

Greycor Completes 324,480 SF Warehouse Expansion Near Charlotte for Food Packaging Company

by Camren Skelton February 28, 2018

HUNTERSVILLE, N.C. — Greycor Construction Co. Inc. has completed the 324,480-square-foot expansion of a manufacturing and distribution facility in Huntersville leased to Pactiv LLC, a food packaging company. Prairie Brookwood LLC owns the facility, which is located at 14201 Meacham Farm Drive, roughly 15 miles north of Charlotte. The facility remained fully operational during the expansion, which more than doubled the size of the building. The $14 million expansion included eight concrete placements of roughly 40,000 square feet each, 70 concrete tilt-up walls, structural steel, metal decking, TPO roofing and 35 new loading docks. In addition, the build-out created new jobs in the area. The original facility was constructed more than 10 years ago and was the first building within Commerce Station Park, a public-private partnership between Prairie Brookwood and the towns of Cornelius, Davidson and Huntersville.

February 28, 2018

North Carolina Office Southeast

KBS, Kane Sell Office Building in Raleigh’s North Hills Development for $127M

by Camren Skelton February 27, 2018

RALEIGH, N.C. — Newport Beach, Calif.-based KBS Realty Advisors and Raleigh-based Kane Realty Corp. have sold Midtown Plaza, a 12-story office building in Raleigh, for $127 million. The newly built office property is located within North Hills, a mixed-use development that features hotels, apartment units, a movie theater, retail and restaurant space. KBS and Kane completed construction on the building last spring. Healthcare technology company Allscripts occupies nine of the 12 floors. James Cassidy and Jud Ryan of Newmark Knight Frank represented KBS and Kane in the transaction. The name of the buyer was not disclosed.

February 27, 2018

Industrial North Carolina Southeast

Trinity Capital, SilverCap Sell 272,282 SF Industrial Building in Durham

by Camren Skelton February 26, 2018

DURHAM, N.C. — Trinity Capital Advisors, in a joint venture with SilverCap Partners, has sold 3508 Tricenter Blvd., a 272,282-square-foot industrial building in Durham. Dalfen America Corp. acquired the asset for an undisclosed price. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the joint venture, which originally acquired the asset in 2016 at 53 percent occupancy. Trinity and SilverCap implemented capital improvements during their ownership, including additional docks and storefront space, bringing the property to full occupancy. The building features 31 dock-high loading doors, 22-foot clear heights, a 150-foot truck court and parking space for 24 trailers. At the time of sale, the building was home to tenants such as Amcor Rigid Plastics and HatchBeauty Laboratories.

February 26, 2018

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Investment Activity for Class B, C Multifamily on the Rise in Triangle

by John Nelson February 26, 2018

Solid fundamentals in tandem with soaring population growth in the Triangle market continues to drive rents and occupancy to record highs. Raleigh is repeatedly recognized as one of the nation’s best places to live, work and start a business. As a result, the market has a projected population growth of over 73 percent through the year 2044, outpacing cities such as Boston, Atlanta, Nashville and San Francisco, creating a snowball effect of investment and interest. Investors are finding the greatest opportunities in the value-add space in Raleigh for B and C-class product. Significant shortage of single-family home availability in the Triangle region has forced young and new families to turn to multifamily properties as a housing solution. Due to the demand for mid-size accommodation within middle-class budgets, and very few neighborhoods in that criteria, Class B and C apartments have seen a surge in interest, and in turn, attraction of investor attention. Of the 84 multifamily properties sold through Dec. 1 in 2017, 75 were considered Class B or C and totaled over $1.3 billion, or 76 percent of total Raleigh-Durham multifamily market investment in that time frame. Developers have slightly overbuilt Class A property downtown, resulting in a softening …

February 26, 2018

Multifamily North Carolina Southeast

HFF Arranges $31.5M in Financing for Development of Apartment Community in Metro Raleigh

by Camren Skelton February 23, 2018

CARY, N.C. — HFF has arranged $31.5 million in financing for the development of Hillstone Alston Town Center, a 205-unit apartment community in Cary, roughly 12 miles west of Raleigh. Travis Anderson, Cory Fowler and Roger Edwards of HFF arranged a $21.3 million, floating–rate loan through UBTNC — a division of Union Bank & Trust — and $10.2 million in preferred equity from Marble Capital on behalf of the project developer, Leon Capital Group. Hillstone Alston Town Center will be situated adjacent to Alston Town Center, a newly constructed, 550,000-square-foot shopping center anchored by Whole Foods Market. The four-and-five story community will feature units averaging 948 square feet with granite countertops, stainless steel appliances, wood cabinetry, walk-in closets, faux wood flooring and private balconies. Community amenities will include a resort-style pool, grilling area, fitness center and a pet park. Leon Capital Group expects to deliver the community in spring 2019.

