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NOVEL UHill
DevelopmentMultifamilyNorth CarolinaSoutheast

Crescent Communities Breaks Ground on NOVEL UHill in Durham, North Carolina

by Abby Cox

DURHAM, N.C. — Charlotte-based Crescent Communities has broken ground on NOVEL UHill, a 400-unit multifamily community located in the University Hill neighborhood of Durham. Situated on 6 acres, the five-story midrise building will offer studio to three-bedroom units, as well as 19 freestanding townhomes with two- and three-bedroom layouts.   Amenities at the complex will include a 1,450-square-foot indoor-outdoor sky lounge, community clubroom, resort-style swimming pool with lounge chairs and a grilling station, fitness studio with private yoga rooms, table tennis area, coworking lounge, two outdoor courtyards, a fenced-in dog park and an onsite Land of a Thousand Hills coffee shop. In addition to UHill Walls, a 40,000-square-foot public art installation, NOVEL UHill will incorporate original artwork throughout the property. This project follows the debut of NOVEL Morrisville and NOVEL Cary earlier this spring, both of which are currently leasing. Crescent Communities Construction will serve as the development’s general contractor, with KTGY serving as the project’s architect. Kimley Horn & Associates will handle civil engineering and landscape architecture. Financial partners for the project include Kyuden Urban Development America LLC and NEC Capital Solutions America Inc. Santander Bank will provide debt financing for the project.

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LoansMultifamilyNorth CarolinaSoutheast

Nuveen Green Capital Closes First C-PACE Loan Ever in North Carolina for Trenton Mill Lofts in Gastonia

by John Nelson

GASTONIA, N.C. — Nuveen Green Capital has closed a $6.5 million C-PACE loan for Trenton Mill Lofts, a new multifamily development in downtown Gastonia, a suburb 20 miles west of Charlotte. The closing marks the first-ever C-PACE financed transaction in the state of North Carolina. Originally built in 1897, the property formerly operated as the Trenton Cotton Mill before being acquired by the borrower, Lansing Melbourne Group, in 2020. The developer renovated the historic mill in 2022 into an 85-unit loft apartment community with a fitness center, lounge, hammock park and a firepit area. Lansing Melbourne used the C-PACE loan to partially pay down its original construction loan and support the stabilization of the property. Hal Kempson of Avison Young arranged the financing. C-PACE, which stands for “Commercial Property Assessed Capital Expenditure,” is now available in 40 states and Washington, D.C.

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AcquisitionsMississippiNorth CarolinaRetailSoutheast

Marcus & Millichap Brokers $6.8M Sale of Two-Property Retail Center Portfolio in North Carolina, Mississippi

by John Nelson

SPRING LAKE, N.C. AND JACKSON, MISS. — Marcus & Millichap has arranged the $6.8 million portfolio sale of two retail properties totaling 53,000 square feet in Spring Lake and Jackson. Walmart shadow-anchors both centers. Built in 2004, Spring Lake Town Center totals 29,841 square feet and was 85 percent leased at the time of sale to tenants including Dollar Tree, AT&T, GameStop, Cricket Wireless, Cato, Papa Murphy’s and OneMain Financial. The second property is a 24,069-square-foot retail center located at 4882-4898 Highway 18 W in Jackson. Tenants include Humana, It’s Fashion and Shoe Show. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a private real estate company, and procured the buyer, a private 1031 exchange investor, in the transaction. Both parties requested anonymity. Donald Gilchrist served as Marcus & Millichap’s broker of record in North Carolina, while Mickey Davis was the firm’s broker of record in Mississippi.

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AcquisitionsNorth CarolinaRetailSoutheastTop Stories

Macerich Acquires Crabtree Valley Mall in Raleigh for $290M, Plans $60M Capital Improvement Program

by Kristin Harlow

RALEIGH, N.C. — The Macerich Co. (NYSE: MAC) has acquired Crabtree Valley Mall, a Class A retail property totaling approximately 1.3 million square feet in Raleigh, for $290 million. The seller was an entity doing business as CVM Holdings LLC, according to local news outlet WRAL. The largest mall in North Carolina’s Research Triangle area, Crabtree opened in 1972 and is home to more than 200 stores and restaurants. Anchor tenants at the property include Belk and Macy’s. Additional retailers include Apple, Banana Republic, Brahmin, Brooks Brothers, Build-A-Bear Workshop, Chubbies, Coach, H&M, The LEGO Store, Michael Kors, TAG Heuer and Tommy Bahama. Kanki Japanese House of Steaks & Sushi, P.F. Chang’s China Bistro, The Cheesecake Factory, Seasons 52, Brio Italian Grill and Fleming’s Prime Steakhouse & Wine Bar are some of the mall’s restaurant tenants. According to Macerich, Crabtree generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors. “Crabtree checks all the boxes for pursuing opportunistic external growth,” says Jack Hsieh, president and CEO of Macerich. Over the course of 2025 through 2028, Macerich plans to invest roughly $60 million of redevelopment and leasing capital to maximize the center’s performance. Enhancements …

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Brickworks
AcquisitionsDevelopmentMixed-UseNorth CarolinaSoutheast

Foundry Brokers Sale, Facilitates Mixed-Use Rezoning of 95 Acres in Durham

by Abby Cox

DURHAM, N.C. — Foundry Commercial has facilitated the acquisition and rezoning of a 95-acre tract in Durham for the development of Brickworks, a planned mixed-use development. The Durham City Council approved the rezoning ordinance in January, which will transform a former brick factory into a residential and commercial area. Charlotte-based SpaceCraft will serve as the master developer for the project. David Batten and Geoff Loftin of APG Advisors represented the seller in the transaction. Upon completion of the project, Brickworks will include 1,880 residential units and 49,500 square feet of commercial space. Construction of the multiphase project is expected to take place over a five-year period. One-third of the site is slated for Phase I of Brickworks, which will include a combination of apartments, townhomes and retail space. Homes will range from studio units to three-bedroom layouts, with 5 percent of the residences set aside for families earning 60 percent or less of the area median income (AMI). Public spaces like sports fields, biking and walking trails and preserved woodlands and wetlands will also be accessible at the development.

