GREENSBORO, N.C. — Colliers International has brokered the $20.8 million sale of Hidden Lakes Apartments, a 483-unit multifamily community located in Greensboro. Living Well Homes purchased the asset from CORE Realty Holdings Management Inc. Will Mathews and Brooks Colquitt of Colliers represented CORE Realty in the transaction. Colliers has brokered five sales on behalf of CORE Realty in the past 10 months.
CHARLOTTE, N.C. — Grubb Properties has unveiled the design for a 10-story office building the company is renovating on Mockingbird Lane in Charlotte’s Montford Park submarket. Known as 1515 Montford Park, the updated office building will feature a full glass façade with expansive windows, high ceilings, open floor plans, an outdoor terrace and an amenities lounge on the fifth floor featuring table games, bar top, lounge seating, big-screen TV and a stocked kitchen area. Office tenants will have access to a full-service fitness center and bike room at the adjacent 4601 Park Road building. Pfeiffer University Charlotte has pre-leased space at 1515 Montford Park. Space for lease on floors three through six will be available for near-term delivery, with a start on floors seven through 10 projected for the beginning of 2018.
CHARLOTTE, N.C. — Equus Capital Partners Ltd. has purchased the Rotunda Building, a 230,790-square-foot office building located at 4201 Congress St. in Charlotte’s SouthPark submarket. Equus acquired the property from global asset management firm RREEF America for $60 million, according to the Charlotte Business Journal. Situated on 5.3 acres near SouthPark Mall, the office building features a two-story lobby, conference room, water fountain and Village Tavern, a full-service restaurant. HFF represented the seller in the transaction and arranged a $42.4 million acquisition loan through Bank of America Merrill Lynch on behalf of Equus. The property was 91 percent leased at the time of sale to tenants such as JLL, First Bank, Capital South, Development Management and Michelin. Ryan Clutter, Scot Humphrey and Chris Lingerfelt led the HFF investment sales team in the transaction. Brent Bowman and Travis Anderson led HFF’s debt placement team.
CHARLOTTE, N.C. AND SARASOTA, FLA. — The Dilweg Cos. has purchased a two-building office portfolio in the Southeast for $115.5 million. The assets include the 23-story First Citizens Bank Plaza in Uptown Charlotte and the two-tower Sarasota City Center in downtown Sarasota. Built in 1986 and renovated in 2002, the 476,393-square-foot First Citizens Bank Plaza was 29 percent leased at the time of sale to tenants such as First Citizens Bank, Advanced Disposal, The Carlyle Group and ManpowerGroup. Dilweg, which also announced the opening of its new Charlotte office, has tapped Tom Fitzgerald and Barry Fabyan of JLL to lease the property. Built in 1989, the 245,293-square-foot Sarasota City Center was 88 percent leased at the time of sale to tenants such as Boar’s Head, Wells Fargo, Merrill Lynch and UBS. Dilweg has retained Lori Hellstrom of Colliers International’s Tampa Bay office to lease Sarasota City Center. Dilweg plans to invest more than $10 million in capital improvements for First Citizens Bank Plaza and more than $4 million to improve Sarasota City Center. Ryan Clutter, Scot Humphrey, Herman Rodriguez, Tracey Goo and Chris Lingerfelt of HFF represented the sellers, Osprey East LLC and Osprey s.a. Ltd., in the transaction. Travis …
CHARLOTTE, N.C. — Atlanta-based TriBridge Residential LLC has purchased Morehead West, a 211-unit apartment community located at 1932 W. Morehead St. in Charlotte’s FreeMoreWest neighborhood, for $31.5 million. The asset also includes 5,600 square feet of commercial space. The property is TriBridge’s fourth acquisition in Charlotte area. TriBridge will manage the property, and Ligon Commercial Real Estate will lease the asset on behalf of TriBridge.
CHARLOTTE, N.C. — Aston Properties has announced retailers and restaurants joining City Park Village, an 11,600-square-foot shopping center under construction in Charlotte. Situated on a 2.6-acre site at the corner of West Tyvola Road and Potomac River Parkway, the property is nearly 90 percent pre-leased to tenants including Panera Bread, Chipotle Mexican Grill, Starbucks Coffee and Firehouse Subs. The $6 million property will serve as the entrance to City Park, a 170-acre mixed-use development that Pope & Land Enterprises is developing on the former site of the Charlotte Coliseum. The Shopping Center Group is leasing City Park Village, which has 1,575 square feet available, as well as retail pads fronting West Tyvola Road.
CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. has purchased Wesley Village Apartments, a 301-unit, Class A multifamily community located in Charlotte’s FreeMoreWest submarket. The REIT acquired the property from KBS Legacy REIT for $56.9 million using $16.5 million in equity and a Freddie Mac, fixed-rate loan totaling $40.5 million. Built in 2010, Wesley Village features studio, one- two- and three-bedroom units averaging 1,025 square feet. Community amenities include a resort-style saltwater pool with grilling area and wet bar, fitness center, game room with a billiards table, business center with Wi-Fi and a dog park.
CHARLOTTE, N.C. — Vertical construction is underway at Rea Farms, a mixed-use development located in south Charlotte. Lincoln Harris, Greg Currie and the Rea family are the master developers of the development, which is situated at the intersection of Providence and Ardrey Kell roads south of Interstate 485. Life Time Fitness is developing the 200,000-square-foot Life Time Athletic Charlotte at the development, and Woodfield Investments is developing the 455-unit Links at Rea Farms. The fitness and aquatics facility is set to open in the fourth quarter of this year, and the Class A apartment community is set to open in early 2018. Construction on the Harris Teeter-anchored retail village and Greystar’s senior housing facility known as Overture Providence at Rea Farms will begin this summer. CalAtlantic Homes will also build 249 single-family homes and townhomes at Rea Farms.
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.
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.