North Carolina

JPB Holdings Acquires TrustAtlantic Office Building in Raleigh for $7.3M

by John Nelson February 12, 2015

RALEIGH, N.C. — JPB Holdings LLC has acquired the 32,272-square-foot TrustAtlantic office building located at 4801 Glenwood Ave. in Raleigh for $7.3 million. The fully leased property’s anchor tenant is TrustAtlantic Bank, with other tenants including Workday Inc., Maginnis Law and Executive Suites of North Carolina. Jimmy Barnes and Whit Brown of NAI Carolantic represented JPB Holdings in the transaction. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented the seller. Built in 1973, the Class A office building was renovated in 2009 to LEED Silver standards.

February 12, 2015

Healthcare North Carolina Southeast

JE Dunn Construction Tops Off $104M VA Clinic in Charlotte

by John Nelson February 10, 2015

CHARLOTTE, N.C. — JE Dunn Construction Co. has topped off the Charlotte VA Health Care Center, a $104 million, six-story, 420,000-square-foot clinic in Charlotte. The healthcare complex, located on 35 acres near Charlotte Douglas International Airport, will be the largest leased facility of the U.S. Department of Veterans Affairs (VA). The facility will provide outpatient primary and mental health care, as well as specialty clinics for radiology, neurology, cardiology, dialysis, women’s health, dental and oncology. In addition to JE Dunn, the project team also includes Childress Klein Properties and Cambridge Development Group, who formed Childress Klein-Cambridge Healthcare Solutions LLC to design, build and provide facility management for the project, which it owns and will lease to the VA. Charlotte-based RPA Design, the architect of record, designed the project to achieve LEED Silver certification. The clinic is scheduled for completion in spring 2016 and is estimated to produce roughly 2,000 jobs during construction and, upon completion, about 500-600 permanent jobs.

February 10, 2015

North Carolina Office Southeast

Hartwell Realty Arranges Sale of Raleigh Office Building

by John Nelson February 10, 2015

RALEIGH, N.C. — Hartwell Realty Inc., a Raleigh-based boutique commercial real estate firm, has brokered the sale of a 42,010-square-foot Class A office building located at 4001 Weston Parkway in Raleigh. The office building is the headquarters of Kruger USA, the U.S. headquarters for Veolia, a municipal solutions and technologies firm for wastewater management and drinking water treatment. Kruger recently took full occupancy of the building. Brenda Compton, Jason Stegall and Matt Raiford of Hartwell Realty put together the off-market transaction.

February 10, 2015

Multifamily North Carolina Southeast

ARA Brokers Sale of Apartment Community in Charlotte

by John Nelson February 9, 2015

CHARLOTTE, N.C. — ARA has brokered the sale of Berkshires on Providence, a 473-unit, Class B apartment community in Charlotte. Berkshires on Providence was built in 1969 and was receiving upgrades to units as they turned over. Community amenities include two swimming pools, two tennis courts, a business center, children’s play area, clubhouse and laundry center. The property was 97 percent occupied at the time of sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, an affiliate of Boston-based Berkshire Group, in the transaction. The buyer, Charlotte-based Levine Properties, purchased the asset for an undisclosed amount.

February 9, 2015

Market Reports North Carolina Southeast Southeast Market Reports

Three Distinct Trends are Driving the Raleigh-Durham Office Market

by John Nelson February 9, 2015

The Raleigh-Durham-Chapel Hill (Research Triangle) region has entered a period of vibrant market expansion. Overall Class A vacancy has fallen below 10 percent for the first time since the building boom of 2001, with rates as low as 2.2 percent in some of the region’s most desirable submarkets, where severe shortages have absorption extending into long-stagnant Class B product. Despite this auspicious environment for new construction, developers are still exercising substantial caution, underscoring the depth of the last downturn and its long-lasting impact on both the development and lending communities. However, recent successful Class A deliveries by REITs like Raleigh-based Highwoods Properties and Indianapolis-based Duke Realty signal a shift toward a more pronounced supply cycle, with lower pre-lease thresholds, and a Class A market that is clearly transitioning from a recovery cycle to a period of low supply. As the market picks up steam, here are three trends that we see emerging in the Raleigh-Durham office market, and the implications for the MSA going forward. The Rise of Live-Work-Play In the last decade, no trend has had a greater impact than the rise of the live-work-play model, a phrase that encapsulates many meanings, but always embodies the high value placed …

