North Carolina

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

Industrial North Carolina Office Southeast

CBRE Brokers Sale of 13-Building Portfolio in Greater Charlotte Area

by Taylor Williams March 21, 2017

CHARLOTTE, N.C. — CBRE has arranged the sale of the Charlotte Industrial Park Portfolio, a 13-property asset totaling 486,512 square feet of Class A office and warehouse space throughout the Charlotte area. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the seller, Maryland-based Artemis Real Estate Partners, in the transaction. At the time of sale, the Charlotte Industrial Park Portfolio was 95 percent occupied. Boston-based Albany Road Real Estate purchased the properties.

March 21, 2017

Market Reports North Carolina Retail Southeast Southeast Market Reports

Grocery, Infill Mixed-Use Projects Make Up Bulk of New Retail Supply in Triangle

by John Nelson March 20, 2017

The Raleigh and overall Triangle retail markets ended 2016 in a very healthy position. The Triangle vacancy rate is currently at 6.09 percent, nearing 10-year lows dating back pre-recession and includes retail absorption nearing 900,000 square feet over the past four quarters. The region’s diverse economic engine driven by technology, university systems, heathcare and Raleigh as a state capital, combined with a relatively low cost of living and temperate climate, continue to push population growth and related retail expansion. With fierce grocery competition, a natural evolution of inward growth and urbanization and several large mixed-use development projects, the Triangle retail market is thriving. However, e-commerce, rightsizing and store closures continue to challenge the broader U.S. retail market and the Triangle has not been spared. Grocery Competition With several homegrown grocery brands, North Carolina and the Triangle region have historically been one of the most competitive areas for grocers in the United States. Regional players like Harris Teeter (now owned by Kroger), Lowes Foods, Food Lion, The Fresh Market, Ingles and Earth Fare (all based in North Carolina) have competed for years with out-of-state supermarkets Kroger, Whole Foods Market, Trader Joe’s and even Walmart. This year brought a new level of …

March 20, 2017

North Carolina Southeast Student Housing

UNC Asheville to Build $33.8M On-Campus Student Housing Community

by John Nelson March 15, 2017

ASHEVILLE, N.C. — The University of North Carolina at Asheville is set to break ground on a $33.8 million, 300-bed on-campus student housing community. The six-building development will feature four-, five- and six-bedroom units with full kitchens. The sixth building will offer a multipurpose room and visitor’s center, fitness center and an apartment for the community director. Adjacent parking is also planned as part of the project. Construction will begin this spring.

March 15, 2017

North Carolina Southeast

DMI to Develop Self Storage Facility in Charlotte’s South End

by John Nelson March 15, 2017

CHARLOTTE, N.C. — Development-Management Inc. (DMI) plans to develop a new two-story, 120,000-square-foot self storage facility at 536 W. Tremont Ave. in Charlotte’s South End. Situated on 3.5 acres between South Tryon Street and Toomey Avenue, the property will feature 98,000 square feet of rentable storage space, a wine cellar and exterior units that will be accessible by car. DMI purchased the site in a bankruptcy sale for $1.5 million. The developer expects to deliver the new property in 2018. The facility will be DMI’s sixth self storage property in Charlotte and its ninth in the Carolinas.

March 15, 2017

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Rents, Occupancy Rise for Triangle’s Industrial Market as Supply Lags Demand

by John Nelson March 13, 2017

The Raleigh-Durham business climate has been on the climb for several years now and it doesn’t seem to be slowing anytime soon. The market continues to outpace most of the mid-tier markets across the country by all metrics of economic stability, quality of life, business environment, education, arts and quality of workforce. As a result, construction of office and retail projects has been strong, yet industrial construction and thus available space is lacking. Average asking rental rates have continued to rise in response to increasing demand and low supply. The remaining 550,000 square feet of industrial space that is expected to deliver has significant prelease commitments, creating competition for tenants looking for space. Raleigh-Durham’s warehouse market sits at a current vacancy of 3.8 percent with average asking rental rates at $5.01 per square foot triple net. The biggest challenge is for new and expanding tenants needing 35,000 to 200,000 square feet of space. Demand has been outpacing supply for several years in the market and industrial developers who recognized this trend were unable to fill the need because of the lack of available financing during the downturn. It has just been in the past 24 months that significant construction has …

March 13, 2017

Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $70.4M Sale of Two-Property Multifamily Portfolio in Charlotte

by John Nelson March 10, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the sale of two apartment communities in Charlotte: the 252-unit Whitehall Estates and the 318-unit Stone Ridge. Gamma Real Estate LLC purchased Whitehall Estates for $30.9 million and Stone Ridge for $43.2 million, according to Charlotte Business Journal. Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, YFP/Yager Properties, in the transaction. Built in 1996, Whitehall Estates was 92.5 percent occupied at the time of sale. Built in 2001, Stone Ridge was 94 percent occupied at the time of sale.

March 10, 2017

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