North Carolina

Novare, BCDC to Open Second SkyHouse Tower in Uptown Charlotte Tomorrow

by John Nelson June 21, 2017

CHARLOTTE, N.C. — Novare Group and Batson-Cook Development Co. (BCDC) will open its second SkyHouse property in Uptown Charlotte, SkyHouse Uptown South Tower, tomorrow. The 24-story apartment tower sits adjacent to the first tower, and combined, the two nearly identical buildings total 672 studio, one-, two- and three-bedroom units. Amenities include the signature SkyHouse on the top floor, complete with a clubhouse, fitness facilities, swimming pool and an outdoor kitchen all with 360-degree views of the city. The properties adjoin SkyPark, a 0.9-acre open park on top of the parking deck featuring a regulation-size tennis court, athletic field, two regulation bocce ball courts, grilling area, fire pits, putting green and a walking trail. The project marks the 17th SkyHouse tower delivered by the Novare Group and BCDC partnership. Other project team members include general contractor Batson-Cook Construction; architect Smallwood, Reynolds, Stewart, Stewart; and lenders BBVA Compass and SMBC.

June 21, 2017

Industrial North Carolina Southeast

Griffin Industrial Realty Acquires 277,000 SF Industrial Building in Metro Charlotte for $18.6M

by Camren Skelton June 16, 2017

CONCORD, N.C. — Griffin Industrial Realty has purchased a 277,000-square-foot industrial warehouse near Charlotte for $18.6 million. The property is located at 215 International Drive in Concord. The purchase was paid in cash at closing using approximately $9.7 million of cash held in escrow as part of a 1031 exchange, and $8.9 million of Griffin’s cash on hand. Chris Riley of CBRE represented the sellers, Trinity Capital Advisors and Crow Holdings, and Trinity Partners’ William Maxwell and Terry Brennan represented Griffin. Constructed in 2015, the Class A warehouse features tilt-up concrete wall panels, 32-foot clear heights and the potential for 80 dock doors. At closing, the building was 74 percent leased. This is Griffin’s first property in the Charlotte area.

June 16, 2017

North Carolina Office Southeast

Arden Group Acquires BB&T Center in Charlotte for $148.5M, Plans $10M in Renovations

by Camren Skelton June 15, 2017

CHARLOTTE, N.C. — Arden Group has purchased the BB&T Center, a 22-story, 567,835-square-foot office tower located on 200 S. College St. in uptown Charlotte. The Philadelphia-based investment firm purchased the property through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $148.5 million, according to The Charlotte Observer. HFF brokered the transaction, and Starwood Property Trust Inc. provided acquisition financing. Arden plans to invest $10 million in capital improvements to modernize the common areas and building systems. Charlotte-based commercial real estate firm Trinity Partners will handle the office leasing, property and project management. BB&T, AIG, TekSystems, AeroTek and Ring Central Inc. are among the building’s current tenants.

June 15, 2017

Multifamily North Carolina Southeast

Laurel Street Opens 115-Unit Apartment Community in Winston-Salem

by John Nelson June 14, 2017

WINSTON-SALEM, N.C. — Laurel Street has completed 757 North, a 115-unit apartment community located at 757 N. Chestnut St. in Winston-Salem. The four-story property features one- and two-bedroom units with rents ranging from $1,095 to $1,600 per month. Of those units, 25 percent will be reserved for households with incomes at 80 percent of the area median income, with rents ranging from $740 to $850 per month. Developed in partnership with Goler Community Development Corp., a nonprofit specializing in the redevelopment of Winston-Salem’s Goler Heights neighborhood, 757 North includes interior elevator access, a fitness center with cycle studio and online exercise classes, WiFi café with 24/7 coffee bar, indoor game room, outdoor patio with grills, lounge and conference room. Northridge Capital provided $4 million in equity for the project, and the development team secured $9.4 million in construction financing from First National Bank. The City of Winston-Salem also provided a $1.3 million loan and $325,000 land grant toward the project, bringing the total development cost to $15 million. The first residents at 757 North are expected to move in by July 1.

June 14, 2017

Mixed-Use North Carolina Southeast

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

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