North Carolina

MetLife to Deliver Third Building at Global Technology Campus Near Raleigh

by Camren Skelton October 30, 2017

CARY, N.C. — MetLife Inc. has broken ground on the third office building at its Global Technology Campus in Cary, roughly 12 miles west of Raleigh. Raleigh-based Highwoods Properties developed all three assets, the first two of which was delivered in 2015. Upon completion, the new building will bring more than 500 jobs to the Cary area. The Global Technology Campus sits on 26.5 acres and, at full build-out, will include three, 213,500-square-foot office buildings. The existing buildings are LEED-certified, and the new building is being designed to achieve the certification as well. The campus features a terrace overlooking Lake Crabtree, an outdoor amphitheater, basketball court, walking trails, campus-wide Wi-Fi, sit-stand desks, wellness rooms, collaborative meeting rooms, coffee bars and structured parking. The new building is slated for completion in the first quarter of 2019.

October 30, 2017

North Carolina Office Southeast

Insite Properties Arranges $17.4M Sale of Office Building in Charlotte

by Camren Skelton October 27, 2017

CHARLOTTE, N.C. — Insite Properties has arranged the $17.4 million sale of an office building located at 8711 University East Drive in Charlotte on behalf of the buyer, Longvalley 1 LLC. Constructed in 1999, the 118,000-square-foot building features a parking ratio of 8.5 spaces per 1,000 square feet. Insite Properties will manage the property and handle leasing activity on behalf of the new ownership. At the time of sale, the building was fully leased.

October 27, 2017

Mixed-Use North Carolina Southeast

CBRE Brokers $6.3M Sale of Mixed-Use Center in Southeast Charlotte

by Camren Skelton October 26, 2017

CHARLOTTE, N.C. — CBRE has arranged the $6.3 million sale of Monroe Business Park, a five-building, 54,200-square-foot mixed-use center in southeast Charlotte’s Oakhurst neighborhood. Matt Smith, Patrick Gildea and Grayson Hawkins of CBRE represented the seller, Nova Capital Partners, in the transaction. An investment group affiliated with Waters Inc. purchased the asset. At the time of sale, Monroe Business Park’s tenant roster included PPG Paints, IronTribe Fitness and Common Market.

October 26, 2017

North Carolina Retail Southeast

United Development to Deliver 33,517 SF Retail Center in Asheville, North Carolina

by Camren Skelton October 25, 2017

ASHEVILLE, N.C. — United Development Co. has unveiled plans to build The Peaks, a 33,517-square-foot retail center in Asheville. The property will sit on two acres at the corner of Highway 70 and South Tunnel Road, just west of Interstate 240, at the site of the former UA Beaucatcher Cinemas 7. The Peaks will offer 12 restaurant and retail spaces, including Chipotle Mexican Grill, Panera Bread and Rise Biscuits & Donuts. In addition, the property will feature a pedestrian-oriented design and outdoor dining with views of the Blue Ridge Mountains. Asheville-based PFA Architects designed the center and Atlantic Retail Properties is handling the leasing assignment. The Peaks is slated to open in June 2018.

October 25, 2017

North Carolina Retail Southeast

Columbia Development to Deliver 326,850 SF Grocery-Anchored Center in North Carolina

by Camren Skelton October 20, 2017

NEW BERN, N.C. — Columbia Development has unveiled plans to develop New Bern Marketplace, a 326,850-square-foot grocery-anchored shopping center located on Highway 17 and Glenburnie Road in New Bern near North Carolina’s Crystal Coast. A 100,000-square-foot Harris Teeter, which will include a fuel station and drive-thru pharmacy, will anchor the property. The center will also be home to Academy Sports + Outdoors, Hobby Lobby, West Marine, Ross Dress for Less, Ulta Beauty, Pet Supermarket, Five Below and Lee Nails.

