North Carolina

Kane Realty, KBS to Develop $100M High-Rise in Raleigh

by John Nelson February 11, 2016

RALEIGH, N.C. — Kane Realty Corp., a Raleigh-based commercial real estate developer, has joined with Newport Beach, Calif.-based KBS Realty Advisors as a joint venture partner for the development of Park Central in Raleigh. The development costs for the 16-story, mixed-use tower are estimated to total $100 million, according to Triangle Business Journal. “We are delighted for our partnership with KBS Realty Advisors to continue with Park Central,” says John Kane, CEO of Kane Realty Corp. “The vision we’ve shared with KBS fulfills the [area’s] demand for an upscale, urban lifestyle that’s rich with amenities. As Raleigh continues to grow, we are proud to provide a vibrant community … for residents and workers to enjoy.” The 252,204-square-foot high-rise retail and apartment building will be located at the intersection of Six Forks Road and the 440 Beltline in Midtown Raleigh’s North Hills district. Construction is already underway on the project, which is situated adjacent to Midtown Park. “We truly believe Park Central’s dynamic location within an attractive market like Raleigh, coupled with the luxury style of living we’re offering, will be a very attractive draw to tenants,” says Marc DeLuca, regional president of KBS. “Raleigh has become an appealing location for …

February 11, 2016

Forest at Chasewood Apartments Charlotte

Multifamily North Carolina Southeast

Eller Capital Partners Sells Apartment Community in Charlotte for $12.8M

by John Nelson February 10, 2016

CHARLOTTE, N.C. — Eller Capital Partners and its affiliate, PEG Capital Management, have sold the 220-unit Forest at Chasewood Apartments in Charlotte for $12.8 million. Eller Capital sold the asset to a private, out-of-state investor. The property was built in 1985 at 1600 Chasewood Drive off of Monroe Road. The Forest at Chasewood is the second Charlotte apartment community that Eller Capital Partners has sold recently. In August 2015, the Chapel Hill-based multifamily investor and operator sold Laurel Walk Apartments on Providence Road.

February 10, 2016

North Carolina Retail Southeast Top Stories

CBL Completes Sale of Majority Interest in Triangle Town Center to DRA Advisors

by Katie Sloan February 9, 2016

RALEIGH, N.C. — CBL & Associates Properties Inc. (NYSE: CBL) has closed on a new joint venture with DRA Advisors LLC that significantly reduces the retail real estate investment trust’s ownership stake in Triangle Town Center and Commons mall in Raleigh. The new joint venture acquired the property from an existing 50/50 joint venture between CBL and The Richard E. Jacobs Group for a total consideration of $174 million, including the assumption of a $171.1 million loan secured by the property. CBL now holds a 10 percent ownership position in the asset and is responsible for leasing and managing the property. DRA Advisors holds a 90 percent ownership position. The center, which was 96 percent occupied at the end of 2015, is anchored by North Carolina’s only Saks Fifth Avenue location, and is located at the intersection of Triangle Town Boulevard and I-540 near Capital Boulevard and Old Wake Forest Road. The $171.1 million loan on the property, which matured in December 2015, has been modified and restructured with an initial term of three years maturing in December 2018. The loan includes two one-year extension options available to the new joint venture for a final maturity date of December 2020. …

February 9, 2016

Loans Multifamily North Carolina Southeast

KeyBank Provides $15.3M Acquisition Loan for Apartment Community in Charlotte

by John Nelson February 3, 2016

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a $15.3 million Fannie Mae loan for the acquisition of Ashton Reserve at Northlake, a 151-unit apartment community in Charlotte. The property is Phase II of a larger apartment development. Chris Black of KeyBank’s commercial mortgage group arranged the fixed-rate loan.

February 3, 2016

Multifamily North Carolina Southeast

Pollack Shores to Build Two Upscale Apartment Communities in Raleigh

by John Nelson January 27, 2016

RALEIGH, N.C. — Pollack Shores Real Estate Group plans to build two upscale multifamily developments in Raleigh. The projects include the 330-unit Dakota on Nowell Road and a 314-unit property located on the corner of Davis Drive and Hopson Road in Research Triangle Park. Community amenities at The Dakota will include a resort-style pool, courtyard with a bocce ball court, fitness center and a dog park. Community amenities at the Davis Drive property will feature a second-floor fitness center with yoga and spinning rooms, a clubroom with a kitchen and café, resort-style pool, courtyard and a community gaming and TV lounge. Pollack Shores is set to open the two properties in early 2017. Matrix Residential, the residential management division of Pollack Shores, will manage the two projects.

