North Carolina

ARA Brokers Sale of Apartment Community in Charlotte

by John Nelson February 9, 2015

CHARLOTTE, N.C. — ARA has brokered the sale of Berkshires on Providence, a 473-unit, Class B apartment community in Charlotte. Berkshires on Providence was built in 1969 and was receiving upgrades to units as they turned over. Community amenities include two swimming pools, two tennis courts, a business center, children’s play area, clubhouse and laundry center. The property was 97 percent occupied at the time of sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, an affiliate of Boston-based Berkshire Group, in the transaction. The buyer, Charlotte-based Levine Properties, purchased the asset for an undisclosed amount.

February 9, 2015

Market Reports North Carolina Southeast Southeast Market Reports

Three Distinct Trends are Driving the Raleigh-Durham Office Market

by John Nelson February 9, 2015

The Raleigh-Durham-Chapel Hill (Research Triangle) region has entered a period of vibrant market expansion. Overall Class A vacancy has fallen below 10 percent for the first time since the building boom of 2001, with rates as low as 2.2 percent in some of the region’s most desirable submarkets, where severe shortages have absorption extending into long-stagnant Class B product. Despite this auspicious environment for new construction, developers are still exercising substantial caution, underscoring the depth of the last downturn and its long-lasting impact on both the development and lending communities. However, recent successful Class A deliveries by REITs like Raleigh-based Highwoods Properties and Indianapolis-based Duke Realty signal a shift toward a more pronounced supply cycle, with lower pre-lease thresholds, and a Class A market that is clearly transitioning from a recovery cycle to a period of low supply. As the market picks up steam, here are three trends that we see emerging in the Raleigh-Durham office market, and the implications for the MSA going forward. The Rise of Live-Work-Play In the last decade, no trend has had a greater impact than the rise of the live-work-play model, a phrase that encapsulates many meanings, but always embodies the high value placed …

February 9, 2015

Loans Multifamily North Carolina Southeast

Greystone Provides $30.5M in Acquisition Financing for Multifamily Portfolio in Piedmont Triad

by John Nelson February 4, 2015

GREENSBORO AND WINSTON-SALEM, N.C. — Greystone has provided $30.5 million in acquisition financing for four multifamily properties in the Piedmont Triad region of North Carolina. Vincent Langan of Greystone arranged the four Fannie Mae DUS loans on behalf of the borrower, Varden Capital Properties. The loan terms for all four properties include 10-year financing with 30-year amortization schedules and one year of interest-only payments. The apartment communities comprise a total 941 units and all offer amenities such as swimming pools, fitness centers, clubhouses and tennis courts. The properties in this portfolio include: Ashland Apartments in Greensboro; The Lakes on Meadowood in Greensboro; Ambercrest Apartments in Winston-Salem; and The Hunt Club Apartments in Winston-Salem.

February 4, 2015

North Carolina Retail Southeast

Ferncroft Capital Acquires Whole-Foods Anchored Shopping Center in Winston-Salem for $12M

by John Nelson February 3, 2015

WINSTON-SALEM, N.C. — Ferncroft Capital has purchased Miller Crossing in Winston-Salem for $12 million. The 40,292-square-foot shopping center is anchored by Whole Foods Market. The shopping center is located near the intersection of Miller Street and Stratford Road and is adjacent to the Wake Forest Baptist Hospital campus. Berkeley Capital represented the seller in the transaction while Bank of North Carolina provided acquisition financing. Meridian Realty will continue to handle management and leasing.

February 3, 2015

North Carolina Office Southeast

Chambers Street Properties Completes $16.4M Sale of Office Building in Cary

by John Nelson February 2, 2015

CARY, N.C. — Chambers Street Properties has completed the $16.4 million sale of Regency Creek I, a 122,087-square-foot office building located in Cary. The four-story property is located at 12040 Regency Parkway. The building is 100 percent leased and serves as the North American headquarters for ABB, a leading power and automation technology company. The buyer, Intercontinental Real Estate Corp., assumed mortgage loans of approximately $8.6 million in the transaction. This property was included in the Chambers Street’s joint venture with Duke Realty Corp. and the sales price represents Chambers Street’s 80 percent share. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented Duke Realty in the transaction.