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Wallace-Crossing
AcquisitionsLoansNorth CarolinaRetailSoutheast

MMCC Arranges $3M Acquisition Financing for Wallace Crossings Shopping Center in North Carolina

by Abby Cox

WALLACE, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3 million in acquisition financing for Wallace Crossings, a 66,000-square-foot shopping center located in Wallace. The 10-year loan includes a 6.3 percent interest rate with a 30-year amortization period and a 73 percent loan-to-value. Built in 1991, the center is anchored by U-Haul and Ollie’s Bargain Outlet. Additional tenants include Hardee’s, KFC, GoGas and a CashPoints ATM, according to LoopNet Inc. Garrett Fierstein of MMCC secured financing with a local credit union on behalf of a private client.

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Conference CoverageFeaturesMultifamilyNorth CarolinaSoutheastSoutheast Feature Archive

InterFace Panel: Multifamily Operators Are Utilizing Fee Transparency, Concessions to Woo Renters

by John Nelson

CHARLOTTE, N.C. — The federal government has been cracking down on price gouging in recent months. Last month, the Federal Trade Commission (FTC) implemented a rule to ban “junk fees” from live event platforms like Ticketmaster, as well as hotels and other short-term lodging. This rule precludes the vendor or property owner/management firm from being able to charge hidden fees on the back end by requiring them to put the total cost upfront, inclusive of all mandatory fees and charges. And in January, the U.S. Justice Department (DOJ), along with 10 state attorneys general, followed up on its 2023 antitrust lawsuit with RealPage by adding six of the nation’s largest property managers to the lawsuit. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. The amended complaint alleges that the companies — Greystar; Blackstone’s LivCor LLC; Camden Property Trust; Cushman & Wakefield Inc. (formerly operating independently as Pinnacle); Willow Bridge Property Co. (formerly Lincoln Residential); and Cortland Management LLC (Cortland) — used RealPage’s pricing algorithms via the company’s YieldStar platform to share sensitive data and coordinate pricing strategies, …

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Alta Bethpage
DevelopmentMultifamilyNorth CarolinaSoutheast

Wood Partners Breaks Ground on 336-Unit Multifamily Community in Durham, North Carolina

by Abby Cox

DURHAM, N.C. — Woods Partners has broken ground on Alta Bethpage, a 336-unit multifamily community in Durham. The development is slated for completion in the first quarter of 2027. Situated between Research Triangle Park and Brier Creek, the project will offer one-, two- and three-bedroom floorplans. Amenities at the property will include a swimming pool, clubhouse, pet spa, disc golf course, walking trails and two dog parks. Alta Bethpage will be Wood Partners’ fourth project to commence construction in Durham in recent years.

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Company NewsDevelopmentIndustrialNorth CarolinaSoutheastTop Stories

JetZero to Open $4.7B Airplane Manufacturing Facility in Greensboro, North Carolina, Create 14,500 Jobs

by Abby Cox

GREENSBORO, N.C. — JetZero, a California-based aerospace startup company, will open a $4.7 billion manufacturing facility at Piedmont Triad International Airport in Greensboro. Construction on the facility is expected to begin in the first half of 2026, with the first deliveries beginning in the early 2030s.  The facility will house production of the company’s commercial all-wing design airplane titled Z4. Once the site is operational, the company’s headquarters will be relocated from Long Beach, Calif. to Greensboro. JetZero projects that the facility will account for the creation of about 14,500 new jobs by 2063, providing opportunities for collaboration with academic and vocational training institutions. “North Carolina offers the ideal combination of talent, infrastructure and forward-thinking leadership to support our mission to reshape aviation,” says Tom O’Leary, CEO and co-Founder of JetZero. JetZero has partnered with the smart infrastructure, electrification and automation divisions of German congolomerate Siemens to design a “factory of the future” that will be fully digital and AI-driven in order to increase speed, cut costs and improve quality to outpace original equipment manufacturers. Z4 planes will be able to accommodate 250 passengers with up to 50 percent better fuel efficiency than today’s commercial tubes and wing jets, according to JetZero. By …

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Leasing ActivityNorth CarolinaOfficeSoutheast

Trimont Signs 67,935 SF Lease at One South Office Tower in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — Trimont, a global provider of commercial real estate loan services, has signed a lease to occupy 67,935 square feet at One South, a 40-story office tower located in Uptown Charlotte. The company plans to move into its new space, which will span three full floors, in January. John Flack and Taylor Ferguson of Savills represented Trimont in the lease transaction. John Hannon, Tim Arnold and Rhea Greene of Trinity Partners represented the undisclosed landlord. One South has had recent announcements of more than 125,000 square feet of office leases, including Deriva Energy (formerly known as Duke Energy Renewables), Dole Food Co.’s U.S. headquarters, Shumaker, Robert Half, Protiviti, Huntington National Bank and The Siegfried Group, as well as Krazy Curry, Ace No. 3 and Pet Wants. The property recently underwent $9 million of capital improvements. Amenities at One South include One Athletics, a 30,000-square-foot fitness facility that features an indoor pickleball court, fitness classes and high-end equipment and locker room facilities. Other amenities include a full-service café and cocktail bar, golf simulator, gaming lounge and a flexible event space with a retractable glass wall overlooking Trade and Tryon streets.

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