North Carolina

Equus Acquires Office Building in Charlotte’s SouthPark Submarket for $60M

by John Nelson April 25, 2017

CHARLOTTE, N.C. — Equus Capital Partners Ltd. has purchased the Rotunda Building, a 230,790-square-foot office building located at 4201 Congress St. in Charlotte’s SouthPark submarket. Equus acquired the property from global asset management firm RREEF America for $60 million, according to the Charlotte Business Journal. Situated on 5.3 acres near SouthPark Mall, the office building features a two-story lobby, conference room, water fountain and Village Tavern, a full-service restaurant. HFF represented the seller in the transaction and arranged a $42.4 million acquisition loan through Bank of America Merrill Lynch on behalf of Equus. The property was 91 percent leased at the time of sale to tenants such as JLL, First Bank, Capital South, Development Management and Michelin. Ryan Clutter, Scot Humphrey and Chris Lingerfelt led the HFF investment sales team in the transaction. Brent Bowman and Travis Anderson led HFF’s debt placement team.

April 25, 2017

Florida North Carolina Office Southeast

Dilweg Acquires Two-Building Office Portfolio in Charlotte, Sarasota for $115.5M

by John Nelson April 12, 2017

CHARLOTTE, N.C. AND SARASOTA, FLA. — The Dilweg Cos. has purchased a two-building office portfolio in the Southeast for $115.5 million. The assets include the 23-story First Citizens Bank Plaza in Uptown Charlotte and the two-tower Sarasota City Center in downtown Sarasota. Built in 1986 and renovated in 2002, the 476,393-square-foot First Citizens Bank Plaza was 29 percent leased at the time of sale to tenants such as First Citizens Bank, Advanced Disposal, The Carlyle Group and ManpowerGroup. Dilweg, which also announced the opening of its new Charlotte office, has tapped Tom Fitzgerald and Barry Fabyan of JLL to lease the property. Built in 1989, the 245,293-square-foot Sarasota City Center was 88 percent leased at the time of sale to tenants such as Boar’s Head, Wells Fargo, Merrill Lynch and UBS. Dilweg has retained Lori Hellstrom of Colliers International’s Tampa Bay office to lease Sarasota City Center. Dilweg plans to invest more than $10 million in capital improvements for First Citizens Bank Plaza and more than $4 million to improve Sarasota City Center. Ryan Clutter, Scot Humphrey, Herman Rodriguez, Tracey Goo and Chris Lingerfelt of HFF represented the sellers, Osprey East LLC and Osprey s.a. Ltd., in the transaction. Travis …

April 12, 2017

Multifamily North Carolina Southeast

TriBridge Residential Purchases Multifamily Community in Charlotte for $31.5M

by John Nelson April 11, 2017

CHARLOTTE, N.C. — Atlanta-based TriBridge Residential LLC has purchased Morehead West, a 211-unit apartment community located at 1932 W. Morehead St. in Charlotte’s FreeMoreWest neighborhood, for $31.5 million. The asset also includes 5,600 square feet of commercial space. The property is TriBridge’s fourth acquisition in Charlotte area. TriBridge will manage the property, and Ligon Commercial Real Estate will lease the asset on behalf of TriBridge.

April 11, 2017

North Carolina Retail Southeast

Aston Properties Signs Up New Retailers at Shopping Center Underway in Charlotte

by John Nelson April 11, 2017

CHARLOTTE, N.C. — Aston Properties has announced retailers and restaurants joining City Park Village, an 11,600-square-foot shopping center under construction in Charlotte. Situated on a 2.6-acre site at the corner of West Tyvola Road and Potomac River Parkway, the property is nearly 90 percent pre-leased to tenants including Panera Bread, Chipotle Mexican Grill, Starbucks Coffee and Firehouse Subs. The $6 million property will serve as the entrance to City Park, a 170-acre mixed-use development that Pope & Land Enterprises is developing on the former site of the Charlotte Coliseum. The Shopping Center Group is leasing City Park Village, which has 1,575 square feet available, as well as retail pads fronting West Tyvola Road.

