North Carolina

Inland Affiliate Acquires Apartment Community in Charlotte for $31.7M

by John Nelson September 30, 2016

CHARLOTTE, N.C. — Inland Real Estate Acquisitions Inc. has facilitated the purchase of Vanguard Northlake, a newly built, 204-unit apartment community located at 11010 Northlake Landing in Charlotte. Matthew Tice of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. According to the Charlotte Business Journal, an affiliate of Covington Realty Partners sold the asset to Inland for $31.7 million. Vanguard Northlake’s unit interiors include granite countertops, 9-foot ceilings, walk-in closets, TVs built into the master bathroom mirrors, washer and dryer units and private balconies or patios. Community amenities include an outdoor saltwater pool, fitness center, outdoor grilling kitchen, fireside lounge, sundeck with cabanas, dog park, bicycle storage and a business center. The property was 95 percent occupied at the time of sale.

September 30, 2016

North Carolina Retail Southeast

Crosland Southeast, Childress Klein Acquire 8.5 Acres in South Charlotte

by John Nelson September 30, 2016

CHARLOTTE, N.C. — Crosland Southeast and Childress Klein have purchased an 8.5-acre site on Providence Road in south Charlotte from Crescent Communities. The joint venture plans to develop several single-tenant and multi-tenant retail buildings on the site. The site is adjacent to the planned Crescent Providence Farm apartment development and in close proximity to Waverly, a master-planned project that Crosland Southeast and Childress Klein are co-developing. Crosland Southeast and Childress Klein are partnering with the Matthews family on the project.

September 30, 2016

North Carolina Office Southeast

CBRE Brokers $83.5M Sale of Trophy Office Tower in Downtown Raleigh

by John Nelson September 29, 2016

RALEIGH, N.C. — CBRE has brokered the sale of Charter Square, a 243,106-square-foot, Class A office tower located at 555 Fayetteville St. in downtown Raleigh. Highwoods Properties Inc. purchased the building from the seller, a joint venture between Dominion Realty Partners and a global real estate investment manager. The sales price was undisclosed, but the Triangle Business Journal reports that Highwoods plans to invest $83.5 million in the acquisition, including $5.1 million in capital improvements. The office building opened in June 2015 and was certified LEED Platinum earlier this year. The office building was 70 percent leased at the time of sale to 14 tenants, including three ground-floor restaurants: b.good, Living Kitchen and The Haymaker.

September 29, 2016

North Carolina Retail Southeast

BC Wood to Revitalize Former Kmart Store in North Carolina

by John Nelson September 28, 2016

HIGH POINT, N.C. — BC Wood Properties, owner of Southwood Square Shopping Center in High Point, plans to remerchandise the center’s former Kmart store with retailers including Planet Fitness, Roses and dd’s Discounts. The new tenants will open their stores by spring 2017. BC Wood purchased Southwood Square in 2013 with the intent to renovate the center when Kmart vacated its 104,000-square-foot space. Southwood Square is located on the corner of South Main Street and West Fairfield Road and is leased to tenants including Dollar Tree, Save-A-Lot, Jackson Hewitt, Nationwide Insurance and Shoe Show.

September 28, 2016

North Carolina Office Southeast

Dominion, Prudential to Develop 103,000 SF Office Building in Raleigh

by John Nelson September 27, 2016

RALEIGH, N.C. — Dominion Realty Partners and Prudential Global Investment Management plan to develop Wade IV, a new 103,000-square-foot office building within Wade Office Park in Raleigh. The new four-story asset will be Dominion’s 27th project in the Triangle region. Designed to achieve LEED Gold certification, Wade IV will feature a glass, brick, pre‐cast and metal skin exterior, as well as green features and amenities. Dominion Realty will serve as both the developer and on-site property management team for Wade IV, and Regions Bank will provide construction financing for the project. Other key team members include architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young. Choate will break ground on the asset this week for an expected delivery in late summer 2017.

September 27, 2016

Industrial North Carolina Southeast

Scannell to Develop 1 MSF Industrial Park in Triangle

by John Nelson September 27, 2016

KNIGHTDALE, N.C. — Scannell Development Co. has purchased 78.8 acres of land located at 2309 Hodge Road in Knightdale for Eastgate540, a 1 million-square-foot industrial park. Phase I of Eastgate540 will be a 150,000-square-foot building with an adjacent pad-ready site for an additional 150,000-square-foot building. Scannell plans to deliver Phase I by second-quarter 2017. Upon completion, Eastgate540 will include six Class A industrial buildings featuring 32-foot clear heights, an ESFR sprinkler system, T-5 lighting and a shared 190-foot concrete truck court. Chester Allen, Barry Bowling and Carlton Midyette III of CBRE | Raleigh represented the seller, Hicks, Murphy and Myrick Families, in the land sale. Butch Miller, Ann-Stewart Patterson and Bryan Everett of CBRE | Raleigh will handle Eastgate540’s leasing responsibilities.

