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.
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.
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.
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.
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.
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.
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.
CHARLOTTE AND HARRISBURG, N.C. — MPV Properties has announced the addition of new tenants and buildings underway at Farmington, the developer’s master-planned community located in Charlotte and Harrisburg. Chick-fil-A opened at the property in May, and Famous Toastery is planning to open in the second half of 2024 within an outparcel behind the development’s Shop Building I. H.T. Fuel will also open on an outparcel, with construction scheduled to begin directly behind Chick-fil-A in the coming months. Construction is also scheduled to begin on Small Shops II, an 11,865-square-foot retail building. MPV is in negotiations with two tenants to fully occupy the building. The developer has also announced plans for three additional commercial buildings totaling 27,000 square feet, with development expected to begin in early 2024. Additionally, Woodfield Development is nearing completion of The Stead at Farmington, a 275-unit apartment community within Farmington. Upon completion, Farmington, which will also feature for-sale residences, will comprise 600 homes and 275,000 square feet of retail space.
DURHAM, N.C. — AvalonBay Communities has purchased 6.8 acres in Durham for the development of a 930-unit apartment development. Located at 4802 Durham-Chapel Hill Blvd., the first phase will comprise 459 units in studio, one-, two- and three-bedroom floorplans across three four-story buildings. Amenities at the property will include a swimming pool, outdoor grilling areas, an indoor-outdoor fitness center and several courtyards. Construction is scheduled to begin in 2024, with the opening expected for 2026. CBRE represented the seller, Beacon Properties Group, in the transaction.
WAKE FOREST, N.C. — St. John Properties has purchased a 30-acre site in Wake Forest, about 13 miles north of Raleigh. The Baltimore-based developer plans to build Wake Forest Exchange, a 165,000-square-foot mixed-use business community comprising flex, research-and-development (R&D), office and retail space. Phase I will include two flex/R&D buildings spanning approximately 95,000 square feet, a 25,000-square-foot office building and a 10,000-square-foot retail building. The remaining flex/R&D and retail buildings will be phased based on leasing pace, with the goal of executing St. John Properties’ entire development plan by 2027. Wake Forest Exchange is expected to support nearly 500 jobs at final build-out and leasing. Jay Taylor of SVN Tar Heel Commercial Realty Inc. represented the unnamed seller in the land sale, and St. John Properties was self-represented.