February 9, 2015

Loans Multifamily North Carolina Southeast

Greystone Provides $30.5M in Acquisition Financing for Multifamily Portfolio in Piedmont Triad

by John Nelson February 4, 2015

GREENSBORO AND WINSTON-SALEM, N.C. — Greystone has provided $30.5 million in acquisition financing for four multifamily properties in the Piedmont Triad region of North Carolina. Vincent Langan of Greystone arranged the four Fannie Mae DUS loans on behalf of the borrower, Varden Capital Properties. The loan terms for all four properties include 10-year financing with 30-year amortization schedules and one year of interest-only payments. The apartment communities comprise a total 941 units and all offer amenities such as swimming pools, fitness centers, clubhouses and tennis courts. The properties in this portfolio include: Ashland Apartments in Greensboro; The Lakes on Meadowood in Greensboro; Ambercrest Apartments in Winston-Salem; and The Hunt Club Apartments in Winston-Salem.

February 4, 2015

North Carolina Retail Southeast

Ferncroft Capital Acquires Whole-Foods Anchored Shopping Center in Winston-Salem for $12M

by John Nelson February 3, 2015

WINSTON-SALEM, N.C. — Ferncroft Capital has purchased Miller Crossing in Winston-Salem for $12 million. The 40,292-square-foot shopping center is anchored by Whole Foods Market. The shopping center is located near the intersection of Miller Street and Stratford Road and is adjacent to the Wake Forest Baptist Hospital campus. Berkeley Capital represented the seller in the transaction while Bank of North Carolina provided acquisition financing. Meridian Realty will continue to handle management and leasing.

February 3, 2015

North Carolina Office Southeast

Chambers Street Properties Completes $16.4M Sale of Office Building in Cary

by John Nelson February 2, 2015

CARY, N.C. — Chambers Street Properties has completed the $16.4 million sale of Regency Creek I, a 122,087-square-foot office building located in Cary. The four-story property is located at 12040 Regency Parkway. The building is 100 percent leased and serves as the North American headquarters for ABB, a leading power and automation technology company. The buyer, Intercontinental Real Estate Corp., assumed mortgage loans of approximately $8.6 million in the transaction. This property was included in the Chambers Street’s joint venture with Duke Realty Corp. and the sales price represents Chambers Street’s 80 percent share. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented Duke Realty in the transaction.

February 2, 2015

Multifamily North Carolina Southeast Student Housing

NorthState Buys Three Student Housing Properties Near Appalachian State University

by John Nelson January 29, 2015

BOONE, N.C. — NorthState Capital Partners has led an investment group in the acquisition of a three-property student housing portfolio near Appalachian State University in Boone. The properties include the 204-bed Highland Crossing, the 84-bed Greenway Commons and the 48-bed Greenway Cove. Combined, the apartment properties are 96 percent occupied. The AppalCart, the primary local public transportation system, has bus stops directly in front of the properties.

January 29, 2015

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Triangle’s Buoyant Economy Gives Confidence to Industrial Real Estate Investors, Developers

by John Nelson January 26, 2015

2014 was an exceptional year for sales and leasing activity for the Raleigh-Durham industrial market. Velocity in investment sales boomed in 2014 — the strongest year since 2006, and second strongest in history. Developers are actively seeking land to build new parks as demand for Class A industrial space outweighs supply and rental rates begin to rise. Although, the Raleigh-Durham MSA is a smaller industrial market in the region, it’s been ranked No. 1 by Forbes as the Best Place for Business and No. 2 for the Fastest Growing Large U.S. City from 2010-2030 by the United Nations Population Division. Companies continue to announce corporate relocations and expansions and unemployment is lower than the national average at 4.5 percent in October. EDM America relocated its $150 million headquarters operation to Raleigh from Pennsylvania. Argos Therapeutics announced an expansion project in Durham — a $57 million bio-manufacturing plant. The area has also seen an influx of third-party logistics companies, moving companies and suppliers for the home building industry opening new locations and consolidating to larger blocks of space. As user demand continues, there is a strong desire by investors to become a part of our market or expand their current footprint. …

January 26, 2015

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