North Carolina

MPV Properties, Bowman Development to Build Mixed-Use Project in Metro Charlotte

by John Nelson June 13, 2017

HUNTERSVILLE, N.C. — MPV Properties and Bowman Development Group have partnered to develop Vermillion Village, a 30-acre mixed-use development in downtown Huntersville, roughly 15 miles north of Charlotte. Situated off Interstate 77 at North Church Street and Huntersville-Concord Road, the project will feature a 78,000-square-foot supermarket, 18,000 square feet of additional retail shops and 400 residential units. MPV will handle the development of Vermillion Village’s commercial portion, and Bowman will handle the residential component. The developers have committed to provide at least $250,000 for road improvements surrounding the project. The Huntersville Town Board approved plans for Vermillion Village earlier this month, and the land sale is expected to close in July. The estimated timeline for the project is three to five years, and the developers plan to build the retail portion first.

June 13, 2017

North Carolina Retail Southeast

RealtyLink to Deliver $80M Retail Development in Fayetteville, N.C.

by John Nelson June 7, 2017

FAYETTEVILLE, N.C. — RealtyLink LLC plans to deliver the $80 million Freedom Town Center located at Skibo and Cliffdale roads in Fayetteville. The 50-acre, 385,000-square-foot retail project will house tenants such as Field & Stream, HomeGoods, Hobby Lobby, Dick’s Sporting Goods, Petco, Sprouts Farmers Market, Burke’s Outlet, DSW, buybuy Baby and World Market. Greenville, S.C.-based RealtyLink expects to start opening stores in the fall with full completion set for 2018. First Tennessee Bank arranged construction financing for Freedom Town Center, which broke ground in August 2016. Austin Wilson of RealtyLink is the leasing agent for the project.

June 7, 2017

Mixed-Use North Carolina Southeast

CBRE Brokers $28.3M Sale of Mixed-Use Development in Historic Asheville

by John Nelson June 7, 2017

ASHEVILLE, N.C. — CBRE has arranged the $28.3 million sale of Pack Square, a 137,592-square-foot mixed-use development located in Asheville’s historic district. Wicker Park Capital Management purchased the five-building project from Southeastern Development. Pack Square was 82.4 percent leased at the time of sale to tenants such as Rhubarb, Posana Café, Bomba!, Novus Architects, French Broad Chocolate Lounge and Edgewater Media Group Inc. Patrick Gildea, Mike Burkard, Steve Shields and Matt Smith of CBRE represented Southeastern Development in the sale.

June 7, 2017

Hospitality North Carolina Southeast

Carey Watermark Investors 2 Acquires Charlotte Marriott City Center for $152.2M

by John Nelson June 6, 2017

CHARLOTTE, N.C. — Carey Watermark Investors 2 Inc. (CWI 2) has purchased Charlotte Marriott City Center, a 19-story, 446-room hotel located in Uptown Charlotte. The sales price and seller were not disclosed, but Charlotte Business Journal reports that Marriott Hotel Services Inc. sold the hotel to CWI 2 for $152.2 million. The hotel underwent more than $40 million of capital improvements in 2016, including the addition of eight guest rooms, five food and beverage outlets and a fitness center, as well as updates to M Club Lounge and the lobby. Other hotel amenities include a business center and 20,000 square feet of meeting space, including 13 breakout rooms and a 9,100-square-foot ballroom.

June 6, 2017

Loans Multifamily North Carolina Southeast

Medalist Capital Arranges $71M Financing for Two Apartment Communities in Raleigh, Durham

by John Nelson June 2, 2017

RALEIGH AND DURHAM, N.C. — Medalist Capital has arranged $71 million in financing for two apartment communities in Raleigh and Durham. The properties include the 203-unit Gramercy in downtown Raleigh and the 229-unit Solis Ninth in downtown Durham. Howard Brooks of Medalist Capital’s Raleigh office arranged the two separate loans through a life insurance company on behalf of the undisclosed borrowers.

