North Carolina

Charlotte’s Ballantyne Office Submarket Shows No Signs of Slowing Down

by John Nelson September 4, 2017

The housing market remains hot in Charlotte with sustained growth in both sales activity and sales price. Affordable prices, a strong market and robust salaries are driving first-time buyers to take the plunge and purchase their first home and there’s no better place to live in Charlotte than in the 28277 zip code, otherwise known as Ballantyne. The Ballantyne area is nationally known for not only a place to work with more than 5 million square feet of Class A office space, but also a desirable place to live with housing opportunities ranging from $145,000 to over $4 million. The 28277 zip code has top-rated schools, an abundance of restaurant and shopping options, private and public golf courses, and the area’s only Four-Star recognized hotel, spa and restaurant. The office sector remains hot with continued employment growth attributing to falling vacancy rates, new construction and rising rents. Charlotte has an overall vacancy rate of 10.4 percent and the overall weighted average asking rent for Class A space in Charlotte is $25.98 per square foot. There is currently over 2.3 million square feet of office product under construction in Charlotte and close to 7 million square feet planned or proposed. The …

September 4, 2017

Loans North Carolina Office Retail Southeast

Cronheim Mortgage Arranges $5.2M Loan for Retail, Office Property in Winston-Salem

by Camren Skelton September 1, 2017

WINSTON SALEM, N.C. — Cronheim Mortgage has secured a $5.2 million loan for St. George Square, a 41,000-square-foot retail and office property in Winston-Salem. Allison Villamagna, Andrew Steward and Dev Morris of Cronheim structured the 10-year loan with a 20-year amortization schedule through Standard Insurance Co. on behalf of the borrower, an entity managed by The Bedrin Organization. At the time the loan was placed, St. George Square was fully leased to a mix of retail and office tenants including Salons by JC, Berkshire Hathaway Home Services, Regus Office Centers, State Farm Insurance, Tropical Smoothie Café, Nothing Bundt Cakes and Painting with a Twist. The property is situated across from Hanes Mall Boulevard and roughly seven miles south of Wake Forest University.

September 1, 2017

North Carolina Retail Southeast

Preferred Apartment Communities Acquires Kroger-Anchored Center in Metro Raleigh

by Camren Skelton August 29, 2017

CARY, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Maynard Crossing, a 122,781-square-foot, Kroger-anchored shopping center in Cary, roughly 11 miles east of Raleigh. The sales price was not disclosed, but the company financed the acquisition using an $18.5 million, non-recourse loan from Principal Financial Group. The loan features an interest rate of 3.7 percent and matures on Sept. 1, 2032. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. The acquisition of Maynard Crossing brings New Market Properties’ portfolio to 35 grocery-anchored shopping centers across seven states.

August 29, 2017

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Regional Job Growth Reinvigorates Charlotte’s Multifamily Market

by John Nelson August 28, 2017

The Charlotte economy has created jobs at a faster rate than the national average throughout this cycle. With 34,900 new jobs over the last 12 months and more than 110,000 over the last three years, the regional job market has created a new demand for the luxury multifamily inventory throughout infill and select suburban submarkets. Four of the MSA’s top five employers — Wells Fargo, Bank of America, Carolinas HealthCare System and Novant Health — each have a combined 1,000-plus job openings in Charlotte, while AXA, Red Ventures, Dimensional Fund Advisors and CompuCom have begun major expansions across the metro area. This has created a need for additional multifamily inventory, which has expanded by 7,700 units over the last 12 months, while absorption was just shy of 7,000. The modest downtick in occupancy was more than offset by a 4 percent same-store rent growth (30 basis points higher than the five-year trailing average of 3.7 percent). Two marquee high-rise projects are nearing completion in the central business district’s Third Ward: Greystar’s Ascent and Childress Klein’s Museum Tower. The early returns show unprecedented per square foot rents for the metro area. In most infill locations, developers are offering one month free …

August 28, 2017

Multifamily North Carolina Southeast

Emma Capital Acquires Two Apartment Properties in Charlotte for $53M

by Camren Skelton August 25, 2017

CHARLOTTE, N.C. — Emma Capital Investments Inc. has acquired two multifamily communities in Charlotte: the 240-unit Grand Terraces Apartments, located at 6000 Regal Estate Lane, and the 310-unit Stanford Reserve, located at 1207 Kelson Ave. The Toronto-based company purchased the properties for $53 million. The garden-style communities, located across the street from each other, will be rebranded as one property known as Avalon Heights Apartments. Community amenities include a swimming pool, clubhouse, business center, fitness center, tennis court and a picnic area with grilling station. The acquisition marks Emma Capital’s fourth and fifth investments in North Carolina.

