North Carolina

Preferred Apartment Communities Buys Charlotte Property for $32.7M

by John Nelson July 7, 2015

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Citypark View, a newly constructed, 284-unit multifamily community in Charlotte, for approximately $32.7 million. The Class A property was roughly 96 percent occupied at the time of sale. PAC purchased the asset through a wholly owned subsidiary and financed the acquisition using a $22.1 million first mortgage loan from JLL, which intends to assign the loan to Freddie Mac within 60 days. The seven-year loan bears a fixed interest rate of 3.27 percent and features a 30-year amortization schedule.

July 7, 2015

Village Shops at Grande Dunes Myrtle Beach

North Carolina Retail South Carolina Southeast

Crosland Southeast to Break Ground on Two Publix-Anchored Centers in the Carolinas

by John Nelson July 2, 2015

MYRTLE BEACH, S.C. AND NEW BERN, N.C. — Crosland Southeast has closed on the land purchases of 12 acres in Myrtle Beach from L Star Management and eight acres in New Bern for two future Publix-anchored shopping centers. Village Shops at Grande Dunes in Myrtle Beach and River Place Shopping Center in New Bern represent a planned $38 million worth of development. River Place will be the first Publix location ever to break ground in coastal North Carolina. Crosland Southeast is the landlord on both lease transactions with Publix and is responsible for leasing future shop space and outparcels. Austin Williams and Brad McGinnis of Crosland Southeast’s Raleigh office jointly worked on the transactions, and Chris Taft of Crosland Southeast oversees all commercial leasing. Crosland plans to open the Village Shops at Grande Dunes in mid-2016 and River Place Shopping Center in late 2016.

July 2, 2015

North Carolina Office Southeast

Marcus & Millichap Brokers $9.3M Sale of Office Building in Charlotte

by John Nelson July 2, 2015

CHARLOTTE, N.C. — Marcus & Millichap has brokered the $9.3 million sale of a two-story office building at 2800 Westoak Drive in Charlotte. The property is located within the Westoak Business Park, which is within one mile from Charlotte-Douglas International Airport. The 48,000-square-foot property is fully leased to Acosta Inc., a national sales and marketing company for consumer packaged goods companies. Douglas Mandel, Scott Sandelin and Marcos Puente of Marcus & Millichap represented the seller, a limited liability company based in Ponte Verda Beach, Fla. The buyer is a partnership based in San Diego.

July 2, 2015

Multifamily North Carolina Southeast

Lowe Enterprises Investors Acquires Apartment Community in Raleigh

by John Nelson June 30, 2015

RALEIGH, N.C. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has purchased the Hamilton Ridge Apartments, a 178-unit multifamily community located at 4901 Tall Timber Drive in Raleigh’s Crabtree Valley neighborhood. Built in 1986, the apartment community features a clubhouse with a business center, coffee bar, fitness center and community room. Additional community amenities include a resort-style pool, outdoor grilling and picnic areas, a car care center and free Wi-Fi. LEI’s capital improvement program will include upgrades to common areas, such as the clubhouse and pool deck, and unit renovations that will modernize kitchens. LEI has retained Greystar to manage Hamilton Ridge. John Gaghan of LEI led the investment team in negotiations, and Hunt Mortgage arranged financing for the acquisition. The seller was an affiliate of Abacus Capital.

June 30, 2015

Loans Multifamily North Carolina Southeast

Grandbridge Arranges $16M Loan for Apartment Community in Wilmington

by John Nelson June 30, 2015

WILMINGTON, N.C. — Grandbridge Real Estate Capital has closed a $16 million first mortgage loan for the refinancing of Stephens Pointe Apartments, a newly built, 192-unit apartment community in Wilmington’s Porters Neck area. Wesley Fricks of Grandbridge arranged the 10-year loan with a 30-year amortization schedule. The property was more than 90 percent occupied at the time of financing.

