CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. (BRG) has completed the second phase of its acquisition of Ashton Reserve, a Class A apartment community in Charlotte, for $21.8 million. BRG acquired the first phase in August of this year. With the second phase, BRG added 151 newly completed units. The company funded the acquisition using an equity investment of approximately $7.5 million and proceeds of a $15.3 million, 10-year, floating-rate Fannie Mae loan. Built in two stages in 2013 and 2015, the Ashton Reserve Apartments feature high-end one-, two- and three-bedroom layouts with 9-foot ceilings, stainless steel appliances, granite countertops, under-mount sinks and full size washer/dryers. Community amenities include two clubhouses, fitness facilities, a swimming pool with oversized deck and grilling stations, as well as a business center and a private media center.
ASHEVILLE, N.C. — The Kassinger Development Group (KDG), a multifamily developer based in Charleston, S.C., has delivered The Retreat at Hunt Hill, a 180-unit apartment community in Ashville. Residents at the newly delivered complex have views of downtown Asheville and the Blue Ridge Mountains. The complex is located adjacent to the Beaucatcher Hiking Trail and McCormick Field, home of the Asheville Tourists baseball team. Community amenities include a leasing office, swimming pool and fitness center. Units feature Energy Star-rated appliances, faux wood flooring, granite countertops, washer and dryer hook ups and porches.
CARY, N.C. — CBRE | Raleigh has brokered the sale of One Harrison Park, a three-story, 56,933-square-foot office building located in Cary, a suburb of Raleigh. Houston-based Griffin Partners purchased the property from Rosemont Realty LLC for an undisclosed price. Ben Kilgore of CBRE | Raleigh represented the seller in the transaction. The office building’s tenant roster includes Biosignia Inc.; Keyes, Fox & Wiedman LLP; and Leukemia & Lymphoma Society. Ed Pulliam and John Brewer of CBRE | Raleigh will continue leasing services for the building.
RALEIGH, N.C. — Federal Capital Partners (FCP) and Kane Realty Corp. have formed a joint venture to purchase the 2.5-acre Dillon Supply site in downtown Raleigh’s Warehouse District. The site is bounded by South West, West Martin, South Harrington and West Hargett streets. The joint venture will break ground in January on a mixed-use development at the site, which will comprise a 17-story office tower, 40,000 square feet of retail space, two six-story apartment buildings totaling 261 residences and a 950-space parking deck. Duda|Paine Architects LLP designed the office portion and J. Davis Architects designed the residential component of the development. Justin Good and Allan Lynch of HFF represented FCP and Kane Realty in the transaction.
CHARLOTTE, N.C. — HFF has brokered the sale of a 32-story, 330,483-square-foot office tower located at 121 W. Trade St. in downtown Charlotte. Lincoln Property Co.’s affiliate, LPC Realty Advisors I LP, purchased the asset from a partnership controlled by The Dilweg Cos. for $71.6 million, according to the Charlotte Business Journal. Lincoln Property Co. purchased the asset in conjunction with local affiliate Lincoln Harris on behalf of a pension fund client. Tenants of the office tower include Chicago Bridge & Iron, SAS Institute, Caudle & Spears and Brookwood Associates. The building also features the Charlotte City Club on the top two levels and parking on levels two through nine. Ryan Clutter led HFF’s investment sales team representing the seller.
DURHAM, N.C. — The Dilweg Cos. has purchased South Square I and II, two office buildings located at 3710 University Drive and 3708 Mayfair St. in Durham, respectively. The buildings total 120,301 square feet and were 47 percent leased at the time of sale. Primary tenants at the two properties include Yadkin Bank, aWhere and SHIFT NC. Dilweg plans to invest more than $2.5 million to improve the buildings’ operating systems, common areas and tenant amenities. The Durham-based firm owns roughly 1.3 million square feet of office space in the Raleigh-Durham area.
DURHAM, N.C. — CBL & Associates Properties Inc., a shopping center owner and developer based in Chattanooga, Tenn., and its 50/50 joint venture partner have sold Renaissance Center, a 363,000-square-foot community shopping center in Durham. The joint venture sold Renaissance Center to an unnamed institutional investor for $129.2 million. The property’s tenant roster includes REI, Best Buy, Chili’s, David’s Bridal, Old Navy, Nordstrom Rack, Moe’s Southwest Grill, Ruth’s Chris Steak House, Starbucks and The Melting Pot. The transaction is scheduled to close during the first quarter of 2016, subject to the assumption of a $16 million loan secured by the property’s Phase II and defeasance of a $31.6 million loan secured by the property’s Phase I.
CHARLOTTE, N.C. — Cousins Properties Inc. has signed a 10-year lease renewal with Bank of America for office space at Gateway Village in Uptown Charlotte. The Charlotte-based bank will continue to lease 922,684 square feet of office space at the 1.06 million-square-foot building. A 50/50 joint venture between Cousins and Bank of America own the office development, located at 800 and 900 W. Trade St.
RALEIGH, N.C. — SunTrust Bank has performed as the lead arranger for a $66.7 million construction loan for a Class A office tower in Midtown Raleigh. The borrower, Kane Realty Corp., will use the loan to develop Midtown Plaza, a 12-story, 330,000-square-foot office tower in North Hills, a 130-acre mixed-use development in Raleigh. Allscripts, a Chicago-based healthcare information technology company, will anchor the new office development. Kane Realty plans to deliver the project in July 2017. SunTrust has funded two other Kane-developed projects in North Hills — CAPTRUST Tower and The Dartmouth.
CHARLOTTE, N.C. — Medalist Capital has arranged a $345.6 million loan through MetLife Inc. for the 535-acre Ballantyne Corporate Park in Charlotte. The 2.5 million-square-foot property features Class A office space, retail, restaurants, healthcare and two hotels. Don Williams and Mary Neill McKie of Medalist Capital’s Charlotte office arranged the long-term, fixed-rate loan on behalf of the borrower, The Bissell Cos. Ballantyne Corporate Park’s tenant roster includes the headquarters of MetLife’s U.S. retail business. The loan did not involve MetLife’s offices in Charlotte.