October 20, 2017

North Carolina Office Southeast

CBRE | Raleigh Arranges $38.9M Sale of Five-Building Office Portfolio in Metro Raleigh

by Camren Skelton October 19, 2017

RALEIGH AND CARY, N.C. — CBRE | Raleigh has arranged the sale of a five-building office portfolio in metro Raleigh. Ben Kilgore, Jim McMillan, Elliott Brewer and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Highwoods Properties Inc. Alder Kawa Real Estate Advisors (AKREA) acquired the assets for a combined $38.9 million, according to the Triangle Business Journal. The portfolio includes Situs Office Park, a three-building office park totaling 156,665 square feet located adjacent to the interchange of Interstates 440 and 40 in Raleigh, that sold for $25.5 million. At the time of sale, the office park was 89.7 percent leased to tenants including Circle K Convenient Stores, GSA, Millennial Patient Services and Ameriprise. ParkWest Office Park, located off of Weston Parkway in Cary, was acquired for $13.4 million. The property includes ParkWest One and Two and totals 94,800 square feet. At the time of sale, the property was 85.5 percent leased to tenants including Arysta Lifescience’s U.S. headquarters, Informatica and Ignite Social Media. Lee Clyburn and Brian Carr of CBRE | Raleigh’s Investor Leasing group will handle the portfolio’s leasing assignment.

October 19, 2017

Multifamily North Carolina Southeast

FCP Acquires Apartment Community in Charlotte for $22M

by Camren Skelton October 18, 2017

CHARLOTTE, N.C. — Federal Capital Partners (FCP) has acquired Hunters Pointe Apartments, a 386-unit multifamily community in Charlotte, for $22 million. Capstone Apartment Partners represented the undisclosed seller in the transaction. FCP will invest more than $2 million in capital improvements and amenity enhancements, including the addition of a new swimming pool, new playground, dog park and grilling stations. The company will also upgrade the community’s entrance, leasing office, building exteriors, landscaping and green spaces. Hunters Pointe features townhome and loft-style apartment units with private patios.

October 18, 2017

North Carolina Retail Southeast

Regency Centers, ITB Holdings to Break Ground on Wegmans-Anchored Center in Raleigh

by Camren Skelton October 17, 2017

RALEIGH, N.C. — Regency Centers, in partnership with ITB Holdings LLC, will break ground this month on Midtown East, a new retail center in Raleigh. A 120,000-square-foot Wegmans will anchor the property, which will include an adjacent 400-space, elevated parking deck and five additional retail buildings. Williams Co. Southeast is the project’s construction manager. Gensler designed the center, and McAdams is the project’s civil engineer. Midtown East is slated to open in the second quarter of 2019.

October 17, 2017

Affordable Housing Loans Multifamily North Carolina Southeast

Bellwether Enterprise Closes $42.1M Refinancing for Three Affordable Housing Properties in Charlotte

by Camren Skelton October 17, 2017

CHARLOTTE, N.C. — Bellwether Enterprise Real Estate Capital LLC has arranged $42.1 million in refinancing for three affordable housing properties in Charlotte. Victor Agusta of Bellwether Enterprise arranged the loans under the FHA 223(f) program on behalf of the borrower, Horizon Development Properties Inc. (HDP), an affiliate of the Charlotte Housing Authority. HDP received a $24.1 million loan for Southside Homes. The income-based housing development serves seniors, families and individuals with disabilities and includes 381 one- to four-bedroom units. The property is located in Charlotte’s South End neighborhood. HDP also received an $18 million loan for CHA Towers, which includes Edwin Tower in Uptown Charlotte’s Fourth Ward and Charlottetown Terrace in Charlotte’s Dilworth neighborhood. The newly redeveloped Charlottetown Terrace includes 161 units and is LEED Gold-certified. Both loans paid off existing debt and funded reserves for a portfolio of over 40 properties that were converting from a public housing subsidiary program through HUD’s Rental Assistance Demonstration (RAD) program.

October 17, 2017

Multifamily North Carolina Southeast

Canyon Provides $10.3M in Preferred Equity for Development of Multifamily Property in Raleigh

by Camren Skelton October 12, 2017

RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $10.3 million preferred equity investment for the development of ParkStone at Knightdale, a 350-unit multifamily community in Raleigh’s Knightdale submarket. An affiliate of The Widewaters Group Inc. is developing the property. ParkStone at Knightdale will be situated adjacent to the Widewaters Commons shopping center, which is anchored by Lowe’s Foods and Planet Fitness, and within walking distance to numerous other shops and restaurants. The community will comprise one- to three-bedroom units with granite countertops and stainless steel appliances. Community amenities will include a fitness center, resort-style pool, outdoor lounge with grilling areas, playground, pet wash station and self-storage units. The project site is part of a 57-acre land parcel owned by Widewaters, which is entitled for a mixed-use master-planned development. Upon completion, the development will comprise the new residential component and 270,000 square feet of retail, entertainment and dining options.

October 12, 2017

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