North Carolina

The Village at Marquee Station Fuquay-Varina

Blue Heron Asset Management Sells Apartment Community in Raleigh-Durham MSA for $41.5M

by John Nelson March 2, 2016

FUQUAY-VARINA, N.C. — Blue Heron Asset Management LLC has sold The Village at Marquee Station, a 265-unit, Class A apartment community located at 2110 Cinema Drive in Fuquay-Varina, a suburb of Raleigh-Durham. Chapel Hill, N.C.-based Blue Heron sold the property, which it developed in phases between 2013 and 2014, to Starlight U.S. Multi Family Core Fund for $41.5 million. Toronto-based Starlight Investments Ltd. manages the fund. Allan Lynch and Justin Good of HFF represented Blue Heron in the transaction. The Village at Marquee Station’s units average 996 square feet, and its community amenities include a saltwater swimming pool with cabanas, poolside grilling, fitness center, clubhouse, gaming lounge and media studio, resident lounge with billiards, pet grooming salon, car care center and detached garages. Clancy & Theys Construction was the general contractor for the apartment community, which has maintained an occupancy rate in the mid-90 percent range since early 2015, according to HFF.

March 2, 2016

North Carolina Office Southeast

Dilweg Cos. Acquires Three Office Buildings in Charlotte for $43.9M

by John Nelson February 29, 2016

CHARLOTTE, N.C. — The Dilweg Cos. has purchased three Class A office buildings in Charlotte’s University/Northeast office submarket from two separate sellers. The sales price was undisclosed, but media outlets are reporting that the buildings sold for roughly $43.9 million. The properties, known as Resource Square I, II and V, total 335,593 square feet. Built between 1997 and 2000, the office buildings were 81 percent leased at the time of sale to tenants such as Brooks Equipment Co., FiServ, Huber Engineered Woods and Dassault Systems. Durham-based Dilweg Cos. has selected Charles Jonas and Karah Stumler of Foundry Commercial to lease the assets. Ryan Clutter of HFF represented the seller, a fund managed by DRA Advisors LLC, in the sale of Resource Square V.

February 29, 2016

Mixed-Use North Carolina Southeast

Armada Hoffler, Austin Lawrence to Co-Develop $86M Mixed-Use Tower in Durham

by John Nelson February 26, 2016

DURHAM, N.C. — Armada Hoffler Properties Inc. has entered into a joint venture development agreement with Austin Lawrence Partners to develop and own One City Center, an $86 million, 27-story mixed-use project in downtown Durham. The development will feature 130,000 square feet of office space, 22,000 square feet of street-level retail space, 139 residential units and a two-level underground parking garage. Duke University has recently leased 55,000 square feet at the development, which will be situated at the corner of Corcoran and Main streets. Armada Hoffler will own and develop the office and retail portions, and Austin Lawrence Partners will develop the multifamily and parking components. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the entire project. The companies plan to break ground on One City Center during the first quarter of 2016 and wrap up construction in mid-2018.

February 26, 2016

Multifamily North Carolina Southeast

Stiles, Grubb Ventures to Develop Apartment Community in Raleigh

by John Nelson February 23, 2016

RALEIGH, N.C. — Stiles Residential Group, a division of Fort Lauderdale, Fla.-based Stiles, and Raleigh-based Grubb Ventures have partnered to develop a new 186-unit mid-rise apartment community in Raleigh. Located at the intersection of Glenwood Avenue and Oberlin Road inside the I-440 Beltline, the Class A project will be situated adjacent to Carolina Country Club and near downtown Raleigh and Cameron Village. Apartment homes in the unnamed property will include studio, one-, two- and three-bedrooms ranging in size from 600 square feet to more than 1,700 square feet. Community amenities will include three resident lounges/clubrooms, a café, resort-style pool and outdoor entertainment area, terrace overlooking the adjacent golf course, fitness center and a landscaped courtyard with seating areas and a bocce ball court. Construction is scheduled to commence in March and first move-ins are anticipated to be in early summer 2017.

February 23, 2016

Loans North Carolina Office Southeast

Q10 Professional Mortgage Arranges $9.5M Acquisition Loan for Durham Office Building

by John Nelson February 19, 2016

DURHAM, N.C. — Raleigh-based Q10 Professional Mortgage of North Carolina has arranged a $9.5 million acquisition loan for a Class A office building in Durham. The 104,400-square-foot property is located at 2530 Meridian Parkway within Meridian Business Park. The office building was 80 percent leased at the time of financing to tenants such as Regus Executive Suites and the RTP offices of Womble Carlyle Sandridge & Rice. Spencer Wilson of Q10 Professional Mortgage arranged the loan through RGA Reinsurance Group on behalf of the buyer, Rochester, N.Y.-based JPB Holdings. Jimmy Barnes and Whit Brown of NAI Carolantic represented the buyer in the acquisition. Ben Kilgore of CBRE represented the seller, Meridian Operating Associates LLC.

