North Carolina

Alliance Residential Opens 323-Unit Broadstone Optimist Park Apartments in Charlotte

by John Nelson October 20, 2023

CHARLOTTE, N.C. — Alliance Residential Co. has opened Broadstone Optimist Park, a 323-unit multifamily community located at 2010 N. Brevard St. in Charlotte. Apartment and townhome units at the property range from 600 to 1,368 square feet in studio, one- and two-bedroom layouts. Monthly rental rates range from $1,300 to $3,000, according to Apartments.com. Amenities at Broadstone Optimist Park include a swimming pool with private cabanas; courtyard with outdoor grilling stations, dining areas, games and firepits; fitness center; indoor/outdoor clubroom; coworking spaces; a 24-hour mail package system; podcast recording studio; indoor/outdoor sky lounge; 40 electric vehicle charging stations; and 410 parking spaces. Located in the Optimist Park neighborhood, the community is walkable to both the 25th St. Light Rail Station and the new Urban District Market food hall. Cline Design Associates was the architect on the project, and John R. McAdams Co. served as the civil engineer. LS3P provided interior design services.

October 20, 2023

Development Multifamily North Carolina Southeast

DRP to Break Ground on 270-Unit Perimeter Pointe Apartments in Southwest Charlotte

by John Nelson October 20, 2023

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) will break ground this month on Perimeter Pointe Apartments, a 270-unit multifamily community in southwest Charlotte. Situated within the LakePointe Corporate Center business park at 3737 Glen Lake Drive, the property will feature a pool, activity lawn, automated package delivery system, fitness center and a club/game room. Rule Joy Trammell & Rubio designed the community, and Armada Hoffler Construction will serve as the general contractor. The first units are scheduled for delivery in the first quarter of 2025. Trustmark Bank, along with Dogwood State Bank and Providence Bank, is providing financing for the project. CBRE acted as an advisor on the debt placement, and the Richmond office of Hunton Andrews Kurth represented DRP. Moore & Van Allen assisted in rezoning the property, which was acquired from Childress Klein for an undisclosed amount. Perimeter Pointe marks DRP’s sixth project in the metro Charlotte area.

October 20, 2023

Acquisitions Build-to-Rent Development North Carolina Single-Family Rental Southeast

Barings, Foulger Pratt Purchase Build-to-Rent Residential Community Underway in Metro Raleigh for $50M

by John Nelson October 19, 2023

WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent (BTR) residential community under construction in Wendell, an eastern suburb of Raleigh. The undisclosed seller and developer sold the unnamed project for $50 million. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first half of 2024. The transaction brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland.

October 19, 2023

Acquisitions Industrial North Carolina Southeast

Trinity Capital Advisors Sells 224,979 SF Industrial Facility in Huntersville, North Carolina to Clarion Partners

by John Nelson October 17, 2023

HUNTERSVILLE, N.C. — Trinity Capital Advisors has sold Interchange Logistics, a 224,979-square-foot industrial facility located in Huntersville, a city in Charlotte’s metro area. Clarion Partners purchased the asset from Trinity Capital for an undisclosed price. Orbus Holdings, operating as SEG Systems, signed a lease to fully occupy the facility in January while it was still under construction. Located at Hambright and Mt. Holly Huntersville roads, Interchange Logistics features 36-foot clear heights and 54 dock doors. The project team includes general contractor Edifice and architect Merriman Schmitt Architects. Trinity Capital broke ground on the development in February 2022.

October 17, 2023

Development Leasing Activity Mixed-Use North Carolina Restaurant Retail Southeast

MPV Opens Chick-fil-A, Plans New Construction at Farmington Development in Metro Charlotte

by John Nelson October 16, 2023

CHARLOTTE AND HARRISBURG, N.C. — MPV Properties has announced the addition of new tenants and buildings underway at Farmington, the developer’s master-planned community located in Charlotte and Harrisburg. Chick-fil-A opened at the property in May, and Famous Toastery is planning to open in the second half of 2024 within an outparcel behind the development’s Shop Building I. H.T. Fuel will also open on an outparcel, with construction scheduled to begin directly behind Chick-fil-A in the coming months. Construction is also scheduled to begin on Small Shops II, an 11,865-square-foot retail building. MPV is in negotiations with two tenants to fully occupy the building. The developer has also announced plans for three additional commercial buildings totaling 27,000 square feet, with development expected to begin in early 2024. Additionally, Woodfield Development is nearing completion of The Stead at Farmington, a 275-unit apartment community within Farmington. Upon completion, Farmington, which will also feature for-sale residences, will comprise 600 homes and 275,000 square feet of retail space.

