North Carolina

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

Development Industrial North Carolina Southeast

Keith Corp., IDM Ventures to Develop 185-Acre Industrial Park in High Point, North Carolina

by John Nelson July 18, 2023

HIGH POINT, N.C. — The Keith Corp. and IDM Ventures have formed a joint venture to develop South Point Commerce Center, a 185-acre industrial park in High Point, a city in North Carolina’s Triad region. The eight buildings will be build-to-suits ranging from 73,500 to 342,000 square feet. All of the buildings will feature rear-load configurations and offer auto and truck parking. Also, the site provides the option to combine two parcels to create a larger, cross-dock building spanning more than 600,000 square feet. South Point Commerce Center will be situated one mile from the I-85 business loop and near I-74, I-73 and I-40. Keith Corp. and IDM have tapped Spencer Yorke, Al Williams and Jay Hill of JLL to market and lease the park.

July 18, 2023

Market Reports North Carolina Office Southeast Southeast Market Reports

Outlook Remains Strong for Raleigh’s Office Market, Despite Current Obstacles

by John Nelson July 10, 2023

Despite shifts toward remote and hybrid work, office rents continue to rise in North Carolina’s Triangle region. Among the 25 largest office markets in the country, Raleigh experienced the second-highest rent growth between 2019 and 2022 — a testament to continued tenant demand. We’re also seeing renewed interest in trophy assets, where the average asking rent has reached an all-time high of $43.35 per square foot. Additionally, the first quarter showed a 280,000-square-foot increase in total office supply, indicating investor confidence in Raleigh’s resilience. Compared to rival markets, Raleigh wasn’t overbuilt pre-pandemic. The market doesn’t have millions of square feet of vacant space downtown and is more balanced than its competitors, leaving plenty of opportunity for future growth. Another indicator of Raleigh’s growth trajectory is the 32 percent year-over-year increase in tours given by JLL’s Office Agency Leasing team this year. Given the current economic headwinds, we know that prospects are taking longer to make decisions about their space. However, we also know they are actively evaluating their options and making long-term plans for their team’s future needs. At buildings within our portfolio, badge swipes last quarter reached a post-pandemic peak utilization of 68 percent – just 13 percent shy …

July 10, 2023

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges $4.6M Sale of Shopping Center in Durham

by John Nelson July 7, 2023

DURHAM, N.C. — Marcus & Millichap has arranged the $4.6 million sale of Park Terrace, a 24,813-square-foot shopping center located in Durham. Situated on 2.7 acres at 2223 NC Highway 54, the property comprises 11 suites averaging 2,255 square feet. The center was 95 percent leased at the time of sale. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller, a California-based limited liability company, in the transaction. The buyer was also not disclosed.

July 7, 2023

Acquisitions Development Multifamily North Carolina Southeast

Capstone Arranges Sale of 319-Unit Apartment Development Underway in Asheville, North Carolina

by John Nelson July 5, 2023

ASHEVILLE, N.C. — Capstone Cos. has arranged the sale of Creekside Luxury Apartments, a multifamily development project located at 2177 Brevard Road in Asheville. Upon completion, which is scheduled for the end of 2025, the property will comprise 319 units. Austin Heithcock, Adam Klenk, Jordan Arand and Josh White of Capstone represented the seller, Advantis, in the transaction. URS Capital, in partnership with PREG-Advantis and its construction arm, BCC Construction Inc., acquired the property for an undisclosed price.

July 5, 2023

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