North Carolina

Despite Active Construction in Raleigh-Durham, Office Absorption Outpaces Supply

by John Nelson March 6, 2017

At the close of 2016, over 1.9 million square feet of office space was absorbed in the Raleigh-Durham market and overall vacancy increased by one percentage point from 10 percent to 11 percent. Activity was strong and can partially be attributed to a very active suburban Raleigh submarket that absorbed over 1.1 million square feet. Vacancy in this submarket ended the year at 10 percent, down from a high of 17 percent in 2010. It was also an active construction year for Raleigh-Durham, with developers completing over 1.3 million square feet of new office space. There is currently another 2.7 million square feet of new projects underway, and an additional 2 million square feet of proposed projects. Downtown Durham, an approximately 4.5 million-square-foot market, has multiple office projects underway, including: The Chesterfield: Renovation on the 286,000-square-foot building should be completed soon with the first tenants moving in in July 2017. The project, being developed by Wexford Science + Technology, is approximately 75 percent leased. One City Center: The mixed-use, 432,000-square-foot project has 130,000 rentable square feet of office space and should open in late 2017. The office component is 50 percent preleased. Activity in downtown Durham has been driven by …

March 6, 2017

North Carolina Office Southeast

Portman Holdings Adds Accounting Firm to Tenant Lineup at Office Building in Uptown Charlotte

by John Nelson March 2, 2017

CHARLOTTE, N.C. — Portman Holdings has added BDO USA LLP, an accounting and consulting firm, to the tenant roster at 615 South College in Uptown Charlotte. The 19-story office building is nearing completion, and BDO expects to occupy its new space as early as August. Located at Lynx Blue Line’s Stonewall Station, the 370,000-square-foot office building is situated near Whole Foods Market, the Charlotte Convention Center and Westin Charlotte. Travis Garland of Portman Holdings and John Ball of Trinity Partners represented the ownership in the lease transaction, and Brent Royall of Colliers International represented BDO. Other committed tenants include Regions Bank, which pre-leased 60,000 square feet of space in 2016.

March 2, 2017

Mixed-Use North Carolina Office Southeast Top Stories

Bissell Sells Ballantyne Office Portfolio in Charlotte to Northwood Investors for $1B

by John Nelson March 2, 2017

CHARLOTTE, N.C. — The Bissell Cos. Inc. has completed the sale of most of its interests in Ballantyne Corporate Park, a 535-acre, master-planned business community in Charlotte, to Northwood Investors, a global real estate investment and management firm. Northwood will acquire over 4 million square feet of Class A office space and nearly 600 hotel rooms within the development, including The Ballantyne Hotel Charlotte. Terms of the sale were not released, but the Charlotte Business Journal reports that the sale closed in more than 40 separate transactions totaling in excess of $1 billion. Current office tenants at Ballantyne Corporate Park include MetLife, Wells Fargo, Premier, TIAA, Liberty Mutual, Snyder’s-Lance, Synchrony Financial, Sonic Automotive, XPO Logistics and Siemens. “What Smoky Bissell and the Bissell team have created in Ballantyne Corporate Park is remarkable,” says John Kukral, president and CEO of Northwood Investors. “We are excited that the Bissell team will join Northwood and help lead the next phase of Ballantyne Corporate Park. This transaction represents one of our largest acquisitions to date and reinforces our commitment to Charlotte.” Northwood has been an active investor in the Charlotte market since 2011, when Northwood and David Ravin formed Northwood Ravin, a multifamily development …

March 2, 2017

Industrial North Carolina Southeast

JLL Arranges 102,660 SF Industrial Lease in Charlotte

by John Nelson March 1, 2017

CHARLOTTE, N.C. — JLL has arranged a new 102,660-square-foot lease for showroom and distribution space at Steele Creek Commerce Center in Charlotte. John Cashion of JLL represented the tenant, Hearth and Home Technologies, the world’s largest manufacturer of hearths. The Minnesota-based company is a subsidiary of HNI Corp. and operates 14 brands of fireplaces, stoves and inserts. The manufacturer also leases space within North Park Business Park and sought additional space in Charlotte to meet growing business demands. Brad Cherry, Spencer Yorke and Matt Greer, also with JLL, represented the landlord, EastGroup Properties, which owns both Steele Creek Commerce Center and North Park Business Park.

