North Carolina

Alliance Residential to Convert Hotel in Durham to 342-Unit Multifamily Community

by Camren Skelton November 28, 2017

DURHAM, N.C. — Alliance Residential Co. has acquired the former Crown Park Hotel in Durham, with plans to convert the building into a 342-unit apartment community. Karl Hudson of Foundry Commercial arranged the transaction on behalf of Alliance. The seller and sales price were not disclosed. Alliance will begin construction on the community, named Broadstone Durham, next year. The project will feature studio, one- and two-bedroom units, including several two-story brownstones. The community will also feature a three-story glass entry “jewel box,” inspired by the nearby Durham Performing Arts Center. Broadstone Durham will be located within walking distance to American Tobacco, the Durham Bulls Athletic Park, Main Street and the Brightleaf District.

November 28, 2017

Florida Healthcare Loans North Carolina Southeast

HFF Arranges $26.6M Recapitalization, Financing of Medical Office Portfolio in Florida, North Carolina

by Camren Skelton November 28, 2017

DALLAS — HFF has arranged the $26.6 million recapitalization and financing of a six-property medical office portfolio located throughout Florida and North Carolina. Anthony Frogameni, Ben Appel and Matt DiCesare of HFF marketed the portfolio on behalf of the borrower, Catalyst HRE, and procured the investor, Charter Realty Group. In addition, Michael George and Charley Dickenson of HFF arranged fixed-rate senior financing through Capital One on behalf of the new venture between Catalyst HRE and Charter Realty Group. The portfolio, which totals 68,000 square feet, comprises four radiation oncology treatment centers operated by Robert Boissoneault Oncology Institute in the Florida markets of Lecanro, Ocala and The Villages; the Florida Diagnostic Imaging Medical Office Building in Panama City, Fla.; and the Eastern Regional Surgical Center in Wilson, N.C.

November 28, 2017

North Carolina Office Southeast

Parmer Innovation Centers Acquires 276,726 SF Office Building in Research Triangle Park

by Camren Skelton November 21, 2017

RALEIGH, N.C. — Parmer Innovation Centers has acquired 14 TW Alexander Drive, a 276,726-square-foot office, laboratory and manufacturing building in Raleigh’s Research Triangle Park. The building, located next door to the Parmer RTP campus, will be renamed Parmer 14. Brian Carr and Lee Clyburn of CBRE | Raleigh arranged the transaction on behalf of Parmer Innovation Centers. Other terms of the transaction were not disclosed. Renovations to Parmer 14 will include outdoor space with permanent food truck sites, a rooftop deck, outdoor meeting spaces, waterfront amenities and sports courts. The new building will be ready for occupancy in the first quarter of 2018. Carr and Clyburn will handle the property’s leasing assignment. Parmer Innovation Centers operates more than 3 million square feet of innovative workspace in the U.S. and the UK, and houses tenants including Apple, Allergan, Blue Apron, GlaxoSmithKline, GM and Credit Suisse.

November 21, 2017

Affordable Housing Multifamily North Carolina Southeast

Woda Group Breaks Ground on Two Affordable Housing Projects in North Carolina

by Camren Skelton November 20, 2017

ROCKY MOUNT AND ZEBULON, N.C. — The Woda Group Inc. has broken ground on two multifamily communities in North Carolina: Ravenwood Crossing in Rocky Mount and Shepard Greene in Zebulon. The $9 million Rocky Mount development will include 80 affordable townhomes for seniors, families and single renters. Financing was provided through low income housing tax credits (LIHTC), loans allocated by the North Carolina Housing Finance Agency, the City of Rocky Mount, Community Affordable Housing Equity Corp. (CAHEC) and the Bank of Tennessee. Shepard Greene, a $6.4 million community in Zebulon, will include 50 affordable homes for seniors age 55 and over. Bank of America is providing equity for the project and a USDA Rural Development 538 loan will be implemented by Bellwether Enterprise. The project is also utilizing LIHTC and other state loans allocated by the North Carolina Housing Finance Agency.

November 20, 2017

Multifamily North Carolina South Carolina Southeast

NAI Earle Furman Brokers $60M Sale of Two Multifamily Properties in Carolinas

by Camren Skelton November 17, 2017

SUMTER, S.C. AND JACKSONVILLE, N.C. — NAI Earle Furman has arranged the $60 million sale of two multifamily properties in the Carolinas: Piedmont Plantation in Sumter and Plantation at Jacksonville in Jacksonville. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman arranged the transactions on behalf of the seller, Greensboro, N.C.-based Berkley Hall Construction. Gastonia, N.C.-based Triangle Real Estate acquired both properties in separate transactions. Constructed in 2007, Piedmont Plantation includes 252 one-, two- and three-bedroom units. The Plantation at Jacksonville was constructed in 2014 and includes 360 one-, two- and three-bedroom units. Both properties feature a pool, fitness center, dog park, playground and a car care center. In addition, both properties were fully occupied at the time of sale.

