North Carolina

Federal Capital Partners Secures $10M to Recapitalize Two Apartment Communities

by John Nelson August 26, 2015

CHARLESTON, S.C. AND CHARLOTTE, N.C. — Federal Capital Partners (FCP), through a $10 million loan provided by Capital One Bank, has recapitalized two apartment communities in the Carolinas. The properties include the 264-unit Plantation Oaks in Charleston and the 240-unit York Ridge in Charlotte. Plantation Oaks is FCP’s fourth investment in Charleston, and York Ridge is the firm’s third investment in Charlotte. FCP is partnering with High Real Estate Group LLC, which will retain an ownership interest in the portfolio and continue to provide property management services. Common area and individual apartment upgrades are planned for both communities.

August 26, 2015

Loans Multifamily North Carolina Southeast

New York Real Estate Investors Provides $34M Acquisition Loan for Charlotte Multifamily Property

by John Nelson August 25, 2015

CHARLOTTE, N.C. — New York Life Real Estate Investors has provided a $34 million acquisition loan for Hawfield Farms, a 210-unit, Class A apartment community in Charlotte. Grandbridge Real Estate Capital arranged the seven-year loan with five years of interest-only payments on behalf of the borrower, Bell Partners.

August 25, 2015

North Carolina Retail Southeast

Wheeler REIT Buys Three Food Lion-Anchored Centers in North Carolina for $15.3M

by John Nelson August 25, 2015

VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased three Food Lion-anchored shopping centers in North Carolina for $15.3 million. Wheeler REIT purchased the centers at roughly $89.38 per square foot using a combination of cash and debt. The properties include the 50,000-square-foot Cardinal Plaza in Henderson, the 65,336-square-foot Franklinton Square in Franklinton and the 56,100-square-foot Nashville Commons in Nashville. The sellers in all three transactions were entities controlled by members of the Barnett family.

August 25, 2015

Market Reports North Carolina Office Southeast Southeast Market Reports

Population Growth, Affordability Push Charlotte Office Market to New Heights

by John Nelson August 24, 2015

It’s no secret that the Sunbelt states have been, and continue to be, the front-runners for corporations looking to relocate to cities with a much lower cost of doing business. With each state taking different approaches, North Carolina does not often offer the relocation incentives that can be found in states such as South Carolina and Texas. Instead, North Carolina favors a system that offers less up-front cash incentives, but tries to offset that with a tax structure and business-friendly climate in an effort to compete for the large, attractive relocations. Because of this, the catalyst for growth in Charlotte has only been moderately associated with the recruitment of out-of-market users looking to relocate headquarters to more affordable and attractive markets. In large part, Charlotte’s growth has been driven by organic growth of existing businesses. In fact, more than 70 percent of the positive absorption in the central business district (CBD) since 2010 has occurred through organic growth. This expansion of existing business has provided for employment growth conditions that work hand-in-hand with the rapidly swelling population. In between new-to-market relocations that provide headline-grabbing bursts of employment, the diverse and impressive growth of Charlotte’s existing companies has attracted talent and …

August 24, 2015

North Carolina Retail Southeast

Velocis, Lincoln Property Co. Purchase Data Center Facility in Charlotte

by John Nelson August 14, 2015

CHARLOTTE, N.C. — Dallas-based Velocis, in a partnership with Lincoln Property Co., has purchased a telecom carrier hotel and data center located at 701 Trade St. in downtown Charlotte. Built in 1968, the two-story building is more than 80 percent leased to telecommunications and colocation data center users. Lincoln Harris will lease and manage the property.

August 14, 2015

Industrial North Carolina Southeast

Avison Young Arranges Sale of 124,213 SF Distribution Facility in Metro Charlotte

by John Nelson August 12, 2015

BELMONT, N.C. — Avison Young has brokered the sale of a 124,213-square-foot distribution center located at 2100 The Oaks Parkway in Belmont, a suburb of Charlotte. GCP Capital Group purchased the facility from an unnamed institutional fund advisor for an undisclosed price. The property is fully leased to Industrial Distribution Group Inc. for use by its IDG USA division, which specializes in the distribution of maintenance, repair and operations supplies to industrial customers. Erik Foster, Mike Wilson and Chris Skibinski of Avison Young represented the seller in the transaction.

