North Carolina

Davis Property Group Sells Apartment Community in Asheville for $41.5M

by John Nelson July 20, 2016

ASHEVILLE, N.C. — Greenville, S.C.-based Davis Property Group has sold Verde Vista, a 257-unit apartment community located in Asheville’s East submarket. Raleigh-based Chaucer Creek Capital LLC purchased the asset for $41.5 million. Built in 2012, Verde Vista’s units feature nine-foot ceilings, plank faux-wood flooring, washer and dryer units and black EnergyStar appliances. Phil Brosseau and Kevin Kempf of CBRE represented Davis Property Group in the transaction. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged a 10-year, fixed-rate, $33.2 million acquisition loan through Fannie Mae on behalf of the borrower.

July 20, 2016

Multifamily North Carolina Southeast Virginia

Robbins/Electra America Acquire Multifamily Portfolio in North Carolina, Virginia for $400M

by John Nelson July 18, 2016

TAMPA, FLA. — Robbins/Electra America LLC (REM), a joint venture between Robbins Property Associates and its investment partner Electra America, has purchased a 12-property multifamily portfolio in North Carolina and Virginia for more than $400 million. Totaling 3143 units, the communities include seven properties in the Charlotte area, four in metro Raleigh and one in Richmond, Va. The new ownership is planning a multimillion-dollar investment program to upgrade the properties’ kitchens, bathrooms, fixtures, lighting and flooring. Berkadia Commercial Mortgage LLC arranged acquisition financing through Freddie Mac on behalf of REM. With this transaction, REM owns and manages 57 apartment communities totaling 16,689 units.

July 18, 2016

Hospitality North Carolina Southeast

MJM Group to Develop $20M Marriott-Branded Hotel in Charlotte

by John Nelson July 18, 2016

CHARLOTTE, N.C. — MJM Group plans to develop a new Residence Inn by Marriott-Charlotte/Steele Creek in Charlotte. The $20 million hotel will be situated at the intersection of Dixie River Road and Trojan Drive in Charlotte’s Steele Creek submarket. The 82,000-square-foot property will span 120 rooms and feature an outdoor swimming pool, outdoor living area, meeting space and a fitness center. The project team includes St. Louis-based architect Gray Design and civil engineer Stimmel Associates. Raleigh-based MJM Group has selected St. Louis-based Midas Hospitality to manage the hotel upon completion, which is set for late 2017. Chris Thomas of Childress Klein represented the seller in the land transaction. Kurt Schoenhoff of Selwyn Property Group represented MJM Group, which has developed several Marriott-branded hotels in North Carolina including the dual-branded Residence Inn and Fairfield Inn & Suites by Marriott Charlotte Airport and the Courtyard by Marriott at Triangle Town Center-North Raleigh.

July 18, 2016

Industrial North Carolina Southeast

Wal-Mart Stores Opens $100M Distribution Center in Triangle Region

by John Nelson July 15, 2016

MEBANE, N.C. — Wal-Mart Stores Inc. has opened a new $100 million distribution center in Mebane, roughly 23 miles west of Durham. The new industrial property is expected to create 550 jobs. The Mebane Walmart Distribution Center will be used to supply and distribute perishable food products for more than 55 Walmart stores in North Carolina and Virginia. This new facility is Wal-Mart’s fourth distribution center in North Carolina. Wal-Mart Stores held a grand opening ceremony on Wed., July 13 attended by North Carolina Gov. Pat McCrory and other local officials.

July 15, 2016

Industrial North Carolina Southeast

Beacon Partners to Build 1.2M SF Industrial Park in Charlotte

by John Nelson July 13, 2016

CHARLOTTE, N.C. — Beacon Partners has closed on the purchase of a 95-acre site in north Charlotte known as The Metrolina Expo Center for the development of Metrolina Park, a 1.2 million-square-foot manufacturing and logistics campus. Beacon Partners purchased the site from Linda Pistone for an undisclosed price. The industrial park will be situated off Statesville Road nearly one mile from I-77. Phase I of the development features two spec facilities totaling more than 600,000 square feet, as well as infrastructure and pre-grading on three additional lots to accommodate an additional 600,000 square feet. The two facilities include a 140,634-square-foot rear-load building fronting Statesville Road and a 495,950-square-foot cross-dock facility located near the park’s entrance. Beacon Partners plans to deliver both properties in the second quarter of 2017. The development team includes general contractor Edifice, civil engineer Orsborn Engineering Group and architect Merriman Schmitt. Wells Fargo provided construction financing on behalf of Beacon Partners.

