North Carolina

Triangle Riding High Amid New Retail Development in Downtown Submarkets

by John Nelson February 19, 2018

The Triangle continues to attract national attention due to job growth, relatively low cost of living, economic diversity, a central East Coast location and its access to three world-class universities. Additionally, the Triangle’s unemployment rates are below the state and national averages. These are some of the driving forces that bring nearly 80 residents a day to the metro area, as recently published by U.S. News & World Report. Triangle retailers, developers and investors are taking advantage of this momentum, and the local retail market is thriving as a result. At the conclusion of third-quarter 2017, the Triangle retail vacancy was 6.7 percent. This represents a 60-basis point increase year-over-year. However, there was over 340,000 square feet of positive net absorption during the same quarter. This stat marks the highest quarter of positive absorption for the market since the second quarter of 2014. There were several notable retail deliveries in 2017, such as Carolina Square, containing nearly 50,000 square feet of ground floor retail space. The mixed-use project is located along Franklin Street in Chapel Hill and is a joint venture between Cousins Properties and Northwood Ravin. The retail portion of Carolina Square delivered 84 percent preleased and is anchored …

February 19, 2018

Industrial North Carolina Southeast

Dilweg Sells 1.2 MSF Warehouse Complex in Durham

by Camren Skelton February 15, 2018

DURHAM, N.C. — The Dilweg Cos. has sold Regional Commerce Center, a 1.2 million-square-foot industrial complex located at 706 Ellis Road in Durham. The 46-building warehouse complex is situated on 65 acres directly adjacent to NC Highway 147. Constructed in 1929, the property operated as a tobacco drying warehouse until 2005. At the time of sale, Regional Commerce Center was 34 percent leased. Chris Norvell, Justin Good and Patrick Nally of HFF arranged the transaction on behalf of Dilweg. The name of the buyer and the sales price were not disclosed.

February 15, 2018

District of Columbia Georgia Industrial North Carolina Southeast

Brennan, Arch Street Acquire 2.3 MSF Industrial Portfolio Across Four States in Sale-Leaseback Deal

by Camren Skelton February 13, 2018

CHICAGO — Chicago-based Brennan Investment Group LLC, in a joint venture with Arch Street Capital Advisors LLC, has acquired a 2.3 million-square-foot industrial portfolio located throughout four states in a sale-leaseback transaction. The sales price was not disclosed. The four buildings were net-leased back to the seller, BlueLinx Corp., a building and industrial product distributor. The buildings are located in Boston, Raleigh-Durham, Atlanta and Washington, D.C. Since 2011, Brennan and Arch Street have acquired more than $1 billion of single-tenant, net-leased industrial assets.

February 13, 2018

North Carolina Retail Southeast

Moseley to Deliver 20,494 SF Retail Center in Triangle

by Camren Skelton February 13, 2018

WAKE FOREST, N.C. — Charlotte-based Moseley Real Estate Advisors is underway on 981 Crossing, a 20,494-square-foot retail development in Wake Forest, roughly 18 miles northeast of Raleigh. The project is located off of Capital Boulevard, at the Target entrance. The center will house tenants such as Starbucks Coffee, Chipotle Mexican Grill, Kay Jewelers, Firehouse Subs, Mattress Warehouse and Freddy’s Frozen Custard & Steakburgers. John Lambert of Moseley Real Estate Advisors is handling leasing for the remaining 2,000-square-foot parcel. The center is slated for completion in June, with tenants expected to open in September.

February 13, 2018

Market Reports North Carolina Office Southeast Southeast Market Reports

Tenants Gain Leverage in Raleigh-Durham Office Market as Supply Comes On Line

by John Nelson February 12, 2018

Eight years into the recovery, Raleigh-Durham’s office market conditions remain decidedly in favor of landlords, but increased construction following years of limited development activity is at last providing much needed new leasing opportunities for tenants. While a combination of factors, including new construction, drove office vacancy higher by the second half of 2017, the market began the year with the tightest Class A leasing market witnessed since the dot-com boom. Class A vacancy bottomed out in the first quarter of 2017 at 9.1 percent, down from a cyclical peak of 17.6 percent in the third quarter of 2009, and the lowest level since fourth-quarter 2000. Class A vacancy rose to 11 percent in the third quarter of 2017 as a wave of new deliveries hit the market. Total vacancy ended the third quarter at 13.5 percent, up 70 basis points year-over-year. It is worth noting that this figure includes a handful of large, formerly corporate-owned facilities in the Interstate 40/Research Triangle Park (RTP) submarket. Originally constructed for single tenants such as GlaxoSmithKline, Dupont and Reichold, these facilities are likely to need substantial retrofitting to achieve lease-up. While they are certainly a factor in the market, they are not an option …

