CARY, N.C. — Petrus Partners Ltd. has sold 400 Regency Forest, a 111,639-square-foot office building situated within Regency Park in Cary, a suburb of Raleigh-Durham. Epic Regency LLC purchased the Class A asset from Petrus Partners for $23 million. Built in 2000 on 8.5 acres, the office building was 96.4 percent leased at the time of sale to tenants such as Caterpillar Inc., Pentair Inc. and Mediant Communications Inc. Scot Humphrey, Ryan Clutter, Justin Good and Chris Norvell of HFF represented Petrus Partners in the sale.
RALEIGH, N.C. — CBRE | Raleigh has arranged the sale of Marketplace at Lake Boone, a 76,253-square-foot mixed-use development located at the intersection of Lake Boone Trail and Gateway Access Road in Raleigh. The LEED Gold- and Platinum-certified property consists of office and retail space. Tenants at the fully leased center include Ashton Woods, AT Allen Co., Sirius Computer Solutions, Greystone, Saracare, Buffalo Brothers, Guasaca, Bottle Revolution, Traditions Bridal and The Oaks. Ben Kilgore, Jim McMillan, Elliott Brewer, and Leslie Holmes of CBRE | Raleigh represented the seller, Singerman Real Estate Partners, in the disposition of the property to Houston-based Griffin Partners.
APEX, N.C. — Greystone has provided a $30.9 million loan to developer RST Development LLC for the construction of The Flats at Apex 540, a 212-unit apartment community located in Apex, roughly 15 miles west of Raleigh. The project will include 457 surface parking spaces, 72 detached garage parking spaces, a clubhouse, pool, fitness center, business center, deck area with a cabana and outdoor kitchen, car care facility and a dog park. Donny Rosenberg of Greystone originated the FHA-insured loan using HUD’s 2016 MAP Guide standards for a lower Mortgage Insurance Premium (MIP) threshold based on Green and Energy Efficiency Multifamily Housing requirements. To qualify for the program, a real estate project must produce a Statement of Energy Design Intent (SEDI) score of 75 or higher, and The Flats at Apex 540 produces a SEDI energy score of 82. The financing was fast-tracked by HUD’s Atlanta office, saving RST Development at least four months, according to Greystone. RST Development plans to deliver the asset in mid-2018.
CHARLOTTE, N.C. — Charlotte-based Vision Ventures plans to develop a four-story, 83,000-square-foot office building located at 2100 S. Tryon St. in Charlotte’s historic South End neighborhood. The property will be situated within walking distance of the East/West Boulevard light rail station, Camden Road and the Rail Trail, a four-mile trail that winds through downtown Charlotte. Vision Ventures has selected Tom Fitzgerald of JLL to market and lease the building, which will feature ground-level retail space. BB+M Architecture is the architect for the project.
CHARLOTTE, N.C. — The Retail Brokers Networks (RBN), one of the nation’s largest retail real estate networking groups, has announced the formation of a new executive committee to help facilitate the company’s ongoing operations. The committee will be responsible for overseeing the retail, restaurant and investment sales councils, as well as the regional directors. Appointments include: * President — Debbie Currier of Currier Properties in Charlotte, N.C. * President Elect — Chris Abadie of Stirling Properties in Covington, La. * VP Operations — Tom Bruss of Commercial Property Associates in Milwaukee, Wis. * VP Marketing & Communications — Brad Umansky of Progressive Real Estate Partners in Rancho Cucamonga, Calif. * VP Finance — Bryan Holt of Southpace Properties in Birmingham, Ala. * Secretary — Rob Samtman of Equity Retail Brokers in Plymouth Meeting, Pa. * Immediate Past President — Chuck Lanyard of The Goldstein Group in Paramus, N.J. “The RBN network represents over 600 retail specialists across the U.S. who help individuals and companies meet their real estate goals locally and nationally,” said Currier. “Our newly formed executive committee will provide the leadership structure that will help make RBN even more successful as we continue to grow. I’m thrilled to …
DAVIDSON, N.C. AND VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc., a publicly traded REIT based in Virginia Beach, has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach. Armada Hoffler acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for 2 million shares of common stock. The 80,000-square-foot Renaissance Square is currently 92 percent leased and anchored by a 50,000-square-foot Harris Teeter store with over 11 years remaining on its lease term. Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Gerald Divaris of Divaris Real Estate Inc. represented both Armada Hoffler and the seller, Capitol Industries, in the Columbus Village II transaction. Armada Hoffler has retained Divaris Real Estate and Divaris Property Management to manage and lease the property. Armada Hoffler acquired Columbus Village I, a 65,000-square-foot retail center, in 2015.
