CHARLOTTE, N.C. — Ziff Properties Inc. has sold three office and light industrial assets in Charlotte for a combined $10 million. The assets include Arcade Square, Coffey Creek and Rubin Business Center II. Rob Cochran and Jared Londry of DTZ Charlotte represented Ziff Properties in the transaction. Christian Chamblee was the internal representation for Ziff Properties.
CHAPEL HILL, N.C. — ARA has brokered the sale of Notting Hill, a 200-unit, Class A apartment community in Chapel Hill. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, a Dallas-based private real estate fund advised by Crow Holdings Capital-Real Estate. Atlanta-based Carroll Organization purchased the apartment community in a joint venture agreement with AIMS Real Estate for an undisclosed price. Carroll Management Group will manage the apartment property, which was 95 percent occupied at the time of sale. The property’s amenity package includes a swimming pool, business center, fitness center, tennis court, playground, car care center, laundry center and coffee lounge. Built in 2000, the property is comprised of one-, two- and three-bedroom units.
CHARLOTTE, N.C. — A joint venture between Childress Klein Properties and a pension fund advised by CBRE Global Investors has sold RiverGate Shopping Center in Charlotte. The 236,579-square-foot property is located in southwest Charlotte’s Steele Creek submarket adjacent to a Super Target and Home Depot. Childress Klein constructed RiverGate in 2006-2007. The shopping center was 98 percent leased at the time of sale to tenants such as Marshalls, PetSmart, Old Navy, Best Buy, Office Max, Starbucks Coffee, Bath & Body Works, Rack Room, Dress Barn, Verizon Wireless, Mattress Firm and Massage Envy. Mike Burkard and Steve Shields of CBRE represented the joint venture in the transaction. The undisclosed buyer has retained Childress Klein to manage the property.
RALEIGH AND DURHAM, N.C. — Berkshire Group has acquired two Class A multifamily communities from Crescent Communities in the Raleigh-Durham area: Crescent Cameron Village in Raleigh and Crescent Ninth Street in Durham. Berkshire purchased the assets for an undisclosed price. Berkshire Communities, the property management division of Berkshire Group, will manage both properties. Cameron Village is a 282-unit community completed in 2014 that features a clubroom, business center, fitness center, pool and outdoor common spaces with a grilling area and fire pit. The 303-unit Ninth Street was also completed in 2014 and includes a fitness center, pool, business center with conference rooms, and outdoor common spaces with grilling areas and a dog park.
GREENSBORO, N.C. — Atlanta-based Hospitality Ventures Management Group (HVMG) has acquired the 299-room Greensboro-High Point Airport Marriott in Greensboro for an undisclosed amount. The company will manage the hotel, bringing its management portfolio to 38 hotels in 15 states. The hotel is located at One Marriott Drive, adjacent to the Piedmont Triad International Airport. HVMG will implement an $11 million renovation to update the hotel’s meeting space and guest rooms. The hotel underwent a $6 million renovation in 2012.
GREENSBORO, N.C. — McConnell Center Two LLC, a joint venture between Goria Properties and Richardson Properties, will soon begin construction on a new 300,000-square-foot speculative industrial building in McConnell Center Industrial Park. This will be the third speculative industrial property in the park, which is located off I-40 near McConnell Road in Greensboro. The joint venture has selected Triad Commercial Properties to lease the asset. General contractor Windsor Commercial is expected to complete shell construction in July 2015.
WINSTON-SALEM, N.C. — Inland Private Capital Corp. has sold BB&T headquarters, a 240,000-square-foot, 20-story office tower located in Winston-Salem, for approximately $25 million. Inland facilitated the sale of the property on behalf of one of its 1031 investment programs through a subsidiary, which serves as Inland’s asset manager.
CHARLOTTE, N.C. — Grubb Properties has partnered with New York Life Real Estate Investors to acquire a 19-story office building in Uptown Charlotte. The partnership purchased the 405,000-square-foot office tower located at 525 N. Tryon St. from Parkway Properties Inc. for an undisclosed price. The office tower is located adjacent to the new SkyHouse apartment tower that Grubb is developing with Novare Group and Batson-Cook Development Co. The office building features a conference center, café, on-site management, 24-hour security surveillance and a vacant restaurant site.
RALEIGH, N.C. — ARA has brokered the sale of Lexington Farms, a 188-unit garden-style apartment community in northwest Raleigh. The property is situated between Rex Healthcare and Crabtree Valley Mall near I-440. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented the seller, Church Street Partners LLC, a private real estate investment firm based in Raleigh. The buyer, Chicago-based Redwood Capital Group LLC, purchased Lexington Farms for an undisclosed price. The apartment community was 96 percent occupied at the time of sale and 70 percent of the unit interiors were recently renovated. Redwood Capital plans to invest $800,000 to continue the renovations.
MONROE, N.C. — Time Equities Inc. (TEI) has purchased Monroe Crossing Shopping Center, a 379,630-square-foot shopping center located at 2107-2133 W. Roosevelt Blvd. in Monroe, 25 miles southeast of Charlotte. The property’s tenant roster includes Belk’s flagship store, JC Penney, Sears, Hibbett Sports, Shoe Carnival, Buffalo Wild Wings and Planet Fitness. Cushman & Wakefield | Thalhimer represented the seller, Madison Marquette, in the transaction. TEI was represented internally by Ami Ziff and Jonathan Kim.