July 13, 2016

Florida North Carolina Retail Southeast

Williams Co. Southeast to Remodel Over 20 Target Stores in Florida, North Carolina

by John Nelson July 7, 2016

ORLANDO, FLA. — Williams Co. Southeast, an Orlando-based general contractor and construction manager, plans to remodel more than 20 Target stores in Florida and North Carolina. The company recently finished the remodel of three Florida stores in Gainesville, Jacksonville and Wesley Chapel and two North Carolina stores in Durham and Greensboro. Williams expects to wrap up construction of all the remodeled stores by October. The company has previously constructed more than 400 Target projects in 11 states.

July 7, 2016

North Carolina Seniors Housing South Carolina Southeast Tennessee Virginia

Senior Housing Properties Trust Buys Seven Five Star Communities for $112.4M in Sale-Leaseback

by John Nelson July 5, 2016

NEWTON, MASS. — Senior Housing Properties Trust (SNH) has acquired seven seniors housing communities from Five Star Quality Care for $112.4 million. Five Star will continue to operate the communities as part of the sale-leaseback deal. The portfolio totals 545 units in North Carolina, South Carolina, Tennessee and Virginia. The lease with Five Star expires at the end of 2028 and includes renewal options. Five Star intends to use the proceeds it receives from the sale-leaseback transaction to repay in full amounts outstanding under its secured revolving credit facility, which had $60 million outstanding on June 28, 2016, and for general business purposes. The initial annual rent payable to SNH under the lease will be $8.4 million per year, resulting in an approximate capitalization rate of 7.5 percent. Starting after 2017, the rent may increase based upon a percentage of gross revenue increases realized by operations at the leased communities. SNH funded the purchase of the seven communities with cash on hand and drawings under its $1 billion unsecured revolving credit facility. Five Star was formerly SNH’s wholly owned subsidiary and both companies are based in Newton.

July 5, 2016

Loans Mixed-Use North Carolina Southeast

Bellwether Enterprise Closes Refinancing for AvidXchange Music Factory in Charlotte

by John Nelson June 28, 2016

CHARLOTTE, N.C. — Bellwether Enterprise Real Estate Capital has closed a loan for the refinancing of AvidXchange Music Factory, a mixed-use development in downtown Charlotte. The property features 120,000 square feet of office space; 140,000 square feet of restaurant, bar and entertainment space; and a 5,000-person, open-air amphitheater. Live Nation operates the amphitheater and two indoor venues at the Music Factory. Bellwether Enterprise arranged the loan through Cantor Commercial Real Estate Lending LP. Terms of the loan were not disclosed.

June 28, 2016

North Carolina Office Southeast

Joint Venture Sells Two Office Properties in Metro Raleigh for $35.2M

by John Nelson June 27, 2016

CARY, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold two office buildings in Cary for a combined $35.2 million The office assets are located at 100 and 200 Regency Forest Drive within Regency Park. Totaling 207,347 square feet, the properties are leased to tenants such as Cadence Design, MicroMass Communication, MercuryGate International, Crown Castle and Garmin International. Scot Humphrey, Ryan Clutter and Chris Norvell of HFF represented the joint venture in the transaction and procured the buyer, True North Management Group LLC.

June 27, 2016

Hidden Creek Village Apartments Fayetteville

Loans Multifamily North Carolina Southeast

Capstone Capital Secures $15.2M Refinancing of Apartment Community in North Carolina

by John Nelson June 22, 2016

FAYETTEVILLE, N.C. — Capstone Capital has arranged the $15 million refinancing of Hidden Creek Village Apartments, a 352-unit community in Fayetteville. Jackson Howard of Capstone Capital arranged the loan through a CMBS lender, which the borrower, a multifamily developer and owner, is using to retire existing debt totaling roughly $15.1 million. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule.

June 22, 2016

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