March 1, 2017

Loans Multifamily North Carolina Southeast

KeyBank Arranges $27.8M Loan for Apartment Community in Metro Charlotte

by John Nelson February 28, 2017

MOORESVILLE, N.C. — KeyBank Real Estate Capital has arranged a $27.8 million Freddie Mac loan for Carriage Club Apartments, a 268-unit apartment community located in Mooresville, about 28 miles north of Charlotte. The property was built in 2000 and renovated in 2005. Timothy DeWispelaere of KeyBank arranged the three-year, interest-only loan, which the borrower will use to acquire and renovate Carriage Club.

February 28, 2017

Multifamily North Carolina Southeast

Covenant Capital Sells Apartment Community in Raleigh for $20.8M

by John Nelson February 28, 2017

RALEIGH, N.C. — Covenant Capital Group has sold Regency Place Apartments, a 180-unit, garden-style apartment community located at 6210 St. Regis Circle in west Raleigh. Towne Properties purchased the property, its first acquisition in the Southeast, for $20.8 million free and clear of existing debt. Regency Place comprises nine three-story buildings with a mix of one- and two-bedroom units averaging 848 square feet. Covenant Capital Group upgraded the property’s amenities, exteriors and unit interiors over the past two years. Justin Good, Allan Lynch, Jeff Glenn and Jason Nettles of HFF represented the seller in the transaction.

February 28, 2017

Multifamily North Carolina South Carolina Southeast Student Housing

ARA Newmark Arranges Two Student Housing Sales in the Carolinas Totaling More Than $50M

by John Nelson February 27, 2017

COLUMBIA, S.C. AND GREENSBORO, N.C. — ARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro. The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale. In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.

February 27, 2017

North Carolina Retail Southeast

Ramey Miller Properties to Deliver Harris Teeter-Anchored Center in Metro Charlotte

by John Nelson February 24, 2017

BELMONT, N.C. — Ramey Miller Properties plans to deliver Belmont Town Center, a 105,000-square-foot, grocery-anchored shopping center in the Charlotte suburb of Belmont this fall. Harris Teeter will anchor the center, which will also include a Harris Teeter Fuel Station. Coldwell Banker Commercial MECA is handling the leasing assignment of Belmont Town Center on behalf of Ramey Miller and has arranged leases with Collins Cleaners, Great Clips, Vitamins 4 Less, Jersey Mikes, Marcos Pizza and I Color Nail Bar. Ramey Miller is also building single-family and multifamily residences adjacent to Belmont Town Center.

February 24, 2017

North Carolina Seniors Housing Southeast

NHI Acquires Two Seniors Housing Properties in North Carolina for $16.1M

by John Nelson February 24, 2017

HENDERSONVILLE, N.C. — National Health Investors Inc. (NHI) has purchased an 86-unit, two-property portfolio of assisted living and memory care communities in the Asheville suburb of Hendersonville for $16.1 million. The two communities are located adjacent to each other and are collectively known as Spring Arbor. The first property opened in 1999 and features 26 assisted living units and 13 memory care units. The second facility opened in 2002 and comprises 47 assisted living units. NHI will lease the communities to affiliates of Ravn Senior Solutions. The initial lease term is 15 years at an annual lease rate of 7.35 percent plus fixed annual escalators. NHI funded the acquisitions using its revolving credit facility. As part of the transaction, NHI was also offered a purchase option on a third building in the Raleigh-Durham area.

February 24, 2017

Kentucky North Carolina Retail South Carolina Southeast

Phillips Edison Sells Five Shopping Centers Totaling 583,000 SF in Southeast, Midwest

by John Nelson February 23, 2017

CINCINNATI — Cincinnati-based Phillips Edison & Co. has sold five shopping centers totaling 583,000 square feet to Albanese Cormier Holdings for an undisclosed price. The portfolio includes Quincy Plaza, a 141,816-square-foot, Hobby Lobby-anchored shopping center located in Ottumwa, Iowa; Kokomo Plaza, an 89,414-square-foot shopping center anchored by Ollie’s Bargain Outlet and Vendor City Antiques in Kokomo, Ind.; Catawba Village, a 59,463-square-foot, Goodwill-anchored shopping center located in Newton, N.C.; Lakeside Shopping Center, a 184,579-square-foot property anchored by Big Lots, Save-A-Lot, Citi Trends and Family Dollar in Anderson, S.C.; and Louisa Plaza, a 108,065-square-foot shopping center anchored by Goody’s and Family Dollar in Louisa, Ky. Eric Wohl of Hanley Investment Group served as an advisor for the transaction.

February 23, 2017

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