April 11, 2017

Multifamily North Carolina Southeast

Bluerock Residential Growth REIT Buys Charlotte Apartment Community for $56.9M

by John Nelson April 7, 2017

CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. has purchased Wesley Village Apartments, a 301-unit, Class A multifamily community located in Charlotte’s FreeMoreWest submarket. The REIT acquired the property from KBS Legacy REIT for $56.9 million using $16.5 million in equity and a Freddie Mac, fixed-rate loan totaling $40.5 million. Built in 2010, Wesley Village features studio, one- two- and three-bedroom units averaging 1,025 square feet. Community amenities include a resort-style saltwater pool with grilling area and wet bar, fitness center, game room with a billiards table, business center with Wi-Fi and a dog park.

April 7, 2017

Mixed-Use North Carolina Southeast

Vertical Construction Begins at Rea Farms Mixed-Use Development in South Charlotte

by John Nelson April 5, 2017

CHARLOTTE, N.C. — Vertical construction is underway at Rea Farms, a mixed-use development located in south Charlotte. Lincoln Harris, Greg Currie and the Rea family are the master developers of the development, which is situated at the intersection of Providence and Ardrey Kell roads south of Interstate 485. Life Time Fitness is developing the 200,000-square-foot Life Time Athletic Charlotte at the development, and Woodfield Investments is developing the 455-unit Links at Rea Farms. The fitness and aquatics facility is set to open in the fourth quarter of this year, and the Class A apartment community is set to open in early 2018. Construction on the Harris Teeter-anchored retail village and Greystar’s senior housing facility known as Overture Providence at Rea Farms will begin this summer. CalAtlantic Homes will also build 249 single-family homes and townhomes at Rea Farms.

April 5, 2017

North Carolina Retail Southeast

Kite Realty Adds Hobby Lobby, Opens Stein Mart at Shopping Center in Metro Raleigh

by John Nelson April 4, 2017

CARY, N.C. — Kite Realty Group Trust has signed a lease with Hobby Lobby and opened a new Stein Mart store at Parkside Town Commons, a two-phase shopping center located at the intersection of North Carolina Highway 55 an Interstate 540 in Cary. The 50,000-square foot Hobby Lobby and 32,000-square foot Stein Mart join existing retailers including Target, Harris Teeter, Frank Theatres CineBowl & Grille, Petco, Golf Galaxy and Guitar Center. The signing of Hobby Lobby puts the second phase of Parkside Town Commons at 90 percent leased.

April 4, 2017

Loans North Carolina Retail Southeast

Kennedy Funding Arranges $1.1M Loan for Durham-Area Steakhouse

by Taylor Williams March 24, 2017

MEBANE, N.C. — Kennedy Funding Financial LLC, a New Jersey-based private lender, has arranged a two-year, $1.1 million working capital loan for a restaurant opening soon in the Durham area. Located at 401 E. Center St. in Mebane, a town about 20 miles west of Durham, the property spans 11,000 square feet. The borrower, Mebane Steakhouse LLC, will also own and operate the restaurant.

March 24, 2017

Loans North Carolina Office Southeast

HFF Arranges Sale, Financing for Two Class A Office Buildings in Durham, N.C.

by Taylor Williams March 23, 2017

DURHAM, N.C. — HFF has completed the sale of and secured acquisition financing for Keystone 200 and 300, two Class A office buildings totaling 223,475 square feet within Keystone Office Park in Durham. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF represented the seller, American Real Estate Partners, and procured the buyer, Innovatus Capital Partners. HFF’s Brent Bowman arranged the financing for the two properties, which are located at 530 and 430 Davis Drive, close to Interstate 40 and the Triangle Expressway.

March 23, 2017

Hospitality North Carolina Southeast

MCR Completes Renovation of Hampton Inn by Hilton in Dunn, N.C.

by Taylor Williams March 22, 2017

DUNN, N.C. — MCR Development LLC, a hotel owner-operator, has completed renovation of the Hampton Inn by Hilton Dunn, a 120-room, select-service hotel located along the I-95 corridor in Dunn, approximately 40 miles south of Raleigh. The renovations included new landscaping, the addition of LED lighting to the exterior, a fresh painting and with new beds and furniture.

March 22, 2017

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