North Carolina

CBRE Investment Management Acquires Legacy at Wakefield Apartments in Raleigh for $79.9M

by John Nelson August 10, 2023

RALEIGH, N.C. — CBRE Investment Management has acquired The Legacy at Wakefield, a 369-unit, garden-style apartment community located at 14411 Calloway Gap Road in Raleigh. The seller and sales price were not disclosed, but Triangle Business Journal reports the property traded for $79.9 million. Legacy at Wakefield features one-, two- and three-bedroom units, as well as a 24-hour fitness center, dog park, grilling stations, a fireplace lounge with screened veranda, clubhouse, a car wash center and 684 parking spaces.

August 10, 2023

Acquisitions North Carolina Retail Southeast

Legacy Arranges $7.1M Sale of Northeast Plaza Shopping Center in Lumberton, North Carolina

by John Nelson August 10, 2023

LUMBERTON, N.C. — Legacy Realty Group Advisors has arranged the $7.1 million sale of Northeast Plaza, a 53,867-square-foot shopping center in Lumberton. Built in 2000, the property was leased to 10 tenants at the time of sale. Jacob Baruch of Legacy represented the undisclosed seller in the transaction. Lisa Schaefer of LRS Management represented the buyer.

August 10, 2023

Development North Carolina Seniors Housing Southeast

LCS Completes Phase I of $75M Expansion of Seniors Housing Property in Greensboro, North Carolina

by John Nelson August 7, 2023

GREENSBORO, N.C. — Life Care Services (LCS) has completed the first phase of a $75 million expansion project at WhiteStone, a continuing care retirement community (CCRC) in Greensboro. LCS manages the Masonic and Eastern Star community. This phase of the expansion added 67 one- and two-bedroom independent living units to the property. In addition, the Care and Wellness Center renovations include a rehabilitation gym, courtyard and gardens, and enhanced salon and spa. WhiteStone partnered with SFCS Architects and Blum Construction to execute the project. The community expects to add more than 45 new employees in Greensboro due to the expansion. The final phase of the expansion project is scheduled for completion in the fall and will include 24 assisted living residences and 12 memory care suites.

August 7, 2023

Development Industrial Loans North Carolina Southeast

Walker & Dunlop Arranges Construction Financing for 614,586 SF Facility at Piedmont Triad International Airport in Greensboro

by John Nelson August 4, 2023

GREENSBORO, N.C. —Walker & Dunlop has arranged construction financing and joint venture equity for the development of Lynxs GSO Technix, a build-to-suit maintenance and repair operations (MRO) facility at Piedmont Triad International Airport in Greensboro. Upon completion, the development will feature a 218,200-square-foot building with an MRO hangar, paint hangar and office and support space, as well as a 396,386-square-foot apron for aircraft fueling, defueling and washing. Lynxs GSO will also include seven bays with six standard hangars and one paint hangar. Tom Fish and Drew Van Norman of Walker & Dunlop secured the financing on behalf of the borrower, Lynxs Group. An affiliate of UK-based Marshall Aerospace will occupy the facility.

August 4, 2023

Acquisitions Industrial Leasing Activity North Carolina Southeast

Cushman & Wakefield Brokers Sale-Leaseback of 183,509 SF Manufacturing Facility in Monroe, North Carolina

by John Nelson August 4, 2023

MONROE, N.C. — Cushman & Wakefield has brokered the sale-leaseback of a 183,509-square-foot manufacturing facility located at 1710 Airport Road in Monroe. Circor International sold the property, which will continue to serve as the headquarters for the company’s IMO Pump brand. Built in 1979, the building was expanded in 2008. Rob Cochran, Bill Harrison, Nolan Ashton and Tommy Whitmore of Cushman & Wakefield represented Circor International in the transaction. Monroe Airport Industrial LLC, an affiliate of Welcome Group, acquired the facility for an undisclosed price. Ted Kakambouras of Welcome Group and Allen de Olazarra of Equity Real Estate Partners represented Welcome Group in the transaction. Jason Hochman, Ron Granite and Bradley Geiger of Cushman & Wakefield secured acquisition financing on behalf of the buyer.

