North Carolina

Stiles Residential, Grubb Ventures Deliver 186-Unit Apartment Community in Raleigh

by Camren Skelton September 25, 2017

RALEIGH, N.C. — Fort Lauderdale, Fla.-based Stiles Residential Group and Raleigh-based Grubb Ventures have opened The Carolinian on Glenwood, a 186-unit apartment community in Raleigh. Located at 2600 Glenwood Ave., the property is located inside the Interstate 440 Beltline. Clancy & Theys Construction Co. built the community, which offers studio to three-bedroom floor plans ranging in size from 600 to 1,700 square feet. Community amenities include an outdoor rooftop lounge with a saltwater swimming pool, fitness center with a yoga studio, conference lounge and a Canine Club, which includes an indoor dog run and play area and a pet-grooming spa.

September 25, 2017

Mixed-Use North Carolina Southeast

Ally Financial to Anchor 742,000 SF Mixed-Use Development in Uptown Charlotte

by Camren Skelton September 21, 2017

CHARLOTTE, N.C. — Ally Financial has signed on to anchor a 742,000-square-foot mixed-use project in Uptown Charlotte. Crescent Communities will break ground on Ally Charlotte Center at 601 S. Tryon St. in the first quarter of 2018. Ally Financial will lease 400,000 square feet and is expected to move to the new space when the building delivers in 2021. In addition to office space, plans for the 26-story tower include ground-level retail and restaurant space, a parking garage and a hotel. The building is situated near a LYNX light rail system stop and Interstate 277. Chase Monroe and Chris Schaaf of JLL represented Ally in the lease transaction, and Charley Leavitt and Barry Fabyan of JLL represented Crescent Communities. The Charlotte-based company specializes in the development of residential and mixed-use communities, including Piedmont Town Center, Coliseum Centre and the River District in Charlotte.

September 21, 2017

Hospitality North Carolina Southeast

Hospitality Properties Trust Purchases 300-Room Hotel in Charlotte for $44M

by Camren Skelton September 21, 2017

CHARLOTTE, N.C. — Hospitality Properties Trust has purchased Crowne Plaza Charlotte Executive Park, a 300-room hotel in south Charlotte, for $44 million. Chris Lingerfelt, Cyrus Vazifdar and Brent Bowman of HFF represented the undisclosed seller in the transaction. Constructed in 1983, Crowne Plaza Charlotte Executive Park underwent a renovation in 2014, which included upgrades to guestrooms, public areas and meeting space, as well as the hotel’s restaurant and bar. The hotel features a fitness center, swimming pool, business center and a sand volleyball court. Located at 5700 Westpark Drive, the hotel is roughly eight miles from the Charlotte Douglas International Airport and features a complimentary airport shuttle. Hospitality Properties Trust will keep the Crowne Plaza brand affiliation, and Intercontinental Hotels Group will manage the property.

September 21, 2017

North Carolina Office Southeast

Foundry Commercial, Hart Realty Acquire Office Campus in Research Triangle Park for $24.2M

by Camren Skelton September 20, 2017

MORRISVILLE, N.C. — Foundry Commercial, along with capital partner Hart Realty Advisers LLC, has purchased Concourse Lakeside I and II, a two-building office campus in the Raleigh-Durham community of Morrisville, for $24.2 million. Ryan Clutter, Scott Humphrey and Chris Lingerfelt of HFF represented the seller, a partnership between an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management. The HFF team also procured the buyer. Foundry and Hart plan on updating the 154,552-square-foot office campus to include base building upgrades and additional amenities. Located within the Research Triangle Park submarket, Concourse Lakeside has direct access to Interstates 40 and 540. At the time of sale, the portfolio was 89 percent leased to tenants including Aetna Life Insurance Co., The Redwoods Group and TransAmerica.

September 20, 2017

North Carolina Office Southeast Top Stories

Starwood, Trinity Capital, Vanderbilt Partners Sell Raleigh-Durham Office Portfolio for $105.5M

by Nellie Day September 20, 2017

RALEIGH AND DURHAM, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold a seven-property office portfolio in Raleigh-Durham to an institutional investor for $105.5 million. The portfolio contains a total of 581,619 square feet within the Perimeter Park business park. The properties are located at 1500, 1600, 1700, 1800, 2000 and 2250 Perimeter Park and 3800 Paramount Parkway within the Research Triangle Park submarket of Raleigh-Durham. The portfolio is situated near Interstates 540 and 40, with access to Cary, West Raleigh and North Raleigh, as well as access to the Raleigh-Durham International Airport and Research Triangle Park. The portfolio was built in the 1990s and early 2000s. It is approximately 91 percent leased to tenants like QuintilesIMS, AECOM, TrialCard, UNC Physicians Network and Beacon Health Options. “This transaction demonstrates the strong appeal and growing appetite from institutional investors for well-positioned office investment opportunities in Raleigh-Durham and throughout the overall Carolinas market,” says HFF’s Ryan Clutter who, along with Scot Humphrey and Chris Lingerfelt, represented the sellers in this transaction. “Suburban office has proven to be a more challenging asset class to sell in many markets around the country, yet the Carolinas continue …

