North Carolina

Foundry Commercial, PGIM to Deliver 700,000 SF Industrial Project in Metro Charlotte

by Camren Skelton December 19, 2017

HUNTERSVILLE, N.C. — Foundry Commercial, in a joint venture with PGIM Real Estate, has acquired 48 acres of land in Huntersville for the development of Bryton Commerce Center, a 700,000-square-foot light industrial project. The development will be located within Bryton Town Center, a 425-acre mixed-use campus located roughly 15 miles north of Charlotte. The six-building project will deliver in two phases. Construction on the first phase will begin in early 2018 and is expected to complete by the end of the year. Bryton Commerce Center will feature 30-foot clear heights, tilt-wall construction, ESFR sprinkler systems, glass-heavy exteriors and high parking ratios. In addition to industrial space, the Bryton Town Center master plan will include more than 1 million square feet of retail space and 1 million square feet of office space, as well as multifamily and single-family residential units.

December 19, 2017

Industrial North Carolina Southeast

HFF Brokers $19.4M Sale of 232,000 SF Warehouse in Charlotte

by Camren Skelton December 15, 2017

CHARLOTTE, N.C. — HFF has arranged the sale of a 232,000-square-foot distribution warehouse located at 6100 Harris Technology Blvd. in Charlotte. The building is located within Northwoods Business Park, roughly 10 miles from Uptown Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $19.4 million. Chris Norvell, Ryan Clutter and Patrick Nally of HFF arranged the transaction on behalf of the seller, Sun Life Financial/Bentall Kennedy. Hartz Mountain Industries Inc. purchased the building. Constructed in 1994, the warehouse features 24-foot clear heights, truck courts up to 170 feet, 34 loading doors and an ESFR sprinkler system. At the time of sale, the warehouse was fully leased to three tenants, including Iron Mountain, a Boston-based information management services company.

December 15, 2017

Conference Coverage Features Multifamily North Carolina South Carolina Southeast Southeast Feature Archive

Multifamily Firms Targeting Charlotte, Raleigh Suburbs, Says InterFace Carolinas Panel

by John Nelson December 14, 2017

ATLANTA — Executives from some of the most active multifamily firms in the Southeast are honing in on the suburbs of Charlotte and Raleigh as they map out their long-term investment and development strategies. During the Carolinas panel at the eighth annual InterFace Multifamily Southeast conference, the panelists stated they’re preparing for a suburban shift as a large swath of the millennial renting cohort and downsizing baby boomers will be priced out of core submarkets. “There’s a confluence of different demand drivers that will persist in earnest for the next five to 10 years as we see the millennial migration happening and affordability constraints start to enter the picture more,” said Eddy O’Brien, managing partner and co-founder of Blaze Partners, a boutique multifamily investment firm based in Charleston, S.C. Ben Yorker, vice president of development at Northwood Ravin, said his firm is also interested in Charlotte and the Triangle area for new development opportunities in 2018. “Within those markets we’re edging away from infill and exploring more suburban opportunities,” said Yorker. “We’re targeting renters by choice like empty nesters or urban professionals. In 2018, we’ll shift significantly to target millennials looking to the suburbs.” New development is already trickling its …

December 14, 2017

Hospitality North Carolina Southeast

Frampton Construction Completes Event Space at Omni Hotel in Asheville

by Camren Skelton December 12, 2017

ASHEVILLE, N.C. — Frampton Construction Co. LLC has completed construction on the 10,000-square-foot Seely Pavilion and event lawn at The Omni Grove Park Inn in Asheville. The hotel is located roughly four miles from the Biltmore Estate and less than three miles from downtown Asheville. The Seely Pavilion features a Douglas fir timber structure with indigenous dry-stack stone columns, polished concrete flooring, stone fireplace, full-height glass curtain walls and views of the Blue Ridge Mountains. The new space will be used for business and social events. Constructed in 1913, The Omni Grove Park Inn includes 513 rooms and features an 18-hole golf course, subterranean spa, indoor and outdoor tennis courts, fitness center and multiple casual and formal restaurants.

December 12, 2017

Industrial North Carolina Southeast

Meritex to Deliver 79,420 SF Industrial Facility Near Charlotte Douglas International Airport

by Camren Skelton December 11, 2017

CHARLOTTE, N.C. — Meritex has broken ground on a 79,420-square-foot industrial building located next to CLT Logistics Center, an 11-building industrial campus located roughly four miles south of Charlotte Douglas International Airport. Meritex acquired CLT Logistics Center in 2016 for $46.3 million, with plans to develop on the adjacent land site. The new building will feature 32-foot clear heights, a 60-foot speed bay, store fronts with timber panel finishes and additional trailer storage. The project is the first phase of a larger plan to develop three distribution buildings on the site, which will accommodate approximately 220,000 square feet. The first phase is expected to deliver by spring 2018. Foundry Commercial will manage the project and handle the property’s leasing assignment.

