CHARLOTTE, N.C. — Providence Group Capital (PGC) has acquired two parcels located at 2429 and 2511 South Tryon St. in Charlotte’s South End neighborhood. Totaling roughly 1.3 acres, the sites feature three existing buildings comprising more than 17,500 square feet. Tenants at the buildings include Euro Cars South End, A&T Auto Body Shop and Paws Whiskers & Wags. PGC has purchased 15 sites in the same section of South End over the past 18 months. Hayes Faulkenberry of Land Advisors represented PGC in the acquisition of 2429 South Tryon St., and Lauren Bremer of The Nichols Co. represented the seller in the sale of 2501 South Tryon St. Providence Group Management Services will manage both properties.
MORRISVILLE, N.C. — California-based Renesas Electronics America, a subsidiary of Renesas Electronics Corp., has signed an office lease at Forty540 II in Morrisville, about 15 miles west of Raleigh. The company now occupies 88,998 square feet at the building, bringing the property to 95 percent occupancy. Built in 2021, Forty540 II totals 198,424 square feet across five stories at 710 Slater Road. Amenities at the building include a fitness center, showers, an internet café and prominent signage opportunities. Brad Corsmeier and Ed Pulliam of CBRE|Raleigh handle leasing at the property, which is managed by the firm’s Property Management group.
RALEIGH, N.C. — Colliers has arranged the $3.5 million sale of Lynwood Plaza, a retail strip center located at 4800 Grove Barton Road in Raleigh. Tenants at the 8,943-square-foot property include Little Caesars, Nail Image Salon, Board & Brush and Salt & Lime Cabo Grill. David Stowe of Colliers represented the seller in the transaction, and Rikky Goswami of Insight Property Group represented the buyer. Both parties requested anonymity.
CHARLOTTE, N.C. — Swinerton has topped out the second phase of The Joinery, which comprises two seven-story apartment buildings in Charlotte’s Optimist Park neighborhood totaling 360 units and 30,000 square feet of commercial space. The developer, Space Craft, expects to deliver the first building located at 420 E. 22nd St. by the end of the year and the second building located at 1816 N. Brevard St. by summer 2024. Phase II of The Joinery’s construction costs total $80 million, according to Swinerton. The project comprises two two- story concrete podiums with five levels of apartments atop wrapped in a hybrid cross-laminated timber system provided by Timberlab, an affiliate of Swinerton. Phase I of The Joinery, which was also constructed by Swinerton, is a six-story building totaling 83 apartments and 2,000 square feet of ground-floor retail space.
MT. JULIET, TENN. AND STATESVILLE, N.C. — GTIS Partners has purchased two warehouses located in Tennessee and North Carolina for more than $100 million. Together, the properties comprise 943,030 square feet. The seller(s) was not disclosed. Located in the Nashville suburb of Mt. Juliet, the first warehouse, Midway 840, totals 643,410 square feet and was leased to a global third-party logistics company at the time of sale. The second warehouse is located at 607 Meacham Road in Statesville, which is roughly 40 miles north of Charlotte, and totals 309,620 square feet. Dura Supreme, a Minnesota-based cabinet manufacturer, occupies 607 Meacham Road. The site features an additional 105,000 square feet for potential development.
CHARLOTTE, N.C. —Atlanta-based RangeWater has acquired 3.8 acres in Charlotte’s Lower South End for the development of The Kingsman, a 350-unit multifamily community. Located at 4700 Nations Crossing, the community will include apartments in studio, one-, two- and three-bedroom layouts ranging from 543 to 1,519 square feet. Amenities will include a dog park and spa, pool, clubroom, coworking spaces, micro-offices, outdoor grills and fireplaces, a fitness center and a sky lounge. Construction is scheduled to begin this month, with move-ins expected to begin in April 2025. This marks RangeWater’s ninth development in the Charlotte market.
ASHEVILLE, N.C. AND COLUMBIA, S.C. — University Park, Fla.-based Benderson Development has purchased two single-tenant retail properties located at 120 Merrimon Ave. in Asheville and 4516 Forest Drive in Columbia. Both properties are leased to grocer Trader Joe’s. The seller for both stores is Los Angeles-based CIM Group. The sales price were not disclosed.
GARNER, N.C. — Beacon Partners has broken ground on 2000 Citation Drive, a 115,831-square-foot, Class A industrial building in the Raleigh suburb of Garner. Ann-Stewart Patterson and Austin Nagy of CBRE | Raleigh are handling leasing for Beacon. The project team also includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Atlantic Union Bank is providing an undisclosed amount of construction financing. Situated near the intersection of I-40 and Jones Sausage Road and two miles south of I-440, 2000 Citation Drive will feature 30-foot clear heights, full concrete truck courts and 180-foot building depths. The site is directly across I-40 from Beacon Commerce Park, a 48-acre, master-planned industrial park under development by Beacon Partners and HM Partners that features 631,000 square feet of distribution space.
CHARLOTTE, N.C. — JLL has arranged $29.5 million in financing for Whitehall Tech Center, a three-building industrial park totaling 279,150 square feet in Charlotte’s Southwest submarket. The third building in the development, Whitehall III, will break ground this quarter. Kevin MacKenzie, Peter Thompson and Taylor Alison of JLL arranged the three-year, floating-rate loan through an undisclosed life insurance company on behalf of the borrower, CIP Real Estate. Whitehall Tech Center is situated on nearly 27 acres close to I-77 and I-485. At full completion, the park will feature a combined 493 parking stalls, clear heights ranging from 20 to 28 feet and 57 dock-high doors.
CHARLOTTE, N.C. — The Milestone Group has delivered the second phase of Courtney Ridge Apartments, a garden-style multifamily community located in Charlotte’s LoSo (Lower South End) neighborhood. Phase II is a 13-acre expansion that comprises 180 units across seven new buildings. The project team includes Atlanta-based general contractor TuckerCraft, architect SGA|NW and engineer Design Resource Group. PNC Bank provided construction financing for Phase II, which features a mix of one-, two- and three-bedroom floor plans. Phase II also features a new clubhouse equipped with individual workstation consoles, a main conference room, 24/7 package delivery center, coffee bar, kitchen area and patio overlooking a pond. Milestone purchased the existing, 280-unit Courtney Ridge Apartments in 2018.