KILL DEVIL HILLS, N.C. — Wawa Inc. has opened its first gas station and convenience store in the state of North Carolina. Located in the Outer Banks town of Kill Devil Hills, the store is the first of nine Wawa locations slated to open in the Tarheel state before the end of summer and 10 by year’s end. By the end of 2024, Wawa will have stores open in Kill Devil Hills, Rocky Mount, Elizabeth City, Greenville and two stores a piece in Wilson and Goldsboro. In 2025, Wawa expects to open up to 11 stores in additional counties including Robeson, Pitt, Cumberland, Onslow, Johnston, Nash, Pender, Brunswick and New Hanover. Over the next eight to 10 years, the metro Philadelphia-based company plans to build and open six to eight stores per year in North Carolina, reaching a total of 90 stores. To build each location, Wawa will invest more than $7 million per store and employ, on average, 140 contractors and local partners during the construction process. Wawa Inc., a privately held company, began in 1803. Today, Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida, Washington, D.C., and now North Carolina — with nearly 1,000 …
North Carolina
CHARLOTTE, N.C. — Gantry has arranged a $2.1 million permanent loan for the refinancing of Shoppes at Toringdon, an inline retail building located at 12194 Johnston Road in Charlotte. Situated on 1.6 acres within the larger Toringdon Circle retail community, the 8,000-square-foot property was leased to three tenants at the time of financing, including a specialty bicycle shop, eye doctor and a cell phone storefront for a major wireless carrier. Tim Storey, Casey Kupferberg and Chad Metzger of Gantry’s Phoenix office arranged the loan through one of the firm’s correspondent life insurance companies. The five-year, fixed-rate loan features a 30-year amortization schedule.
CONOVER, N.C. — JLL has arranged the sale of BSN Medical Distribution Facility, a 149,987-square-foot industrial property located at 1011 Keisler Road in Conover, about 44 miles northwest of Charlotte via N.C. Highway 16. Pete Pittroff, Dave Andrews, Josh McArdle, Michael Scarnato and Allan Parrott of JLL represented the seller, Founders Properties LLC, and procured the buyer, Diamond Properties. The sales price was not disclosed. The tenant, BSN Medical Inc., has more than five years of lease term remaining at the facility. The property was renovated in 2009 and features rear- and side-load configurations, 27 dock-high doors and 82 parking spaces spanning 17.2 acres, which provides potential expansion capacity at the site.
RALEIGH, N.C. — APG Capital has sold a 28,321-square-foot civic office building located at 2625 Appliance Court in Raleigh. An unnamed investor based in Florida purchased the property from APG Capital for $9.5 million. An affiliate of APG Capital originally acquired the building in 2014 for $1.9 million and has since invested more than $2 million in renovations. Situated near I-440 at Capital Boulevard, the single-story, single-tenant building has been occupied by the U.S. Government Services Administration (GSA) since 2012. The GSA utilizes the building as one of two military entrance processing stations (MEPS) in North Carolina. The buyer is one of the largest landlords of GSA-leased space in the nation, according to APG Capital.
Daye North America Signs 20,678 SF Office Lease at Adaptive Reuse Project in Charlotte
by John Nelson
CHARLOTTE, N.C. — Daye North America, a manufacturer of outdoor power equipment, has signed a full-building office lease at 901 Tuck, an adaptive reuse project located at 901 Tuckaseegee Road in Charlotte’s FreeMoreWest submarket. The company will utilize 901 Tuck as its new corporate office. Chase Merkel of Trinity Partners represented the undisclosed landlord in the lease negotiations, and Warren Snowdon of Foundry Commercial represented the tenant.
