North Carolina

KBS REIT Sells Office Building in Charlotte for $30.5M

by John Nelson July 26, 2016

CHARLOTTE, N.C. — KBS Real Estate Investment Trust Inc. (KBS REIT) has sold Gateway Center, a 10-story, 310,745-square-foot office building located at 901 W. Trade St. in Charlotte’s central business district. An undisclosed buyer purchased the asset for $30.5 million. The property is within walking distance of Greyhound and Light Rail stations, in addition to Bank of America Stadium, home of the NFL’s Carolina Panthers. Gateway Center was 90 percent leased at the time of sale to tenants such as Bank of America and Johnson & Wales University. Amenities include a sundries shop and a 149-space, below-grade parking facility. The sale includes a 1.6-acre parcel currently used as a 29-space surface parking lot. Ryan Clutter, Scot Humphrey, Ralph Smalley and Christopher Lingerfelt of HFF represented KBS REIT in the sale.

July 26, 2016

Industrial North Carolina Southeast

Trinty Capital, SilverCap Partners Purchase 272,396 SF Warehouse in Durham

by John Nelson July 25, 2016

DURHAM, N.C. — A joint venture between Trinity Capital Advisors and SilverCap Partners has purchased Research Tri-Center North III and IV, a 272,396-square-foot warehouse and distribution facility located at 2910 and 2710 Weck Drive in Durham. The facility features 25 dock-high doors, 40-foot by 40-foot column spacing, an ESFR sprinkler system and a truck court with trailer parking. Trinity Capital plans to upgrade the facility with new T5 lighting, renovated office space and paved access off Alson Avenue, which will re-orient the property as a rear-loading facility. Bryan Everett of CBRE | Raleigh represented the seller, B F Properties II NC LLC, in the transaction. The joint venture has selected Trinity Partners to manage the property and Everett and Daniel Jackson, also with CBRE | Raleigh, to lease the project.

July 25, 2016

North Carolina Office Southeast

Origin Investments Acquires Office Building in Raleigh for $23.5M

by John Nelson July 22, 2016

RALEIGH, N.C. — Chicago-based Origin Investments has purchased Trinity Place, a four-story, 114,547-square-foot office building located at 1201 Edwards Mill Road in west Raleigh. Origin Investments acquired the Class A building via the $150 million Origin’s Fund 3 from an unnamed institutional real estate fund for $23.5 million. Trinity Place was fully leased at the time of sale and has maintained an average occupancy of 97 percent since 2003. Ryan Clutter and Scott Humphrey of HFF brokered the transaction. Origin Investments has retained Ed Pulliam and Brad Corsmeier of CBRE to market Trinity Place and Foundry Commercial to manage the asset.

July 22, 2016

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $9.8M Acquisition Loan for Student Housing Community in North Carolina

by John Nelson July 21, 2016

PEMBROKE, N.C.— NorthMarq Capital has arranged $9.8 million in acquisition financing for Pembroke Place, a 336-bed student housing community located near the University of North Carolina at Pembroke campus in Pembroke. The transaction was structured with a 15-year term and 25-year amortization schedule. Lee Weaver and Steve Whitehead of NorthMarq arranged financing for the borrower, Pembroke Place CP LLC, through its Fannie Mae DUS program.

July 21, 2016

Multifamily North Carolina Southeast

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

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