North Carolina

Insite Arranges Sale of 106,000 SF Flex Portfolio in Charlotte

by John Nelson March 6, 2023

CHARLOTTE, N.C. — Insite Properties has arranged the sale of a three-building flex portfolio in Charlotte on behalf of a joint venture partnership managed by the company. Located at 4324 Revolution Park Drive, 801 Clanton Road and 920 Blairhill Road in the city’s South End district, the properties comprise 106,000 square feet in total. A client of Manchester Capital Management purchased the portfolio, which was 97 percent leased at the time of sale. Insite will manage and lease the properties on behalf of the new ownership. The sales price was not disclosed.

March 6, 2023

Acquisitions North Carolina Retail Southeast

Northmarq Brokers $24.1M Sale of Shopping Center in St. Augustine, Florida

by John Nelson March 2, 2023

ST. AUGUSTINE, FLA. — Northmarq has brokered the $24.1 million sale of Parkway Village, a 52,070-square-foot shopping center located at 170 Village Commons Drive in St. Augustine, a suburb of Jacksonville. The property was fully leased at the time of sale to tenants including Publix GreenWise Market, Starbucks Coffee, Orangetheory Fitness and Supercuts. The seller was an undisclosed developer based in Fort Lauderdale. Jason Maier of Northmarq’s New York office represented the buyer, a private 1031 exchange investor based in New York, in the transaction.

March 2, 2023

Acquisitions North Carolina Retail Southeast

JLL Arranges Sale of Food Lion-Anchored Shopping Center in Raleigh

by John Nelson March 2, 2023

RALEIGH, N.C. — JLL has arranged the sale of Wakefield Crossing, a 75,927-square-foot shopping center in Raleigh anchored by Food Lion. An entity doing business as Wakefield Wellons purchased the property for an undisclosed price. Tom Kolarczyk led the JLL team that represented the undisclosed seller in the transaction. Located at 13200 Falls of Neuse Road, Wakefield Crossing’s tenant roster includes Tuesday Morning, Subway, Dante’s Italiano, Wakefield Tavern and Wake Health Medical Group. Food Lion has been an anchor of the shopping center since 2001 and occupies 50 percent of its gross leasable area.

March 2, 2023

Affordable Housing Development Multifamily North Carolina Southeast

NRP Group Delivers 180-Unit Sundale Flats Affordable Housing Community in Charlotte

by John Nelson February 27, 2023

CHARLOTTE, N.C. — The NRP Group has delivered a 180-unit affordable housing community located in northeast Charlotte at 2019 Aberdale Farm Lane. Dubbed Sundale Flats, the community is reserved for residents earning at or below 80 percent of the area median income (AMI) and comprises three four-story buildings with homes in two-, three- and four-bedroom layouts. Amenities include a fitness center, clubhouse and community lounge, business center, playground, outdoor grill and picnic area, onsite laundry room and onsite parking. Residents will also have access to a 16-foot-wide multi-use path that connects to a larger network of trails and will be part of the 26-mile Cross Charlotte Trail (XCLT). The City of Charlotte, The North Carolina Housing Finance Agency, Inlivian (formerly the Charlotte Housing Authority) and Bank of America provided financing for the project. Leasing is currently underway with a waitlist in progress.

February 27, 2023

Acquisitions Development Multifamily North Carolina South Carolina Southeast

Terwilliger Pappas to Develop 210-Unit Solis Birkdale Apartments in Huntersville, North Carolina

by John Nelson February 23, 2023

HUNTERSVILLE, N.C. — Terwilliger Pappas plans to break ground this September on Solis Birkdale, a 210-unit apartment community in the Charlotte suburb of Huntersville. The property will serve as the multifamily component of Birkdale Place, a mixed-use development by Gustafson Partners that will also feature a 140-room hotel and conference center and 45,000 square feet of shops and restaurants. Terwilliger Pappas plans to complete Solis Birkdale in the second quarter of 2025. The property will have studio, one- and two-bedroom apartments and townhomes, as well as a resort-style pool, fitness center with yoga studio, coworking offices, game and lounge areas and a pet spa. The project team includes general contractor Clancy & Theys, architectural firm BB+M and landscape architect and civil engineer Bolton & Menck. Also in the Carolinas, Terwilliger Pappas recently sold Solis Nexton in the Charleston suburb of Summerville, S.C., to Boston-based West Shore. The sales price was not disclosed.