August 12, 2015

North Carolina Office Southeast

Portman Holdings Closes Financing for $122M Office Tower in Uptown Charlotte

by John Nelson August 10, 2015

CHARLOTTE, N.C. — Portman Holdings has secured financing for its $122 million office building located at 615 S. College Ave. in Uptown Charlotte. The financing included equity from China Orient Summit Capital and debt from PCCP LLC. The 371,000-square-foot office building will be constructed atop an existing parking garage, and upon completion in February 2017, the office tower will have an outdoor green space and direct access to the Lynx Blue Line. John Portman & Associates is providing architectural services, and Travis Garland of Portman Holdings is managing the leasing process, in conjunction with Trinity Partners. Portman Holdings will officially break ground on the office tower on Friday, Aug. 14.

August 10, 2015

North Carolina Retail South Carolina Southeast

The Shopping Center Group Brokers $9.9M Sale of Two Shopping Centers in the Carolinas

by John Nelson August 10, 2015

ROCK HILL, S.C. AND HIGH POINT, N.C. — The Shopping Center Group has arranged the sale of two grocery-anchored neighborhood centers in the Carolinas — Belleview Square in Rock Hill and Fairfield Square in High Point. The 77,800-square-foot Belleview Square sold for $5.8 million. The shopping center is anchored by Super BI-LO and was 90 percent leased at the time of sale to tenants such as Cricket Wireless, Papa John’s, HomeSmart Lease-To-Own and Albright’s Liquor Store. The 71,000-square-foot Fairfield Square sold for $4.1 million. The shopping center is anchored by Food Lion and was 100 percent leased at the time of sale to tenants such as Radio Shack, Family Dollar and Donut World. An affiliate of New York-based Juster Development sold both assets to an affiliate of Richmond, Va.-based Hackney Real Estate Partners. Anthony Blanco, Lenard Williams, Darrell Palasciano and Mallory Ham of The Shopping Center Group marketed both properties.

August 10, 2015

Multifamily North Carolina Southeast

Terwilliger Pappas, Federal Capital Partners to Build Apartment Community in Charlotte

by John Nelson August 7, 2015

CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners and Federal Capital Partners have teamed up to develop Solis Waverly, a 375-unit apartment community located in the Waverly master-planned development in south Charlotte. The community’s amenity package includes attached and detached garages, a fitness center, conference room, pet park and resort-style pool with a bar. Solis Waverly’s first one-, two- and three-bedroom apartments are expected to be completed by spring 2016. The general contractor for the project is Fortune Johnson. Waverly’s 90-acre plan includes a mix of retail, office, medical office and residential offerings. Novant Healthcare will open a facility at Waverly in the fall. Other tenants at Waverly will include Whole Foods Market, Modern Salon, Dresslers, Bad Daddy’s and Novanta Pizzeria Napoletana.

August 7, 2015

North Carolina Retail Southeast

CBRE|Raleigh Arranges 45,500 SF Lease for H Mart

by John Nelson August 6, 2015

CARY, N.C. — On behalf of landlord Centrex Properties Inc., CBRE|Raleigh has arranged a 45,500-square-foot lease with H Mart, an Asian-inspired supermarket chain based in Queens, N.Y. The grocer will anchor the 79,000-square-foot Cornerstone Village, a shopping center located at the intersection of David Drive and High House Road in Cary, a suburb of Raleigh. Other tenants at Cornerstone Village include Sun Tan City, Doherty’s Irish Pub, Fantastic Sams and Eye Care Associates. H Mart plans to open its new store in the second quarter of 2016. Charlie Coyne and Reagan Crabtree of CBRE|Raleigh worked with Pam Hochmuth and Lynda Lange of Centrex Properties in the lease transaction.

August 6, 2015

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