June 30, 2015

North Carolina Office Southeast

Dominion Realty Partners Opens Charter Square Office Building in Downtown Raleigh

by John Nelson June 23, 2015

RALEIGH, N.C. — Dominion Realty Partners has opened Charter Square, a Class A, 242,969-square-foot office tower in downtown Raleigh. Situated on the south end of Fayetteville Street, the 11-story building is located in the city’s growing technology hub immediately adjacent to the Duke Energy Performing Arts Center, Raleigh Convention Center and Raleigh Marriott City Center. The property opened at 56 percent occupancy with tenants such as Womble Carlyle Sandridge & Rice LLP, HDR Engineers, Industrious, CBRE Raleigh, JDavis Architects, Intelligent Office, Dominion Realty Partners, Yadkin Bank and a restaurant by Eschelon Hospitality. When construction began in spring 2014, the property was 100 percent speculative. Charter Square features a blue glass exterior, outdoor plaza, card access control systems, direct underground parking and on-site security. Dominion Realty Partners teamed up with Prudential Real Estate Investors to develop the office building.

June 23, 2015

North Carolina Retail Southeast

Carolina Holdings Breaks Ground on Strip Retail Center in North Carolina

by John Nelson June 19, 2015

SMITHFIELD, N.C. — Carolinas Holdings Inc. has begun developing Smithfield Landing, a two-building, 9,048-square-foot strip retail center. The fully leased center is located at 110 S. Equity Drive in Smithfield, adjacent to Simon Property Group’s Carolina Premium Outlets. The property’s tenant roster includes Starbucks Coffee, Chipotle Mexican Grill and Buffalo Wild Wings. The development team comprises architect McMillan Pazdan Smith, civil engineer McKim & Creed and general contractor Spell Construction. Palmetto Bank provided construction financing for Smithfield Landing, which will open in late 2015.

June 19, 2015

Hospitality North Carolina Southeast

Concord Hospitality Sells Two Hotels in Raleigh for $109M

by John Nelson June 17, 2015

RALEIGH, N.C. — Concord Hospitality has sold the Renaissance and Hyatt House Raleigh North Hills hotels in Raleigh for a combined $109 million. Companies owned by an unnamed global investment fund acquired the two hotels through cash and an assumption of debt. The two properties anchor North Hills, a 1 million-square-foot mixed-use development that serves as a live-work-play destination for Raleigh residents and businesses. Concord will continue to manage the two assets under a long-term management agreement. Mark Elliott of Hodges Ward Elliott and Tom Ives of CBRE Hotels represented the seller in the transaction.

June 17, 2015

Loans Multifamily North Carolina South Carolina Southeast

Capital One Closes $53.4M Refinancing of Four Apartment Communities in the Carolinas

by John Nelson June 9, 2015

NEW YORK — Capital One has provided four loans totaling $53.4 million for the refinancing of four apartment communities in North Carolina and South Carolina. Capital One provided the loans to Brookfield Strategic Real Estate Partners Fund, which used the loans to repay existing CMBS debt on the properties, according to Capital One. The refinanced assets in North Carolina include the 252-unit Chason Ridge in Fayetteville and the 194-unit Bridges at Mallard Creek in Charlotte. Brookfield received loans of $9.5 million and $11.1 million, respectively, for those assets. In South Carolina, the refinanced properties include the 240-unit Waverly Place in North Charleston and the 232-unit Paces Watch in Mount Pleasant. Brookfield received loans for $12.7 million and $20.6 million, respectively.

June 9, 2015

Multifamily North Carolina Southeast

Wood Partners Breaks Ground on Multifamily Community in Charlotte

by John Nelson June 8, 2015

CHARLOTTE, N.C. — Wood Partners LLC has broken ground on Alta Berewick, a 266-unit apartment community located on a 16-acre lot at 5503 Dixie River Road in Charlotte. Wood Partners expects to have apartments available for lease in February 2016, with construction slated for a December 2016 completion. This apartment community marks the 15th property that Wood Partners has developed in North Carolina. Architect Cline Design Associates has designed the property to comprise one- to three-bedroom units, each featuring stainless steel appliances, washers and dryers, granite countertops and faux wood flooring. The community’s amenity offerings include a fitness center, resort-style pool, clubroom, cyber café and a playground. Wood Partners purchased the lot from Berewick Town Center III for an undisclosed price. Wood Partners’ equity partner on the project is Sumitomo Corporation of the Americas, and the community’s general contractor is WP East Builders. Wood Residential Services will manage the community upon completion.

June 8, 2015

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