MOORESVILLE, N.C. — Berkadia has brokered the $76 million sale of LangTree Lake Norman, a mixed-use multifamily property located in Mooresville, roughly 30 miles north of Charlotte. In addition to 300 residential units, the property features approximately 48,000 square feet of ground-floor retail space. Caleb Troop and Thomas Colaiezzi of Berkadia, with Brian Long of RL West, represented the seller, Langtree Development Co., in the transaction. An affiliate of Raleigh-based Blue Heron Asset Management was the buyer. Residences at LangTree Lake Norman, which is situated at 150 Landing Drive, include apartments in one-, two- and three-bedroom layouts. Amenities at the community include a clubhouse, swimming pool, fitness center and a dog park. The buyer plans to implement upgrades to the unit interiors, as well as enhancements to the community space. RL West and Langtree Development Co. originally developed the property in 2013 and retain ownership of Buildings 105 and 106 and the commercial buildings fronting Mecklynn Road.
DURHAM, N.C. — CBRE has arranged the $33 million sale of a biomanufacturing facility situated within Research Triangle Park (RTP) in Durham. Silver Spring, Md.-based United Therapeutics Corp. purchased the property, which totals 95,500 square feet, with plans to occupy it. Located at 78 TW Alexander Drive, the facility was delivered in 2023 and features 36-foot clear heights, seven loading docks and the option for expansion up to 190,500 square feet. Ann-Stewart Patterson and John Hogan of CBRE represented the seller, Oxford Properties Group, in the transaction. RTP is the largest biomedical research campus in the country, spanning 7,000 acres and hosting more than 300 companies including Biogen, Cisco Systems, Dell, IBM, Pfizer and Wolfspeed, among others.
DURHAM, N.C. — AvalonBay Communities is underway on the development of Avalon Oakridge, a 930-unit multifamily project located on Durham-Chapel Hill Boulevard in Durham. Phase I, which comprises 459 apartment units averaging 932 square feet in size, broke ground earlier this year, with move-ins scheduled to begin in fall 2026. AvalonBay Communities has now acquired 7.8 acres from Beacon Properties Group for Phases II and III of the development, which will together total 471 apartment units. Amenities at the community will include a fitness center, swimming pool, outdoor courtyards with grilling areas, a resident lounge with coworking spaces, pet spa with a dog washing station and onsite bike storage. Chester Allen, Howard Jenkins and Tiffany Hilburn of CBRE represented Beacon Properties Group in the land sale, which marks the second transaction between the seller and AvalonBay Communities at the site.
IRVINE, CALIF. — BWE has arranged a $45.5 million loan for the financing of a Circle K portfolio across six states in the Sun Belt. Located in Arizona, Florida, Georgia, Louisiana, North Carolina and South Carolina, the portfolio comprises 104 single-tenant convenience store and gas station properties. Tom Kenny and Josh Boehling of BWE’s Irvine, Calif., office arranged the loan through a life insurance company on behalf of the undisclosed borrower. The five-year, fixed-rate financing features interest-only payments and a five-year extension option.
DURHAM, N.C. — Crosland Southeast has broken ground on Latta Park, a planned mixed-use community located on the north end of Durham. The first phase spans 10 acres and will include a 42,240-square-foot Publix grocery store and 12,580 square feet of shop space. Phase I will also comprise a food truck terrace, walking trails, green space and public art installations. Crosland Southeast has tapped Chip Lanier and Jenn Olevitch-Roberson of Lee & Associates to oversee retail leasing at Latta Park, which is slated for a spring 2026 completion. The developer is investing $2 million in infrastructural improvements at the intersection of Guess and Latta roads to make way for the development. Future phases of the 30-acre mixed-use community will include 176 townhomes built by Tri Pointe Homes.
