North Carolina

Capstone Brokers $14.8M Sale of Apartment Community in Durham

by John Nelson December 18, 2014

DURHAM, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of Foxfire Apartments, a 354-unit multifamily community in Durham. Built in 1973, the asset was 93 percent occupied at the time of sale. Andrew Klenk and John Ackiss of Capstone’s Raleigh-Durham office, along with Brian Ford and Beau McIntosh of the firm’s Charlotte office, represented the seller, VTT Management Inc., in the transaction. The buyer, Lexerd Capital Management, purchased the property for roughly $41,667 per unit.

December 18, 2014

North Carolina Office Southeast

Insite Properties Brokers Sale of Office Building in Raleigh

by John Nelson December 18, 2014

RALEIGH, N.C. — Insite Properties has brokered the sale of a 37,000-square-foot office building located at 5811 Glenwood Ave. in Raleigh. Built in 2000, the three-story office building was fully occupied by three tenants at the time of sale. Ben Kilgore and Jeff Glenn of CBRE | Raleigh, along with Ashton Williamson of CBRE | Hampton Roads, represented the seller, EOR-5811 Glenwood Avenue LLC. Insite Properties represented the buyer, an unnamed investment brokerage client, in the transaction.

December 18, 2014

North Carolina Southeast

Wake Forest Baptist to Build $50M Medical Education Facility in Wake Forest Innovation Quarter

by John Nelson December 10, 2014

WINSTON-SALEM, N.C. — Wake Forest Baptist Medical Center plans to break ground on a new medical education facility for the Wake Forest School of Medicine. The $50 million project will be located in the former 60 series R.J. Reynolds Tobacco Co. complex in the Wake Forest Innovation Quarter, an urban research and business park in Winston-Salem specializing in biotechnology, materials science and information technology. The 168,000-square-foot property is scheduled to open in July 2016. The building will be developed in partnership with Wake Forest Baptist’s Innovation Quarter partner, Wexford Science + Technology LLC, a BioMed Realty Company.

December 10, 2014

Healthcare North Carolina Southeast

JLL Brokers Sale of Pharmaceutical Manufacturing Plant in Metro Charlotte

by John Nelson December 3, 2014

MONROE, N.C. — JLL has brokered the sale of Monroe Corporate Center, a 102,000-square-foot property located at 4275 Corporate Center Drive in Monroe, about 24 miles southeast of Charlotte. Glenmark Pharmaceuticals Ltd. purchased the facility for an undisclosed amount. The company plans to invest more than $15 million in the next five years to develop three separate pharmaceutical manufacturing units at the site. Glenmark expects to begin manufacturing oral solids at the location by mid-2015. John Buckley, Shawn Straka, John Cashion and Matt Treble of JLL represented Glenmark in the transaction. The seller, the city of Monroe, was represented in-house.

December 3, 2014

Loans North Carolina Southeast

NorthMarq Capital Arranges $11.9M Acquisition Loan for Wilmington Apartment Community

by John Nelson November 25, 2014

WILMINGTON, N.C. — NorthMarq Capital has arranged $11.9 million in acquisition financing for Governours Square, a 219-unit apartment community in Wilmington. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 30-year amortization schedule through a Fannie Mae DUS lender on behalf of the unnamed borrower.

November 25, 2014

Multifamily North Carolina Southeast

ARA Brokers $33.7M Sale of Apartment Community in Triangle Submarket

by John Nelson November 20, 2014

MORRISVILLE, N.C. — ARA has brokered the $33.7 million sale of The Bristol Apartments, a 260-unit multifamily community located in Morrisville in the Triangle submarket. The property is located within Park West Village, a 100-acre mixed-use development that includes a town center district, community center, Super Target, Earth Fare, upscale restaurants and a movie theater. Built in 2014, The Bristol is currently 92 percent occupied. Richmond, Va.-based Weinstein Properties purchased the asset from the developer, Wood Partners, and its undisclosed equity partner. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented both sellers in the transaction.

November 20, 2014

Loans North Carolina Southeast

HFF Arranges $29.7M Loan for Apartment Community in Metro Raleigh

by John Nelson November 20, 2014

CARY, N.C. — HFF has arranged $29.7 million in acquisition financing for Tradition at Stonewater, a 351-unit, Class A apartment community located at 12000 Wisdom Drive in Cary, roughly 35 minutes northwest of Raleigh. Matthew Schoenfeldt, Jason Bond, Travis Anderson and Ryan Clutter of HFF arranged the seven-year, fixed-rate loan through Allianz Real Estate of America Inc. on behalf of the borrower, Banner Apartments LLC. Tradition at Stonewater’s amenity package includes a resort-style saltwater swimming pool, outdoor lounge, summer kitchen, fitness center, theater, business center and a gated dog park.

November 20, 2014

Loans North Carolina Southeast

NorthMarq Arranges $29M Refinance of Office Campus in Winston-Salem

by John Nelson November 14, 2014

WINSTON-SALEM, N.C. — NorthMarq Capital has arranged the $29 million refinance of Madison Park Office Complex, a seven-property office campus in Winston-Salem. The 485,954-square-foot park is located at 5660 and 6550 University Parkway in Winston-Salem. The office park’s tenant roster includes Lowe’s, Blue Cross Blue Shield and National General Insurance. Keith Braddish of NorthMarq’s New York metro office arranged the 10-year loan with three years of interest-only payments and a 30-year amortization schedule through Wells Fargo.

November 14, 2014

North Carolina Office Southeast

Portman Holdings Unveils Plans for 19-Story Office Tower in Charlotte

by John Nelson November 12, 2014

CHARLOTTE, N.C. — Portman Holdings has shared its design details and renderings of 615 South College, a 19-story office tower in Uptown Charlotte. Portman has begun the permitting process and expects to break ground in June 2015. Travis Garland of Portman will work with Trinity Partners to lease and market the 370,000-square-foot tower, which is slated for a fourth quarter 2016 completion. The property will feature an elevated green plaza, two-story corner balconies, floor-to-ceiling windows, signage opportunities fronting I-277, a fitness center and a conference facility. The tower will be situated atop an underground parking garage. Architect John Portman & Associates is designing 615 South College to achieve LEED Gold certification.

November 12, 2014

Industrial North Carolina Southeast

Beacon Partners Buys Industrial Park in Charlotte’s Northwest Submarket

by John Nelson November 10, 2014

CHARLOTTE, N.C. — Beacon Partners has purchased four fully leased industrial building in Charlotte’s Northwest submarket totaling 386,000 square feet. Beacon Partners has re-branded the park “NorthWest Industrial Park” and has planned capital improvements to the property, including enhancements to the building entrances, truck loading areas, building exteriors, signage, landscaping, parking lots and lighting. The industrial park is rail-served and features outside storage, trailer storage and 22- to 28-foot clear heights with dock-high and drive-in loading. Pete Pittroff and Brad Cherry of JLL represented the seller, Carlson Real Estate, in the transaction. Wells Fargo provided acquisition financing. Pete Kidwell of Beacon Partners will handle NorthWest Industrial Park’s leasing responsibilities.

November 10, 2014

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