North Carolina

HFF Arranges $26.5M Loan for Apartment Community in Raleigh

by John Nelson March 27, 2015

RALEIGH, N.C. — HFF has secured $26.5 million in financing for Summermill at Falls River, a 320-unit, Class A apartment community in Raleigh. Completed in 2002, the multifamily property features one-, two- and three-bedroom units averaging 1,095 square feet and was 96 percent occupied at the time of financing. Summermill at Falls River’s amenities include a swimming pool, fitness center, children’s playground, business center and access to walking trails at the Annie Louise Wilkerson, MD Nature Preserve Park. Matthew Schoenfeldt, Jason Bond, Jimmy Conley and Travis Anderson of HFF arranged the seven-year, interest-only loan through Freddie Mac’s CME program on behalf of the borrower, Banner Apartments LLC, a multifamily owner and developer based in Northbrook, Ill.

March 27, 2015

Concourse Building One Copley Way Morrisville

North Carolina Office Southeast

TradeMark Properties Brokers $16.5M Sale of Metro Raleigh Office Building

by John Nelson March 25, 2015

MORRISVILLE, N.C. — TradeMark Properties has brokered the $16.5 million sale of the Concourse Building, a 131,553-square-foot office building located at One Copley Way in Morrisville, roughly 14 miles west of Raleigh. Fred Dickens of TradeMark represented the undisclosed seller in the off-market transaction. The buyer, Virginia Beach-based Continental Capital Partners, has retained TradeMark to lease the Class A property.

March 25, 2015

Industrial North Carolina Southeast

REIT Buys Owens Corning Industrial Property in Metro Charlotte

by John Nelson March 24, 2015

CONCORD, N.C. — Griffin Capital Essential Asset REIT II Inc., a non-traded REIT sponsored by Griffin Capital Corp., has purchased the Owens Corning Building in Concord, part of Charlotte’s Northeast industrial submarket. The 61,200-square-foot, Class A industrial property is under a long-term lease agreement with Owens Corning. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the undisclosed seller in the transaction.

March 24, 2015

Multifamily North Carolina Southeast

Bluerock Residential Growth REIT Buys Charlotte Apartment Community for $30.7M

by John Nelson March 23, 2015

CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. (BRG) has acquired a newly constructed apartment community in Charlotte’s South End neighborhood known as the Park & Kingston Apartments. BRG purchased the 168-unit asset in a joint venture with Bluerock Special Opportunity + Income Fund III LLC for roughly $30.7 million. BRG funded the acquisition with $6.3 million in equity and a five-year, $15.3 million Fannie Mae loan that features a fixed interest rate of 3.21 percent and five years of interest-only payments. Park & Kingston’s amenity package includes a rooftop terrace with uptown skyline views, internet cafes, coffee bars, private courtyards, pool and sundeck, outdoor fireplaces, dining and grilling stations, controlled access covered parking and a fitness studio. The seller was Park Kingston Investors LLC.

March 23, 2015

Industrial North Carolina Southeast

Piedmont Properties/CORFAC Brokers $4M Sale of Industrial Property in Charlotte

by John Nelson March 18, 2015

CHARLOTTE, N.C. — Piedmont Properties/CORFAC International has brokered the $4 million sale of an 80,000-square-foot industrial property located at 10210 Pineville Road in Charlotte. The purchase also included 10 acres of land. Jim Plyler of Piedmont/CORFAC and Xan Law of Investment Partners of Charlotte Ltd. represented the seller, Ellison Co. Inc., in the transaction. Plyler and Law also procured the buyer, TT of HY Pineville LLC.

March 18, 2015

Multifamily North Carolina Southeast

Camden Property Trust Opens Apartment Community in Charlotte

by John Nelson March 17, 2015

CHARLOTTE, N.C. — Camden Property Trust has opened Camden Southline, an upscale apartment community located at 2300 South Blvd. in Charlotte’s South End neighborhood. The apartment community offers studio, one- and two-bedroom apartments with amenities like a saltwater pool, on-site fitness center with virtual trainer and yoga zone, high-speed internet and Wi-Fi, cable through AT&T U-Verse and full-size washer and dryers. Camden Southline is also pet-friendly and features a Paw Spa and an unleashed dog park. The property is one of 10 Camden communities in the Charlotte metro area.

