REBusinessOnline

JLL to Open New 41,000 SF Office at Legacy Union in Uptown Charlotte

CHARLOTTE, N.C. — JLL will open its new office at 650 S. Tryon at Legacy Union in Uptown Charlotte. The office spans nearly two floors and 41,000 square feet at the mixed-use development. Jaime Boast, Bryan White and Chris Schaaf of JLL represented the company internally in the lease negotiations. Lincoln Harris is the developer and landlord of Legacy Union.JLL’s Charlotte team has grown 47 percent year-over-year since 2019. The firm’s new location consolidates four offices spread …

McCraney Purchases 150 Acres in Charlotte, Plans to Develop 1.2 MSF Industrial Park

CHARLOTTE, N.C. — McCraney Property Co. has purchased 150 acres in an off-market assemblage of four parcels at the intersection of Garrison Road and West Boulevard in Charlotte. This transaction is believed to be the last remaining premium parcel in Charlotte’s Southwest Airport industrial submarket.If the site plan is approved by the City of Charlotte, McCraney will build 485 Logistics Industrial Park, a speculative, Class A industrial park encompassing approximately 1.2 million …

Trinity Capital Advisors to Develop 274,370 SF Industrial Project in Durham

DURHAM, N.C. — Trinity Capital Advisors has acquired 20 acres at 923 Ellis Road in Durham to develop a 274,370-square-foot, Class A industrial building known as the 147 Exchange. The site is located near the Durham Freeway and Highway 147 in Raleigh-Durham’s Research Triangle Park (RTP) industrial submarket.The 147 Exchange building will feature 32-foot clear heights, 52-foot column spacing, 56 dock doors and two ground-level drive-in doors. Parking is expected to accommodate 274 cars …

ACRE Provides $34M Loan for New High-Rise Development in Durham

DURHAM, N.C. — Asia Capital Real Estate (ACRE), a global real estate private equity firm, has provided a $34 million bridge loan for a mixed-use community in Durham known as One City Center. Provided through ACRE’s latest debt fund ACRE Credit, the loan will serve to refinance existing debt related to the project’s construction. The two-year financing carries a loan-to-value ratio (LTV) of 66.4 percent, with options for two single-year extensions. Roger Edwards of JLL originated the loan …

Blackstone, Starwood Capital Agree to Purchase Hotel Giant Extended Stay America for $6B

CHARLOTTE, N.C. — Blackstone Real Estate Partners and Starwood Capital Group have agreed to form a 50/50 joint venture to acquire Extended Stay America (NYSE: STAY) in a deal valued at $6 billion.Barry Sternlicht, CEO of Starwood Capital (NYSE: STWD), cited Extended Stay America’s performance amid the COVID-19 pandemic as a key factor behind the acquisition.“Extended Stay has demonstrated resilience over the past year despite persistent challenges due to government lockdowns and …

NorthMarq Arranges $8.6M Acquisition Loan for Tryon House Apartments in Charlotte

CHARLOTTE, N.C. — NorthMarq has arranged an $8.6 million bridge loan for the acquisition and renovation of Tryon House Apartments located at 508 North Tryon St. in Charlotte. The 84-unit property is located near the city’s Uptown district.Dave Stewart and Ryan Taylor of NorthMarq arranged the financing through a national debt fund on behalf of the buyer, Elevate Capital. The seller was not disclosed.Tryon House was built in 1927, and is close to all of Uptown’s amenities, such as …

Crescent Communities to Develop 255,000 SF Life Sciences Campus in Holly Springs, North Carolina

HOLLY SPRINGS, N.C. — Crescent Communities will develop a three-building life sciences campus within Oakview Innovation Park in the Raleigh-Durham market of Holly Springs. The property will be situated at the intersection of Green Oaks Parkway and Holly Springs New Hill Road. Crescent Communities worked with the Town of Holly Springs and Trustwell Property Group to co-develop the life sciences campus.The campus, which is located near Seqirus’ North American campus and adjacent to the …

Triangle’s Apartment Demand Pushes to the Region’s Suburban Markets

The impacts of COVID-19 on the U.S. multifamily market vary significantly across metro areas. Not surprisingly, the nation’s denser gateway markets have been hardest hit, while secondary and tertiary markets have fared better.[caption id="attachment_286490" align="alignleft" width="100"] Emily Bostic, Avison Young[/caption]In a reversal of pre-pandemic trends, suburban locations have gained favor over urban submarkets from both renters and investors. As many employees continue to …

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule.Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor …

Harbor Group International Acquires Southeast Multifamily Portfolio for $309M

NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed.The portfolio totals more than 2,300 units and each of the properties are proximate to major …

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