RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of the ECPI Building, a Class A office building located at 4101 Doie Cope Road in Raleigh. Constructed in 2001, the 51,903-square-foot property is fully leased with ECPI University occupying 42,637 square feet through February 2026. The buyer, Family Video, purchased the office building for an undisclosed price. Ben Kilgore of CBRE | Raleigh represented the seller, Robinson Development Group, in the transaction.
VANCOUVER — Pure Industrial Real Estate Trust (PIRET), an industrial REIT based in Vancouver, has purchased a 51 percent interest in the $57 million acquisition of three industrial assets in North Carolina. The three bulk distribution/warehouse facilities are located in the Greensboro/Winston-Salem markets and total roughly 1.3 million square feet. The assets are 100 percent leased to three tenants. The properties are located at 6104 and 6105 Corporate Park Drive in Greensborough and 3928 Westpoint Blvd. in Winston-Salem. The acquisition was funded with a $29 million bridge loan facility and $14.1 million that PIRET provided from existing working capital for its share of the balance of the purchase price. After completing the acquisition, PIRET’s portfolio of assets under management will total 177 properties spanning 17.5 million square feet.
RALEIGH, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Creek, a 214-unit multifamily community in Raleigh’s North Wake submarket. The property will be part of the 2,000-acre Heritage master-planned development, which upon completion will feature a golf course, three public schools, a private school, a charter school, multifamily housing an multiple office and retail facilities. Patterson arranged construction financing through RBS Citizens for Capital Creek. TWO Capital Partners expects construction to last roughly 16 months with lease-up starting in early 2016.
CHARLOTTE, N.C. — First Capital Realty has brokered the $26.4 million sale of Belle Haven, a 176-unit, Class A apartment community in northeast Charlotte near UNC-Charlotte. The property was delivered in 2014 and has received LEED Silver certification. Rick Shinberg and Jeff Coles of First Capital Realty represented the seller, an undisclosed national developer, in the transaction.
As 2015 begins, the Raleigh-Durham market continues to see heavy investment and development interest in the multifamily sector. Strong fundamentals, including an influx of young professionals lured by healthy job growth, an emergent live-work-play atmosphere and an economy that has continued to outpace its national counterpart, justify the area’s reign as one of the most attractive non-gateway markets in the country. The healthy, long-term fundamentals are challenged by an apartment construction pipeline that is among the nation’s most active, but so far the market is performing remarkably well. Construction starts in the area have exploded during the last two years, and there are now 8,835 units under construction throughout the Triangle area, with an additional 4,919 units proposed, according to Real Data. Whether demand can keep up with supply has been a widely debated topic among real estate analysts. The high number of units delivered represents an increase in supply of 9.3 percent over the past 24 months. Strong demand has shielded the region from notable occupancy declines. In the first half of 2014, 2,453 units were absorbed and 2,642 new units were completed, providing a differential of only 189 units, according to Real Data. Average vacancy ticked up to …
CHARLOTTE, N.C. — DTZ has brokered the sale of two industrial properties located at 2198 and 2130 Wilkinson Blvd. in Charlotte. Titan Electric Co. Inc. purchased the assets, which total roughly 30,200 square feet, from Quinn Management for an undisclosed price. Charlie Ripple of DTZ’s Charlotte office represented the seller in the transaction. Andy Burch of Ford Realty Co. represented the buyer.
CHARLOTTE, N.C. — Prudential Mortgage Capital Co. has provided a $44 million acquisition loan to a joint venture between Stockbridge Capital Group and TriBridge Residential for Venue, a 366-unit luxury apartment community in Charlotte’s Elizabeth neighborhood. The 10-year loan was structured with a fixed interest rate and features interest-only payments for the full term of the loan. Completed in November 2014, Venue’s Class A units include hardwood floors, granite countertops and stainless steel appliances, and the community amenities include a theater room, grilling areas and a resort-style pool. The Elizabeth neighborhood is less than three miles from Charlotte’s central business district and is close to a 1.5-mile streetcar project, which is currently under construction. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc.
CHARLOTTE, N.C. — CBRE has brokered the sale of the Time Warner Cable Building in Charlotte’s I-77 submarket for an undisclosed sales price. The 113,600-square-foot building is fully occupied by Time Warner Cable and serves as a call center, office and operations facility. Patrick Gildea led CBRE’s Charlotte team in brokering the transaction.
RALEIGH, N.C. — Wood Partners LLC will soon begin development on Six Sixteen, a $40 million, 207-unit luxury apartment community located at 616 Oberlin Road in Raleigh. The asset will be located on the site of a vacant office building next door to Cameron Village Shopping Center. Wood Partners’ property management division, Wood Residential Services, will manage the community. The property will begin leasing in May 2016 with completion set for November 2017. JDavis Architects designed the community to wrap around a central courtyard that will feature a swimming pool, bocce ball courts, barbecue areas and an outdoor TV-viewing lounge. Other amenities will include an indoor TV lounge, billiards lounge, poker and wine-tasting room, fitness center, bike repair/maintenance room, dog-grooming room, parking garage, rooftop clubroom/patio and indoor storage units. Jim Anthony of Colliers International brokered the land sale for the site of Six Sixteen.
CHARLOTTE, N.C. — Crescent Communities plans to develop a new mixed-use, transit-oriented project in Uptown Charlotte that will bring the neighborhood its first Whole Foods Market. The development will feature a 47,000-square-foot Whole Foods, a 450-unit luxury apartment community, two hotels and retail space. The project will be located on a 5.4-acre site at the Lynx Light Rail’s Stonewall Station. In addition to a raised, transit-level public plaza, the new project at Stonewall and Caldwell streets will include a resident-only outdoor amenities area atop the parking deck, which will feature a resort-style pool. Crescent will break ground on the new community on Stonewall Street this year and is targeting 2017 for its opening date. Bill Moseley of Moseley Real Estate Advisors represented Whole Foods Market in the lease transaction. Lord Aeck Sargent and Preston Partnership LLC provided site planning and design services for Crescent Communities, and Land Design is the civil engineer.
