North Carolina

Trinity Partners Arranges Office Leases Totaling 20,000 SF at One South in Uptown Charlotte

by Hayden Spiess September 5, 2023

CHARLOTTE, N.C. — Trinity Partners has arranged leases totaling 20,000 square feet at One South, a 40-story office tower located in Uptown Charlotte. Law firm Fox Rothschild LLP will occupy 9,371 square feet on the 17th floor of the property, with an undisclosed bank tenant occupying 10,834 square feet on the 18th floor. The property features a 22,000-square-foot amenity space on the third floor, dubbed Three. Spencer Hawkins, Diana Williams and John Moore of CBRE represented Fox Rothschild in the leasing negotiations. Tourmaline Capital Partners and Monarch Alternative Capital are the owners and landlords of One South.

September 5, 2023

Development Loans Multifamily North Carolina Southeast

FCP Provides $13.9M in Preferred Equity for Multifamily Development in Charlotte

by John Nelson August 31, 2023

CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit apartment community located along Garron Point Drive in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform, which has invested approximately $640 million to date. When complete, Easton at Mountain Island will be situated on nearly 20 acres near the Catawba River and Charlotte Douglas International Airport.

August 31, 2023

Acquisitions North Carolina Retail Southeast

Taylor McMinn Retail Group Brokers $1.2M Sale of Store in Kinston, North Carolina Leased to Advance Auto Parts

by John Nelson August 31, 2023

KINSTON, N.C. — The Taylor McMinn Retail Group, a retail investment sales team within Marcus & Millichap, has brokered the $1.2 million sale of a 7,000-square-foot store in Kinston leased to Advance Auto Parts. The retailer, which has operated at the store since it was built in 2003, recently signed a new 10-year lease at the property. The Advance Auto Parts is situated on a 0.7-acre site at 302 W. Vernon Ave., about 85 miles north of Wilmington, N.C., via I-40. Don McMinn of Taylor McMinn represented the undisclosed seller in the transaction. The buyer was an out-of-state 1031 investor. “Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.

August 31, 2023

Development North Carolina Office Southeast

Stiles, Shorenstein Properties Top Out 110 East Office Tower in Charlotte’s South End

by John Nelson August 30, 2023

CHARLOTTE, N.C. — Stiles and Shorenstein Properties have topped out 110 East, a 23-story office tower located at 110 East Blvd. in Charlotte’s South End district. The Class A, 370,000-square-foot tower will be situated atop the LYNX Blue Line platform and provide direct access to the Charlotte Rail Trail. The co-developers expect to deliver 110 East in March 2024. The design-build team, which includes Nashville-based Hastings Architecture and general contractor Shelco LLC, have achieved LEED Gold and WiredScore Platinum certifications. The property will feature a 900-space parking garage, fitness center, flexible conference spaces, 5,800 square feet of commercial space on the rail platform. Jessica Brown and David Dorsch of Cushman & Wakefield are handling the office leasing assignment at 110 East, and Adam Williams of Legacy Real Estate Advisors is handling retail leasing.

August 30, 2023

Development Multifamily North Carolina Property Type Southeast

SPG Breaks Ground on 360-Unit Multifamily Community in Metro Charlotte

by Hayden Spiess August 25, 2023

MONROE, N.C. — Signature Property Group (SPG) has broken ground Elevate Rocky River, a 360-unit multifamily community in Monroe, roughly 30 miles outside of Charlotte. The community will be part of Rocky River Crossing, a mixed-use development that will feature self-storage space and a hotel. Amenities at Elevate Rocky River will include a clubhouse with a fitness center, game room, private work pods and a complimentary coffee bar, as well as a swimming pool, fire pits, grilling areas, an off-leash dog park and electric vehicle charging stations. SPG expects first units to deliver for occupancy in fall 2024.