June 2, 2017

North Carolina Office Southeast

Parmer Innovation Centers Purchases 1.8 MSF GSK Office Campus in Raleigh, Plans $80M Renovation

by John Nelson May 30, 2017

RALEIGH, N.C. — Los Angeles-based Parmer Innovation Centers has closed on its purchase of the 1.8 million-square-foot GSK campus within Raleigh’s Research Triangle Park. GSK, a research-based pharmaceutical and healthcare firm, sold the 20-building office and laboratory campus in a sale-leaseback transaction, whereby GSK will lease back 700,000 square feet of space on a long-term basis (up to 10 years plus renewal options). Much like Parmer’s successful Parmer Austin campus that houses Apple, Allergan, Blue Apron and GM, Parmer Innovation has rebranded the GSK campus as Parmer RTP and plans to implement an $80 million renovation focusing on amenities to attract millennial workers. Ben Kilgore, Lee Clyburn and Brian Carr of CBRE | Raleigh, along with Brian Scott of CBRE’s New York office, represented GSK in the transaction.

May 30, 2017

Multifamily North Carolina Southeast

ARA Newmark Brokers $69.3M Sale of Adaptive Reuse Apartment Community in Downtown Durham

by John Nelson May 30, 2017

DURHAM, N.C. — ARA Newmark has arranged the $69.3 million sale of Liberty Warehouse, a former tobacco warehouse in downtown Durham that has been converted into a 247-unit apartment community. Chapel Hill, N.C.-based East West Partners delivered the asset this year before selling to New York-based Duck Pond Realty, a private, family-owned investment firm. Sean Wood of ARA Newmark represented East West Partners in the transaction. Liberty Warehouse commands some of the highest rental rates in downtown Durham and features a resort-style pool, yoga room, private terrace, bike share program and 24,000 square feet of retail space.

May 30, 2017

Multifamily North Carolina Southeast

Continental Realty Purchases Apartment Community in Raleigh for $61M

by John Nelson May 25, 2017

RALEIGH, N.C. — Continental Realty Corp. has acquired The Edison Lofts, a 223-unit apartment community located at 131 E. Davie St. in Raleigh. The Baltimore-based firm purchased the asset from The NRP Group for $61 million. Sean Wood of ARA Newmark’s Charlotte office brokered the off-market transaction. Built in 2016 by NRP, The Edison Lofts is a seven-story midrise community featuring studio, one- and two-bedroom apartments ranging in size from 550 to 1,870 square feet. Community amenities include a garden courtyard, resort-style swimming pool, outdoor kitchen and grilling area, dog park, fitness center and clubroom with a resident lounge and billiards room. A direct access structured parking garage is available for both The Edison Lofts residents and visitors.

May 25, 2017

North Carolina Office Southeast

Sealed Air Opens New Office, R&D Campus in Charlotte

by John Nelson May 24, 2017

CHARLOTTE, N.C. — Sealed Air Corp., the company behind brands such as Bubble Wrap and Cryovac, has opened its new office and research campus within LakePointe Corporate Center in Charlotte. Situated south of the Charlotte Douglas International Airport, the project features two office buildings totaling 220,000 square feet, a 170,000-square-foot research and development laboratory and two parking decks. Designed by Atlanta-based tvsdesign, the property is expected to house 1,300 of Sealed Air’s employees. Amenities at the campus include a fitness center, cafeteria and social spaces, including an outdoor pavilion.

May 24, 2017

Mixed-Use North Carolina Office Southeast

F.N.B. Corp. to Anchor 22-Story Mixed-Use Tower in Downtown Raleigh

by John Nelson May 24, 2017

RALEIGH, N.C. — F.N.B. Corp., parent company of First National Bank, has signed on as the anchor tenant of a planned 22-story office and residential tower at 501 Fayetteville St. in downtown Raleigh. Named FNB Tower, the project will feature 150,000 square feet of Class A office space, 240 residential units and street-level retail space, including a branch of First National Bank. F.N.B. Corp. will occupy more than 40,000 square feet of office space with options to expand to accommodate future growth. The developer, Dominion Realty Partners, is aiming for FNB Tower to be LEED Platinum-certified. The groundbreaking for FNB Tower will take place this December, with delivery anticipated by the summer of 2019. CBRE | Raleigh will handle FNB Tower’s office and retail leasing responsibilities, and Dominion Realty will manage the property once complete. Gregg Broujos and Kathy Gigac of Colliers International and David Thor of JLL represented F.N.B. Corp. in the lease transaction.

May 24, 2017

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