REBusinessOnline

JLL Brokers $24M Sale of Suburban Office Property in Metro Raleigh

CARY, N.C. — JLL Capital Markets has brokered the $24 million sale of 6501 Weston Parkway, a 93,582-square-foot office property in Cary. Chris Lingerfelt, Ryan Clutter and Ryan Eklund of JLL represented the seller, Albany Road Real Estate Partners. NAI Tri Properties represented the buyer, an entity doing business as 6501 Weston LLC.6501 Weston Parkway is a three-story office building that was fully leased at the time of sale to a diverse tenant roster including Time Warner Cable, Zift …

Tower Capital Arranges $19.1M in Financing for SFR Community in Metro Charlotte

CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages.An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option.Including the property in Indian Trail, Tower Capital has arranged nearly $108 …

Life Sciences Firms Dominate Activity in Raleigh-Durham’s Industrial Market

It seems as though we have recently seen significant weekly announcements about investment and job creation by major U.S. companies into the Research Triangle Park region, the area situated between the cities of Raleigh and Durham. For instance, tech titans Apple and Google declared plans to establish major engineering hubs in the region, adding heat to an already dynamic market.It is common knowledge that the Triangle area is respected for its large, highly educated workforce thanks to …

Joint Venture Breaks Ground on 365,000 SF Mixed-Use Project in Raleigh

RALEIGH, N.C. — A joint venture between Trammell Crow Co., High Street Residential, AECOM-Canyon Partners and HM Partners has broken ground on 400H, a 365,000-square-foot mixed-use development in Raleigh. Vancouver-based QuadReal Property Group provided an undisclosed amount of financing for the development.The 20-story tower, designed by Gensler, will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. …

Continental Realty Corp. Acquires Apartment Community in Wilmington, North Carolina for $76M

WILMINGTON, N.C. — Continental Realty Corp. (CRC) has acquired The Reserve at Mayfaire, a 264-unit apartment community located at 1411 Parkview Circle in Wilmington. State Street Cos. sold the property to CRC for $76 million.The Reserve at Mayfaire is a garden-style community with 12 three-story buildings. Built in 2004 and renovated four times since 2008, the apartment community includes one-, two- and three-bedroom floorplans ranging in size from 860 to 1,721 square feet. The community …

Trinity Capital to Develop 441,000 SF Alexander Commerce Park in Durham

DURHAM, N.C. — Trinity Capital plans to develop Alexander Commerce Park, a Class A, 441,000-square-foot industrial park featuring three buildings in Durham. Frampton Construction Co. LLC expects to complete the project by early 2022.Located on T.W. Alexander Drive in Durham’s Research Triangle Park, the campus will include two 126,000-square-foot buildings and one 189,000-square-foot building that are constructed with concrete tilt walls and structural steel. The facilities will be …

Charlotte’s South End Remains ‘Go-To’ Submarket for Young Renters

Charlotte’s South End district has firmly established itself as one of the most dynamic millennial urban submarkets in the Sun Belt. It is increasingly on par with the most thriving areas in other growth cities such as Atlanta, Austin and Nashville and is becoming a 24-hour neighborhood with dining, nightlife and high-end jobs.[caption id="attachment_299208" align="alignleft" width="100"] Marc Robinson, Cushman & Wakefield[/caption]Charlotte is one of the few cities in the region that …

CBRE Secures Refinancing for Village at Commonwealth Apartments in Charlotte

CHARLOTTE, N.C. — CBRE has arranged a loan for the refinancing of The Village at Commonwealth, an 823-unit multifamily complex in Charlotte. Nate Sittema, Kristen Reilley, Grant Harris and Elliott Voreis of CBRE arranged the loan on behalf of the owner, Northwood Ravin. Manhattan-based KKR provided the five-year permanent loan. The loan amount was not disclosed.Located at 1308 Lorna St., the Village at Commonwealth is situated within Charlotte’s Plaza Midwood neighborhood near Veterans …

Legal Aid Redevelops 40,000 SF Office Building in East Charlotte

CHARLOTTE, N.C. — Legal Aid of North Carolina Inc., a nonprofit law firm, is redeveloping a 40,000-square-foot, single-story office building located at 5525 Albemarle Road in east Charlotte. MPV Properties represented Legal Aid on the purchase of the building and is marketing the remaining 23,000 square feet of vacant space for lease. The seller and sales price were not disclosed.In partnership with Lakemont Property Investors LLC, Legal Aid has recently completed demolition of the …

A City on the Rise: Charlotte Office Market Poised for Growth and Recovery

Last year posed many challenges for Charlotte’s office market, as companies continued to delay making decisions about their office space needs. In the fourth quarter, leasing velocity had slowed, with limited deal activity driven largely by lease expirations. But the city still scored several corporate relocations and expansions, faring well compared to other major cities throughout the country. Fast-forward to June 2021, and the light at the end of the tunnel is getting brighter as more …

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