North Carolina

Akridge, Northwood Ravin to Develop 10-Story Office Tower in Downtown Durham

by John Nelson June 7, 2016

DURHAM, N.C. — Akridge and Northwood Ravin plan to develop 555 Mangum, a 10-story, 240,000-square-foot office tower in downtown Durham. The project will be situated on the site of the former Elkins Chrysler dealership on the corner of South Mangum Street and Jackie Robinson Drive. The property will include ground-floor retail space, a penthouse conference center, fitness center, rooftop lounge and terrace and a courtyard featuring artwork from local artists. Akridge and Northwood Ravin plan to deliver 555 Mangum in late 2018. The partnership has selected Mac Hammer and Doug Cook of Cushman & Wakefield to lease and market the project’s office component and Charlie Coyne of CBRE to lease and market the retail component.

June 7, 2016

Multifamily North Carolina South Carolina Southeast

Middle Street Partners Purchases Six Apartment Communities in the Carolinas for $97M

by John Nelson June 3, 2016

CHARLESTON, S.C. — Middle Street Partners LLC has purchased six apartment communities in North and South Carolina for a combined $97 million. Middle Street purchased the portfolio in partnership with an undisclosed majority equity investor. The portfolio includes Waterford Apartments, Gable Hill Apartments, St. Andrews Commons Apartments and Hampton Greene Apartments in Columbia, S.C.; Forest Brook Apartments in West Columbia, S.C.; and Chason Ridge Apartments in Fayetteville, N.C. CBRE Realty Finance provided acquisition financing on behalf of the new ownership group.

June 3, 2016

Multifamily North Carolina Southeast Student Housing

Carolina Apartment Advisors Brokers $34.2M Sale of Student Housing Property in Wilmington

by John Nelson June 2, 2016

WILMINGTON, N.C. — Carolina Apartment Advisors has arranged the $34.2 million sale of Carolina Cove, a 600-bed student housing community located less than one mile away from the University of North Carolina at Wilmington campus. Built in 2013, the property features 228 two- and three-bedroom units, as well as a resort-style swimming pool, sundeck, student lounge, business center, fitness center with a tanning bed, beach volleyball court, basketball court, hammock garden, barbecue grills, campus bus route and a private gated entry. John Edwards of Carolina Apartment Advisors represented the seller, University Housing Group. The buyer, Realco Capital Partners, plans to upgrade the furnishings and interiors of the complex.

June 2, 2016

College Inn Raleigh North Carolina State University

Multifamily North Carolina Southeast Student Housing

The Preiss Co. Acquires Two Student Housing Properties in Raleigh in Joint Venture

by John Nelson May 17, 2016

RALEIGH, N.C. — The Preiss Co., in a joint venture with an undisclosed private investment group, has acquired two student housing communities near North Carolina State University (NCSU) in Raleigh. The acquisitions include College Inn, a 440-bed community located at 2717 Western Blvd., and University Village at 2505, a 288-bed community located at 2505 Red Lodge Place. Amenities at College Inn include a clubhouse, fully furnished units with washers and dryers, study rooms, fitness center and a game room. Preiss will oversee a redevelopment at the property beginning in the fourth quarter of this year, which will include substantial room upgrades, new lighting, appliances, cabinets, countertops and furniture with enhancements to the clubhouse, building exterior and landscaping. Amenities at University Village at 2505 include a clubhouse with an internet café, a fitness center, self-serve Starbucks Coffee bar, resort-style swimming pool, sand volleyball court and fully furnished suites with bed to bath parity and walk-in closets. University Village also offers a free shuttle to the main and centennial campuses of NCSU.

May 17, 2016

North Carolina Office Southeast

Avison Young Brokers $7M Sale of Office Building in Triangle Region

by John Nelson May 12, 2016

CARY, N.C. — Avison Young has arranged the $7 million sale of a 58,950-square-foot office building located at 201 Shannon Oaks Circle in Cary, a city in the Raleigh-Durham metro area. The two-story building is situated at the intersection of Kildaire Farm Road and Cary Parkway. Gary Lyons, Blake Thomas and Grant Linderman of Avison Young’s Raleigh office represented the sellers, REC Shannon Oaks LLC and Shannon Square Holdings LLC, in the transaction. Frank Norvell of Norvell Real Estate Group represented the buyer, Richmond, Va.-based Real Estate Value Advisors LLC.

