North Carolina

Providence Plaza Charlotte Socastee Commons Myrtle Beach

Divaris Brokers Purchase of Two Properties in the Carolinas Totaling $34.9M

by John Nelson September 11, 2015

CHARLOTTE, N.C. AND MYRTLE BEACH, S.C. — Divaris Real Estate Inc. (DRE) has brokered the acquisition of two properties in the Carolinas totaling $34.9 million. DRE represented Armada Hoffler Properties, a publicly traded REIT, in its $26.2 million purchase of Providence Plaza in Charlotte and its $8.7 million purchase of Socastee Commons in Myrtle Beach. The properties were acquired as part of a 1031 exchange in separate transactions. Providence Plaza is a 103,118-square-foot mixed-use development that was built in 2007 and was 97 percent occupied at the time of sale. Socastee Commons is a 57,273-square-foot, Bi-LO-anchored shopping center that was fully leased at the time of sale. Alex Divaris and Jason Oliver of DRE brokered the Providence Plaza transaction, and Divaris and Sandy Cohen of DRE brokered the Socastee Commons deal. DRE has been retained to lease and manage both properties.

September 11, 2015

Loans North Carolina Retail Southeast

Marcus & Millichap Capital Arranges $11.8M Loan for Sports Complex in North Carolina

by John Nelson September 8, 2015

WAKE FOREST, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.8 million acquisition loan for The Factory, a 187,695-square-foot retail and sports complex in Wake Forest. One of the largest sports complexes in the country, the public access complex covers more than 35 acres with two full-sized NHL rinks and more than 17 acres of baseball fields. The Factory was 99.8 percent leased at the time of sale to sports centers such as the YMCA of the Triangle, North Wake Baseball Association and Polar Ice House, and retail options like the Village Deli and Grill and Gonza Tacos y Tequila. The complex, built in 1964 and renovated in 2004, consists of five buildings. Jared Cassidy of MMCC’s Washington, D.C., office arranged the loan through a national balance sheet lender. Matt Greenspon of Marcus & Millichap’s Raleigh office consulted on the buy side. The undisclosed buyer purchased the asset for $17.9 million.

September 8, 2015

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s Uptown, South End Set Pace for City’s Apartment Development Activity

by John Nelson September 7, 2015

Lately, Charlotte seems to have more of everything: jobs, residents, young people — all of which has driven more demand for quality multifamily properties in urban neighborhoods with multiple lifestyle amenities. Renters’ desire for parks, transit options and walkable access to work, culture, and entertainment has led Charlotte’s Uptown/South End region to become the fastest-growing apartment submarket in the nation, according to a study by MPF Research. Since the recession, Uptown/South End has experienced a period of remarkable growth in the multifamily market, and has seen an 82 percent increase in units since 2012, the study says. Overall, renter-occupied units make up just over two-fifths, or 40 percent, of the city’s housing market, a percentage that is already higher than the national average and anticipated to increase. As more properties are built, Charlotte’s 5.1 percent vacancy rate is likely to increase over the long term, but demand is expected to remain strong as the city’s dynamic economy and population continue to grow. The area’s population is set to increase about 2 percent annually over the next five years, far outpacing the country’s overall rate of 0.75 percent. Much of that is due to an influx of well-educated, younger people moving …

September 7, 2015

North Carolina Office Southeast

Grubb Properties, Blue Vista Acquire Two Office Buildings in Durham for $6.6M

by John Nelson September 3, 2015

DURHAM, N.C. — Grubb Properties, in partnership with an affiliate of Blue Vista Real Estate Partners IV, has purchased two mid-rise office buildings in Durham for a combined $6.6 million. The companies plan to renovate and reposition the buildings, including new lobbies and bathrooms, resurfaced parking and extensive landscaping. The buildings are located at 2222 and 2224 N.C. 54 and total 147,471 square feet. The properties are situated on 16 acres off I-40 and directly adjacent to the Research Triangle Park.

September 3, 2015

North Carolina Office Southeast

CBRE Brokers $45.5M Sale of AT&T Plaza in Charlotte

by John Nelson September 2, 2015

CHARLOTTE, N.C. — CBRE has brokered the $45.5 million sale of AT&T Plaza, a 355,300-square-foot office tower in Charlotte’s central business district. Located at 300 S. Brevard St., the property provides direct access to the LYNX light rail. AT&T is vacating the property as part of its corporate initiative to reduce its national office footprint. Will Yowell, Patrick Gildea and Jay O’Meara of CBRE represented the sellers, Childress Klein and Norfolk Southern Corp. Hal Kempson and Compie Newman of CBRE arranged a five-year acquisition loan through Citizens Bank on behalf of the buyer, Dallas-based Stream Realty Partners.

