North Carolina

Crescent Stonewall Station Uptown Charlotte

Crescent Breaks Ground on Whole Foods-Anchored Development in Uptown Charlotte

by John Nelson January 7, 2016

CHARLOTTE, N.C. — Crescent Communities has broken ground on a transit-oriented development at Lynx Light Rail’s Stonewall Station that will be anchored by Uptown Charlotte’s first Whole Foods Market. The mixed-use development will feature the 47,000-square-foot Whole Foods store, 459 luxury apartment residences and a parking deck. Expected to open in 2017, the development will span 5.4 acres and feature a public plaza that will offer food carts and gathering spaces for social events. Community amenities will include a heated, invisible-edge saltwater pool, fitness center, sky lounge, picnic areas and a rooftop dog park. Unit interiors will feature granite or quartz countertops, stainless steel appliances, faux-wood flooring, designer lighting fixtures and USB outlets for connectivity. Crescent Stonewall Station’s financing includes an equity investment by Crescent Communities and the Melissaris family, as well as construction debt provided by JP Morgan Chase and Emigrant Realty Finance. The design team includes architect The Preston Partnership, interior designer Vignette Interior Design, civil engineer and landscape architect LandDesign and general contractor Whiting-Turner.

January 7, 2016

Multifamily North Carolina Southeast

FCP, Kane Realty Sell Raleigh Multifamily Development for $93.5M

by John Nelson January 5, 2016

RALEIGH, N.C. — Federal Capital Partners (FCP) and Kane Realty Corp. have sold Allister North Hills, a 434-unit luxury apartment community in Raleigh, for $93.5 million. The property is located at I-440 and Six Forks Road in Raleigh’s Midtown district. FCP and Kane developed the community in 2013. Allister North Hills was nearly 95 percent occupied at the time of sale. Community amenities include two pools, a fitness center, business center, outdoor terraces, community room, dog park and other green spaces. Individual units, each of which have a balcony, feature granite countertops, stainless steel appliances, washers and dryers and ceramic-tiled bathrooms. Sean Wood and Blake Okland of ARA represented FCP and Kane in the transaction.

January 5, 2016

Vie at Raleigh Wolf Creek NC State University

North Carolina Southeast Student Housing

Colliers Student Housing Brokers $56.7M Sale of Property Near North Carolina State University

by John Nelson January 5, 2016

RALEIGH, N.C. — Colliers International Student Housing Group has arranged the $56.7 million sale of Wolf Creek Apartments, now rebranded as Vie at Raleigh, a student housing apartment community near North Carolina State University. Situated on 41.5 acres in Raleigh, the rental community has 1,394 beds in 385 units and sold for $40,674 per bed. The sellers are Wolf Creek TIC and Wolf Creek II Borrower, and the buyer is undisclosed. Vie at Raleigh is located less than three miles from NC State University, and has two-, three- and four-bedroom apartments with private bedroom-bathroom suites. All apartments have a full kitchen, in-unit laundry and balcony. Frank Quinn and Steven Peden of Colliers International’s Raleigh-Durham office, along with Travis Prince of Colliers International Student Housing Group in Tampa, represented the seller. The buyer plans to renovate the clubhouse, fitness center, select apartment units, social lounge and study lounge. The community also has free tanning, a pet park, a resort-style pool and volleyball courts.

January 5, 2016

North Carolina Retail Southeast

Crosland Southeast, Childress Klein Add CycleBar, PetPeople to Waverly’s Tenant Roster

by John Nelson January 4, 2016

CHARLOTTE, N.C. — Developers Crosland Southeast and Childress Klein have added two new retailers to the 90-acre Waverly development located near the intersection of Providence and Ardrey Kell roads in south Charlotte. CycleBar, an indoor cycling fitness studio, will lease 3,246 square feet, and PetPeople, a pet foods and supplies retailer, will lease 4,900 square feet. CycleBar plans to reach 100 locations by the end of 2016, with eight planned for the Charlotte metro area. In addition to the Waverly location, PetPeople, which currently operates 28 stores in the Midwest, is adding a location in Cornelius, N.C. Whole Foods Market will anchor Waverly’s 250,000-square-foot retail portion. The development will also feature the 375-unit Solis Waverly apartment community and 150 single-family homes and townhomes.

January 4, 2016

Multifamily North Carolina Southeast

Bluerock REIT Buys Phase II of Charlotte Apartment Community for $21.8M

by John Nelson December 24, 2015

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.

December 24, 2015

Multifamily North Carolina Southeast

Kassinger Development Delivers Apartment Community in Asheville

by John Nelson December 23, 2015

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.

December 23, 2015

North Carolina Office Southeast

CBRE | Raleigh Brokers Sale of Office Building in Metro Raleigh

by John Nelson December 23, 2015

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.

December 23, 2015

Mixed-Use North Carolina Southeast

FCP, Kane Realty Complete Purchase of Development Site in Raleigh’s Warehouse District

by John Nelson December 22, 2015

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.

December 22, 2015

North Carolina Office Southeast

HFF Brokers $71.6M Sale of 32-Story Office Tower in Downtown Charlotte

by John Nelson December 21, 2015

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.

December 21, 2015

North Carolina Office Southeast

Dilweg Cos. Purchases Two Office Buildings in Durham

by John Nelson December 21, 2015

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.

December 21, 2015

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