Portman Nears Completion of 319-Unit Vera at Savona Mill Apartments in West Charlotte
by John Nelson
CHARLOTTE, N.C. — Atlanta-based Portman has announced it is nearing completion of Vera at Savona Mill, a 319-unit midrise apartment community in Charlotte’s West End. First units are set to deliver in July. Vera at Savona Mill will offer one-, two- and three-bedroom options, as well as studios, lofts and townhomes. Amenities will include a resort-style pool with cabanas, a pet spa and dog park, fitness center with a yoga studio, game room and a coworking lounge. Portman plans to launch preleasing later this month. The multifamily property is the latest component of a mixed-use, adaptive reuse of a 105-year-old former textile mill that also includes retail space, creative offices, a community plaza and the expansion of the Stewart Creek Greenway that is set to open soon. The second phase of residential at Savona Mill is anticipated to break ground next summer and include 279 multifamily units and 40 townhouses.
CHARLOTTE, N.C. — Alliance Residential Co. has opened Prose McCullough Station, a 279-unit apartment community located at 8424 N. Tyron St. in Charlotte’s University City neighborhood. The property is the second Prose-branded community to open in Charlotte and the third in North Carolina. Designed by architect Cline Design, Prose McCullough Station features one-bedroom layouts ranging in size from 663 to 854 square feet and two-bedroom layouts ranging from 950 to 1,206 square feet. Monthly rental rates start at $1,275, according to the property website. Amenities include a business center with private offices, fitness center featuring cardio and strength-training equipment, resident clubroom with an entertainment kitchen and an outdoor courtyard featuring a resort-style pool, grilling stations and a cabana with a TV and lounge seating. The community also features package lockers and a fenced pet park.
WILMINGTON, N.C. — APG Capital has sold a 93,508-square-foot industrial building located at 3881 U.S. Highway 421 N in Wilmington. Fayetteville, N.C.-based Robeson Street Properties LLC purchased the asset for $11.9 million. Ferguson Enterprises, a wholesaler of plumbing and HVAC products, has fully occupied the facility since 2009 and recently signed a lease extension through 2033. The sale also included a five-acre lot 3901 U.S. Highway 421 N, which has the potential for development of a 30,000-square-foot building. Both parcels combined for over 14 acres, including a 2.3-acre lay yard. An affiliate of APG Capital originally acquired the property in 2013 for $5.6 million and has conducted over $2.7 million worth of building renovations during its ownership. Don Hyneman of APG Capital oversaw a 25,000-square-foot expansion of the building in 2023. David Divine and Daniel Walser represented the seller on an internal basis in the transaction, and Coastal Legacy Real Estate represented the buyer.
By Gib Laite, Esq. of Williams Mullen Multifamily investors are accustomed to paying property taxes based on an assessor’s opinion of their asset’s income-based market value. But for the growing number of developers and investors assembling communities of single-family homes and townhomes for rent, tax assessment is more complex and potentially troublesome. The difficulty for these taxpayers is that most assessors shun the income approach to valuing single-family rental properties. In the following paragraphs, we examine the roots of this common assessor stance, and explore strategies that may help taxpayers argue for a more predictable, apartment-like treatment for their single-family rental communities. Similar, but different Multifamily construction has delivered a tremendous volume of apartment properties over the past decade. Once stabilized, these assets have been relatively simple to value by relying on market rents, occupancy, expenses, and cap rates. On the heels of this apartment construction, the nation is seeing a proliferation of investor-backed, single-family construction and acquisitions of large blocks of homes and townhouses for use as rental properties. This may take the form of constructing a multitude of homes or townhomes in a single development. Alternatively, it may involve the acquisition of many existing homes or townhomes in …
Driftwood Purchases 225-Room Hotel at Research Triangle Park in Durham, Plans $9M Overhaul
by John Nelson
DURHAM, N.C. — Driftwood Capital has purchased Marriott Raleigh Durham Research Triangle Park, a 225-room hotel located in North Carolina’s Research Triangle area. Built in 1988 at 4700 Guardian Drive in Durham, the hotel marks Driftwood’s third acquisition in the state. Franklin BSP Realty Trust originated a two-year loan with three one-year extension options for the acquisition on behalf of Driftwood Capital. The buyer plans to implement $9 million of renovations at the property, with planned improvements including upgrades to the guest rooms, a new central air system and the introduction of amenities such as a lounge and expanded fitness center.