February 23, 2023

Acquisitions North Carolina Retail Southeast

Stream Realty Brokers $10.3M Sale of Retail Center in Charlotte’s NoDa District

by John Nelson February 23, 2023

CHARLOTTE, N.C. — Stream Realty Partners has brokered the sale of 36 & NoDa, a 26,447-square-foot retail center located at 501-517 E. 36th St. in Charlotte’s North Davidson (NoDa) neighborhood. AJ Capital Partners purchased the center from Charlotte-based Ascent Real Estate Capital for $10.3 million. Jared Londry and Alex Olofson of Stream Realty represented the seller in the transaction. 36 & NoDa was fully leased at the time of sale to tenants including Salud Cerveceria and Neighborhood Theatre.

February 23, 2023

Development Mixed-Use North Carolina Southeast

Choate Construction Breaks Ground on 160,000 SF Mixed-Use Project in Durham

by John Nelson February 17, 2023

DURHAM, N.C. — Choate Construction Co., on behalf of White Point, has broken ground on a 160,000-square-foot mixed-use project located within Durham’s Research Triangle Park (RTP). Dubbed Horseshoe, the development will feature two single-story pavilions flanking a five-story office tower with ground-floor retail space. The property will also include a 315,000-square-foot precast parking deck with 1,000 parking spaces. Duda|Paine Architects is the designer on Horseshoe, which will anchor the HUB RTP campus. A construction timeline was not disclosed.

February 17, 2023

Development North Carolina Restaurant Retail Southeast

Crescent, Nuveen Underway on 18,000 SF Monarch Market Food Hall in Charlotte

by John Nelson February 17, 2023

CHARLOTTE, N.C. — Crescent Communities and Nuveen Real Estate are underway on the construction of Monarch Market, an 18,000-square-foot food hall located within One Independence Center in Charlotte. Hospitality HQ will operate the space, which is scheduled to open later this year and will feature 12 food stalls, one full-service restaurant, three bars and a private event space. The event space will include a cocktail lounge with outdoor space, semi-private space available for reservations and an indoor/outdoor bar. Food delivery and access to the tenant lounge will also be available to those who work at One Independence Center. Elmer Design is the architect and interior designer on the project, with JE Dunn serving as the general contractor. Cushman & Wakefield is providing consulting services, and PNC Bank, U.S. Bank and First National Bank of Pennsylvania have provided financing.

February 17, 2023

Industrial Leasing Activity North Carolina Southeast

Trinity Capital Signs Orbus Holdings to 224,797 SF Industrial Lease in Metro Charlotte

by John Nelson February 17, 2023

HUNTERSVILLE, N.C. — Trinity Capital Advisors has leased Interchange Logistics Center, a 224,797-square-foot industrial building located in Huntersville, roughly 15 miles north of Charlotte. Orbus Holdings, a lightbox and display manufacturer operating as SEG Systems, will occupy the entire building on a 10-year lease. Construction of the center is scheduled for completion in May, with the tenant upfit to be completed in the fourth quarter of this year. Adam Green of Stream Realty Partners represented Orbus Holdings in the lease negotiations. Spencer Yorke and Brad Cherry of JLL represented ownership.

February 17, 2023

Acquisitions North Carolina Self-Storage Southeast

CBRE Negotiates $24.8M Sale of Self-Storage Facility in Chapel Hill, North Carolina

by John Nelson February 15, 2023

CHAPEL HILL, N.C. — CBRE has negotiated the $24.8 million sale of an 816-unit self-storage facility located at 12330 U.S.-15 501 North in Chapel Hill. Dallas-based Rosewood Property Co. purchased the 76,051-square-foot property from an entity doing business as Carolina Storage Partners LLC. CBRE’s Self Storage Advisory Group represented the seller in the transaction. Extra Space Storage operates the facility, which features climate-controlled units ranging in size from 20 to 300 square feet, as well as 67 wine storage units.

February 15, 2023

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