CARY, N.C. — NorthMarq Capital has arranged the $4.2 million refinance of Lochmere Pavilion, a 32,236-square-foot retail property located at 2425 Kildaire Farm Road in Cary, part of the Raleigh-Durham metro area. David Vinson and Mark Dodson of NorthMarq Capital’s Raleigh and Los Angeles offices, respectively, arranged the financing through a local North Carolina bank on behalf of the borrower, a California-based entity.
CHARLOTTE, N.C. — Crescent Communities has broken ground on Air Park West Three, a 209,000-square-foot industrial building in the AirPark West industrial facility in northwest Charlotte. Merriman Schmitt Architects designed the property to achieve LEED certification and feature 32-foot clear heights, an ESFR sprinkler system, 60 mil TPO roof, 46 insulated overhead doors and two drive-in doors. The Class A front-loading building will be 200 feet deep. General contractor Myers & Chapman expects to complete the facility in September. AirPark West is located at I-85 and Sam Wilson Road and offers close proximity to I-485, Charlotte Douglas International Airport and the Charlotte Regional Intermodal Facility. The park features two fully leased industrial buildings, also developed by Crescent, that total 276,000 square feet.
JACKSONVILLE, N.C. — Faris Lee Investments has brokered the $7.9 million sale of a single-tenant retail property occupied by Hobby Lobby at 1290 Western Blvd. in Jacksonville. Hobby Lobby has just begun its triple-net, 15-year lease at the newly constructed 55,000-square-foot property. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private equity fund based in New York, in the transaction. Mousavi and Luther also represented the seller, the North Carolina-based developer of the Hobby Lobby store. The buyer purchased the store at a 6.5 percent cap rate.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has closed an $8.9 million acquisition loan for Camfield Corners, a 69,857-square-foot shopping center in Charlotte’s Ballantyne area. The Bi-Lo-anchored center was 97 percent leased at the time of financing. Wesley Fricks of Grandbridge’s Raleigh office originated the loan through Starwood Mortgage Capital, a CMBS lender, on behalf of the New York-based borrower. The fixed-rate loan has a 10-year term and a 30-year amortization schedule.
GREENSBORO, N.C. — Capstone Capital has arranged a $35 million loan to refinance Hayleigh Village Apartments, a 360-unit apartment community in Greensboro. Capstone arranged the 10-year loan with a fixed 4.13 percent interest rate through Fannie Mae on behalf of the borrower, an undisclosed multifamily owner and developer based in the Southeast. The loan features three years of interest-only payments and a 30-year amortization schedule for the remaining seven years of the term. Hayleigh Village Apartments recently appraised for $46.7 million.
CHARLOTTE, N.C. — The Fresh Market has signed a lease for a new location in the Dilworth Gardens Shopping Center in Charlotte. The specialty grocer’s new store will be located at East Boulevard and Scott Avenue. Once opened, the new store will be the Greensboro, N.C.-based company’s 21st store in North Carolina and its sixth in the metro Charlotte area. The grocer currently operates 168 stores in 27 states.
CHARLOTTE, N.C. — HFF has arranged $7.6 million in acquisition financing for Quail Plaza, an 86,979-square-foot office building located at 7621 Little Ave. in south Charlotte. Travis Anderson, Jim Curtin, Cory Fowler and Ryan O’Dwyer of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, TriGate Capital. The five-story office building was 84 percent leased at the time of financing to tenants such as The Steritech Group, FedEx, American Realty Capital, Landworks Design Group PA, Union Security and Mutual of Omaha.
WASHINGTON, N.C. — Wheeler Real Estate Investment Trust Inc. has entered into a contract to acquire Washington Square, a 261,566-square-foot shopping center located in Washington. The Virginia Beach, Va.-based REIT will acquire the property from a private seller in an off-market transaction for $20 million using a combination of cash and debt. Built in 1971, the shopping center is fully leased to tenants such as Piggly Wiggly, Rite Aid, Hallmark, Shoe Show and Cato Fashions. Piggly Wiggly’s lease expires in 2017 and Food Lion has executed a lease to replace the grocer.
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.
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.
