RALEIGH, N.C. — Continental Realty Corp. (CRC) has sold Creekside Crossing, a 60,499-square-foot shopping center located at 404 E. Six Forks Road in Raleigh, for $10.1 million. Thomas Kolarczyk and Jordan Lex of HFF represented Baltimore-based CRC in the sale to Raleigh Creekside Crossing LLC, a private investor. The asset was 100 percent leased at the time of sale to tenants including Planet Fitness, Tuesday Morning and Tropical Picken Chicken.
NEW YORK — The Carlton Group has arranged approximately $55 million of equity and debt for a 511-room hotel portfolio acquisition in North and South Carolina. Comprising five hotels branded by Marriott, IHG and Choice flags, the portfolio is located in North Myrtle Beach, S.C., and the North Carolina metros of Charlotte, Gastonia, Goldsboro and Wilmington. Michael Campbell, Steven Weiss and Steven Fenster of Carlton secured a roughly $36.5 million first mortgage and $8 million of preferred equity from a West Coast wealth manger, as well as $9 million of common equity from an undisclosed investor. The undisclosed hotel manager also invested capital along with the sponsors.
CHARLOTTE, N.C. — Corning Optical Communications, a division of Corning Inc., has revealed plans to move its corporate headquarters to Riverbend Village, a mixed-use development in northwest Charlotte. The materials science company’s new headquarters will comprise 182,500 square feet of office space. Riverbend Village will also include a 78,000-square-foot Harris Teeter and fuel center, as well as a tenant mix of restaurants, retail and residential units. Simpson Commercial LLC and Landmark Development Partners are co-developing the property, with completion slated for summer 2018. Joey Morganthall and Keely Hines with MPV Properties are handling leasing of the center.
DURHAM, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Brightleaf, a 194-unit apartment complex located on West Main Street in downtown Durham. The property sits next to Brightleaf Square, a mixed-use community, and is less than two miles from Duke University. Solis Brightleaf will offer studio, one-, two- and three-bedroom floor plans and feature an outdoor beer garden, clubroom with a veranda, fitness center, yoga studio and a heated pool. Pittsburgh-based First National Bank is providing construction financing for the project, and Clancy & Theys Construction Co. is the general contractor. The design team includes Cline Design Associates and engineering and landscape architecture firm Stewart.
CHARLOTTE, N.C. — Westwood Financial LLC has acquired The Arbors at Mallard Creek, a 55,323-square-foot, Trader Joe’s-anchored shopping center in Charlotte’s University City neighborhood. CBRE’s Mike Burkard and Casey Rosen represented the buyer, Los Angeles-based Westwood Financial, and the undisclosed seller in the $25.1 million transaction. Located at 2121 E. Arbors Drive, the property sits approximately four miles from University of North Carolina at Charlotte and is home to tenants including Petco, Massage Envy, Hickory Tavern and Zoë’s Kitchen. The center was 98 percent leased at the time of sale.
CHARLOTTE, N.C. — Starlight U.S. Multifamily (No.5) Core Fund has sold Belle Haven, a 176-unit, Class A apartment complex located at 9005 Post Canyon Lane in the University of North Carolina-Charlotte submarket, for $28.3 million. Belle Haven Acquisition LLC, an indirect, wholly owned subsidiary of the fund, sold the property to an undisclosed buyer. Proceeds from the sale will be used to pay the outstanding mortgage balance of approximately $17.8 million, with the remainder expected to be utilized on a tax-deferred basis to acquire a multifamily property with a greater number of units. Property amenities at Belle Haven include a fitness center, yoga room, pool, clubhouse and a neighborhood pet park.
GREENSBORO, N.C. — NorthMarq Capital has arranged $18.5 million in refinancing for New Garden Crossing, a 168,950-square-foot retail center located in Greensboro. Mark Jeffries of NorthMarq Capital’s Denver office structured the refinance with a 10-year term and 30-year amortization schedule. Lowe’s Foods, Marshalls and HomeGoods are among the tenants at the property.
RALEIGH, N.C. — Electra America has acquired The Flats on 401, a 300-unit apartment community located at 5721 Goodstone Drive in Raleigh. HFF’s Jeff Glenn, Justin Good and Allan Lynch brokered the transaction on behalf of the seller, a local partnership. The sales price was not disclosed, but the Triangle Business Journal reports that the asset sold for $41.6 million. Constructed in 2015, the property will be rebranded as Level at 401 with approximately $1.5 million dedicated to renovations of individual units and common areas. Level at 401 includes studio, one- and two-bedroom units and features a swimming pool, clubhouse, fitness center, professional area, outdoor fireplace and cabana area, spin room and courtyard gardens.
CHARLOTTE, N.C. — Novare Group and Batson-Cook Development Co. (BCDC) will open its second SkyHouse property in Uptown Charlotte, SkyHouse Uptown South Tower, tomorrow. The 24-story apartment tower sits adjacent to the first tower, and combined, the two nearly identical buildings total 672 studio, one-, two- and three-bedroom units. Amenities include the signature SkyHouse on the top floor, complete with a clubhouse, fitness facilities, swimming pool and an outdoor kitchen all with 360-degree views of the city. The properties adjoin SkyPark, a 0.9-acre open park on top of the parking deck featuring a regulation-size tennis court, athletic field, two regulation bocce ball courts, grilling area, fire pits, putting green and a walking trail. The project marks the 17th SkyHouse tower delivered by the Novare Group and BCDC partnership. Other project team members include general contractor Batson-Cook Construction; architect Smallwood, Reynolds, Stewart, Stewart; and lenders BBVA Compass and SMBC.
CONCORD, N.C. — Griffin Industrial Realty has purchased a 277,000-square-foot industrial warehouse near Charlotte for $18.6 million. The property is located at 215 International Drive in Concord. The purchase was paid in cash at closing using approximately $9.7 million of cash held in escrow as part of a 1031 exchange, and $8.9 million of Griffin’s cash on hand. Chris Riley of CBRE represented the sellers, Trinity Capital Advisors and Crow Holdings, and Trinity Partners’ William Maxwell and Terry Brennan represented Griffin. Constructed in 2015, the Class A warehouse features tilt-up concrete wall panels, 32-foot clear heights and the potential for 80 dock doors. At closing, the building was 74 percent leased. This is Griffin’s first property in the Charlotte area.
