REBusinessOnline

Charlotte City Council OKs $275M Financing for Spectrum Center Renovations, New Practice Facility for Hornets

CHARLOTTE, N.C. — The Charlotte City Council has approved the proposed $275 million financing package for renovations to Spectrum Center, the home arena for the NBA franchise Charlotte Hornets. The city council voted 10-1 to approve the plan, which includes a $60 million budget to build a new basketball practice training facility that will be funded via new revenue generated from sponsorships and naming right agreements. Financing for the city’s role in the $215 million in renovations to …

CBRE|Raleigh Brokers Sale of 156,666 SF Situs Office Park in West Raleigh

RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Situs Office Park, a three-building office campus spanning 156,666 square feet on Raleigh’s west side. Atlanta-based The Simpson Organization purchased the park from Adler Real Estate Partners for an undisclosed price. Patrick Gildea of CBRE|Raleigh represented the seller in the transaction. The park was 91 percent leased at the time of sale to regional and national tenants including Circle K Stores, the General Services Administration …

Stream Realty Negotiates $24M Sale of Adaptive Reuse Retail Property in Charlotte’s South End

CHARLOTTE, N.C. — Stream Realty Partners has brokered the $24 million sale of an adaptive reuse retail property located at 332 W. Bland St. in Charlotte’s South End district. The 1920s-era property spans 39,118 square feet and was fully leased at the time of sale to Slingshot Social Game Club, Ruby Sunshine, Lost & Found and Resident Culture Brewery, which is one of Charlotte’s most frequented breweries. Charlotte-based Ferncroft Capital purchased the property from Magnus Capital Partners …

ZOM Living, AEW Capital to Develop 248-Unit Apartment Community in Downtown Durham

DURHAM, N.C. — ZOM Living and AEW Capital Management have purchased a site at 500 E. Main St. in downtown Durham for the development of Maizon Durham, a 248-unit apartment community. The co-developers also secured $49 million in construction financing from Santander Bank. The project team includes architect Hord Coplan Macht, interior designer One Line Design Studio and general contractor LeChase Construction. Set to break ground this summer, Maizon Durham will feature studio, one-, two- and …

Northmarq Secures $29M Refinancing of Arlington West Apartments in Jacksonville, North Carolina

JACKSONVILLE, N.C. — Northmarq has arranged the approximately $29 million refinancing of Arlington West Apartments, a 324-unit multifamily community located at 5049 Western Blvd. in Jacksonville, a city near North Carolina’s coast. Built in 2009, Arlington West spans 14 apartment buildings and features a resort-style saltwater swimming pool, playground, two dog parks, fitness center, game room and a business center. Bob Harrington and Paul Whalen of Northmarq arranged the 10-year, Freddie …

Newmark Arranges Sale of Metro Raleigh Retail Property Net Leased to KinderCare

GARNER, N.C. — Newmark has arranged the sale of an 11,400-square-foot retail property located at 932 Heather Park Drive in Garner, approximately seven miles south of Raleigh. The property is triple-net-leased to KinderCare, an early childhood education and childcare provider with 1,500 learning centers nationwide. KinderCare has 12 years remaining on its lease term, which features four five-year extension options. Matt Berres, Samer Khalil, Karick Brown and Bert Sanders of Newmark represented …

CBRE Investment Management Purchases The Line Office Tower in Charlotte’s South End

CHARLOTTE, N.C. — A fund sponsored by CBRE Investment Management has purchased The Line, a newly built, 16-story office tower in Charlotte’s South End district. The 314,221-square-foot property is located at 2151 Hawkins St. and features shared workspaces, sky lobby, amenity terrace, open-air plaza, lawn, outdoor decks, bike rooms, lockers, showers, covered parking and 24,000 square feet of retail space. The CBRE Strategic Partners U.S. Value 9 fund acquired The Line in a joint venture with …

Madison Marquette Purchases 380-Unit Crosswinds Apartment Complex in Wilmington, North Carolina

WILMINGTON, N.C. — Madison Marquette has acquired Crosswinds, a multifamily property in Wilmington, as part of its Evergreen Multifamily Value Add Fund for an undisclosed price. Terms of the transaction were not released.Built in 1989 on 23 acres, Crosswinds features 380 apartments in a mix of one-, two- and three-bedroom units, ranging from 645 square feet to 1,306 square feet, spread across 19 buildings.The units feature wood-style flooring, patio/balconies in each unit, …

Foundry Commercial Buys 24-Property Spring Arbor Senior Living Portfolio in Mid-Atlantic

ORLANDO — Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities across the Mid-Atlantic. As part of the transaction, Foundry Commercial acquired the current operator, which will continue to manage the properties post-closing.The portfolio contains 1,424 units throughout Maryland, North Carolina and Virginia, with capacity for more …

Clarion Partners, Blackfin Real Estate Investors Acquire 3,564-Unit Multifamily Portfolio in Sun Belt for $885.5M

FLORIDA, NORTH CAROLINA AND TENNESSEE — Clarion Partners LLC and Blackfin Real Estate Investors LLC have acquired a 12-property multifamily portfolio totaling 3,564 units for $885.5 million.The assets are located in the Sun Belt markets of Tampa, Fla.; Orlando, Fla.; Melbourne, Fla.; Charlotte, N.C.; Wilmington, N.C.; and Nashville, Tenn. A partnership between PGIM Real Estate and CARROLL was the seller.The garden-style, Class B communities were built between 1972 and 1995. Amenities …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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