March 17, 2015

North Carolina Office Southeast

Trinity Partners Brokers $8.5M Sale of Office Building in Charlotte

by John Nelson March 11, 2015

CHARLOTTE, N.C. — Trinity Partners has brokered the $8.5 million sale of Three South Executive Park, a 54,000-square-foot office building located at 6115 Park South Drive in Charlotte’s SouthPark submarket. Chicago-based Origin Capital Partners purchased the property from an unnamed private partnership. The office building was 86 percent leased at the time of sale to tenants such as Signature Healthcare, Carolinas ACG and Wyndham Capital Mortgage. This is Origin Capital’s second acquisition in Charlotte — the company purchased Cambridge Corporate Center in August 2014. Dunn Mileham of Trinity Partners represented the seller in the transaction.

March 11, 2015

Loans Multifamily North Carolina South Carolina Southeast

Capital One Multifamily Closes Two Multifamily Acquisition Loans Totaling $39.5M

by John Nelson March 5, 2015

COLUMBIA, S.C. AND HIGH POINT, N.C. — Capital One Multifamily Finance has closed a total of $39.5 million in agency loans for the acquisition of two apartment communities in the Carolinas. Chad Thomas Hagwood of Capital One originated both agency loans on behalf of the borrowers, affiliates of EBSCO Income Properties. The loans included a $20.5 million Freddie Mac loan for EBSCO’s acquisition of Polo Village, a 312-unit apartment community in Columbia, and a $19 million Fannie Mae loan for the acquisition of Highbrook Apartments, a 312-unit Class B apartment community in High Point. Watson Bryant of Multi Housing Advisors’ Charlotte office brokered the sale of both communities.

March 5, 2015

Healthcare North Carolina Southeast

Crosland Southeast, Childress Klein Sign Novant Health to Anchor South Charlotte Development

by John Nelson March 4, 2015

CHARLOTTE, N.C. — Charlotte-based Crosland Southeast and Childress Klein have inked a lease agreement with Novant Health to serve as the medical office anchor of Waverly, a master-planned, mixed-use development that will be located at Providence and Ardrey Kell roads in south Charlotte. Upon its completion in 2016, Waverly will feature a 40,000-square-foot Whole Foods, Novanta Pizzeria Napoletana, Bad Daddy’s Burger Bar, Menchie’s Frozen Yogurt, Modern Salon & Spa, Polished Nail Bar and Quail Dry Cleaners. Gwen Glaeser and Tommy Trimble of CNL Commercial Real Estate represented the developers in the lease transactions. Novant Health will occupy roughly 23,000 square feet of space in Waverly’s first 33,000-square-foot building, which is slated to open this fall. The medical office space will include an urgent care, family healthcare services and physical therapy. Mike Wiles of NAI Southern Real Estate represented Novant in the lease transaction, and the owners were represented internally by James Downs, partner of Crosland Southeast, and Paul DeVine of Childress Klein. Travis Hart of Childress Klein is working on pre-leasing the remaining medical office space.

March 4, 2015

612 Hillsborough Chapel Hill North Carolina

Multifamily North Carolina Southeast

Eller Capital Acquires Colonial Arms Apartments in Chapel Hill for $3.6M

by John Nelson March 4, 2015

CHAPEL HILL, N.C. — Eller Capital Partners has acquired Colonial Arms Apartments located at 612 Hillsborough St. in Chapel Hill for $3.6 million. Eller Capital will rebrand the asset as 612 Hillsborough. The apartment community is within walking distance to the University of North Carolina at Chapel Hill campus and downtown Chapel Hill. 612 Hillsborough is Eller Capital’s fourth acquisition in the Chapel Hill area in the past 16 months, with the other three properties being The Apartments at Midtown 501, 86 North Apartments and Timber Hollow Apartments.

March 4, 2015

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