North Carolina

GCP Buys 1.2 MSF Industrial Portfolio in Charlotte, Orlando for $74M

by Camren Skelton October 9, 2017

CHARLOTTE, N.C. AND ORLANDO, FLA. — GCP has acquired a 1.2 million-square-foot industrial portfolio in Charlotte and Orlando for $74 million. The portfolio includes two warehouses within Legacy Park West in Charlotte: a 126,000-square-foot facility fully leased to Elite Logistics and a recently completed, 432,000-square-foot building. Avison Young will handle the new building’s leasing efforts. The portfolio also includes Lake County Distribution Center, a 706,722-square-foot property in Orlando that is fully leased to Samsung SDS America and Niagara Bottling. The facility serves as Samsung’s new Southeast distribution center and as Niagara’s distribution hub that services its bottling facility less than a mile away.

October 9, 2017

Multifamily North Carolina Southeast

ZOM to Break Ground on 203-Unit Apartment Community in Charlotte

by Camren Skelton October 9, 2017

CHARLOTTE, N.C. — ZOM Living has unveiled plans to develop Hazel SouthPark, a 203-unit multifamily community in Charlotte’s SouthPark neighborhood. The Orlando-based multifamily developer will break ground on the six-story community early next year. Located at 4401 Barclay Downs, the site includes a former 38,300-square-foot office building that will be redeveloped. ZOM recently acquired the 2.7-acre site for $13.2 million, and Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, a partnership of private investors. Amenities at Hazel SouthPark will include an attached parking garage and a rooftop pool deck. In addition, the community will feature 6,000 square feet of ground floor restaurant space, 8,000 square feet of ground floor retail and 8,400 square feet of amenity space. Hazel SouthPark is located adjacent to the SouthPark Mall and within walking distance to numerous dining, shopping and offices. ZRS Management LLC will manage the property. TD Bank and Santander Bank provided construction financing for the project. CBG Building Co. is the general contractor, and Cline Design Associates is the project’s architect. Hazel SouthPark is slated to deliver in the fourth quarter of 2019, with preleasing starting in the third quarter of 2019.

October 9, 2017

Multifamily North Carolina Southeast

Dominion Breaks Ground on $50M Green Apartment Development in Charlotte

by Camren Skelton October 4, 2017

CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on Whitehall Village Apartments, a 318-unit multifamily community in Charlotte. The Raleigh-based developer plans to obtain a green designation from the National Association of Home Builders for the $50 million project, which will feature Energy Star appliances and light fixtures; low flow bathroom and irrigation fixtures; high grade insulation systems; and oversized windows and sliding doors to reduce lighting and energy usage. Community amenities will include a fitness center with a yoga studio, game room, saltwater pool, two dog parks and outdoor kitchen grilling areas. Dominion is partnering with Edge Principal Advisors on the project. First Tennessee Bank is providing construction financing. Other team members include project designer Rule Joy Trammell + Rubio, general contractor VCC and civil engineer Land Design. Capstone Apartment Partners brokered the land sale and HFF provided financial advisory services. Whitehall Village will be within walking distance to Whitehall Commons Shopping Center, Publix, Lowe’s Home Improvement, Walmart Supercenter and Topgolf. The first units are slated to deliver in the fall of 2018.

October 4, 2017

Mixed-Use North Carolina Southeast

Columbia Development Unveils Name, Plans for Mixed-Use Community in Triangle

by Camren Skelton October 4, 2017

CARY, N.C. — Columbia Development has unveiled the name of the new mixed-use development in Cary’s Eastern Gateway. The project will be named Fenton, after the town’s namesake Samuel Fenton Cary. The Wegmans-anchored community will feature 2.5 million square feet of Class A office space, street-level retail, restaurants, hotel and multifamily residences. Wakefield Beasley & Associates is Fenton’s principal architect, and McAdams and Glenda S. Toppe & Associates are providing planning services. McAdams is also the project’s landscape architect. Ron Pfhol and Dotan Zuckerman of Columbia, S.C.-based Columbia Development will handle the project’s retail leasing assignment. Fenton will feature a mix of national, regional and local retailers including a boutique movie theater, chef-driven restaurant concepts and wellness offerings including yoga, Pilates, indoor cycling and health spas. William Allen of Trinity Partners will oversee the office leasing portion.

October 4, 2017

North Carolina Office Southeast

Somerset, ABR Sell Office Park in Raleigh for $17.8M

by Camren Skelton October 4, 2017

RALEIGH, N.C. — A partnership between Somerset Properties and Alex. Brown Realty Inc. (ABR) has sold Spring Forest Business Center, a three-building flex and office park in Raleigh, for $17.8 million. Chris Norvell, Scot Humphrey and Patrick Nally of HFF represented the seller in the transaction. Stolz Real Estate Fund VI purchased the asset. Located at 3100, 3150 and 3200 Spring Forest Road, the property is within walking distance to more than 15 restaurants and lifestyle amenities. Spring Forest Business Park, constructed between 1984 and 2002, totals 156,036 square feet and features floor-to-ceiling glass windows, patio areas, eight dock doors, four drive-ins and the ability to accommodate uses including office, research and development, showroom, call center or warehouse. The office park was 94.7 percent leased at the time of sale to 10 tenants including Critical Health Systems Inc., Allstate Insurance Co., Adreima and Liberty Home Care.