February 19, 2016

Multifamily North Carolina Southeast

MHA Brokers $38.1M Sale of Multifamily Portfolio in Charlotte

by John Nelson February 18, 2016

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the $38.1 million sale of a three-property multifamily portfolio in Charlotte. The 618-unit portfolio features apartment communities built between 1997 and 1999. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Mission Charlotte DST, in the transaction. LIV Apartment Partners LLC was the buyer. The properties include the 249-unit Mission Harris Pavilion located at the intersection of University City Boulevard and I-485, the 207-unit Mission Reedy Creek located on East WT Harris Boulevard and the 162-unit Mission Concord Place located off I-85 in the northern Charlotte suburb of Concord.

February 18, 2016

Kerner Ridge Assisted Living Kernersville

North Carolina Seniors Housing Southeast West Virginia

KeyBank Provides $47.7M in Financing for Assisted Living Portfolio in Southeast

by John Nelson February 17, 2016

CLEVELAND — KeyBank Real Estate Capital has arranged a total of $47.7 million of permanent financing for six assisted living communities managed by Ridge Care Inc. The financing included a $38.5 million, 35-year, fixed-rate loan through the FHA 232/223(f) mortgage insurance program and a $9.2 million Fannie Mae loan. John Randolph and Charlie Shoop of Key’s Healthcare Mortgage Group arranged the financing, which provides Ridge Care with cash flow flexibility and excess proceeds to make capital improvements within their portfolio and continue the development of additional assisted living communities. The six recently refinanced properties comprise 319 units and include The Havens at Princeton in Princeton, W.Va.; Walnut Ridge Assisted Living in Walnut Cove, N.C.; Kerner Ridge Assisted Living in Kernersville, N.C.; Forest Ridge Assisted Living in West Jefferson, N.C.; Mallard Ridge Assisted Living in Clemmons, N.C.; and Arbor Ridge at Stanleyville in Stanleyville, N.C.

February 17, 2016

Mixed-Use North Carolina Southeast Top Stories

Federal Capital Partners Sells West Village Development in Durham for $187M

by Christina Cannon February 12, 2016

DURHAM, N.C. — Federal Capital Partners has sold the mixed-use development, West Village, for $187 million. The Connor Group purchased the development, which is located at 605 W. Main St. in Durham. West Village consists of 609 apartments and 104,000 square feet of commercial space, which is located less than two miles from Duke University. The apartments are comprised of 453 urban lofts and 156 luxury apartments. The 10 buildings that make up West Village were previously tobacco warehouses, with most of the buildings pre-dating 1920. The apartments at West Village range from studios to four-bedroom units, and amenities include swimming pools with sundecks, courtyards, a fitness center, business center, on-site Amtrak station, outdoor theater, clubhouse, game room, bike shop and patios with a TV and grills. Over the past few years, improvements throughout the community were made, including new branding, signage, Wi-Fi hotspots, and the fitness center was expanded to feature a yoga room and juice bar. West Village residents also have access to the Zipcar program. There are currently 45 restaurants within a half-mile radius of West Village, which has a Walk Score of 84, meaning most errands can be accomplished on foot. The residential portion of West …

February 12, 2016

North Carolina Office Southeast

Citrix Expands Footprint at Headquarters in Raleigh’s Warehouse District

by John Nelson February 11, 2016

RALEIGH, N.C. — Citrix, a software company that specializes in mobile workspace technologies for on-demand access, has expanded its footprint at its corporate headquarters in Raleigh by 14,000 square feet. The company now fully occupies its 186,000-square-foot headquarters at 120 S. West St. in downtown Raleigh’s Warehouse District. Charlie Coyne and Christina Coffey of CBRE | Raleigh’s retail services team represented the landlord, JMC Holdings, in the lease transaction. Austin Koon and Gardner Gibson of Davis Moore represented Citrix.

February 11, 2016

North Carolina Retail Southeast

CBL Adds West Elm, Pieology Pizzeria to Friendly Center’s Tenant Roster in Greensboro

by John Nelson February 11, 2016

GREENSBORO, N.C. — CBL & Associates Properties Inc. has added home retailer West Elm and Pieology Pizzeria to Friendly Center, an upscale shopping center in Greensboro. Existing tenants at Friendly Center include lululemon athletica, Anthropologie, Altar’d State and Whole Foods Market. West Elm and Pieology are part of the center’s new 12,709-square-foot expansion, which will be situated between Anthropologie and Whole Foods facing West Friendly Avenue. Construction on the expansion is underway, and CBL expects the two new retailers to open this fall. A third soon-to-be-named retailer will also occupy space in the center’s expansion.

February 11, 2016

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