WILMINGTON, N.C. — Childress Klein has begun construction on Element Barclay, a new 402-unit apartment community situated within the mixed-use Barclay development in southwest Wilmington. Phase I will feature 258 units. Located along South 17th Street, Element Barclay will feature a clubhouse, resort-style saltwater pool, bocce ball court, dog park and outdoor fireplaces and grilling areas. The community will be within walking distance of Halyburton Park and adjacent to The Pointe at Barclay, a new retail development that will feature a 14-screen movie theater, restaurants and stores. The development team includes general contractor Harold K. Jordan & Co Inc., architect Rule Joy Trammell + Rubio, civil engineer Hanover Design Services and hardscape and landscape designer Mihaly Land Design. The first units at Element Barclay are expected to be available for occupancy in the summer of 2017, and leasing will begin in the spring of 2017.
DURHAM, N.C. — NAI Carolantic has arranged a 70,000-square-foot lease with Nutanix, a San Jose-based software firm that is expanding its East Coast presence. The company will occupy space at the Chesterfield, an adaptive reuse of a former tobacco building in downtown Durham that Wexford Science + Technology is currently redeveloping. Upon completion the property will include lab and office space, a six-story atrium, 11,500 square feet of ground-level retail space and 42,000 square feet of shared lab innovation space. Robin Roseberry Anders of NAI Carolantic is the leasing agent for the Chesterfield building. Other committed Chesterfield tenants include Duke University for 100,000 square feet and BioLabs NC for 42,000 square feet. Marlene Spritzer, Edwin Yarbrough and Whitney Rodgers of Savills Studley’s Durham office advised Nutanix in the lease negotiations. Joe Brady and Mike Mordaunt of Savills Studley’s San Jose office, who have worked with Nutanix’s headquarters office since the tech firm’s founding, collaborated with Savills Studley’s Durham team on the transaction. Wexford plans to deliver the property in January 2017.
MOORESVILLE, N.C. — Walker & Dunlop has originated a $26 million acquisition loan for Waterlynn Ridge Apartments, a 312-unit multifamily community located in Mooresville, roughly 25 miles north of Charlotte. Craig West led the Walker & Dunlop team to originate the short-term bridge loan through its interim loan program (ILP) on behalf of the borrower, Waypoint Residential. The team also arranged the subsequent seven-year permanent loan through Freddie Mac. Walker & Dunlop’s ILP system uses the company’s own balance sheet to provide short-term loans for properties that do not yet qualify for permanent agency financing. Built in 2008, Waterlynn Ridge features a resort-style pool, fitness center, barbecue area and a walking trail. Waypoint Management, a subsidiary of Waypoint Residential, manages Waterlynn Ridge.
CHAPEL HILL, N.C. — Eastern Union Funding has arranged a $12 million, non-recourse loan for the acquisition of 86 North Apartment Homes, a recently renovated, 144-unit multifamily community located at 200 Westminster Drive in Chapel Hill near Duke University and the Research Triangle Park. The property features nine three-story buildings, as well as a swimming pool, clubhouse and leasing office and basketball and volleyball courts. Chesky Gross of Eastern Union Funding arranged the three-year loan that features an open prepayment after the first year through Bridge Investment Group Partners. The buyer and purchase price were not disclosed.