September 27, 2016

Georgia North Carolina Retail South Carolina Southeast

Big V Capital Purchases Three Shopping Centers in the Southeast for $24M

by John Nelson September 27, 2016

FLORIDA, N.Y. — Big V Capital LLC, the investment management affiliate of New York-based Big V Properties, has closed on the purchase of three shopping centers in the Southeast for a combined $24 million. The properties include the 74,370-square-foot Village at Myrtle Grove in Wilmington, N.C.; the 180,194-square-foot Lancer Center in Lancaster, S.C.; and the 203,876-square-foot Lanier Plaza Shopping Center in Brunswick, Ga. Village at Myrtle Grove was 87 percent leased at the time of sale to tenants such as Staples; Lancer Center was 89 percent leased to Big Lots, Citi Trends, Pet Sense and Bi-Lo; and Lanier Plaza was 81 percent leased to Winn-Dixie, Dollar Tree, Rent-A-Center and Habitat for Humanity. With the purchase of these three assets, Big V Properties owns and/or operates 31 Class A and B shopping centers totaling roughly 3 million square feet.

September 27, 2016

Market Reports North Carolina Retail Southeast Market Reports

Infill, Transit-Oriented Developments are Driving Charlotte’s Retail Market

by John Nelson September 26, 2016

As Charlotte’s employment surpasses the pre-recession peak of 2007 and the metro swells to almost 2.4 million residents — growing three times faster than the national average — Charlotte is on every retailer’s radar and poised for continued retail growth. Retailers seeking customers with disposable income benefit from Charlotte’s strong affordability index, relative to similarly sized cities, and have enjoyed a positive trend in household incomes, which increased 8 percent between 2010 and 2015. This income growth is bolstered by the 35- to 54-year-old “big-spender” segment, which makes up approximately 30 percent of Charlotte’s population, and is expected to continue to grow in spite of shrinking nationally. Retail developers and investors are also big fans of these fundamentals, which have yielded positive retail absorption over the past 12 months, impressive rent growth of 4.3 percent year-over-year, and vacancy of 5.5 percent, well below the historical average. Similar periods of growth in Charlotte’s history have delivered traditional grocery-anchored neighborhood centers, garden-style apartments and mid-rise office buildings, primarily surface-parked to accommodate the vehicle-centric nature of Charlotte. That trend is changing as Charlotte adapts to the cultural shift and increased density that now prioritizes proximity, access and convenience over McMansions and white-picket-fenced suburbia. …

September 26, 2016

Hospitality North Carolina Southeast

MJM Group to Build $45M Dual-Branded Marriott Hotel in Charlotte

by John Nelson September 22, 2016

CHARLOTTE, N.C. — Raleigh-based MJM Group plans to develop a new $45 million, dual-branded Marriott hotel project in Charlotte. Located at 9110 Harris Corners Parkway, the seven-story property will feature a 94-room Courtyard by Marriott and a 94-room Marriott Residence Inn. Construction is slated to begin this month and wrap up by March 2018. The 130,000-square-foot property will feature a shared lobby, bistro, two patio areas, outdoor swimming pool, exercise room and meeting rooms. The project team includes architect The Lawrence Group, interior designer Gray Design and general contractor Whiting-Turner Contracting Co. Paramount Lodging Advisors advised MJM Group in the development, and Live Oak Bank provided construction financing. Midas Hospitality will manage the hotel upon completion.

September 22, 2016

Georgia Loans Mississippi North Carolina Retail South Carolina Southeast

HFF Arranges $62M Financing for Seven-Property Retail Portfolio in the Southeast

by John Nelson September 21, 2016

PITTSBURGH — Pittsburgh-based HFF has arranged $62 million in financing for a portfolio of seven retail centers totaling 805,803 square feet in North Carolina, South Carolina, Georgia and Mississippi. The portfolio includes a Walmart Neighborhood Market located at 10635 Dorchester Road near Charleston in Summerville, S.C.; Poplar Springs Plaza, located at 2153 E. Main St. in Duncan, S.C.; Tire Kingdom & Starbucks Coffee, located at 1820 N. Highway 17 near Charleston in Mount Pleasant, S.C.; Albany Square, located at 2707 Dawson Road in Albany, Ga.; East-West Commons, located at 1757 East-West Connector in Austell, Ga.; Morganton Heights, located at 400 Henredon Road in Morganton, N.C.; and The Ridge at Turtle Creek, located in Hattiesburg, Miss. The portfolio’s tenants include Publix, Academy Sports + Outdoors, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Hobby Lobby and Bealls. Kevin Mackenzie, Greg Brown and Cory Fowler of HFF worked on behalf of the borrower-sponsor, Cole Credit Property Trust IV Inc., to place the seven-year, fixed-rate loan through Voya Investment Management. HFF will service the loan.

September 21, 2016

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