February 2, 2015

Multifamily North Carolina Southeast Student Housing

NorthState Buys Three Student Housing Properties Near Appalachian State University

by John Nelson January 29, 2015

BOONE, N.C. — NorthState Capital Partners has led an investment group in the acquisition of a three-property student housing portfolio near Appalachian State University in Boone. The properties include the 204-bed Highland Crossing, the 84-bed Greenway Commons and the 48-bed Greenway Cove. Combined, the apartment properties are 96 percent occupied. The AppalCart, the primary local public transportation system, has bus stops directly in front of the properties.

January 29, 2015

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Triangle’s Buoyant Economy Gives Confidence to Industrial Real Estate Investors, Developers

by John Nelson January 26, 2015

2014 was an exceptional year for sales and leasing activity for the Raleigh-Durham industrial market. Velocity in investment sales boomed in 2014 — the strongest year since 2006, and second strongest in history. Developers are actively seeking land to build new parks as demand for Class A industrial space outweighs supply and rental rates begin to rise. Although, the Raleigh-Durham MSA is a smaller industrial market in the region, it’s been ranked No. 1 by Forbes as the Best Place for Business and No. 2 for the Fastest Growing Large U.S. City from 2010-2030 by the United Nations Population Division. Companies continue to announce corporate relocations and expansions and unemployment is lower than the national average at 4.5 percent in October. EDM America relocated its $150 million headquarters operation to Raleigh from Pennsylvania. Argos Therapeutics announced an expansion project in Durham — a $57 million bio-manufacturing plant. The area has also seen an influx of third-party logistics companies, moving companies and suppliers for the home building industry opening new locations and consolidating to larger blocks of space. As user demand continues, there is a strong desire by investors to become a part of our market or expand their current footprint. …

January 26, 2015

Industrial North Carolina Southeast

Westmount Realty Capital Sells 1.1M SF Industrial Complex in Charlotte

by John Nelson January 22, 2015

CHARLOTTE, N.C. — Dallas-based Westmount Realty Capital has sold Logistics Pointe/Charlotte, a 1.1 million-square-foot industrial/distribution complex at 2401 Nevada Blvd. and 12520 General Drive in Charlotte. The buyer was a joint venture between LRC Opportunity Fund and New York Life Real Estate Investors. Westmount Realty originally purchased the asset in June 2006, a year after Winn-Dixie filed for Chapter 11 bankruptcy and closed its Southeastern distribution center. The complex includes a 209,316-square-foot freezer building, 191,239 square feet of refrigerated space, a truck maintenance facility, 30,000-square-foot office building and approximately 650,000 square feet of rail-served dry warehouse/distribution space. Among the major tenants are Americold, West Logistics, Otto Environmental Systems, United Natural Foods (Albert’s Organics) and Provide Commerce (Pro Flowers, Shari’s Berries). Chris Norvell, Bill Simerville and Scot Humphrey of Cushman & Wakefield | Thalhimer’s capital markets team, along with Lane Holbert and Eric Ridlehoover of the firm’s Charlotte office, represented Westmount Realty in the transaction.

January 22, 2015

Hospitality North Carolina Southeast

Concord Hospitality, Kane Realty to Develop AC Hotel in Raleigh

by John Nelson January 20, 2015

RALEIGH, N.C. — Concord Hospitality Enterprises and Kane Realty Corp. plan to develop and operate North Carolina’s first AC Hotel, a Marriott brand. The new 133-room hotel, known as AC Hotel Raleigh, will be located in Raleigh’s North Hills neighborhood. This is Concord and Kane Realty’s third hotel venture in the North Hills district. The hotel is slated to open in 2016.

January 20, 2015

North Carolina Retail Southeast

SRS Real Estate Partners Brokers $6.2M Sale of Shopping Center in North Carolina

by John Nelson January 14, 2015

EDEN, N.C. — SRS Real Estate Partners has brokered the $6.2 million sale of Meadow Greens, a 136,927-square-foot grocery-anchored shopping center in Eden. The property is located at 640 S. Van Buren Road at the southeast corner of West Kings Highway and South Van Buren Road. The shopping center’s tenant roster includes Save-A-Lot, Hibbett Sports, Aaron’s and It’s Fashion Metro. RCG Ventures sold Meadow Greens to EH Scott LLC. Kyle Stonis and Pierce Mayson of the SRS Atlanta office represented the seller in the transaction. Scott Ross of Coastal Equities represented the buyer.

January 14, 2015

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