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.
North Carolina
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.
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.
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.
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.
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.
CHARLOTTE, N.C. — CBRE has arranged the sales of three grocery-anchored centers in the Carolinas: Mountain Village in Jefferson, N.C.; Pine Needle Square in Smithfield, N.C.; and Westowne Shopping Center in Greenville, S.C. Mike Burkard and Steve Shields of CBRE arranged the transactions on behalf of the seller, Greensboro, N.C.-based Johnston Properties. The buyers and other terms of the transaction were not disclosed. Constructed in 1982, the 114,385-square-foot Mountain Village was fully leased at the time of sale to Food Lion, Rite Aid, Roses and Family Dollar. The 112,279-square-foot Pine Needle Square was constructed in 1975 and was 98 percent leased at the time of sale to tenants including Carlie C’s IGA, AutoZone, Citi Trends, Gallery Furniture and Pizza Hut. Westowne Shopping Center totals 121,839 square feet and was 94 percent leased at the time of sale to tenants including Bi-Lo, Roses Express, AutoZone and Cash America. The center was constructed in 1971.
CHARLOTTE, N.C. — Trinity Partners has arranged the sale of Harris Corners Corporate Park, a three-building, 357,654-square-foot office park in Charlotte. Dunn Mileham, David Morris, Mark Alviano, Jennifer Kurz and John Ball of Trinity Partners arranged the transaction on behalf of the seller, an entity affiliated with New Boston Fund. Bridge Investment Group acquired the buildings for an undisclosed price. At the time of sale, Harris Corners was 84 percent leased to more than 40 tenants. Trinity’s Ball and Kurz will continue to handle the property’s leasing assignment under the new ownership.
DURHAM, N.C. — Alliance Residential Co. has acquired the former Crown Park Hotel in Durham, with plans to convert the building into a 342-unit apartment community. Karl Hudson of Foundry Commercial arranged the transaction on behalf of Alliance. The seller and sales price were not disclosed. Alliance will begin construction on the community, named Broadstone Durham, next year. The project will feature studio, one- and two-bedroom units, including several two-story brownstones. The community will also feature a three-story glass entry “jewel box,” inspired by the nearby Durham Performing Arts Center. Broadstone Durham will be located within walking distance to American Tobacco, the Durham Bulls Athletic Park, Main Street and the Brightleaf District.
DALLAS — HFF has arranged the $26.6 million recapitalization and financing of a six-property medical office portfolio located throughout Florida and North Carolina. Anthony Frogameni, Ben Appel and Matt DiCesare of HFF marketed the portfolio on behalf of the borrower, Catalyst HRE, and procured the investor, Charter Realty Group. In addition, Michael George and Charley Dickenson of HFF arranged fixed-rate senior financing through Capital One on behalf of the new venture between Catalyst HRE and Charter Realty Group. The portfolio, which totals 68,000 square feet, comprises four radiation oncology treatment centers operated by Robert Boissoneault Oncology Institute in the Florida markets of Lecanro, Ocala and The Villages; the Florida Diagnostic Imaging Medical Office Building in Panama City, Fla.; and the Eastern Regional Surgical Center in Wilson, N.C.