GREENVILLE, N.C. — KeyBank Real Estate Capital has arranged a $14.3 million CMBS loan for The Hilton Greenville, a 141-room hotel located at 207 Greenville Blvd. S.W. in Greenville. The hotel is situated on the 32-acre Greenville Convention Center campus and is within two miles of East Carolina University. Scott Bois of KeyBank’s commercial mortgage group arranged the non-recourse loan on behalf of the undisclosed borrower.
KING, N.C. — NorthMarq Capital has arranged a $3.7 million acquisition loan for Colony Center, an 84,069-square-foot retail property located at 705-745 S. Main St. in King. Colony Center’s tenant roster includes Food Lion, Family Dollar and Badcock Furniture. David Vinson of NorthMarq’s Raleigh office arranged the loan through an unnamed life insurance company on behalf of the borrower.
MONROE, N.C. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT specializing in net-leased industrial properties, has sold its 160,000-square-foot industrial building in Monroe to its tenant for $9 million. The tenant, Charlotte Pipe and Foundry Co., is a plumbing systems manufacturer based in Charlotte. Monmouth’s portfolio now spans 13.8 million square feet of single-tenant, net leased industrial assets with a current occupancy rate of 97.6 percent.
As Charlotte’s job growth has returned, so has traffic into Uptown during rush hour, a new apartment project on every corner, healthy single-family demand and a food fight. Currently there is an all-out war for grocery market share between behemoths Harris Teeter, Publix and Walmart Neighborhood Market, all adding stores at a record rate, while Whole Foods Market continues to expand within the market on a measured basis. Newcomers Sprouts Farmers Market and Lidl, a German-based supermarket grocer offering discount items, are set to make market entries between 2016 to 2018, with Food Lion planning to refurbish a number of their stores in the market. Pappas Properties has begun construction on a Harris Teeter at Berewick and Raley Miller in a joint venture with Levine Properties, and has filed a rezoning petition to add another Harris Teeter at the corner of Fairview and Providence. Harris Teeter has recently added a store in Cornelius, as has Publix. Publix has recently opened a new store in the booming South End submarket located along the transit line on South Boulevard and has won zoning approval for a store to be constructed at Cotswold. A grocer is also rumored to be scouting a redevelopment …
CHARLOTTE, N.C. AND MYRTLE BEACH, S.C. — Divaris Real Estate Inc. (DRE) has brokered the acquisition of two properties in the Carolinas totaling $34.9 million. DRE represented Armada Hoffler Properties, a publicly traded REIT, in its $26.2 million purchase of Providence Plaza in Charlotte and its $8.7 million purchase of Socastee Commons in Myrtle Beach. The properties were acquired as part of a 1031 exchange in separate transactions. Providence Plaza is a 103,118-square-foot mixed-use development that was built in 2007 and was 97 percent occupied at the time of sale. Socastee Commons is a 57,273-square-foot, Bi-LO-anchored shopping center that was fully leased at the time of sale. Alex Divaris and Jason Oliver of DRE brokered the Providence Plaza transaction, and Divaris and Sandy Cohen of DRE brokered the Socastee Commons deal. DRE has been retained to lease and manage both properties.
WAKE FOREST, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.8 million acquisition loan for The Factory, a 187,695-square-foot retail and sports complex in Wake Forest. One of the largest sports complexes in the country, the public access complex covers more than 35 acres with two full-sized NHL rinks and more than 17 acres of baseball fields. The Factory was 99.8 percent leased at the time of sale to sports centers such as the YMCA of the Triangle, North Wake Baseball Association and Polar Ice House, and retail options like the Village Deli and Grill and Gonza Tacos y Tequila. The complex, built in 1964 and renovated in 2004, consists of five buildings. Jared Cassidy of MMCC’s Washington, D.C., office arranged the loan through a national balance sheet lender. Matt Greenspon of Marcus & Millichap’s Raleigh office consulted on the buy side. The undisclosed buyer purchased the asset for $17.9 million.
Lately, Charlotte seems to have more of everything: jobs, residents, young people — all of which has driven more demand for quality multifamily properties in urban neighborhoods with multiple lifestyle amenities. Renters’ desire for parks, transit options and walkable access to work, culture, and entertainment has led Charlotte’s Uptown/South End region to become the fastest-growing apartment submarket in the nation, according to a study by MPF Research. Since the recession, Uptown/South End has experienced a period of remarkable growth in the multifamily market, and has seen an 82 percent increase in units since 2012, the study says. Overall, renter-occupied units make up just over two-fifths, or 40 percent, of the city’s housing market, a percentage that is already higher than the national average and anticipated to increase. As more properties are built, Charlotte’s 5.1 percent vacancy rate is likely to increase over the long term, but demand is expected to remain strong as the city’s dynamic economy and population continue to grow. The area’s population is set to increase about 2 percent annually over the next five years, far outpacing the country’s overall rate of 0.75 percent. Much of that is due to an influx of well-educated, younger people moving …
DURHAM, N.C. — Grubb Properties, in partnership with an affiliate of Blue Vista Real Estate Partners IV, has purchased two mid-rise office buildings in Durham for a combined $6.6 million. The companies plan to renovate and reposition the buildings, including new lobbies and bathrooms, resurfaced parking and extensive landscaping. The buildings are located at 2222 and 2224 N.C. 54 and total 147,471 square feet. The properties are situated on 16 acres off I-40 and directly adjacent to the Research Triangle Park.
CHARLOTTE, N.C. — CBRE has brokered the $45.5 million sale of AT&T Plaza, a 355,300-square-foot office tower in Charlotte’s central business district. Located at 300 S. Brevard St., the property provides direct access to the LYNX light rail. AT&T is vacating the property as part of its corporate initiative to reduce its national office footprint. Will Yowell, Patrick Gildea and Jay O’Meara of CBRE represented the sellers, Childress Klein and Norfolk Southern Corp. Hal Kempson and Compie Newman of CBRE arranged a five-year acquisition loan through Citizens Bank on behalf of the buyer, Dallas-based Stream Realty Partners.
CHARLOTTE, N.C. — HFF has brokered the $23 million sale of Carmel Park I and II, two office assets in Charlotte’s Ballantyne/South Charlotte office submarket totaling 170,128 square feet. Carmel Park I and II are situated on 11.5 acres at 11111-11121 Carmel Commons Blvd. The properties are roughly 80 percent leased to tenants such as Pulte Group, Gentiva Health Services, M3 Engineering and Commercial Defeasance LLC. Ryan Clutter led HFF’s investment sales team in representing the seller, Carmel Park II LP, an entity managed by PICOA Inc. CapRidge Partners LLC purchased the office assets. Travis Anderson, Jim Curtin and Cory Fowler of HFF arranged floating rate acquisition financing through JP Morgan Chase & Co. on behalf of CapRidge Partners.
