Sunday, March 9, 2025
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DevelopmentIndustrialNorth CarolinaSoutheast

Lovett Industrial Breaks Ground on 282,000 SF Orr Road Business Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — Houston-based Lovett Industrial has broken ground on Orr Road Business Center, a 282,000-square-foot industrial business park in Charlotte. The property will feature two multi-tenant rear-load buildings on 21.7 acres, designed for occupancies ranging from 30,000 to 156,000 square feet. The buildings will comprise 156,000 and 126,000 square feet, respectively, featuring 32-foot clear heights, 6-inch reinforced concrete slabs, 180-foot truck courts, 60 total loading doors and two drive-in doors each. Henry Lobb and Abby Rights of Avison Young will manage leasing at the property, with Chris Skibinski of Avison Young providing capital markets strategic advisory services. A construction timeline was not disclosed.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Cushman & Wakefield Brokers Sales of Three Industrial Properties in Metro Raleigh Totaling $47.3M

by John Nelson

GARNER, N.C. — Cushman & Wakefield has brokered two sales of three industrial properties spanning more than 260,000 square feet within Greenfield Business Park in Garner, about 10 miles south of Raleigh. The three properties include two newly constructed warehouses at 4101 and 4501 Waterfield Drive along with a third building at 600 S. Greenfield Parkway. Christopher Sheldon, Doug Longyear and Andy Bogardus of Cushman & Wakefield, along with Jimmy Barnes of NAI Tri Properties, represented the seller and developer, Wigeon Capital, in both sale transactions. Foxfield Investments purchased 4101 and 4501 Waterfield Drive for $19.8 million, and Wake County ABC Board, an owner/occupier, purchased the third building for $27.5 million. Acousti Engineering and Southern Staircase occupy 4101 Waterfield Drive, and The Macomb Group occupies 4501 Waterfield Drive.

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IndustrialLoansNorth CarolinaSoutheast

KBS Obtains $38.4M Loan for Refinancing of Crossroads Distribution Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — KBS has obtained a $38.4 million loan for the refinancing of Crossroads Distribution Center, a four-building industrial property in Charlotte spanning nearly 500,000 square feet. The park was developed between 1998 and 2007 along Granite Street. The property features 24- to 30-foot clear heights, 50-foot concrete aprons and truck courts that range from 110 to 140 feet, as well as a fitness center, tenant lounge, onsite car wash/detail and proximity to public transportation. Joe Donato led the Newmark team that arranged the financing on behalf of KBS. The direct lender was not disclosed.

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DevelopmentNorth CarolinaRetailSoutheast

Wawa Opens First Store in North Carolina, Plans 10 Stores in State by Year’s End

by John Nelson

KILL DEVIL HILLS, N.C. — Wawa Inc. has opened its first gas station and convenience store in the state of North Carolina. Located in the Outer Banks town of Kill Devil Hills, the store is the first of nine Wawa locations slated to open in the Tarheel state before the end of summer and 10 by year’s end. By the end of 2024, Wawa will have stores open in Kill Devil Hills, Rocky Mount, Elizabeth City, Greenville and two stores a piece in Wilson and Goldsboro. In 2025, Wawa expects to open up to 11 stores in additional counties including Robeson, Pitt, Cumberland, Onslow, Johnston, Nash, Pender, Brunswick and New Hanover. Over the next eight to 10 years, the metro Philadelphia-based company plans to build and open six to eight stores per year in North Carolina, reaching a total of 90 stores. To build each location, Wawa will invest more than $7 million per store and employ, on average, 140 contractors and local partners during the construction process. Wawa Inc., a privately held company, began in 1803. Today, Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida, Washington, D.C., and now North Carolina — with nearly 1,000 …

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LoansNorth CarolinaRetailSoutheast

Gantry Arranges $2.1M Refinancing for Shoppes at Toringdon in Charlotte

by John Nelson

CHARLOTTE, N.C. — Gantry has arranged a $2.1 million permanent loan for the refinancing of Shoppes at Toringdon, an inline retail building located at 12194 Johnston Road in Charlotte. Situated on 1.6 acres within the larger Toringdon Circle retail community, the 8,000-square-foot property was leased to three tenants at the time of financing, including a specialty bicycle shop, eye doctor and a cell phone storefront for a major wireless carrier. Tim Storey, Casey Kupferberg and Chad Metzger of Gantry’s Phoenix office arranged the loan through one of the firm’s correspondent life insurance companies. The five-year, fixed-rate loan features a 30-year amortization schedule.

