INDIAN TRAIL, N.C. — Legacy Realty Group Advisors has arranged the sale of Union Town Center, a 102,360-square-foot shopping center located in Indian Trail, roughly 15 miles southeast of Charlotte. Food Lion, Workout Anytime and Dollar Tree anchor the property. Jacob Baruch and Daniel Baruch of Legacy represented both the buyer and seller in the $16.2 million transaction. Both parties requested anonymity.
FUQUAY-VARINA, N.C. — Capital Square has acquired Ashford Townes, a 74-unit townhome community located in Fuquay-Varina, a southwest suburb of Raleigh. Located at 604 Oakbrook Pass Way, the build-for-rent development was completed in February of last year and features three-bedroom floorplans averaging 1,693 square feet. D.R. Horton was the developer. Capital Square acquired the property on behalf of CS1031 Ashford Townes BFR Housing DST, a private equity investment vehicle internally managed by Dave Platter and Jon Trott.
FAYETTEVILLE, N.C. — StoutCap, a real estate investment firm specializing in raising capital from passive investors, has closed on its $9.2 million acquisition of Treetop Apartments in Fayetteville. The seller was not disclosed. The buyer plans to renovate the interiors of all 146 apartments, as well as upgrade the property’s amenities and exteriors. Treetop is situated on 10.4 acres and features a pool, lounge area, onsite laundry facilities, picnic area with grills and onsite property management and maintenance. StoutCap expects the value-add acquisition to double the return for investors in six years. The buyer plans to return 100 percent of capital to its investors in three years.
LEXINGTON, N.C. — Siemens Mobility, a manufacturer of passenger trains and a subsidiary of Siemens AG, plans to invest $220 million for a new manufacturing and rail service facility in Lexington, a city in North Carolina’s Triad region. The investment is expected to create 500 new jobs. At the facility, Siemens Mobility expects to produce passenger trains for the North American market. The passenger coach manufacturing factory, as well as Siemens Mobility’s locomotive and passenger coach overhauls facility, will be situated on a 200-acre site that allows for future expansion. When it starts operations in 2024, the plant will incorporate tech found in the firm’s sister facility in Sacramento, including robotic welding, 3D printing and Virtual Reality welder training. Siemens Mobility cites the Bipartisan Infrastructure Law as being a critical legislation for bringing federal funding for the project. Additionally, Siemens Mobility will be receiving a Job Development Investment Grant from the State of North Carolina. Siemens AG has invested more than $40 billion in its U.S. operations in the past two decades. The company staffs 45,000 employees in the United States and operates 21 manufacturing facilities that service more than 100 cites and 90 percent of Fortune 500 industrial companies.
GARNER, N.C. — Beacon Partners and HM Partners have signed four leases with separate tenants in the past 60 days at Beacon Commerce Park, a 48-acre industrial park in the Raleigh suburb of Garner. Situated within one mile of I-40 and 6.5 miles from downtown Raleigh, the park will span 631,000 square feet upon completion and feature clear heights ranging from 30 to 36 feet and full concrete truck courts. The four leases included Greentech Renewables-Solar Distribution, an affiliate of Consolidated Electrical Distributors, leasing 68,700 square feet at Building 3, a 260,000-square-foot facility. Also coming to Building 3 is an undisclosed tenant taking 164,956 square feet. At Building 1, Alcami Corp. will occupy 65,002 square feet, and an undisclosed third-party logistics firm will take 64,549 square feet. Ann Stewart Patterson and Austin Nagy of CBRE | Raleigh represented the landlord in all four lease transactions.
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.
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.
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.
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.
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.