October 4, 2017

North Carolina Retail Southeast

Baceline Acquires Shopping Center in Charlotte for $5.1M

by Camren Skelton October 2, 2017

CHARLOTTE, N.C. — Baceline Investments Inc. has acquired Galleria Village, a 34,690-square-foot shopping center in Charlotte. The Denver-based company purchased the asset from an affiliate of Cohen Equities for $5.1 million. Located at the intersection of Galleria Boulevard and Sardis Road in southeast Charlotte, Galleria Village was 83 percent leased at the time of sale. The acquisition marks Baceline’s first property in North Carolina and brings the company’s portfolio to 13 properties with a total value of $96 million.

October 2, 2017

North Carolina Office Retail Southeast

NAI Piedmont Triad Brokers $12M Sale of Office, Retail Buildings in North Carolina

by Camren Skelton September 29, 2017

GREENSBORO, N.C. — NAI Piedmont Triad has arranged the $12 million sale of two commercial buildings located at 333 N. Greene St. and 327 Battleground Ave. in downtown Greensboro. Robin Tyler and Beau McIntosh of NAI Piedmont Triad arranged the transaction on behalf of the seller, Greensboro-based Johnston Properties Inc. Whit Brown of NAI Carolantic represented the buyer, Raleigh, N.C.-based Greene Street Holdings LLC. Constructed in 2000, 333 N. Greene Street features 68,000 square feet of office space and was fully leased at the time of sale. 327 Battleground Avenue is a converted retail building that was also fully leased at the time of sale to tenants including The Undercurrent Restaurant.

September 29, 2017

North Carolina Retail Southeast

The Shopping Center Group Unveils Retail Tenants for $53M Adaptive Reuse Project in Charlotte

by Camren Skelton September 28, 2017

CHARLOTTE, N.C. — The Shopping Center Group has unveiled the tenant lineup for the retail portion of One305 Central, a $53 million adaptive reuse development located approximately one mile northeast of Charlotte’s Uptown district. The developer, TriBridge Residential, has selected The Shopping Center Group to be the exclusive leasing representative for the retail portion of the project. The new tenants include: Yafo Kitchen, a fast-casual Mediterranean restaurant that will occupy 3,500 square feet; TRUE Crafted Hospitality Group, a fast-casual concept that will occupy 4,200 square feet and feature traditional diner fare; and Pilot Brewing Co., a local nano-brewery specializing in small-batch, experimental beer. Pilot Brewing’s nearly 1,900-square-foot space will include a tasting room. The retailers are expected to open next spring. In addition to retail, One305 Central includes 281 residential units. The first phase of the residential portion is 95 percent preleased and 85 percent occupied, and the second phase is slated for completion in October. The commercial building was originally built in the 1960s and 70s. Hood Architecture designed the updated commercial space, and Roper Construction served as the general contractor. TriBridge originally acquired the five-acre site in 2014 for $7.8 million.

September 28, 2017

Industrial North Carolina Southeast

Dilweg Sells 13-Building Industrial Property in Greensboro, North Carolina

by Camren Skelton September 26, 2017

GREENSBORO, N.C. — The Dilweg Cos. has sold South Elm Business Center, a 13-building industrial/flex development totaling approximately 330,000 square feet in Greensboro. Jonathan Smith of CBRE | Triad represented Durham, N.C.-based Dilweg in the transaction. Chris Ramm of Ramm Commercial Properties represented the buyer, Winston-Salem, N.C.-based Taylor Development Group. The sales price was not disclosed, but the Triad Business Journal reports Dilweg purchased the asset in 2009 for $11.5 million. Constructed between 1981 and 1988, South Elm Business Center is located on 29 acres at the corner of South Elm Eugene Street and Creek Ridge Road. The buildings offer a range of single- and multi-tenant options and feature office and warehouse space, docks, drive-in doors, showrooms and fenced yards. The portfolio was 88 percent leased at the time of sale. The CBRE | Triad team has handled leasing efforts for the portfolio since 2015 and will continue to do so under the new owner. Sara Proffit of CBRE | Triad will manage the property on behalf of Taylor Development.

September 26, 2017

Multifamily North Carolina Southeast

Cortland Partners Acquires 284-Unit Multifamily Property in Raleigh

by Camren Skelton September 26, 2017

RALEIGH, N.C. — Atlanta-based Cortland Partners has acquired Aurum Falls River, a 284-unit apartment community in Raleigh. The sales price and seller were not disclosed. Located at 1302 Rio Valley Drive, the property is located near Research Triangle Park, Wake Forest University and the Raleigh-Durham International Airport. Aurum Falls River was constructed in 2001 and offers one-, two- and three-bedroom floor plans. Community amenities include a car care center, pet wash station, pool, outdoor kitchen, playground, fitness center and a dog park.

September 26, 2017

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