August 25, 2023

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 332-Unit Broadstone West End Apartments in Charlotte

by John Nelson August 23, 2023

CHARLOTTE, N.C. — Alliance Residential Co. has purchased 3.4 acres at 2130 Wilkinson Blvd. in Charlotte’s FreeMoreWest neighborhood for the development of Broadstone West End. The 332-unit luxury apartment community will span five stories and feature studio, one-, two- and three-bedroom residences ranging in size from 590 to 1,240 square feet. Amenities will include a resort-style pool and adjoining pool deck featuring an outdoor kitchen, 24-hour fitness center, private coworking offices, resident clubroom featuring a kitchen and card room and a fenced pet park. Alliance Residential plans to welcome Broadstone West End’s first residents in 2025. The property represents the 10th community in Charlotte for the Scottsdale, Ariz.-based developer.

August 23, 2023

Acquisitions Industrial North Carolina Southeast

Northmarq Arranges Sale of 387,303 SF Distribution Facility in Lumberton, North Carolina

by John Nelson August 23, 2023

LUMBERTON, N.C. — Northmarq has arranged the sale of a 387,303-square-foot distribution facility located at the intersection of Interstates 95 and 74 in Lumberton. Situated on 49.7 acres, the single-tenant facility was fully leased at the time of sale to Elkay Plumbing Products Co., an affiliate company of Zurn Elkay Water Solutions. The newly built property is a build-to-suit project for Elkay Plumbing, which has a long-term double-net lease at the facility. Brad Pepin and Jonathan Thompson of Northmarq’s Tulsa office represented the seller, an Atlanta-based developer, in the transaction. The buyer, an individual investor based in California, purchased the facility for an undisclosed price.

August 23, 2023

Acquisitions Multifamily North Carolina Southeast

Bell Partners Acquires 277-Unit Vintage Jones Franklin Apartments in Raleigh

by John Nelson August 17, 2023

RALEIGH, N.C. — Bell Partners has purchased Vintage Jones Franklin, a newly built, 277-unit apartment community located in Raleigh. The seller and sales price were not disclosed, but multiple outlets report that the developer and seller, TDK Construction, sold the property to Bell Partners for nearly $80 million. Built in 2022, Vintage Jones Franklin is situated at the intersection of I-40, I-440 and U.S. Highway 1 between downtown Raleigh and Cary, N.C. The community comprises studio, one-, two- and three-bedroom apartments, as well as a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas. Bell Partners purchased the asset via its Bell Core Fund I vehicle and will rebrand the property as Bell Jones Franklin.

August 17, 2023

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Cushman & Wakefield Arranges $62M Construction Financing for Multifamily Development in Leland, North Carolina

by John Nelson August 15, 2023

LELAND, N.C. — Cushman & Wakefield has arranged $62 million in construction financing for The Village at Compass Pointe, a 268-unit multifamily development coming to a 25-acre site in Leland, about 10 miles west of Wilmington, N.C. The property will feature 140 single-family rental townhomes and 128 traditional apartments in two four-story, elevator-serviced buildings. Gideon Gil, Zachary Kraft, Sebastian Sanchez and Dale Braverman of Cushman & Wakefield originated the loan through Dwight Mortgage Trust on behalf of the borrowers, SR Real Estate Partners and Circle Squared Alternative Investments. Upon completion, Village at Compass Pointe will feature two clubhouses, cabana pools and pickleball courts. The first units are expected to be delivered in January 2025.

August 15, 2023

Acquisitions Multifamily North Carolina Southeast

Connor Group Acquires 314-Unit Apartment Community in Metro Charlotte

by John Nelson August 11, 2023

HUNTERSVILLE, N.C. — The Connor Group has acquired The Alcove at Birkdale Village, a 314-unit apartment community located in Huntersville, roughly 20 miles outside of Charlotte. The property features units in one-, two- and three-bedroom layouts. Monthly rents at the property begin at $1,299, according to the community website. This marks the third property in the Charlotte submarket for the Ohio-based buyer. The seller and sales price were not disclosed.

August 11, 2023

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