January 27, 2016

North Carolina Office Southeast

TIER REIT Invests $20M to Renovate Bank of America Plaza in Charlotte

by John Nelson January 26, 2016

CHARLOTTE, N.C. — TIER REIT, a Dallas-based REIT, has invested $20 million to renovate Bank of America Plaza, a 40-story, Class A office tower located at the intersection of Trade and Tryon streets in Charlotte. The 891,000-square-foot tower is 92 percent leased to tenants such as Bank of America, Alston & Bird, Shumaker Loop & Kendrick and SCOR Global Life Americas. The renovation includes expanding and renovating the main building lobby and adding close to 20,000 square feet of street-level retail space. The design team includes Charlotte-based architect Redline Design Group, project manager Tracy Haynie of Trinity Partners and general contractor Rodgers Builders. Rhea Greene of Trinity Partners handles leasing for the office tower, and Mike Lucier of CBRE handles leasing for the tower’s retail portion.

January 26, 2016

Accenture Credit Services Building Charlotte

North Carolina Office Southeast

Cushman & Wakefield Brokers $7.4M Sale of Office Building in Charlotte

by John Nelson January 26, 2016

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $7.4 million sale of the Accenture Credit Services Building, a 60,447-square-foot, single-tenant office building in Charlotte. The single-story office building is located at 8336 Forest Point Blvd. within the Forest Park mixed-use development. Rob Cochran and Jared Londry of Cushman & Wakefield’s Charlotte-based capital markets group represented the undisclosed seller in the transaction. The buyer was a private investor.

January 26, 2016

Healthcare North Carolina Southeast

CBRE|Raleigh Brokers $5.3M Sale of Medical Office Building in Raleigh

by John Nelson January 26, 2016

RALEIGH, N.C. — CBRE|Raleigh has arranged the $5.3 million sale of a 15,090-square-foot medical office building located at 1921 Falls Valley Drive in Raleigh. Glen Allen, Va.-based Capital Square Holdings purchased the owner-occupied building in a sale-leaseback transaction. Jim McMillan of CBRE|Raleigh represented the seller in the transaction.

January 26, 2016

Mixed-Use North Carolina Southeast

Federal Capital Partners Acquires Restored Tobacco Mill Campus in Downtown Durham for $18M

by John Nelson January 25, 2016

DURHAM, N.C. — Federal Capital Partners (FCP) has purchased the Venable Center, a three-property, 85,886-square-foot mixed-use campus located at 303 S. Roxboro St. in downtown Durham, for $18 million. The property comprises three restored tobacco mill office buildings that are listed on the National Register of Historic Places. The buildings include office, retail and lab space. Venable Center was 99 percent leased at the time to tenants including Precision Biosciences, which recently signed a long-term lease to extend and expand its space.

January 25, 2016

North Carolina Retail Southeast

Retail Brokers Network Names Debbie Currier as New President

by John Nelson January 21, 2016

CHARLOTTE, N.C. — The Retail Brokers Network (RBN), a national network of retail real estate brokers, has selected Debbie Currier as its new president. Currier is the first woman to hold this position in the organization’s almost 25-year history. Currier will be replacing RBN’s outgoing president Chuck Lanyard, president of RBN’s member firm The Goldstein Group. As president of RBN, Currier will be responsible for helping grow the organization’s brand, representing RBN at industry-related events, recruiting new RBN brokerage offices and facilitating education and networking between the 65 member firms. “I’m delighted to be RBN’s new president, and I look forward to working with the executive team and member offices to contribute to the future success of this great organization,” says Currier. “It is also an honor to be the first woman president at a time when women are assuming more leadership roles in the commercial real estate industry.” Currier is the owner and president of Currier Properties, a Charlotte-based retail real estate brokerage firm and member of RBN. Her corporate clients include Target, CarMax, Hancock Fabrics, rue21, GNC, FedEx Office, Pet People and Rainbow Fashions. Founded in 1992, RBN operates in 48 states. The organization’s network of firms has …

January 21, 2016

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