North Carolina

‘Broadening’ Economy on Track for Longest Expansion Cycle in U.S. History, Says Wells Fargo’s Mark Vitner

by John Nelson June 5, 2018

CHARLOTTE, N.C. — It’s been nine years since the Great Recession ended, and if the economy can make it to June 2019 without suffering a relapse, it will be the longest business cycle in U.S. history. Mark Vitner, managing director and senior economist of Wells Fargo Securities, believes that will happen because of how broad-based the recovery has been. “For the most part, over the last nine months to a year all 50 states have been growing, which is something that hasn’t happened before,” says Vitner, who is based in Wells Fargo’s Charlotte office. “Typically, when the economy broadens it makes for a more durable expansion. When the strength of the economy begins to narrow, with fewer industries and states expanding, that’s usually a sign that a recession is a year to 18 months ahead.” Vitner’s commentary came during his keynote address at the ninth annual Carolinas InterFace conference. The half-day event, which took place on Thursday, May 31 at the Hilton Charlotte City Center hotel in Uptown Charlotte, drew 212 attendees from across the commercial real estate industry in North and South Carolina. The veteran economist says that the United States is currently at full employment with a majority …

June 5, 2018

Florida Industrial Loans North Carolina Southeast Tennessee

HFF Arranges $67M Financing for Four-Building Industrial Portfolio in Southeast

by Camren Skelton June 1, 2018

DALLAS — Dallas-based HFF has arranged $67 million in post-acquisition financing for a four-building industrial portfolio located in metro Charlotte and Orlando, as well as Memphis. Kristian Lichtenfels, Eric Tupler and Rebecca VanReken of HFF arranged the nine-year, fixed-rate loan through an insurance company on behalf of the borrower, Dream Industrial US Holdings Inc., a subsidiary of Dream Industrial Real Estate Investment Trust, a Canadian REIT. The company acquired the assets n December 2017 and January 2018. The portfolio includes the 885,000-square-foot Delta Point at 5605 Holmescrest Land and the 500,000-square-foot Shelby V at 4770 Southpoint Drive, both in Memphis; a 471,744-square-foot facility located at 860 Marine Drive in Rock Hill, a South Carolina suburb of Charlotte; and a 193,133-square-foot building located at 7730 American Way in Groveland, Fla., roughly 30 miles west of Orlando. The portfolio is fully leased to a total of six tenants and features clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors and 18 drive-in doors.

June 1, 2018

Development Hospitality North Carolina Southeast Top Stories

Kessler Collection Breaks Ground on $110M Boutique Hotel in Uptown Charlotte

by Camren Skelton June 1, 2018

CHARLOTTE, N.C. — The Kessler Collection has broken ground on the Grand Bohemian Hotel Charlotte, a 254-room hotel located in Charlotte’s Uptown district. The 15-story hotel is expected to open in 2020 and will feature 32 suites, a signature Poseidon Spa, indoor and outdoor event spaces, an open kitchen restaurant concept and a rooftop bar on the 16th floor with views of the Charlotte skyline. In addition, the boutique hotel will feature an art collection that pays tribute to the culture of Argentina. The Charlotte Business Journal reports development costs for the project total $110 million. “The Kessler Collection is extremely pleased to be in Charlotte and a part of the fabric of this beautiful city’s hospitality services,” says Richard Kessler, chairman and CEO of The Kessler Collection. “We look forward to bringing energy and animation to the city, to our location and to the hospitality experience.” The Grand Bohemian Hotel is located within walking distance to museums, restaurants and retail space. JE Dunn Construction is the general contractor for the project. The Kessler Collection’s portfolio includes nine boutique hotels located throughout the Southeast and Colorado, including two sister properties in Charleston, S.C., and Asheville, N.C. The Grand Bohemian brand is part …

June 1, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

Marcus & Millichap Brokers $20.9M Sale of Student Housing Portfolio Near Wake Forest University

by Camren Skelton May 23, 2018

WINSTOM-SALEM, N.C. — Marcus & Millichap has brokered the $20.9 million sale of Deacon Properties, a 64-home, 251-bed student housing portfolio located within walking distance of Wake Forest University in Winston-Salem. Nate McDaniel, Allen Smith and Ian Turnbull of Marcus & Millichap arranged the transaction on behalf of the seller, Deacon Rental Properties, and procured the buyer, Mission Bay Investments. The properties feature three- and four-bedroom units ranging from 1,800 to 2,100 square feet. The portfolio was 98 percent occupied at the time of sale.

