North Carolina

Avison Young Arranges $19.2M Construction Loan for Hotel on North Carolina Coast

by Camren Skelton July 27, 2017

BEAUFORT, N.C. — Avison Young has arranged a $19.2 million construction loan for the development of a 133-unit Ascend Collection hotel in Beaufort. The hotel will be situated within the Front Street Village development on the coast of North Carolina. Bruce Whipple, Justin Piasecki and Ethan Blum of Avison Young structured the 18-month construction loan with interest-only payments and an interest rate of 5.5 percent. Following construction completion, the loan will convert to a three-year, fixed-rate, mini-permanent loan. At the end of the term, the loan will remain in place with a 25-year amortization schedule and the same interest rate of approximately 5.5 percent. Front Street Village is a 31-acre mixed-use property developed by Charles Oliver II, founder of Jetcraft. The three-story Ascend Collection hotel will feature an adjacent conference and special events space, bistro structure on the Front Street Village development, waterfront suites and 30,000 square feet of meeting space.

July 27, 2017

North Carolina Retail Southeast

Marcus & Millichap Secures $17.1M Sale of Shopping Center in Durham

by Camren Skelton July 26, 2017

DURHAM, N.C. — Marcus & Millichap has brokered the $17.1 million sale of Homestead Market, a 164,200-square-foot shopping center in Durham. Andrew Margulies of Marcus & Millichap represented the seller, a Raleigh-Durham-based family partnership, in the transaction, and procured the buyer, a Florida-based real estate investment and development company. Constructed in 1988 and renovated in 2014, Homestead Market is home to Roses, Fitness World, Shiki Sushi and Bean Trade’s Coffee. The property was 98 percent leased at the time of sale.

July 26, 2017

Multifamily North Carolina Southeast

ARA Newmark Brokers Sale of 236-Unit Multifamily Asset Near Chapel Hill

by Camren Skelton July 24, 2017

CARRBORO, N.C. — ARA Newmark has brokered the sale of Autumn Woods, a 236-unit apartment community in Carrboro, roughly five miles from the University of North Carolina Chapel Hill. Dean Smith and Sean Wood of ARA Newmark represented the seller, Dayton, Ohio-based The Connor Group. Manhattan- and Dallas-based The Milestone Group acquired the property for an undisclosed price. Constructed in 1997, Autumn Woods includes a mix of one-, two- and three-bedroom floor plans and a features a pool, cabana, fitness center, playground, business center and a car care center. The property was 94 percent occupied at the time of sale.

July 24, 2017

Multifamily North Carolina Southeast

ARA Newmark Closes $52.5M Sale of Multifamily Property in Metro Raleigh

by Camren Skelton July 19, 2017

CARY, N.C. — ARA Newmark has brokered the $52.5 million sale of Cary Greens at Preston, a 292-unit apartment community located in Cary, roughly 10 miles west of Raleigh. Dean Smith and Sean Wood of ARA Newmark arranged the sale on behalf of the seller, Dayton, Ohio-based The Connor Group. New York-based Rivendell Global Real Estate acquired the property. Constructed in 1996, Cary Greens at Preston includes a mix of one-, two- and three-bedroom units and features a resort style pool with a sundeck and cabana, 24-hour fitness center, business center and a playground area.

July 19, 2017

North Carolina Office Southeast

Oberlin Capital Sells Office Building in Raleigh for $9.9M

by Camren Skelton July 19, 2017

RALEIGH, N.C. — Oberlin Capital Acquisition has sold the Occidental Building, a 56,043-square-foot office building located at 1001 Wade Ave. in Raleigh, for $9.9 million. Marcus Jackson of TradeMark Properties represented Oberlin Capital in the sale to Empire Properties. Constructed in 1956, the building is registered and certified with the National Register of Historic Places. At the time of sale, the property was fully leased to tenants including Coldwell Banker Howard Perry and Walston, TradeMark Properties, Wall Templeton and Louis Berger.