September 20, 2017

Multifamily North Carolina Southeast

SunCap Property Begins Construction on Upscale Apartment Asset in Charlotte

by Camren Skelton September 18, 2017

CHARLOTTE, N.C. — SunCap Property Group has broken ground on Draper Place, a four-story, 47-unit apartment community located at the intersection of Randolph Road and Dotger Avenue in Charlotte. The high-end community will include two- and three-bedroom units ranging in size from 1,650 to 2,200 square feet, with rental rates starting at $3,400 per month. Individual units will feature gas stoves, under-cabinet lighting, dry bars with wine refrigerators, walk-in closets and 10-foot ceilings. Community amenities will include a community clubroom, private conference room, shared kitchen and an outdoor gas grill and custom fireplace. The first units at Draper Place are expected to deliver by late 2018. Cline Design is the architect for the project, Metrolina Builders is the general contractor and Rivergate KW Residential will lease and manage the community. Draper Place is SunCap’s first multifamily development in Charlotte.

September 18, 2017

North Carolina Office Southeast

Vestis Capital Arranges $8.2M Sale of Office Building in Durham

by Camren Skelton September 18, 2017

DURHAM, N.C. — Vestis Capital Partners has brokered the $8.2 million sale of Valley View, a 54,000-square-foot office building located at 3511 Shannon Road in Durham. Drew Eller of Vestis Capital Partners arranged the transaction on behalf of the seller, Valley View Office LLC. Bo Hargrove and Street Jones of Rich Commercial Realty represented the buyer, a Massachusetts-based private investor. At the time of sale, Valley View was 90 percent leased.

September 18, 2017

North Carolina Office Southeast

Cushman & Wakefield Negotiates $35.5M Sale of Office Building in Uptown Charlotte

by Camren Skelton September 15, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $35.5 million sale of 200 South Tryon, a 215,101-square-foot office building in Charlotte’s Uptown district. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, LNR Partners. The buyer, an entity controlled by Miami based-Jewell Capital LLC, acquired the asset. Constructed in 1962, the 17-story property was renovated in 2001 to include interior and exterior modifications and new building systems, followed by further improvements in 2014. The building is located within walking distance of more than 200 restaurants, Romare Bearden Park and public transit. At the time of sale, 200 South Tryon was 85 percent leased.

September 15, 2017

North Carolina Retail Southeast

CBRE | Raleigh Brokers $8.6M Sale of Six-Property Dollar General Portfolio in North Carolina

by Camren Skelton September 12, 2017

RALEIGH, N.C. — CBRE | Raleigh has arranged the $8.6 million sale of a six-property Dollar General portfolio located throughout North Carolina. Joe Graham of CBRE | Raleigh led the 1031 tax deferred exchange on behalf of the seller, a company affiliated with Raleigh-based Vanguard Property Group, a development and investment management firm. Michael McManus of Marcus & Millichap represented the buyer, a local private investor. Each Dollar General location holds a long-term, triple-net lease.

September 12, 2017

Loans Multifamily North Carolina South Carolina Southeast

Bellwether Closes $67M in Financing for Two Multifamily Properties in Carolinas

by Camren Skelton September 8, 2017

NORTH MYRTLE BEACH, S.C. AND HUNTERSVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed $67 million in financing for two multifamily properties in the Carolinas: Summer Chase Apartments in North Myrtle Beach and Brookson Resident Flats in Huntersville. Cooper Willis of Bellwether Enterprise arranged the $31.8 million acquisition loan through New York Life for Brookson Resident Flats on behalf of the borrower/buyer, Carter Haston Real Estate Services. Todd Johnson of Bellwether arranged $16 million in joint venture equity for the asset. Delivered earlier this year, the 296-unit apartment community is located roughly 15 miles from Charlotte and features a swimming pool, athletic club, bike sharing services and garages. Ridge Stafford of Bellwether arranged a $12.8 million Fannie Mae acquisition loan for Summer Chase Apartments on behalf of the borrower/buyer, MACC Partners. Todd Johnson arranged $3.6 million in joint venture equity. Constructed in 2000, the 168-unit community features a swimming pool, fitness center, laundry facilities, playground and a grilling area.

September 8, 2017

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