November 17, 2017

Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $32.7M Sale of Multifamily Community in Charlotte

by Camren Skelton November 16, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $32.7 million sale of Tryon Park at Rivergate, a 202-unit apartment community in Charlotte. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the seller, Charlotte-based White Point Partners. Raleigh-based Chaucer Creek Capital acquired the asset. Tryon Park at Rivergate features a business center, saltwater swimming pool, fitness center with a yoga and Pilates studio, car care center, dog park, grilling stations and detached garages.

November 16, 2017

North Carolina Office Retail Southeast

Ziff Properties Acquires 85,041 SF Office, Retail Center in Asheville, North Carolina

by Camren Skelton November 14, 2017

ASHEVILLE, N.C. — Ziff Properties Inc. has acquired Biltmore Station, an 85,401-square-foot office and retail center in Asheville, roughly one mile from the Biltmore Estate. Alex Quarrier of Berkeley Capital Advisors represented the seller in the transaction. Other terms of the deal were not disclosed. At the time of sale, Biltmore Station was 78 percent leased to a variety of office and retail tenants, including The Biltmore Co., Coram Healthcare, Image Dental Arts, Jimmy Johns, Pour Taproom, PT Solutions, Edward Jones, Virgola Wine Bar, Ichiban Japanese Restaurant and Fhiit Life.

November 14, 2017

North Carolina Office Retail Southeast

Northridge Capital, Insite Break Ground on 107,000 SF Office, Retail Building in Midtown Charlotte

by Camren Skelton November 10, 2017

CHARLOTTE, N.C. — Northridge Capital LLC, in partnership with Insite Properties, has broken ground on The Refinery, a 107,000-square-foot creative office and retail project located at 1213 W. Morehead St. in Charlotte’s Midtown district. The five-story building will include four upper levels of 22,500-square-foot floorplates, 10- to 14-foot ceilings heights and floor-to-ceiling glass windows. The first floor will be dedicated to retail space and will feature 16-foot ceiling heights. The Refinery will also feature a rooftop amenity space, free parking in a 350-space parking deck, electric car charging stations, interior bike storage, private showers and locker rooms and a gathering space in the main lobby. The building will sit adjacent to a 287-unit multifamily community currently under construction. In addition, The Refinery is within walking distance to a number of restaurants in Charlotte’s Freemore West neighborhood. Barry Fabyan and Charley Leavitt of JLL are handling the leasing assignment for the office portion of the project, and John Hadley of The Nichols Co. is overseeing retail leasing. The project team includes architect BB+M Architecture, civil engineer LandDesign and general contractor Edifice Construction. Northridge and Insite plan to deliver The Refinery in fall 2018.

November 10, 2017

North Carolina Retail Southeast

CRG Closes $5.2M Sale of Grocery-Anchored Center in Coastal North Carolina

by Camren Skelton November 6, 2017

CALABASH, N.C. — Cleeman Realty Group (CRG) has arranged the $5.2 million sale of Carolina Commons, a 50,400-square-foot, Food Lion-anchored retail center in Calabash, located 28 miles northeast of Myrtle Beach, S.C. Jacob Baruch, David Kaufman and Michael Cleeman of CRG represented the undisclosed buyer and the seller, a group of TIC investors. Carolina Commons was 93 percent leased at the time of sale.

November 6, 2017

Multifamily North Carolina Southeast

Avison Young Arranges $37.3M Sale of Apartment Community in Raleigh

by Camren Skelton November 3, 2017

RALEIGH, N.C. — Avison Young has arranged the $37.3 million sale of Woodfield Glen, a 233-unit apartment community located at 3801 Glen Verde Trail in Raleigh. Peter Sherman, Craig Cadwallader, Grant Linderman and Sam Chow of Avison Young arranged the transaction on behalf of the buyer, California based-Inco Monterra LLC. ARA Newmark represented the seller, Richmond, Va.-based Grayco Inc. Located at the corner of Glenwood Avenue and Lynn Road, the property is located seven miles from downtown Raleigh and four miles from Raleigh-Durham International Airport. Woodfield Glen was constructed in 2008 and features a mix of one-, two- and three-bedroom units. Community amenities include a saltwater pool, fitness center, clubhouse, garages, storage rentals and a game room.

November 3, 2017

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