October 16, 2023

Development Multifamily North Carolina Southeast

AvalonBay to Develop 930-Unit Apartment Community in Durham

by John Nelson October 13, 2023

DURHAM, N.C. — AvalonBay Communities has purchased 6.8 acres in Durham for the development of a 930-unit apartment development. Located at 4802 Durham-Chapel Hill Blvd., the first phase will comprise 459 units in studio, one-, two- and three-bedroom floorplans across three four-story buildings. Amenities at the property will include a swimming pool, outdoor grilling areas, an indoor-outdoor fitness center and several courtyards. Construction is scheduled to begin in 2024, with the opening expected for 2026. CBRE represented the seller, Beacon Properties Group, in the transaction.

October 13, 2023

Development Industrial Mixed-Use North Carolina Office Southeast

St. John Properties to Develop 165,000 SF Mixed-Use Community in Wake Forest, North Carolina

by John Nelson October 11, 2023

WAKE FOREST, N.C. — St. John Properties has purchased a 30-acre site in Wake Forest, about 13 miles north of Raleigh. The Baltimore-based developer plans to build Wake Forest Exchange, a 165,000-square-foot mixed-use business community comprising flex, research-and-development (R&D), office and retail space. Phase I will include two flex/R&D buildings spanning approximately 95,000 square feet, a 25,000-square-foot office building and a 10,000-square-foot retail building. The remaining flex/R&D and retail buildings will be phased based on leasing pace, with the goal of executing St. John Properties’ entire development plan by 2027. Wake Forest Exchange is expected to support nearly 500 jobs at final build-out and leasing. Jay Taylor of SVN Tar Heel Commercial Realty Inc. represented the unnamed seller in the land sale, and St. John Properties was self-represented.

October 11, 2023

Features Industrial North Carolina Southeast Southeast Feature Archive

Industrial Owners Seeking Fair Tax Treatment Should Differentiate Personal Property From Real Estate Values

by John Nelson October 10, 2023

North Carolina taxes both real estate and personal property, but differing valuation schedules and processes for the two types can lead to confusion and inflated tax bills for industrial property owners. Understanding how assessors value industrial properties can help those taxpayers detect issues and contest unfair assessments. Dual processes North Carolina requires assessors to revalue real property at least every eight years. The value as of Jan. 1 of the valuation year then remains constant until the next valuation, unless specified changes in the property occur to trigger a change in the assessment. Many counties revalue every four years, and a few, even more frequently. Assessors use a market analysis to determine real property’s taxable or fair market value. This involves applying one or more of the three valuation approaches: cost, comparable sales, or income. The state requires annual valuation of personal property based on installed cost, which is subject to the applicable trending and depreciation schedules. For the most part, taxing authorities rely on the taxpayer’s annual business personal property listing to determine what items of personal property are present, the installed cost, and the trending and depreciation schedule applied. The counties follow schedules for auditing the property tax …

October 10, 2023

Development Industrial North Carolina Southeast Top Stories

Summit Real Estate Group Breaks Ground on $164M Industrial Park in Youngsville, North Carolina

by John Nelson October 10, 2023

YOUNGSVILLE, N.C. — Summit Real Estate Group has broken ground on US-1 North Commerce Center, a $164 million industrial park underway in Youngsville, about 25 miles north of Raleigh. The St. Louis-based developer is planning to build the nearly 1.4 million-square-foot campus in three phases. Situated off U.S. Highway 1 along Long Mill Road, US-1 North Commerce Center will span five multi-tenant warehouse buildings upon full build-out. Phase I, which will comprise two facilities, is expected to be delivered in first-quarter 2024. Summit Real Estate Group purchased the 106-acre site in fourth-quarter 2022 on behalf of its Arrowrock US Industrial Fund IV. Matthew Lederman, managing director of capital and investor relations at Summit, says that the project has had strong civic support since its inception. “Franklin County government has been a strong supporter of the project since the beginning,” says Lederman. Foundry Commercial is marketing US-1 North Commerce Center for lease. — John Nelson

October 10, 2023

Development Mixed-Use North Carolina Restaurant Retail Southeast

Northwood Investors Signs Two Restaurant Tenants to Join Bowl at Ballantyne Project in Charlotte

by John Nelson October 5, 2023

CHARLOTTE, N.C. — Northwood Investors, along with affiliate firm Northwood Retail, has signed two new restaurant brands from Fox Restaurant Concepts to join the tenant roster at Bowl at Ballantyne, a mixed-use development on the south side of Charlotte. The concepts include North Italia, an Italian restaurant that will occupy 6,480 square feet, and Flower Child, a healthy restaurant chain that will occupy 3,555 square feet. The restaurants will be situated across Bowl Street from each other and will open in 2024. Other committed tenants include Olde Mecklenburg Brewery, Fly Kid Fly, Honeysuckle Gelato, Roosters, drybar and solidcore, among others. Situated within the 2,000-acre Ballantyne master-planned community, the Bowl will also include two residential towers and a concert venue called The Amp Ballantyne.

October 5, 2023

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