August 4, 2023

Market Reports North Carolina Retail Southeast Southeast Market Reports

Charlotte Retail Turns to Infill Adaptive Reuse, Mixed-Use Projects Post-Pandemic

by John Nelson July 31, 2023

In the wake of the COVID-19 pandemic, Charlotte’s retail segment has experienced a remarkable revitalization, fueled by a convergence of factors that have reinvigorated the city’s economic landscape. With a thriving job market, affordable cost of living and a surge in adaptive reuse, mixed-use and infill projects, Charlotte has become a hotbed for retail activity. As the city emerges from the challenges of the pandemic, it has embraced innovative approaches to urban development, transforming once-vacant spaces into vibrant hubs of commerce. Several macro-economic trends have impacted retail growth in Charlotte. Population growth in the city has spurred an increase in consumer demand, leading to a vibrant retail market. In a May 18 article from the Charlotte Business Journal, it was noted Charlotte added more than 15,000 people to its population count between 2021 and 2022, the nation’s fifth-highest numeric increase during that span, according to the latest estimates from the U.S. Census Bureau. As more people choose to settle in Charlotte, the demand for goods and services has risen, prompting retailers and restaurants to expand their operations and invest in new locations. Additionally, the rise of e-commerce and the shift toward online shopping have compelled retailers in Charlotte to adapt …

July 31, 2023

Development Multifamily North Carolina Southeast

Wood Partners, GTIS Open 308-Unit Alta West Morehead Apartment Community in Uptown Charlotte

by John Nelson July 28, 2023

CHARLOTTE, N.C. — Wood Partners and GTIS Partners have completed the development of Alta West Morehead, a 308-unit apartment community located in Uptown Charlotte. The joint venture announced the project in September 2021. Located at 2020 W. Morehead St., the community features apartments in studio, one-, two- and three-bedroom layouts. Amenities at the property include a pool, pet spa and a clubhouse with a fitness center, coworking space, lounge and game room. Monthly rents begin at $1,560, according to the community website. Wood Residential, an affiliate of Wood Partners, manages the property.

July 28, 2023

Acquisitions North Carolina Office Southeast

Trinity Partners Arranges Sale of 58,064 SF Office Building in Charlotte’s SouthPark Submarket

by John Nelson July 26, 2023

CHARLOTTE, N.C. — Trinity Partners has arranged the sale of a 58,064-square-foot office building located at 6201 Fairview Road in Charlotte’s SouthPark office submarket. An affiliate of Charlotte-based Big V Property Group purchased the office building from an affiliate of The Daniels Co., an investment firm based in Bluefield, W.Va. Roger Cobb of Selwyn Property Group represented the buyer in the transaction. Dunn Mileham, David Morris and Eric Jennings of Trinity Partners represented the seller. The sales price was not disclosed. The office building was 59 percent leased at the time to sale, and Big V plans to relocate its Charlotte office to the fourth floor.

July 26, 2023

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte Multifamily Continues to Beat the Odds as it Experiences Positive Growth

by John Nelson July 24, 2023

When reflecting on Charlotte’s multifamily market over the past few years, several major trends drove unprecedented transaction volume — record-level rent growth, positive absorption despite a consistently robust pipeline of deliveries, strong population growth from high in-migration and rapidly increasing homeownership costs pricing residents out of the market. Charlotte has been a popular relocation destination for individuals and families, particularly from the Northeast, Midwest and other parts of the Southeast who are drawn to the low cost of living, warm climate and strong economy. Zillow ranks Charlotte as the No. 1 housing market for 2023, signaling a continued rise in home values and subsequent increased demand for rental housing from the growing population. In-migration has made Charlotte experience explosive growth and bolstered the population to over 2.7 million residents by year-end 2022, a 5.6 percent increase since 2018 compared to the national rate of 1.3 percent. Equally impressive is regional job growth, with non-farm payrolls increasing 7.9 percent over the same time frame. Much of Charlotte’s multifamily growth is attributed to capital investment from new employers across the metro, including Albemarle Corp.’s $180 million investment into a new research campus in University City bringing 200 new jobs, as well as …

July 24, 2023

Development Loans Multifamily North Carolina Southeast

Berkadia Arranges $47M Construction Loan for Apartment Development in Fayetteville, North Carolina

by John Nelson July 21, 2023

FAYETTEVILLE, N.C. — Berkadia has arranged a $47 million construction loan for The One at Hope Mills, a 360-unit, garden-style apartment community that will be located at 3680 Elk Road in Fayetteville. Mitch Sinberg, Brad Williamson, Scott Wadler and Matt Robbins of Berkadia’s South Florida office arranged financing on behalf of the Miami-based borrower, One Real Estate Investment (OREI). City National Bank of Florida and Abanca provided the floating-rate loan. Construction will begin in the third quarter, and the property is scheduled for completion in the second half of 2024. The design-build team includes general contractor Berkley Hall Cos., architect BSB Design and civil engineer Site Design Inc. Upon completion, The One at Hope Mills will feature a mix of one-, two- and three-bedroom units, as well as a resort-style pool, outdoor cabana with TVs, a game room with billiards and shuffleboard and a modern fitness center.

July 21, 2023

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