North Carolina

Cushman & Wakefield Brokers Sale of 175,239 SF Manufacturing Facility in Bessemer City, North Carolina

by John Nelson November 16, 2023

BESSEMER CITY, N.C. — Cushman & Wakefield has brokered the sale of a 175,239-square-foot manufacturing facility located at 201 Southridge Parkway in Bessemer City, a western suburb of Charlotte. KORE Investments acquired the Class A property from the previous owner and tenant, Hunter Douglas, a window manufacturer that closed the facility earlier this year, according to local media outlets. Matt Treble and Andrew DeLamielleure of Cushman & Wakefield represented the buyer in the transaction. The sales price was not disclosed. KORE Investments plans to backfill the facility with a new tenant in the coming months.

November 16, 2023

Development Industrial North Carolina Office Southeast

Swinerton to Construct $21M Build-to-Suit Flex Facility in Metro Raleigh

by John Nelson November 15, 2023

RALEIGH, N.C. — Swinerton will serve as the design coordinator and general contractor for a $21 million build-to-suit office and industrial facility south of Raleigh. The location of the 75,000-square-foot development and name of the tenant, a Fortune 150 electrical utilities provider, were not disclosed. Set to open on a 33-acre site in spring 2025, the project will comprise a 45,000-square-foot, single-story mobile substation storage facility and a 30,000-square-foot command center that will feature eight office spaces and four large collaboration areas.

November 15, 2023

Acquisitions North Carolina Retail Southeast

Tanger Acquires 382,000 SF Asheville Outlets in North Carolina for $70M

by John Nelson November 14, 2023

ASHEVILLE, N.C. — Tanger, a publicly traded owner and operator of outlet malls, has purchased Asheville Outlets, a 382,000-square-foot retail development in Asheville. Tanger acquired the outlet mall from New England Development for $70 million in an all-cash, off-market transaction. The property represents Tanger’s 38th outlet mall and the second new addition to its holdings in fourth-quarter 2023, following the opening of Tanger Outlets Nashville last month. Asheville Outlets was 95 percent leased at the time of sale to tenants including Nike, Under Armour, RH, Bath & Body Works, Crate & Barrel and West Elm. The property includes two anchors: Sportsman’s Warehouse and a separately owned Dillard’s Clearance Center. New England Development purchased and redeveloped the former indoor regional mall into an outlet mall in 2015. Tanger will officially transition the center to become Tanger Outlets Asheville in early January 2024.

November 14, 2023

Loans Multifamily North Carolina Southeast

NewPoint Provides $58M Refinancing for Apartment Community in Metro Raleigh

by John Nelson November 13, 2023

RALEIGH, N.C. — NewPoint Real Estate Capital has provided a $58 million Freddie Mac loan for the refinancing of an apartment community located in the greater Raleigh area. Built in two phases, the unnamed property comprises 400 residences in a mix of one-, two- and three-bedroom units. Amenities at the community include a swimming pool with a splash pad and outdoor cabanas, 24-hour fitness center, game room, business center, playground, pet park, grilling areas and an outdoor multi-sport court. Mike Ortlip of NewPoint originated the fixed-rate loan, which features a five-year term with full interest-only payments. The borrower was not disclosed.

November 13, 2023

Development North Carolina Office Southeast

Redline, Ascent Underway on Renovation of 201,310 SF Office Property in Metro Charlotte

by John Nelson November 10, 2023

HUNTERSVILLE, N.C. — Charlotte-based Redline Property Partners and its partner Ascent Real Estate Capital are underway on the renovation of a 201,310-square-foot office property located in Huntersville, roughly 15 miles outside of Charlotte. Situated on 33 acres, the four-building property has been rebranded as Birkdale Point. New amenities will include multiple outdoor patios with Wi-Fi, a building lounge with tenant liquor lockers, billiards and seating, a fitness center with shower facilities and a market. Construction plans include full renovations to all interior common areas, redesigns of the entrances and lobbies, new facades, updated signage, new landscaping, painting building exteriors and improvements to the footbridge that connects the office park to McDowell Creek Greenway and Birkdale Village. Completion of renovations to Birkdale Point is scheduled for the first quarter of 2024. C4 Builders is serving as the general contractor, and Redline Design Group is the architect.