February 23, 2018

Industrial North Carolina Southeast

M. David Properties Acquires 30-Acre Site in Charlotte to Build 300,000 SF Industrial Park

by Camren Skelton February 23, 2018

CHARLOTTE, N.C. — M. David Properties has acquired a 30-acre site at the intersection of Hucks and Old Statesville roads in Charlotte, with plans to develop a 300,000-square-foot industrial park dubbed SilverPark North. Matthew Greer of JLL arranged the transaction on behalf of the seller, Kathy Godley, while JLL’s Brad Cherry and Pete Pittroff represented M. David Properties. SilverPark North will include three buildings, the first of which will be a 136,000-square-foot speculative building that is due for completion in the first quarter of 2019. The site is situated less than two miles from Interstates 77 and 485.

February 23, 2018

North Carolina Office Southeast

CBRE Arranges 41,716 SF Lease for IT Company’s New Headquarters in Charlotte

by Camren Skelton February 22, 2018

CHARLOTTE, N.C. —CBRE has arranged a 41,716-square-foot lease for Curvature, an IT support, products and services provider, at Coliseum Centre Five in Charlotte’s Airport submarket. Curvature will move its global headquarters to the 152,000-square-foot, six-story building in the second quarter, relocating from its current location at 10420 Harris Oaks Blvd. in north Charlotte. The company will occupy the entire sixth floor and most of the fifth floor. Joe Franco and Stephanie Spivey of CBRE arranged the lease on behalf of the landlord, Americas Capital Partners. Colin Reed, Mary Ayers and Virginia Luther of Savills Studley represented Curvature. Coliseum Centre Five — part of a master-planned, six-building office park — is located less than five miles from Charlotte Douglas International Airport and within walking distance to more than 30 restaurants and shops. Americas Capital Partners is currently underway on renovations to the property, including a new fitness center and conference facility.

February 22, 2018

Loans Multifamily North Carolina Southeast

HFF Arranges $26M Refinancing for Multifamily Community in Downtown Raleigh

by Camren Skelton February 21, 2018

RALEIGH, N.C. — HFF has arranged a $26 million loan for the refinancing of The Lincoln Apartments, a 224-unit multifamily community in downtown Raleigh. The property is located at 408 E. Hargett St., less than a half-mile from the North Carolina State Capitol. Matthew Schoenfeldt, Cory Fowler and Roger Edwards of HFF arranged the floating-rate loan through MetLife Investment Management on behalf of the borrower, Lincoln Apartments LLC, an affiliate of Banner Real Estate Group. Completed in 2015, The Lincoln Apartments features a resident club room with a kitchen, resort-style pool, outdoor fireplace, fitness center with yoga studio, pet spa, coffee bar, enclosed parking garage and an electric car charging station. Individual units average 759 square feet and feature wood-style flooring, granite countertops, stainless steel appliances, balconies, walk-in closets and full-size washers and dryers.

February 21, 2018

Loans Mixed-Use Multifamily North Carolina Retail Southeast

Williams Realty, Partners Receive Construction Loan for Mixed-Use Project in Raleigh’s CBD

by Camren Skelton February 20, 2018

RALEIGH, N.C. — Williams Realty & Building Co., in conjunction with Kane Realty Corp. and capital partner Lionstone Investments, has received construction financing for the development of a high-rise mixed-use project in Raleigh’s central business district. Colby Mueck, Roger Edwards and Travis Anderson of HFF arranged the construction loan through New York Life Insurance Co. Other terms of the financing were not disclosed. The property is located at the southwest corner of West Peace and North West streets, next to the future 16-acre Devereux Meadows Park. The first phase of the project will include a 45,600-square-foot Publix store, 5,340 square feet of inline retail space, 417 multifamily units and a 735-space structured parking garage. The residential portion will include studio to three-bedroom units averaging 898 square feet. The development team expects to deliver the first phase in mid-2019. Future phases will include additional residential and retail space, along with office and hotel space.

February 20, 2018

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