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AcquisitionsIndustrialNorth CarolinaSoutheast

JLL Arranges Sale of 149,987 SF Industrial Facility in Conover, North Carolina

by John Nelson

CONOVER, N.C. — JLL has arranged the sale of BSN Medical Distribution Facility, a 149,987-square-foot industrial property located at 1011 Keisler Road in Conover, about 44 miles northwest of Charlotte via N.C. Highway 16. Pete Pittroff, Dave Andrews, Josh McArdle, Michael Scarnato and Allan Parrott of JLL represented the seller, Founders Properties LLC, and procured the buyer, Diamond Properties. The sales price was not disclosed. The tenant, BSN Medical Inc., has more than five years of lease term remaining at the facility. The property was renovated in 2009 and features rear- and side-load configurations, 27 dock-high doors and 82 parking spaces spanning 17.2 acres, which provides potential expansion capacity at the site.

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AcquisitionsCivicNorth CarolinaSoutheast

APG Capital Sells Government Office Building in Raleigh for $9.5M

by John Nelson

RALEIGH, N.C. — APG Capital has sold a 28,321-square-foot civic office building located at 2625 Appliance Court in Raleigh. An unnamed investor based in Florida purchased the property from APG Capital for $9.5 million. An affiliate of APG Capital originally acquired the building in 2014 for $1.9 million and has since invested more than $2 million in renovations. Situated near I-440 at Capital Boulevard, the single-story, single-tenant building has been occupied by the U.S. Government Services Administration (GSA) since 2012. The GSA utilizes the building as one of two military entrance processing stations (MEPS) in North Carolina. The buyer is one of the largest landlords of GSA-leased space in the nation, according to APG Capital.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Daye North America Signs 20,678 SF Office Lease at Adaptive Reuse Project in Charlotte

by John Nelson

CHARLOTTE, N.C. — Daye North America, a manufacturer of outdoor power equipment, has signed a full-building office lease at 901 Tuck, an adaptive reuse project located at 901 Tuckaseegee Road in Charlotte’s FreeMoreWest submarket. The company will utilize 901 Tuck as its new corporate office. Chase Merkel of Trinity Partners represented the undisclosed landlord in the lease negotiations, and Warren Snowdon of Foundry Commercial represented the tenant.

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DevelopmentMixed-UseMultifamilyNorth CarolinaSoutheast

Portman Nears Completion of 319-Unit Vera at Savona Mill Apartments in West Charlotte

by John Nelson

CHARLOTTE, N.C. — Atlanta-based Portman has announced it is nearing completion of Vera at Savona Mill, a 319-unit midrise apartment community in Charlotte’s West End. First units are set to deliver in July. Vera at Savona Mill will offer one-, two- and three-bedroom options, as well as studios, lofts and townhomes. Amenities will include a resort-style pool with cabanas, a pet spa and dog park, fitness center with a yoga studio, game room and a coworking lounge. Portman plans to launch preleasing later this month. The multifamily property is the latest component of a mixed-use, adaptive reuse of a 105-year-old former textile mill that also includes retail space, creative offices, a community plaza and the expansion of the Stewart Creek Greenway that is set to open soon. The second phase of residential at Savona Mill is anticipated to break ground next summer and include 279 multifamily units and 40 townhouses.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential Opens 279-Unit Prose McCullough Station Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Alliance Residential Co. has opened Prose McCullough Station, a 279-unit apartment community located at 8424 N. Tyron St. in Charlotte’s University City neighborhood. The property is the second Prose-branded community to open in Charlotte and the third in North Carolina. Designed by architect Cline Design, Prose McCullough Station features one-bedroom layouts ranging in size from 663 to 854 square feet and two-bedroom layouts ranging from 950 to 1,206 square feet. Monthly rental rates start at $1,275, according to the property website. Amenities include a business center with private offices, fitness center featuring cardio and strength-training equipment, resident clubroom with an entertainment kitchen and an outdoor courtyard featuring a resort-style pool, grilling stations and a cabana with a TV and lounge seating. The community also features package lockers and a fenced pet park.

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