May 12, 2016

North Carolina Restaurant Retail Southeast

JAB Beech to Buy Krispy Kreme Doughnuts for $1.35B

by John Nelson May 10, 2016

WINSTON-SALEM, N.C. — Jab Beech Inc. and Krispy Kreme Doughnuts Inc. have entered into a definitive merger agreement under which JAB Beech will acquire Krispy Kreme for $21 per share in cash, or a total equity value of approximately $1.35 billion. The agreement, which has been unanimously approved by Krispy Kreme’s board of directors, represents a premium of approximately 25 percent over the company’s closing stock price on May 6, 2016. Wells Fargo Securities LLC is serving as financial advisor to Krispy Kreme in connection with this transaction, and Simpson Thacher & Bartlett LLP and Womble Carlyle Sandridge & Rice LLP are providing legal support and advice. Barclays and BDT & Co. LLC are serving as financial advisors to JAB Beech in connection with this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP is providing legal advice. At the close of the transaction, Krispy Kreme will be privately owned and will continue to be independently operated from its current headquarters in Winston-Salem. As of this writing there are over 1,100 Krispy Kreme shops in more than 26 countries around the world. Jab Beech Inc. is a subsidiary of JAB Holdings Co., which has controlling stakes in Keurig Green Mountain, …

May 10, 2016

Hospitality North Carolina Southeast

Duke University to Build $62M Hotel on School’s West Campus

by John Nelson May 9, 2016

DURHAM, N.C. — Duke University plans to develop a $62 million hotel on its west campus in Durham. Located at 230 Science Drive, the 198-room JB Duke Hotel will feature two bars, a restaurant, landscaped courtyards and terraces, local décor and furnishings and a grand hall with a two-story glass wall. The hotel will also feature the 20,850-square-foot Thomas Executive Conference Center, which will comprise a 5,450-square-foot ballroom, multi-purpose spaces, two boardrooms, two 65-seat classrooms, pre-function spaces and a business center. Duke University’s MBA programs will use the hotel and conference facilities for working professionals and non-degree executive education courses hosted by the school’s Fuqua School of Business. The hotel will be within walking distance of Cameron Indoor Stadium, Wallace Wade Stadium, Koskinen Stadium, the Duke medical center, Duke Chapel, Sarah P. Duke Gardens and a 2,200-space parking garage that is currently under construction. Duke University has selected Durham-based WDI Hospitality LLC to manage JB Duke Hotel, which is a “father-and-son property” with Washington Duke Inn & Golf Club, which is also owned by Duke University and managed by WDI Hospitality. Duke University expects to start taking reservations at JB Duke Hotel in January 2017.

May 9, 2016

Industrial North Carolina Southeast

CBRE Brokers Sale of 970,000 SF Industrial Asset in Charlotte

by John Nelson May 5, 2016

CHARLOTTE, N.C. — CBRE has brokered the sale of Lakemont West Business Park, a 970,000-square-foot industrial asset located in Charlotte’s Southwest submarket. The property was 84 percent leased at the time of sale, with more than half of the property coming to term within the next five years. Patrick Gildea, Bryan Crutcher and Anne Johnson of CBRE’s national partners team represented the seller in the transaction. Jeffrey Dunne of CBRE’s New York institutional properties team represented the buyer, an entity controlled by Hartz Mountain Industries, which has retained Jim Gunning and Donna Falzarano of CBRE’s capital markets debt & structured finance team to secure financing for the asset.

May 5, 2016

Loans Multifamily North Carolina Southeast

Financial Federal Bank Arranges $19M Acquisition Loan for Apartment Community in Wilmington

by John Nelson April 29, 2016

WILMINGTON, N.C. — Financial Federal Bank has arranged a $19 million acquisition loan for Abbotts Run Apartments, a 264-unit multifamily community in Wilmington. Built in 2001, the garden-style property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, floating-rate loan with two years of interest-only payments and a 30-year amortization schedule through Freddie Mac.

April 29, 2016

Industrial North Carolina Office Southeast

Cushman & Wakefield Arranges Largest Industrial/Office Sale in Triangle Year-to-Date

by John Nelson April 28, 2016

MORRISVILLE AND RALEIGH, N.C. — Cushman & Wakefield has arranged the largest industrial/office sale in the Triangle region year-to-date, according to Real Capital Analytics. The sale included EastRidge at Perimeter Park in Morrisville and Spring Forest Business Center in Raleigh. The properties span 11 single-story buildings totaling 634,617 square feet. The sales price was not disclosed. The portfolio was 83 percent leased at the time of sale to 24 tenants including IXIA, Adreima, LabCorp, Ascom North America and Allstate. David Finger and Sara Owen of Cushman & Wakefield represented the seller in the transaction. The buyer, Somerset Properties, will retain Hillman Duncan and Dennis Hurley of Cushman & Wakefield to lease the two properties.

April 28, 2016

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