December 11, 2017

Multifamily North Carolina Southeast

Inland Arranges $49.5M Sale of Apartment Community in Metro Raleigh

by Camren Skelton December 8, 2017

KNIGHTDALE, N.C. — Inland Real Estate Acquisitions has arranged the sale of Alta Legacy Oaks, a 304-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Mark Cosenza and Beth Smith of Inland Real Estate Group arranged the transaction on behalf of the buyer, an Inland affiliate. Wood Partners sold the asset for $49.5 million, according to the Triangle Business Journal. The property, located at 1150 Baxter Lane, will be renamed View at Legacy Oaks. The community includes one- to three-bedroom units ranging in size from 744 to 1,502 square feet. Community amenities include a swimming pool, outdoor kitchen, outdoor game lounge, fitness center, community garden, business center, dog park, car care center, playground and a clubhouse. At the time of sale, View at Legacy Oaks was 96 percent occupied.

December 8, 2017

North Carolina Retail Southeast

Asheville Outlets Wins ICSC Design and Development Award

by Camren Skelton December 8, 2017

ASHEVILLE, N.C. — The International Council of Shopping Centers (ICSC) has named the Asheville Outlets a commendation winner in the renovations and expansions category at the 2017 U.S. Design and Development Awards competition. ICSC announced the winners during an awards ceremony at ICSC’s RetailGreen and CenterBuild Conference in Scottsdale, Ariz. Nine real estate developments throughout the country won an award, and Asheville Outlets was the only outlet center and only Southeast property to achieve this distinction. New England Development developed and manages the property, which is the redevelopment of an enclosed regional shopping mall into a multi-building, open-air center. The 325,000-square-foot center features a mountain village design with stone cladding, wood accents, paved pedestrian walkways, water fountains, landscaped gardens and multiple seating areas. Located roughly five miles from downtown, Asheville Outlets is home to tenants including Ann Taylor, Banana Republic, Brooks Brothers, Coach, J. Crew, Tommy Hilfiger, Under Armour, Vera Bradley and Field & Stream.

December 8, 2017

North Carolina Office Southeast

HFF Brokers $22M Sale of Office Asset in Research Triangle Park

by Camren Skelton December 5, 2017

DURHAM, N.C. — HFF has arranged the $22 million sale of Nottingham Hall, a 105,601-square-foot office property in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, CapRidge Properties LLC, and procured the buyer, Senior Housing Properties Trust, a seniors housing and healthcare REIT that also invests in office buildings leased to medical tenants. Nottingham Hall is located at 4505 Emperor Blvd., within Imperial Center, a business park in Durham’s Research Triangle Park submarket. Constructed in 2001, the four-story building was fully leased at the time of sale to 13 tenants including its largest, Social and Scientific Systems, a company dedicated to improving public health worldwide. The RMR Group manages the property.

December 5, 2017

Loans Multifamily North Carolina Southeast

HFF Brokers $37.6M Acquisition Loan for Multifamily Community in Triangle

by Camren Skelton December 4, 2017

CARY, N.C. — HFF has arranged a $37.6 million acquisition loan for Brook Arbor, a 302-unit apartment community in Cary. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, floating-rate loan with five years of interest-only payments through Freddie Mac’s CME program on behalf of the borrower, Taurus Investment Holdings LLC. The property is located at 200 Brook Arbor Drive, roughly 10 miles south of Research Triangle Park. Brook Arbor features a fitness center with an on-site personal trainer, swimming pool with sundeck, grilling area, playground, tennis court, fishing pond, clubhouse, lounge and a business center. Constructed in 1999, the property was 96.4 percent occupied at the time of sale.

December 4, 2017

Industrial North Carolina Southeast

Scannell Properties Sells New 258,060 SF Industrial Campus in Research Triangle Park

by Camren Skelton December 1, 2017

DURHAM, N.C. — Scannell Properties has sold PowerSecure Industrial Campus, a two-building distribution and R&D facility totaling 258,060 square feet in Durham’s Research Triangle Park submarket. Situated on 22.6 acres at 4062 and 4068 Stirrup Creek Drive, the campus is located within the 160-acre Triangle Business Center master-planned business park. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of Scannell Properties. Principal Real Estate Investors acquired the asset for an undisclosed price. Constructed this year, PowerSecure Industrial Campus includes a 172,500-square-foot assembly and distribution building and an 85,560-square-foot warehousing and R&D facility. The property is fully leased on a triple-net-lease basis to PowerSecure Inc., a product developer and solutions provider for utility companies and their commercial, institutional and industrial clients. PowerSecure Industrial Campus features 28- to 30-foot clear-heights, 13-foot truck courts with 60-foot concrete aprons and HVAC throughout.

December 1, 2017

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