DURHAM, N.C. — Wolfspeed, a semiconductor manufacturer based in Durham, has signed a non-binding preliminary memorandum of terms (PMT) with the U.S. Department of Commerce to receive up to $750 million in funding under the CHIPS and Science Act. The funding would support the construction of a new, 2 million-square-foot silicon carbide wafer manufacturing facility in Siler City, N.C., as well as catalyze the planned expansion of Wolfspeed’s device manufacturing facility in Marcy, N.Y. The projects together are estimated to create over 2,000 manufacturing jobs and 3,000 construction jobs and are part of the company’s previously announced capacity expansion plan that exceeds $6 billion in total investment. “Artificial intelligence, electric vehicles and clean energy are all technologies that will define the 21st century, and thanks to proposed investments in companies like Wolfspeed, the Biden-Harris Administration is taking a meaningful step toward reigniting U.S. manufacturing of the chips that underpin these important technologies,” says Gina Raimondo, U.S. Secretary of Commerce. Wolfspeed has achieved LEED Silver certification for its New York plant and is pursuing LEED certification for the Siler City facility. Wolfspeed plans to conserve energy and water in both their buildings and the semiconductor manufacturing processes to cut operational emissions by …
RALEIGH, N.C. — Kane Realty Corp. has signed Weatherby Healthcare, a CHG Healthcare Co., to a 46,309-square-foot office lease at One North Hills Tower in Raleigh. The healthcare staffing company, which has offices in North Carolina and Florida, will occupy one-and-a-half floors at the 10-story, 264,000-square-foot office tower. Other tenants include Jewelers Mutual Group, JT International USA Inc., HNTB, Raymond James & Associates and The Starboard Holding Cos., including The Nautical Group and Nautical Advisory Services. Cheshire Webb of Foundry Commercial, along with independent broker Paul Anderson, represented Weatherby Healthcare in the lease transaction. Hooker Manning and Alex Mikels represented Kane Realty on an internal basis.
LELAND, N.C. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 4,042-square-foot, freestanding retail property in Leland. Jiffy Lube fully occupies the property at 8962 Ocean Highway E on a 15-year, corporate-guaranteed lease that features rent increases in the initial term. The store was built in 2023 on a 1.3-acre lot roughly nine miles west of downtown Wilmington, N.C. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group represented the seller, an undisclosed developer, and the buyer, an institutional investor, in the transaction. The sales price was also not disclosed. “Since the [Federal Reserve’s interest] rate cut, we are seeing institutions become more active and competitive buyers as their stock prices are going up and their cost of capital are coming down,” says McMinn.
CHARLOTTE, N.C. — JLL Capital Markets has secured a $43.6 million loan to finance the construction of McAlpine Vista, a new multifamily development to be located on 14.8 acres at 8011 Krenfeld Drive in Charlotte. Matthew Schoenfeldt of JLL arranged the three-year, non-recourse, floating-rate loan through Hartford Investment Management Co. (HIMCO) on behalf of the borrower, Vista Residential Partners. Upon completion, which is scheduled for September 2026, McAlpine Vista will comprise 320 apartments, with one-, two- and three-bedroom layouts. Amenities at the community will include a 7,750-square-foot clubhouse with a fitness center, coworking spaces and a club room, as well as a swimming pool.
RALEIGH, N.C. — Barings has provided a $134 million loan for the refinancing of Smoky Hollow, a mixed-use property located in Raleigh. Travis Anderson, Colby Mueck and Warren Johnson of JLL arranged the five-year loan on behalf of the owner, a joint venture between locally based Kane Realty Corp., Williams Realty & Building Co. and Lionstone Investments. Smoky Hollow was completed in 2020 and is located in the state capital’s Glenwood South neighborhood. The property comprises The Line, a 283-unit apartment community, as well as a 229,000-square-foot office building known as 421 North Harrington and roughly 40,000 square feet of retail and restaurant space. The Line features studio, one-, two and three-bedroom apartments and amenities such as a pool, clubroom, social lounge, coworking space, fitness center, outdoor grilling and dining stations and a package delivery room. The office building rises nine stories and offers bike storage space and multiple outdoor terraces. Food-and-beverage users at Smoky Hollow include barbeque restaurant Midwood Smokehouse, ice cream and tea concept Milklab and cocktail bar The Crunkleton. The retail component houses other wellness-based users, such as Dose Yoga & Smoothie Bar, JetSet Pilates and FastMed Urgent Care. “Smoky Hollow is well-positioned to benefit from Raleigh’s …