November 10, 2023

Development Multifamily North Carolina Southeast

Woodfield Development Begins Leasing 426-Unit Cordelia Apartments in Wilmington, North Carolina

by John Nelson November 8, 2023

WILMINGTON, N.C. — Woodfield Development has begun leasing The Cordelia, a new 426-unit apartment community underway in the coastal North Carolina city of Wilmington. Situated between Wrightsville and Carolina Beach at 4711 Azalea Landing Drive, the development will feature a mix of studio, one-, two- and three-bedroom apartments designed by Shelton Taylor. Amenities will include a resort-style pool with poolside cabanas and lap lanes, an indoor-outdoor fitness center, dog park and dog spa, coworking space, game room, pickleball courts, local coffee and cold brew on tap, community walking trail, resident lounge, gas grills and outdoor dining spaces. Rental rates range from $1,515 to $2,514 per month, according to the property website.

November 8, 2023

Development Multifamily North Carolina Southeast

Joint Venture Opens 263-Unit Beckon Apartments in Downtown Durham

by John Nelson November 7, 2023

DURHAM, N.C. — A joint venture between Ivanhoe Cambridge, Public Sector Pension Investment Board (PSP Investments) and Greystar has opened Beckon, a six-story, 263-unit apartment community located at 311 Liggett St. in Durham. The property features a mix of 52 studios, 142 one-bedroom, 64 two-bedroom and five three-bedroom apartments. Rental rates start at $1,570 per month and renters can receive one month of free rent, according to the property website. Amenities include a pool, courtyard, fitness center, sky lounge, clubroom, outdoor kitchen, coworking spaces, private conference rooms, pet wash station, dog park, an urban pocket park and an onsite parking garage with EV charging capabilities. Additionally, Beckon features 5,600 square feet of ground-floor retail space that will include Crank Arm Brewery.

November 7, 2023

Development Multifamily North Carolina Southeast

Camden Property Trust Opens 420-Unit Multifamily Community in Downtown Durham

by John Nelson November 6, 2023

DURHAM, N.C. — Camden Property Trust (CPT) has opened Camden Durham, a 420-unit multifamily community located at 441 Dillard St. in downtown Durham. The property features one-, two- and three-bedroom apartments, as well as 14 one- and two-bedroom townhomes. Amenities at the community include a 24-hour athletic club, resident lounge and community workspace, swimming pool, barbecue grills and a lawn for gatherings. Additionally, the property features 5,945 square feet of ground-floor retail space available for lease. Monthly rental rates begin at $1,529, according to the community website.

November 6, 2023

Development Industrial North Carolina Southeast

Toyota to Invest $8B in North Carolina Battery Manufacturing Facility

by John Nelson November 3, 2023

LIBERTY, N.C. — Toyota has announced plans to invest an additional $8 billion in Toyota Battery Manufacturing, North Carolina (TBMNC), an advanced manufacturing campus currently underway in Liberty, roughly 23 miles outside Greensboro. Toyota’s investment in the facility, which is expected to create more than 5,000 jobs, now totals roughly $13.9 billion. Scheduled to begin production in 2025, the facility will develop and produce batteries for use in electric vehicles. The new investment will allow for the addition of eight battery production lines, bringing the total to 10. The project, which was initially announced in 2021, will total 7 million square feet.

November 3, 2023

Acquisitions North Carolina Retail Southeast

Northmarq Brokers $4.3M Sale of Retail Property in Metro Asheville

by John Nelson November 3, 2023

BREVARD, N.C. — Northmarq’s Atlanta office has brokered the $4.3 million sale of Shoppes at Brevard Place, a retail property located in Brevard, roughly 30 miles southwest of Asheville. Built in 2020, the property totals 11,801 square feet. Tenants at the center, which was 76 percent occupied at the time of sale, include Starbucks Coffee, Jersey Mike’s, Salsarita’s, Mommy & Me and AT&T. Billy Benedict of Northmarq represented both the buyer and seller in the transaction.

November 3, 2023

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