February 12, 2018

North Carolina Office Southeast

Childress Klein, Partners to Break Ground on 154,000 SF Creative Office Building in South Charlotte

by Camren Skelton February 8, 2018

CHARLOTTE, N.C. — Childress Klein, in partnership with Crosland Southeast and the B. Frank Matthews II Family, will break ground next month on The Nexus, a 154,000-square-foot, creative office building in south Charlotte. The six-story building will be the second creative office building at Waverly, the joint venture’s master-planned mixed-use development. The Remi Group, an equipment maintenance management provider, has preleased 31,000 square feet at The Nexus for its new corporate headquarters. Ben Speir of Cherry & Associates represented The Remi Group in the lease negotiations, while Travis Hart and Jenny Fowler represented Childress Klein internally. The Nexus will feature exposed ceilings, collaborative office space, a covered parking deck, bike storage, outdoor Wi-Fi-enabled meeting space and a connection to The Yard, Waverly’s master-planned park. In addition, the developers are seeking LEED certification. Wells Fargo will provide construction financing for the project. The design team includes general contractor Shelco and architect Rule Joy Trammell Rubio. The first creative office building at Waverly, The Hub, was delivered in August 2017. NN Inc., an industrial company, plans to relocate its global corporate headquarters to The Hub. Childress Klein has also signed leases with tenants including Esri, Horizon Investments, Axene and Tokai Carbon GE LLC. …

February 8, 2018

Multifamily North Carolina Southeast

Capstone Arranges $24.3M Sale of Apartment Community in Charlotte

by Camren Skelton February 8, 2018

CHARLOTTE, N.C. — Capstone Apartment Partners has arranged the $24.3 million sale of Arcadian Village, a 348-unit apartment community in Charlotte. Lerner & Co. Real Estate sold the property to an investment group with offices in New York and Miami. Brian Ford, Alex McDermott, Ron Corrao and Austin Green of Capstone brokered the transaction. The new owner plans to improve the community with added amenities and interior renovations. Constructed in 1970, Arcadian Village features two laundry facilities, a playground and an onsite leasing office.

February 8, 2018

Kentucky Loans Multifamily North Carolina South Carolina Southeast

CBRE Secures $56.9M in Acquisition Financing for Apartment Portfolio in Carolinas, Kentucky

by Camren Skelton February 7, 2018

SAN DIEGO — CBRE has arranged $56.9 million in acquisition financing for three apartment communities located in South Carolina, North Carolina and Kentucky. Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the floating-rate loans through Freddie Mac on behalf of the buyer, San Diego-based Strata Equity Group. The properties included in the transaction are the 183-unit Veridian Spartanburg in Spartanburg, S.C.; the 180-unit Icon on the Greenway in Gastonia, N.C.; and The Racquet Club, a 474-unit community in Lexington, Ky. All three properties were renovated in the last two years and feature granite countertops, stainless steel appliances, fireplaces, plank or hardwood-style flooring, walk-in closets and vaulted ceilings. Community amenities include resort-style swimming pools, fitness centers, pet parks and playgrounds. The Racquet Club features a massage therapist on-site, restaurant, cyber café and a private lake and gazebo.

February 7, 2018

North Carolina Office Southeast

Rockford, Blue Vista Acquire 153,000 SF Office Building in Charlotte

by Camren Skelton February 6, 2018

CHARLOTTE, N.C. — Rockford Capital Partners, in partnership with Blue Vista Capital Management, has acquired Four Resource Square, a 153,000-square-foot office building in Charlotte’s University submarket. Rob Cochran and Jared Londry of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller. The sales price was not disclosed. Medical technology provider Allscripts anchors Four Resource Square. Rockford and Blue Vista plan to invest in capital improvements to upgrade the building and available suites. Joe Franco and Katherine Richey of CBRE will handle the building’s leasing assignment on behalf of the new ownership.

February 6, 2018

Loans Multifamily North Carolina Southeast

CBRE Arranges $42.2M Acquisition Loan for New Apartment Community in Triangle

by Camren Skelton February 5, 2018

MORRISVILLE, N.C. — CBRE has arranged a $42.2 million Fannie Mae loan for the acquisition of The Reserve at Park Place, a 312-unit apartment community located at 4531 Langdon Drive in Morrisville. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE arranged the loan on behalf of the buyer, Centennial Holding Co. Watson Bryant, Jordan McCarley and Marc Robinson of Cushman & Wakefield arranged the sale on behalf of the seller, Park Place Members LLC. Constructed in 2017, the property features a saltwater pool, entertainment pavilion, car wash facility, dog park and spa, billiards table and a fitness center.

February 5, 2018

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