North Carolina

CARY, N.C. — Lincoln Harris’ Raleigh office has brokered five leases totaling nearly 14,000 square feet at The Arboretum at Weston, an 80,000-square-foot mixed-use development located at the intersection of Harrison Avenue and Weston Parkway in Cary. Kaler Walker and John Mikels of Lincoln Harris represented the landlord, The Arboretum at Weston Holdings LLC, on all five leases. The deals include M/I Homes leasing 4,739 square feet for a sales center; Moe’s Southwest Grill renewed its 3,812-square-foot lease; GolfTEC renewed its 2,420-square-foot lease; Le Coiffure Hair Studio signed a lease for 1,571 square feet; and Dream Home Design for a 1,272-square-foot sales center and showroom. Michael Deaton of Deaton Investment Real Estate represented Le Coiffure Hair Studio in its lease deal. With the recent signings, the retail space at The Arboretum is almost fully leased. The center has two spaces totaling approximately 3,800 square feet available.

ELIZABETH CITY, N.C. — IRC Retail Centers Inc. has purchased Tanglewood Pavilions, a newly built, 158,000-square-foot retail power center located in Elizabeth City. IRC Retail Centers and joint venture partner Thompson Thrift Development Inc. broke ground on the center in October 2014 and completed construction within a year. The asset was 92 percent leased at the time of sale to tenants such as Hobby Lobby, Ross Dress for Less, T.J. Maxx and Dollar Tree. As part of the pre-negotiated joint venture agreement following Tanglewood Pavilions’ construction and stabilization, IRC Retail Partners acquired 100 percent ownership of the property from Thompson Thrift for an undisclosed price described as “a discount to fair market value” in IRC Retail Centers’ 2014 annual financial report. According to the report, the company provided 90 percent of the equity for the development, while Thompson Thrift provided the remaining 10 percent equity. Formerly known as Inland Real Estate Corp., IRC Retail Centers is owned by funds managed by DRA Advisors LLC.