August 25, 2017

Industrial North Carolina Southeast

GCP Purchases 464,947 SF Industrial Property in Charlotte for $22M

by Camren Skelton August 22, 2017

CHARLOTTE, N.C. — Birmingham, Ala.-based Graham Commercial Properties (GCP) has acquired 10000 Twin Lakes Parkway, a 464,947-square-foot industrial property in Charlotte, for $22 million. Constructed in 1992, the Class A property is situated at the junction of Interstates 77 and 485. At the time of sale, 10000 Twin Lakes was fully leased to Schleich North America, a German producer of hand-painted toys, and Ingersoll Rand, a Dublin, Ireland-based industrial supply company. The seller was not disclosed.

August 22, 2017

North Carolina Retail Southeast

SRS Arranges $11.2M Sale of Shopping Center in Metro Charlotte

by Camren Skelton August 22, 2017

INDIAN TRAIL, N.C. — SRS Real Estate Partners has brokered the $11.2 million sale of Union Town Centre, a 102,360-square-foot shopping center in Indian Trail, roughly 16 miles southeast of Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Equity Investment Group, in the sale to Katz Properties LLC. Situated on 15 acres at 5850 Highway 74 West, Union Town Centre is anchored by Food Lion and Dollar Tree.

August 22, 2017

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Charlotte Industrial Market’s Absorption, Rent Growth Spur Optimism

by John Nelson August 21, 2017

The industrial market in Charlotte is healthy, with trends pointing to another solid year of net absorption and rent growth. The market continues to attract institutional capital, as cap rates hover slightly below 6 percent for Class A product in the metro’s primary submarkets. Charlotte’s job growth continues to drive population migration into the market. More than 37,000 new jobs have been added in the past 12 months, dropping the unemployment rate from 5.2 percent to 4.9 percent. North Carolina has a young, educated workforce and boasts 53 universities and colleges. The state is nationally recognized for its labor climate. Major employers span the gamut of the business world, from financial and energy stalwarts such as Bank of America and Wells Fargo, Duke Energy and Siemen’s Energy Inc., to more industrial players such as Daimler Trucks North America, Lowe’s, FedEx and Snyder’s-Lance Inc. Charlotte is a logistically sound market, with the city’s airport ranking as the eighth busiest in the U.S., according to the Federal Aviation Administration. A relatively new intermodal rail facility and continued investment in road infrastructure projects are also helping to foster an optimistic environment. The HB2 legislation, which proved a major obstacle to attracting new companies …

August 21, 2017

North Carolina Retail Southeast

InvenTrust Acquires Harris Teeter-Anchored Shopping Center in Metro Raleigh for $25M

by Camren Skelton August 18, 2017

CARY, N.C. — InvenTrust Properties Corp. has purchased Cary Park Town Center, a Harris Teeter-anchored shopping center in Cary, roughly 11 miles west of Raleigh, for $25 million. The seller was not disclosed. In addition to Harris Teeter, the 93,000 square-foot center is home to tenants including CVS/pharmacy, Dunkin’ Donuts, Subway, Great Clips and Mathnasium. Located at 10130 Green Level Church Road, Cary Park Town Center is roughly 10 miles south of Research Triangle Park.

August 18, 2017

North Carolina Southeast

Trinity Partners Secures 81,032 SF Lease for Shared Office Space Provider in Raleigh

by Camren Skelton August 16, 2017

RALEIGH, N.C. — Trinity Partners has secured an 81,032-square-foot lease for WeWork, a shared office space provider, at One Glenwood, an $86 million office building under development in Raleigh. William Allen and Alex Dunn of Trinity Partners represented the building’s owner and developer, Heritage Properties Inc., in the lease transaction. Jason High and John Daly of CBRE represented WeWork. Upon completion, One Glenwood will total 227,500 square feet, including 15,000 square feet of street-level retail space. WeWork will be an anchor tenant, occupying floors three through five. One Glenwood will be WeWork’s first location in Raleigh and its second office in the Carolinas. The office building is slated to open in early 2019.

August 16, 2017

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