September 2, 2015

North Carolina Office Southeast

HFF Brokers $23M Sale of Two Suburban Charlotte Office Buildings

by John Nelson September 1, 2015

CHARLOTTE, N.C. — HFF has brokered the $23 million sale of Carmel Park I and II, two office assets in Charlotte’s Ballantyne/South Charlotte office submarket totaling 170,128 square feet. Carmel Park I and II are situated on 11.5 acres at 11111-11121 Carmel Commons Blvd. The properties are roughly 80 percent leased to tenants such as Pulte Group, Gentiva Health Services, M3 Engineering and Commercial Defeasance LLC. Ryan Clutter led HFF’s investment sales team in representing the seller, Carmel Park II LP, an entity managed by PICOA Inc. CapRidge Partners LLC purchased the office assets. Travis Anderson, Jim Curtin and Cory Fowler of HFF arranged floating rate acquisition financing through JP Morgan Chase & Co. on behalf of CapRidge Partners.

September 1, 2015

Market Reports North Carolina Southeast Southeast Market Reports

Charlotte’s Industrial Market Rides Wave of Absorption, Development

by John Nelson August 31, 2015

The Charlotte industrial market is extremely well-regarded by most national investors, with consistent rent growth, strong occupancy and increasing values. The fourth quarter of 2014 revealed the third-highest annual net absorption ever recorded in the Charlotte industrial market, continuing a pattern of growth that began in the fourth quarter of 2010. This continued recovery can be directly attributed to a combination of restrained development, expansions by existing space users, an influx of new companies and increased economic stability. Due primarily to geographic constraints and a high demand for land by all types of developers, there is a limited supply of large tracts suitable for industrial developments, which protects the value of existing properties. Air Support Industrial tenants are drawn to Charlotte for its strategic location along I-85 between Atlanta and the Mid-Atlantic states, as well as proximity to the Carolinas, southern Virginia and eastern Tennessee. Quality buildings are available at competitive prices in the region. Charlotte Douglas International Airport (CLT) continues to be a significant economic development driver, and Charlotte’s distribution network will be further enhanced by Norfolk Southern’s intermodal terminal recently completed on 230 acres adjacent to CLT. The terminal will include two loading tracks totaling 9,056 feet, eight …

August 31, 2015

North Carolina Office Southeast

Bissell Breaks Ground on Spec Office Building in Charlotte

by John Nelson August 28, 2015

CHARLOTTE, N.C. — Bissell has started construction on Brigham Building, a speculative 287,507-square-foot office building within Ballantyne Corporate Park in Charlotte’s Ballantyne office submarket. The 10-story building will be located at 11625 N. Community House Road and will overlook the 12th hole of The Golf Club at Ballantyne. The project team, which includes architect LS3P Associates and general contractor Rodgers Builders, is aiming for LEED Gold certification. Upon completion in November 2016, Brigham Building will feature a two-story lobby, glass exterior curtain walls, free structured parking and balconies on the third and 10th floors. In addition to Brigham Building, Bissell has plans for the next phase of speculative development on the east side of Ballantyne Corporate Park. The plan presently includes a campus of three 10-story buildings and one six-story building, totaling more than 900,000 square feet, as well as a 150-room hotel with event space.

August 28, 2015

North Carolina Retail Southeast

Ziff Properties Acquires Shopping Center in Metro Charlotte for $8.2M

by John Nelson August 27, 2015

MATTHEWS, N.C. — Ziff Properties Inc. has purchased Matthews Festival Shopping Center, a 127,817-square-foot shopping center located at the corner of East Independence Boulevard and Matthews Township Parkway in Matthews, roughly 12 miles south of Charlotte. Ziff Properties purchased the center from an undisclosed seller for $8.2 million. The property’s tenant roster includes Big Lots, Miracle Ear, Springleaf Financial, Merle Norman Cosmetics, Tequilerias and Tamarind Fine Cuisine of India. Ziff Properties plans to renovate the shopping center. Bryan Wyker of The Providence Group represented the buyer in the transaction and will continue to work on repositioning efforts along with Alex Kelly of Tribek Properties.

August 27, 2015

North Carolina Seniors Housing Southeast

Ziegler Closes $42.6M Bond Financing for CCRC in Winston-Salem

by John Nelson August 26, 2015

WINSTON-SALEM, N.C. — Ziegler, a specialty investment bank, has closed $42.6 million in bond financing for Moravian Home, which owns and operates Salemtowne, a nonprofit continuing care retirement community (CCRC) in Winston-Salem. Salemtowne opened in 1972 and consists of 171 independent living units (98 apartments and 73 cottages); 46 assisted living beds; and 84 skilled nursing beds (18 of which are memory care) on 115 acres. The bonds will be used to fund Phase I of Salemtowne’s strategic plan, which includes the construction of a new skilled nursing facility that will initially contain 100 skilled nursing beds (40 of which will be rehabilitation beds) and 20 assisted living memory care beds. The total building size will be approximately 126,780 square feet, with 14,950 square feet devoted to the assisted living memory care beds. The project is a replacement and expansion of existing facilities. The tax-exempt, fixed-rate bonds have a 2045 final maturity (30-years). Davenport & Co. LLC served as a 15 percent co-manager and PFM served as financial advisor on the transaction.

August 26, 2015

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