NEW YORK CITY — Berkadia has arranged programmatic equity on behalf of The Sterling Group for the recapitalization of three apartment communities in the Southeast. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the undisclosed amount of financing through a global institutional investor. Properties included in Sterling’s recapitalization include Wellsley Park at Deane Hill in Knoxville, Tenn.; Apartments @ Eleven240 in Charlotte, N.C.; and Enclave at Bailes Ridge in Indian Land, S.C. The communities comprise 358, 271 and 246 units, respectively.
CHARLOTTE, N.C. — The NRP Group has broken ground on South Tryon, a multifamily development located at 3310 S. Tryon St. in Charlotte’s South End. Totaling five stories, the apartment community will comprise 310 units in one-, two- and three-bedroom layouts. Amenities at the property will include a fitness center, coworking space, indoor bike room, club room and social area, dog wash and park, a pool, courtyards and an outdoor cooking and dining area. Delivery of the project is scheduled for 2025. Canyon Partners Real Estate provided an equity investment in conjunction with a senior construction loan from CIBC Bank USA to finance the project.
HOLLY SPRINGS, N.C. — Crescent Communities and Nuveen Real Estate have broken ground on the second phase of THE YIELD, a speculative biomanufacturing development in Holly Springs, roughly 20 miles southwest of Raleigh. This phase will comprise three shell-ready, cGMP (Current Good Manufacturing Practice) biomanufacturing buildings totaling 322,000 square feet. The first two buildings are scheduled for completion in late 2023, with the third delivery expected in spring 2024. Including the first phase, which was sold to Apollo Global Real Estate and GeneSuites and is now known as Catalyst BioCampus, the development will total 2 million square feet of biomanufacturing, office/lab and retail space.
MIAMI — JLL has arranged a $193 million permanent loan for the refinancing of a nine-property industrial portfolio totaling 1.7 million square feet. The properties are located on infill sites in South Florida, Texas, North Carolina, Alabama and Maryland. Chris Drew, Melissa Rose and Christopher Gathman of JLL arranged the five-year, fixed-rate, non-recourse loan through TIAA Bank on behalf of the borrower, Adler Real Estate Partners. The assets were constructed between 1981 and 2001 and were leased to 145 separate tenants at the time of financing. The properties included: • Riverchase Center in Hoover, Ala. • 1001 Broken Sound Parkway in Boca Raton, Fla. • Prospect Park I & II in Fort Lauderdale, Fla. • Delray North Business Center in Delray Beach, Fla. • Rivers Business Park I & II in Columbia, Md. • South Point Business Park in Charlotte, N.C. • Parkwest I & II in Raleigh, N.C. • Addison Tech Center in Addison, Texas • Kramer 1-5 at Braker Center in Austin, Texas
RALEIGH, N.C. — Trammell Crow Co. (TCC) has topped out 400H, a 365,000-square-foot mixed-use development located at 400 Hillsborough St. in downtown Raleigh. Set to open this summer, the project will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. Amenities will include conference space and an outdoor terrace for office tenants, a shared fitness center and an outdoor swimming pool for residents. The development team includes TCC affiliate High Street Residential, AECOM-Canyon Partners and HM Partners. The design-build team includes architect Gensler and general contractor Barnhill Contracting Co. CBRE will oversee property management for 400H. John MacDonell and Mimi Portratz of JLL are handling office leasing, and John Koonce of York Properties is handling the retail leasing assignment.
KANNAPOLIS, N.C. — A joint venture between Trinity Capital Advisors and Barings has purchased 154 acres in the northern Charlotte suburb of Kannapolis. The companies plan to develop 85 Exchange, a Class A industrial park spanning 1.3 million square feet across seven buildings. The park will be situated within one mile of I-85 at Kannapolis Parkway and Davidson Highway. Phase I of 85 Exchange comprises two buildings totaling 314,000 square feet and will begin speculative development this March, delivering first-quarter 2024. The design-build team includes general contractor Choate Construction and architect Merriman Schmitt Architects. Cushman & Wakefield’s Matt Treble, Fermin Deoca, Drew Coholan and Frances Crisler are handling leasing duties.
FLETCHER, N.C. — Copart Inc., an online car auction platform based in Dallas, has purchased 57.1 acres in Fletcher for $8.6 million. The land is situated roughly 12 miles south of Asheville. The company plans to use the land for an industrial outdoor storage yard of cars set for auction across the Southeast. Randall Bentley and Jordan Skellie of Lee & Associates Greenville/Spartanburg represented the seller, an entity doing business as Minkles BRM LLC, in the transaction.
Raleigh-Durham’s multifamily market has solidified itself as a top performer in recent years. After a rapid economic recovery in 2021 and early 2022, occupancy rates and rent growth soared. Year-over-year effective rent growth reached 13 percent in third-quarter 2022, well above the national average, and totaled 15 percent in Class A product. The region continues to be nationally ranked for real estate prospects, competitive incentives and taxes, education and quality of life. The impressive list of job wins the Triangle has been awarded continues to grow, including major job announcements from Wolfspeed, Apple and VinFast, to name a few. The region’s status as one of the nation’s leading tech and life science hubs has also lured giants such as Grifols, Pfizer, IBM and Red Hat. Population growth is one of the Triangle’s strongest apartment market fundamentals and it continues to surge, as approximately 5,000 new residents move to the region each month. Raleigh and the surrounding metropolitan areas are expected to increase in population at the second-fastest rate in the country, behind only Austin. Municipalities outside of the Triangle’s metro areas are also some of the fastest-growing locations in the state. Johnston and Franklin counties, for example, are expected to …
DURHAM, N.C. — Crescent Communities has begun renovations at SouthCourt, a 140,000-square-foot office building located in south Durham. The Charlotte-based developer purchased the six-story asset last year. Renovations include the addition of outdoor patio space and four turnkey office suites that will be available for occupancy in the second quarter, as well as improvements to the lobby, commons areas and restrooms. Additional onsite amenities will include a personal training facility, full-service salon, private terraces on upper floors and a modern conference center. On the ground floor, retail space is available for leasing through CBRE | Raleigh, including café and commercial kitchen spaces. Crescent Communities has tapped Dennis Hurley and Hillman Duncan of JLL’s Raleigh office to handle SouthCourt’s office leasing assignment.
CHARLOTTE, N.C. — CBRE Investment Management has acquired Madison Place, a 226-unit apartment community located at 3125 Furr Court in Charlotte. The firm purchased the newly constructed property on behalf of a separate account client. The seller and sales price were not disclosed. Madison Place is a multifamily component within Berewick, a 1,070-acre master-planned community in southwest Charlotte. The property includes one-, two- and three-bedroom units, as well as amenities including a saltwater pool with a tanning deck, fitness studio, clubroom, pet grooming spa, outdoor kitchen, grilling areas and a fire pit.