CHARLOTTE, N.C. — Cornerstone Real Estate Advisers, acting on behalf of an institutional client, and Spectrum Properties plan to build a 17-story, 217-room lifestyle hotel at the corner of Third and Church streets in Uptown Charlotte. Kimpton Hotels, which was purchased by Intercontinental Hotels Group in 2015, will manage the hotel. Cornerstone and Spectrum expect to deliver the hotel by October 2017. The asset will feature a fitness center and 9,200 square feet of flexible meeting space, including a 4,000-square-foot ballroom and five conference rooms. The hotel will also include a signature 180-seat restaurant and a partially open-air, 7,500-square-foot, 160-seat rooftop lounge that overlooks Romare Bearden Park. The hotel will complement the previously announced 300 South Tryon, a 25-story, 600,000-square-foot office building at Third and Tryon streets.
CHARLOTTE, N.C. — Unison Realty Partners has purchased Johnston Road Plaza, a 79,508-square-foot grocery-anchored shopping center in Charlotte, for $15.3 million. The Boston-based firm purchased the asset from Westwood Financial. Berkeley Capital Advisors brokered the transaction. The 16-store shopping center was 98 percent leased at the time of sale to tenants such as Food Lion and Goodwill.
GREENSBORO, N.C. — Joubran Commercial Properties (JCP) has brokered the $2.6 million sale of a 2.4-acre parking lot and 5,500-square-foot restaurant building in downtown Greensboro. JJ Joubran of JCP represented the Atlanta-based buyer, Buckhead Investments LLC, in the transaction. Rich Mossman of CBRE | Triad represented the seller.
CHARLOTTE, N.C. — Cousins Properties Inc. plans to develop Dimensional Fund Advisors’ new 229,000-square-foot regional headquarters in Charlotte. The Class A office building will be located on a 2.3-acre site in Charlotte’s South End. The project is a 50/50 joint venture between Cousins and Dimensional. Construction is anticipated to begin in the fourth quarter, and delivery is slated for the fourth quarter of 2018. Dimensional signed a 15-year lease to occupy 100 percent of the building upon completion.
CHARLOTTE, N.C. — In one of the largest office building transactions ever in North Carolina, Starwood Capital and Vision Properties have sold One Wells Fargo Center in Charlotte’s central business district for $284 million. According to the Charlotte Observer, the buyer was a limited liability company tied to Dennis Troesh, a Nevada businessman who founded a concrete company in the 1970s that was later acquired by Tokyo-based Mitsubishi Materials Corp. Starwood and Vision purchased the building in 2013 for $245 million. One Wells Fargo Center opened in 1988 and is located at 301 S. College St. The 42-story tower, which spans more than 1 million square feet, is home to a mix of financial, legal and real estate firms. One Wells Fargo Center serves as the East Coast headquarters for Wells Fargo, the largest bank in the world in terms of market capitalization. The building was 98 percent occupied at the time of sale. The building features amenities such as covered parking, two restaurants, the Childress Klein YMCA, a coffee shop and a dry cleaner. It also serves as one of only two downtown buildings with direct access to the LYNX public transportation system. One Wells Fargo Center is on …
WINSTON-SALEM, N.C. — As part of the Wake Forest Innovation Quarter, Wexford Science+Technology, a BioMed Realty company, plans to redevelop two-thirds of the Bailey Power Plant in Winston-Salem. The $40 million project is Phase I in the redevelopment of the entire plant, which ceased operations almost 20 years ago. Phase I includes the redeveloping of the plant’s main building and most of the surrounding grounds, including the iconic chimney stacks. Wexford will convert the five-story main building into 110,800 square feet of office, entertainment, retail and common space. Wake Forest Innovation Quarter plans to work with additional developers to repurpose two smaller buildings, the Morris Building and Building 23-1, on the southeast and southwest corners of the property. The city of Winston-Salem and Forsyth County have each agreed to provide $3 million through a combination of public infrastructure and economic assistance reimbursements, and Wexford will also utilize historic tax credits for the project. R.J. Reynolds donated the Bailey Power Plant lot and all structures on it to Wake Forest Baptist Medical Center in 2010, along with approximately $2 million for environmental abatement work, which was completed in 2013. Construction is expected to begin this spring. Portions of the main building …
CHAPEL HILL, N.C. — Unison Realty Partners has purchased Chatham Crossing, a 96,155-square-foot neighborhood shopping center in Chapel Hill. The property was 90 percent leased at the time of sale to tenants such as Lowes Foods and CVS/pharmacy. Unison Realty’s plans for the property include stabilizing existing tenants, updating the façade of the building and leasing up the shopping center’s remaining vacancies. Berkeley Capital Advisors brokered the acquisition. Chatham Crossing is Unison Realty’s first acquisition in North Carolina.
WILMINGTON, N.C. — Dallas-based Revere Capital has provided $4.8 million in financing for a new industrial cold storage facility that will be situated on land owned by the state of North Carolina at the Port of Wilmington. Construction is underway on the 101,000-square-foot project, which is the newest cold storage facility in the area and is the first phase of a potential two-phase warehouse operation. The Port of Wilmington is a full-service deep-water port and marine terminal handling more than 400 vessels annually with an annual import/export cargo tonnage of more than 3 million tons. Owned and operated by the North Carolina State Ports Authority, the port offers facilities serving container, bulk and break-bulk operations and is 26 miles from the open sea on the Cape Fear River. CSX Transportation provides direct rail access to the port, which is one of only two ports in North Carolina.
DURHAM, N.C. — Bell Partners has purchased 605 West, a 340-unit apartment community located near Duke University in Durham, for $54.6 million. The property, which Bell Partners has renamed Bell West End, is walkable to Brightleaf Square, the Warehouse District, Central Park and City Center. Built in 2014, the property features studio, one- and two-bedroom residences with 9- to 10-foot ceilings, track LED lighting, ceiling fans, granite countertops, kitchen islands, breakfast bars, Energy Star stainless steel appliances, washers and dryers, patios/balconies, coat closets, linen closets, walk-in closets and bike storage. Community amenities include a clubhouse, fitness center, yoga studio, conference rooms and meeting nooks, pet park, heated saltwater pool with large screen TVs, outdoor kitchen and lounge area and an outdoor terrace with a fireplace. The purchase of Bell West End is the third multifamily acquisition for Bell Partners in 2016 and is the 19th apartment community in the company’s Raleigh/Durham portfolio.
Pierce Education Properties Acquires Student Housing Property Near East Carolina University for $42M
GREENVILLE, N.C. — Pierce Education Properties LP has acquired The Landing, an 888-bed student housing property located near the East Carolina University campus in Greenville, for $42 million. The 288-unit community offers fully furnished two-, three- and four-bedroom apartments with bed to bath parity, stainless steel appliances and washers and dryers. Community amenities include three resort-style pools, a 24-hour, fitness center, an outdoor basketball court, upgraded game room and high-speed Internet. The community is served by a dedicated university-operated shuttle service.