RALEIGH, N.C. — Six new tenants have signed leases at The Grove, an office redevelopment project currently underway in Raleigh. The new tenants include Allbridge, BWE, EDSA, RHA Wealth and VetPride Services. The Grove, which is now roughly 30 percent preleased, features 152,000 square feet of office and 16,000 square feet of amenity space across two buildings. Amenities at the property include conference facilities, a 5,000-square-foot gym, indoor pickleball courts, a covered porch, library and café/bar. CBRE|Raleigh’s Investor Leasing Group represented the landlord, Chartwell Property Group, in the leasing negotiations.
DURHAM, N.C. — Marcus & Millichap has brokered the $84.8 million sale of Kelby Farms, a 277-unit apartment community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller is a partnership that includes Raleigh-based Woodfield Development. Kelby Farms, which is set for completion next month, was more than 70 percent occupied at the time of sale. Built in 2022, the property comprises studio, one-, two- and three-bedroom apartments with an average unit size of 1,001 square feet. Rental rates range from $1,442 to $3,034 per month, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, workstations, study areas and a game lounge.
CHARLOTTE, N.C. — Embrey plans to develop North Tryon, a 403-unit apartment community in Charlotte. The San Antonio-based developer recently acquired a seven-acre site in the city’s NoDa district for the development, its fourth in the Charlotte market. Embrey expects the clubhouse and first units at North Tryon to be available for occupancy in third-quarter 2025, with full completion slated for 2026. Amenities will include a clubhouse, game room, business center, micro-offices, conference room, fitness studio, outdoor grilling areas, outdoor gas fireplace, landscaped courtyard and a resort-style pool.
CHARLOTTE, N.C. — Hunter Hotel Advisors has brokered the sale of Canopy by Hilton Charlotte, a 150-room hotel in Charlotte’s SouthPark submarket. Located at 4905 Barclay Downs Drive, the pet-friendly hotel features an onsite restaurant, fitness center and meeting rooms. The seller, Tara Investments, delivered the hotel in 2020. MCR Hotels acquired Canopy by Hilton Charlotte for an undisclosed price. Mayank Patel of Hunter represented the seller in the transaction.
SOUTHERN SHORES, N.C. — Baltimore-based Klein Enterprises has purchased Southern Shores Marketplace, a 140,000-square-foot shopping center in North Carolina’s Outer Banks region. The grocery-anchored property is located at 5539 N. Croatan Highway in Southern Shores. Situated near the Wright Memorial Bridge, Southern Shores Marketplace is anchored by Food Lion and leased to tenants including Starbucks, Verizon Wireless, CVS, Jersey Mike’s, OBX Optical and Coastal Rehabilitation. The seller, Charlotte-based Aston Properties, recently redeveloped the shopping center and executed brand new leases with Marshalls, Rack Room Shoes and Five Below. An affiliate of Klein Enterprises purchased the property for an undisclosed price using acquisition financing from TD Bank. Berkeley Capital Advisors brokered the transaction. Southern Shores Marketplace represents Klein’s entry into North Carolina.
HUNTERSVILLE, N.C. — TD Bank has provided $23.3 million in construction financing to MDH Partners for the development of Phase II of Northcross Commerce Center in Huntersville, a suburb of Charlotte. The second phase will comprise two industrial facilities totaling approximately 254,000 square feet. Chris Drew, Taylor Allison and Jimmy Calvo of JLL arranged the financing, which is the first transaction between MDH Partners and TD Bank. The Atlanta-based developer plans to break ground on the project this month and complete the development in third-quarter 2024.
GREENSBORO, N.C. — Walker & Dunlop has secured a $62 million construction loan for The Revel Apartments, a 360-unit multifamily development in Greensboro. Jamie Butler, Cliff Ayers, Nicole Brickhouse, Jason McFadden and Michael Bowles of Walker & Dunlop arranged the loan on behalf of the borrower, Collett Capital. The non-recourse financing was underwritten at a 70 percent loan-to-value ratio. Situated adjacent to Piedmont Triad International Airport, Revel will feature a mix of one-, two- and three-bedroom apartments with chef-inspired kitchens featuring fixed islands, quartz countertops, tile backsplashes and energy-efficient, stainless steel appliances. Amenities will include a lobby, 24-hour fitness center, 24-hour package room, resort-style pool, covered outdoor terrace, lounge, business center, offices, conference space and a dog park.
CHARLOTTE, N.C. — Canyon Partners Real Estate and The NRP Group have formed a joint venture for the development of Abernethy Lofts, a 392-unit multifamily community to be located in Charlotte’s NoDa neighborhood. Upon completion, which is scheduled for the second quarter of 2026, the property will feature structured parking with 509 spaces, as well as a pool, pizza and grilling stations, work pods, a garage with electric bikes, fitness center and a dog park. Canyon has provided $35.9 million of limited partner financing for the project and previously collaborated with NRP in February for the development of South Tryon, a residential community in Charlotte’s South End.
SALISBURY, N.C. — Halstatt Real Estate Partners and Tectonic Real Estate will develop a two-building industrial property totaling 614,220 square feet in Salisbury. Upon completion, the campus will feature 60-foot speed bays in both buildings, as well as 505 parking spaces and 165 trailer spaces. A construction timeline was not disclosed.
CHARLOTTE, N.C. — Faropoint has purchased a three-property industrial portfolio in Charlotte for $33 million. The infill assets include a 45,750-square-foot facility at 4112 Joe St., a 200,000-square-foot building at 2101 Westinghouse Blvd. and a 67,200-square-foot property at 9701 Brookford St. Patrick Gildea, Robert Hardaway, Matt Smith, Grayson Hawkins, Anne Johnson, Bryan Crutcher, Trey Barry and Frank Fallon of CBRE represented the seller, Beacon Partners, in the transaction. Hoboken, N.J.-based Faropoint entered the Charlotte market earlier this year with the acquisition of a 56,846-square-foot facility at 10000 Industrial Drive in Pineville, N.C. Last year, Faropoint entered the Baltimore and Long Island industrial markets. Next year, the company plans to expand its footprint to the West Coast.