GREENVILLE, N.C. — Publix Super Markets has signed a 49,000-square-foot lease at Greenville Square, a 150,000-square-foot shopping center in Greenville. Publix will replace a former K Mart upon opening in 2017. Brodyco, the owner of Greenville Square since 2005, is redeveloping the shopping center with a new façade, parking lot, lighting and landscaping to make room for Publix, as well as several new national, regional and local retailers. Publix currently has more than 1,100 stores, 11 of which are in North Carolina.
CHARLOTTE, N.C. — The Dilweg Cos. has sold One and Two SouthPark Center in Charlotte’s SouthPark office submarket for $46.5 million. The buyer is CCP Commercial Real Estate, a private real estate investment firm based in Virginia Beach, Va. Dilweg purchased the properties in 2013 for $33.5 million. Built in 1973 and renovated in 2008, One SouthPark Center is located at 6060 Piedmont Row Drive S. The 10-story, 147,000-square-foot office building was 96 percent leased at the time of sale. Built in 1980 and renovated in 1992 and 2009, the five-story, 95,000-square-foot Two SouthPark Center was 95 percent leased at the time of sale.
The Charlotte MSA continues to experience a high level of retail activity as we go into the last quarter of 2015. With a regional inventory of 62 million square feet of retail space, the MSA has seen more than 8 million square feet of new development proposed. Vacancy rates are holding steady in the 8 to 9 percent range, and average rents have remained stable. Grocers Setting the Pace Retail development activity in the Charlotte area remains driven by grocery store expansion. Publix has opened units in Ballantyne, Matthews, Southeast Charlotte and, most recently, South End, with several new stores approved and in various stages of development. Some of the Publix activity has resulted from conversions of units it acquired from Bi-Lo, while the Ballantyne, Fort Mill and South End stores were new construction projects. Publix will open five more stores in the market in the coming year, bringing its MSA store count to 16. This will include Publix’s first stores in the Cabarrus County and Gaston County markets. Perennial market leader Harris Teeter remains the dominant traditional grocer in Charlotte with a 20 percent market share, which places it, Walmart and Food Lion in close proximity. Harris Teeter, which …
CLEMMONS, N.C. — Hankins Properties plans to develop Clemmons Town Center, a 246,000-square-foot mixed-use development in Clemmons, a suburb of Winston-Salem. The project will feature retail and restaurants in a Main Street layout, a 139-room hotel, office space, surface parking lot and a two-tiered parking deck. The project will anchor the 340-acre Village Point project, which features a 312-unit apartment community, Novant’s $100 million hospital complex, Morgan Elementary School, WFBMC Medical Plaza and a Publix-anchored shopping center known as Peace Haven Village. Lewisville, N.C.-based Gillon Design is the project’s architect. Winston-Salem-based Meridian Realty Group brokered the sale of the 20-acre site between Hankins and the seller, Village Pointe LLC. Hankins has retained Meridian Realty to lease and manage the project, which is slated to break ground later this summer.
FUQUAY-VARINA, N.C. — Blue Heron Asset Management LLC has sold The Village at Marquee Station, a 265-unit, Class A apartment community located at 2110 Cinema Drive in Fuquay-Varina, a suburb of Raleigh-Durham. Chapel Hill, N.C.-based Blue Heron sold the property, which it developed in phases between 2013 and 2014, to Starlight U.S. Multi Family Core Fund for $41.5 million. Toronto-based Starlight Investments Ltd. manages the fund. Allan Lynch and Justin Good of HFF represented Blue Heron in the transaction. The Village at Marquee Station’s units average 996 square feet, and its community amenities include a saltwater swimming pool with cabanas, poolside grilling, fitness center, clubhouse, gaming lounge and media studio, resident lounge with billiards, pet grooming salon, car care center and detached garages. Clancy & Theys Construction was the general contractor for the apartment community, which has maintained an occupancy rate in the mid-90 percent range since early 2015, according to HFF.
CHARLOTTE, N.C. — The Dilweg Cos. has purchased three Class A office buildings in Charlotte’s University/Northeast office submarket from two separate sellers. The sales price was undisclosed, but media outlets are reporting that the buildings sold for roughly $43.9 million. The properties, known as Resource Square I, II and V, total 335,593 square feet. Built between 1997 and 2000, the office buildings were 81 percent leased at the time of sale to tenants such as Brooks Equipment Co., FiServ, Huber Engineered Woods and Dassault Systems. Durham-based Dilweg Cos. has selected Charles Jonas and Karah Stumler of Foundry Commercial to lease the assets. Ryan Clutter of HFF represented the seller, a fund managed by DRA Advisors LLC, in the sale of Resource Square V.
DURHAM, N.C. — Armada Hoffler Properties Inc. has entered into a joint venture development agreement with Austin Lawrence Partners to develop and own One City Center, an $86 million, 27-story mixed-use project in downtown Durham. The development will feature 130,000 square feet of office space, 22,000 square feet of street-level retail space, 139 residential units and a two-level underground parking garage. Duke University has recently leased 55,000 square feet at the development, which will be situated at the corner of Corcoran and Main streets. Armada Hoffler will own and develop the office and retail portions, and Austin Lawrence Partners will develop the multifamily and parking components. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the entire project. The companies plan to break ground on One City Center during the first quarter of 2016 and wrap up construction in mid-2018.
RALEIGH, N.C. — Stiles Residential Group, a division of Fort Lauderdale, Fla.-based Stiles, and Raleigh-based Grubb Ventures have partnered to develop a new 186-unit mid-rise apartment community in Raleigh. Located at the intersection of Glenwood Avenue and Oberlin Road inside the I-440 Beltline, the Class A project will be situated adjacent to Carolina Country Club and near downtown Raleigh and Cameron Village. Apartment homes in the unnamed property will include studio, one-, two- and three-bedrooms ranging in size from 600 square feet to more than 1,700 square feet. Community amenities will include three resident lounges/clubrooms, a café, resort-style pool and outdoor entertainment area, terrace overlooking the adjacent golf course, fitness center and a landscaped courtyard with seating areas and a bocce ball court. Construction is scheduled to commence in March and first move-ins are anticipated to be in early summer 2017.
DURHAM, N.C. — Raleigh-based Q10 Professional Mortgage of North Carolina has arranged a $9.5 million acquisition loan for a Class A office building in Durham. The 104,400-square-foot property is located at 2530 Meridian Parkway within Meridian Business Park. The office building was 80 percent leased at the time of financing to tenants such as Regus Executive Suites and the RTP offices of Womble Carlyle Sandridge & Rice. Spencer Wilson of Q10 Professional Mortgage arranged the loan through RGA Reinsurance Group on behalf of the buyer, Rochester, N.Y.-based JPB Holdings. Jimmy Barnes and Whit Brown of NAI Carolantic represented the buyer in the acquisition. Ben Kilgore of CBRE represented the seller, Meridian Operating Associates LLC.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the $38.1 million sale of a three-property multifamily portfolio in Charlotte. The 618-unit portfolio features apartment communities built between 1997 and 1999. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Mission Charlotte DST, in the transaction. LIV Apartment Partners LLC was the buyer. The properties include the 249-unit Mission Harris Pavilion located at the intersection of University City Boulevard and I-485, the 207-unit Mission Reedy Creek located on East WT Harris Boulevard and the 162-unit Mission Concord Place located off I-85 in the northern Charlotte suburb of Concord.