July 19, 2017

North Carolina Office Southeast

Heritage Properties Begins Site Prep for $86M Office Building in Raleigh

by Camren Skelton July 18, 2017

RALEIGH, N.C. — Heritage Properties Inc. has commenced site preparation for One Glenwood, a 10-story, Class A office building in Raleigh. Located at Hillsborough Street and Glenwood Avenue, the $86 million project will total 227,500 square feet and include 15,000 square feet of street-level retail space. Amenities will include a rooftop terrace and lounge, fitness center, bike room and on-site parking with 730 spaces. Whiting-Turner, the project’s general contractor, has installed construction barriers and fencing and will soon begin demolition as part of a plan to shorten construction time. Heritage Properties has secured financing from Citizens Bank as the lead construction lender and M&T Bank as a participating lender. JDavis is the project architect, McAdams is the civil engineer and Trinity Partners will handle leasing of the property. Heritage and Trinity Partners also plan to construct a hotel at the project site.

July 18, 2017

Industrial North Carolina South Carolina Southeast

CBRE Brokers $72.5M Sale of Industrial Portfolio in Carolinas

by Camren Skelton July 17, 2017

CHARLOTTE, N.C. — CBRE Group Inc. has arranged the $72.5 million sale of a 1.2 million-square-foot industrial portfolio along the I-85 corridor in the Carolinas. The portfolio includes four warehouse and distribution buildings — one in Charlotte and one in Greensboro in North Carolina and two in Greenville, S.C. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Trey Pennington and Dodson Schenck of CBRE represented the seller, Charlotte-based Beacon Partners, in the transaction to New York-based Gramercy Property Trust. The properties were 87 percent leased at the time of sale to anchor tenants including HD Supply, BMW Manufacturing, LeSaint Logistics and XPO Logistics.

July 17, 2017

Mixed-Use North Carolina Southeast

Crescent Communities Unveils Plans for Mixed-Use Development in Charlotte

by Camren Skelton July 13, 2017

CHARLOTTE, N.C. — Crescent Communities has unveiled plans for Crescent Montford Park, a mixed-use community in south Charlotte’s Montford Park neighborhood. The project will be developed at the site of the former Pfeiffer University Charlotte and will feature 337 apartments and 17,000 square feet of retail space. Atlanta-based Fortune-Johnson is the community’s general contractor, Charlotte-based LandDesign is the civil engineer and KTGY Architecture is leading the development’s design. Interiors for the community were designed by Vignette Interior Design. Adam Williams of Legacy Real Estate Advisors will manage retail leasing of the property, which is slated for completion in spring 2019.

July 13, 2017

Industrial North Carolina Southeast

Cushman & Wakefield Brokers $52.2M Sale of Industrial Portfolio in Charlotte

by Camren Skelton July 12, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $52.2 million sale of The Beacon Industrial Portfolio in Charlotte, which includes three Class A industrial buildings totaling 692,833 square feet. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Beacon Partners, in the transaction. Hartz Mountain Industries Inc. acquired the portfolio. Constructed in 2015, the portfolio consists of two parks — Riverwalk Commerce Center and InnerLoop North. The properties were 100 percent leased at the time of sale.

July 12, 2017

Loans Multifamily North Carolina South Carolina Southeast

Hunt Mortgage Provides $51.5M in Refinancing for Two Multifamily Properties in Carolinas

by Camren Skelton July 11, 2017

CHARLOTTE, N.C. AND COLUMBIA, S.C. — Hunt Mortgage Group has provided $51.5 million in financing for two apartment communities in the Carolinas — $31.9 million for the refinancing of Highlands at Alexander Pointe in Charlotte and $19.6 million for the refinancing of Carrington Place at Wildewood in Columbia. Hunter Mortgage Group arranged the seven-year, adjustable-rate loans through Freddie Mac on behalf of the borrower, an undisclosed national real estate fund. Built in 2002, Highlands at Alexander Pointe features a fitness center, clubhouse, grill area, pool, laundry center and a dog park. Constructed in 2005, Carrington Place at Wildewood includes a fitness center, grill area, pool, laundry center, playground and a dog park.

July 11, 2017

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