North Carolina

Third & Urban Delivers 80,000 SF Pass 41 Mixed-Use Project in Charlotte

by John Nelson October 26, 2023

CHARLOTTE, N.C. — Third & Urban has delivered Pass 41, a mixed-use development in Charlotte that comprises 80,000 square feet of walkable retail, entertainment and office space, as well as local art murals and outdoor gathering spaces. Pass 41 is the first phase of The Pass, a 12-acre mixed-use campus located at 530 E. Sugar Creek Road and 4100 and 4212 Raleigh St. in the city’s NoDa district. Odell is the project architect for The Pass, Urban Design Partners is the civil engineer and Gay Construction is the general contractor. Foundry Commercial is handling office leasing, and Thrift Commercial Real Estate oversees retail leasing. In addition to Pass 41’s completion, Third & Urban also announced it has executed leases with PINE, a new venue space from 828 events, and Borderline Bar & Billiards. The developer is focused on tenant build-outs and the construction of the multifamily building at The Pass. First retail tenants, including Soul Gastrolounge, are expected to open in spring 2024 and first residents are expected to move in during summer 2025. The adaptive reuse project is bracketed by the Cross Charlotte Trail, the light rail at Sugar Creek Station and a pocket park underneath an overpass that will …

October 26, 2023

Acquisitions Multifamily North Carolina Southeast

Berkadia Arranges Sale of Two-Property Multifamily Portfolio in Charlotte Totaling 292 Units

by John Nelson October 25, 2023

CHARLOTTE, N.C. — Berkadia has arranged the sale of a two-property multifamily portfolio in Charlotte. The assets include Hamilton Square, a 120-unit property located at 6017 Williams Road, and Heatherwood Trace, a 172-unit community located at 5600 Paces Glen Ave. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller, European Investment Management Corp. (EIMC), in the transaction. The buyer and sales price were not disclosed.

October 25, 2023

Development Industrial Life Sciences North Carolina Southeast

King Street, BE&K Top Out 200,000 SF Advanced Manufacturing Facility in Morrisville, North Carolina

by John Nelson October 24, 2023

MORRISVILLE, N.C. — King Street Properties and BE&K Building Group have topped out the second building in Phase I of Pathway Triangle, an advanced manufacturing campus underway in Morrisville, a western suburb of Raleigh. The 75-acre project will span 1 million square feet of space and represent a total investment north of $1 billion, according to the property website. The first building in Phase I is a 160,000-square-foot building that is set to open this year. The second building will span 200,000 square feet and be delivered in early 2024. Other facilities planned for the first phase include a 140,000-square-foot research-and-development building and an 8,000-square-foot amenity center. CBRE | Raleigh handles the leasing assignment at Pathway Triangle. King Street has a similar campus underway in Devens, Mass., that is home to three tenants and also branded under the Pathway concept.

October 24, 2023

Leasing Activity North Carolina Retail Southeast

Planet Fitness Leases 18,000 SF in Metro Charlotte

by John Nelson October 24, 2023

NEWTON, N.C. — Planet Fitness has signed an 18,000-square-foot lease in Newton, roughly 40 miles outside of Charlotte. The tenant will operate in half of a space formerly occupied by Bi-Lo at Marketplace Center. Prior to the lease, the space was vacant for more than seven years. Tad Anderson of Ardor Commercial Advisors represented the landlord, RVS Realty, in the lease negotiations. Jay Hagerman of Providence Group represented Planet Fitness.

October 24, 2023

Development Multifamily North Carolina Southeast

Walker & Dunlop Arranges $49.3M Construction Financing for Hominy Creek Apartments Near Asheville

by John Nelson October 23, 2023

CANDLER, N.C. — Walker & Dunlop has arranged $49.3 million in financing for the development of Hominy Creek Apartments, a 216-unit multifamily community to be located at 40 Pallet Road in Candler, roughly 11 miles outside of Asheville. Upon completion, the property will feature apartments in a mix of one-, two- and three-bedroom layouts. Amenities will include a swimming pool, disc golf course, walking and biking trails and community gardens. The financing includes a $32.3 million construction loan secured through two regional banks and $17 million in preferred equity provided by an institutional fund. Walker Layne, Matt Wallach, Stephen West and Fletcher Dunn of Walker & Dunlop arranged the financing on behalf of the borrower, Charleston-based Southeast Partners. A construction timeline was not disclosed.

October 23, 2023

Acquisitions Multifamily North Carolina Southeast Tennessee

Crescent Communities Sells Two Multifamily Communities Totaling 642 Units in Nashville, Metro Raleigh

by John Nelson October 23, 2023

NASHVILLE, TENN. AND CARY, N.C. — Crescent Communities has sold two multifamily communities in the Southeast totaling 642 units. TA Realty acquired both properties from the Charlotte-based developer for an undisclosed price. The first property, NOVEL Harpeth Heights in Nashville, features 322 apartments in a mix of studio, one-, two- and three-bedroom layouts . Amenities at the community include a clubhouse, spa and fitness center. Monthly rental rates at the community begin at $1,629, according to Apartments.com. Crescent developed Harpeth Heights, which marks the seventh multifamily community for the developer in the Nashville market, in partnership with Pearl Street Partners. The second property, NOVEL Cary, comprises 320 residences in studio, one-, two- and three-bedroom floorplans in Cary, roughly 12 miles outside of Raleigh. Amenities at the community include a saltwater pool with cabanas, hammock lawn, an elevated deck with a grilling area and a fitness center. Monthly rental rates at NOVEL Cary begin at $1,610, according to the community website.

October 23, 2023

Development Multifamily North Carolina Southeast

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

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