May 23, 2018

Acquisitions North Carolina Office Southeast

CBRE Brokers $133.5M Sale of Office Tower in Charlotte’s CBD

by Camren Skelton May 21, 2018

CHARLOTTE, N.C. — CBRE has arranged the sale of 400 South Tryon, a 33-story office tower in Charlotte’s central business district. Funds managed by Oaktree Capital Management LP acquired the property from DRA Advisors and Trinity Capital Advisors. The sales price was not disclosed, but the Charlotte Business Journal reports the building sold for $133.5 million — more than double the price the joint venture paid in 2014. Patrick Gildea, Matt Smith, Will Yowell, Justin Parsonnet and Jay O’Meara of CBRE arranged the transaction on behalf of DRA and Trinity Capital. CBRE’s Harris Ralston, Jeff Ackerman and Jonathan Rice arranged a floating-rate loan on behalf of Oaktree. 400 South Tryon underwent significant renovations during its prior ownership, including a modernized lobby, new restrooms, new fitness center and new street-level retail space. The building was 94.6 percent leased at the time of sale. Companies recently joining the tenant roster include Skillstorm, Document Technologies and Driven Brands.

May 21, 2018

Development Multifamily North Carolina Southeast

Alliance Residential Breaks Ground on 260-Unit Apartment Community Near Uptown Charlotte

by Camren Skelton May 21, 2018

CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Queen City, a 260-unit apartment located at the convergence of Charlotte’s South End and Uptown districts. The community will feature a mix of studio, one- and two-bedroom units and will feature a Sky Lounge on the top floor overlooking the Uptown skyline. Other amenities will include a resort-style pool, 24-hour fitness center with a separate studio, garage parking, pet spa with grooming station, 24-hour package delivery system, electric car charging stations and bike storage. The community is expected to open in spring 2020.

May 21, 2018

Acquisitions Civic North Carolina South Carolina Southeast

Stan Johnson Co. Arranges $57M Sale of 21-Property Childcare Portfolio in Carolinas, Colorado

by Camren Skelton May 18, 2018

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has arranged the $57 million sale of a Gateway Academy portfolio located throughout Colorado, North Carolina and South Carolina. The portfolio includes 21 single-tenant assets that are net-leased to the childcare organization. Six of the facilities are located in North Carolina, 10 in South Carolina and five in Colorado. Milo Spector, Chris Lomuto and Matt Lipson of Stan Johnson Co. arranged the transaction on behalf of the seller, which developed the properties and co-founded Gateway Academy. A Texas-based institutional investor acquired the portfolio.

May 18, 2018

Loans Multifamily North Carolina Southeast

Blue Heron Receives Construction Financing for 164-Unit Multifamily Community in Durham

by Camren Skelton May 18, 2018

DURHAM, N.C. — Blue Heron Asset Management has received a construction loan for the development of Foster on the Park, a 164-unit apartment community located at 545 Foster St. in Durham. Roger Edwards, Justin Good and Henry Sisson of HFF arranged the loan through First National Bank, a subsidiary of FNB Corp., on behalf of Blue Heron. Foster on the Park will feature ground-floor retail and restaurant space and will overlook Central Park — the city’s main urban park that hosts a twice-weekly farmers market, food truck rodeos and community and social events. In addition, the community will be located adjacent to Durham Innovation District, a 1.7 million-square-foot, planned mixed-use development, as well as the Historic Durham Athletic Park. In addition to Blue Heron, the project team includes general contractor Resolute Building Co., architect Cline Design Associates and civil engineer Coulter Jewell Thames. Bell Partners will manage the community upon completion in the first quarter of 2020.

May 18, 2018

Acquisitions Industrial North Carolina Southeast

Meritex Acquires 100,286 SF Industrial Building Near Charlotte Douglas International Airport

by Camren Skelton May 18, 2018

CHARLOTTE, N.C. — The Meritex Co. has acquired Airpark West V, a 100,286-square-foot industrial property located three miles from Charlotte Douglas International Airport. Justin Smith and Rob Speir of Colliers International arranged the transaction on behalf of Meritex. The name of the seller and sales price were not disclosed. Airpark West V was initially constructed in 2004 and expanded in 2007. Meritex acquired the building completely vacant, and will invest in capital improvements to the property. Planned renovations include the addition of more dock doors, energy-efficient LED lighting, new HVAC systems, exterior enhancements and newly updated office suites. Foundry Commercial will manage the property and handle the building’s leasing assignment.

May 18, 2018

Acquisitions North Carolina Office Southeast

Grubb Properties, Blue Vista Capital Sell Office Park in Durham for $16.2M

by Camren Skelton May 16, 2018

DURHAM, N.C. — Grubb Properties, in conjunction with Blue Vista Capital Management, has sold Paradigm Park, a two-building office campus in Durham, for $16.2 million. An undisclosed owner-occupant acquired the asset and will consolidate its operations at the new facility. The joint venture originally acquired the vacant, 147,477-square-foot property in 2015 for $6.6 million, and began a significant renovation and leasing program. Completed enhancements include a new courtyard, redesigned entrances, improved landscaping, renovated lobbies and bathrooms and new HVAC and mechanical systems. In addition, the renovation included the addition of a fitness center with locker rooms and a conference workspace. Paradigm Park is located adjacent to Research Triangle Park off Interstate 40.

May 16, 2018

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