North Carolina

Portman Signs Night Swim Coffee at 34-Story Apartment Tower in Charlotte’s South End

by John Nelson April 5, 2023

CHARLOTTE, N.C. — Portman has signed local coffeeshop concept Night Swim Coffee to anchor the ground level retail space at 2161 Hawkins, a 34-story apartment tower under construction in Charlotte’s South End district. The coffeeshop is expected to open in third-quarter 2024 and will activate the space between 2161 Hawkins and The Line, Portman’s adjacent Class A office tower that will include Sycamore Brewery, GritBox Fitness, Chapter 6 and Savi Provisions. The Night Swim Coffee space represents the 15th location for Black Rock Hospitality, the team behind local purveyors Not Just Coffee and Undercurrent Coffee. In addition to the coffeeshop, the 370-unit apartment development will house Bar One South End, which is expected to open in fourth-quarter 2024. Foundry Commercial is handling the retail leasing assignment at 2161 Hawkins. Portman has also enlisted local artists Eva Crawford and Caroline Simas to transform the temporary Rail Trail protection at 2161 Hawkins into a new public art installation.

April 5, 2023

Development Multifamily North Carolina Southeast

Dominion Realty Breaks Ground on 252-Unit Exchange Apartments in Southwest Charlotte

by John Nelson April 4, 2023

CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on The Exchange Apartments, a 252-unit multifamily development in southwest Charlotte. The community will be situated within the Exchange Business Park off I-77 and Tyvola Road, about a half-mile from the Woodlawn stop on the Blue Line Light Rail. Units will feature oversized windows, sliding glass doors, Nest thermostats and smart locks. Community amenities will include a resort-style pool and sundeck, coffee bar, fitness center with a yoga and spin room and a game room. United Bank and Dogwood State Bank are providing an undisclosed amount of construction financing for the development. The design-build team includes architectural firm Rule Joy Trammell & Rubio, civil engineer LandDesign and general contractor Harkins. Katherine Southard of CBRE assisted in the land sale between Dominion Realty and the seller, Dilweg. Dominion Realty expects to deliver the first units in first-quarter 2025. The Exchange represents the developer’s fifth project in the metro Charlotte area.

April 4, 2023

Development Georgia Multifamily North Carolina Southeast

Carter to Build Two Apartment Communities in Atlanta, Charlotte

by John Nelson March 31, 2023

ATLANTA AND CHARLOTTE, N.C. — Carter has plans to develop two apartment communities in Atlanta and Charlotte under its Story brand. Patterson Real Estate Advisory Group arranged construction financing through Truist for Story Mt. Zion on Atlanta’s south side and South State Bank for Story University North on Charlotte’s north side. The projects represent the sixth and seventh Story communities that Carter is developing in the Southeast. Summit Contracting Group is developing both properties, which will feature one-, two- and three-bedroom layouts and comprise 300 to 330 apartments. The construction timelines for the communities were not disclosed.

March 31, 2023

Acquisitions Industrial North Carolina Southeast

Northmarq Brokers $9.5M Sale-Leaseback of Industrial Property in Rockingham, North Carolina

by John Nelson March 31, 2023

ROCKINGHAM, N.C. — Northmarq has brokered the $9.5 million sale-leaseback of a single-tenant industrial property located at 235 River Road in Rockingham. The seller, Mount Vernon Mills Inc., fully occupies the 270,252-square-foot facility on a corporate guaranteed, triple-net-lease basis. Built in 1973, the property is situated on 27.7 acres and offers room for expansion. Robert Poirier of Northmarq represented both the seller and buyer, an Arizona-based institutional investor.

March 31, 2023

Multifamily North Carolina Southeast

Olympus Property Purchases 252-Unit Apartment Community in Fayetteville, North Carolina

by John Nelson March 28, 2023

FAYETTEVILLE, N.C. — Olympus Property has purchased King’s Quarter at Jack Britt, a 252-unit, garden-style apartment community located in Fayetteville. Built in 2014, the property features two- and three-bedroom units with upgraded interiors ranging from 1,150 square feet to 1,398 square feet. Units feature granite countertops, stainless steel appliances, walk-in closets and private balcony/patio areas with additional storage. Community amenities include a playground, pool area with cabanas, grilling stations, pet park, fitness center and garages. The seller and sales price were not disclosed.

March 28, 2023

Leasing Activity Mixed-Use North Carolina Office Southeast

Kingsmen Software Debuts 16,000 SF Office at Camp North End in Charlotte

by John Nelson March 28, 2023

CHARLOTTE, N.C. — Kingsmen Software, a custom software firm, has debuted its new 16,000-square-foot office at Camp North End, a mixed-use adaptive reuse development in Charlotte. The firm occupies the historic Gama Goat Building at 1801 N. Graham St., which was jointly developed by ATCO Properties & Management and Shorenstein Properties LLC. Designed by REDLINE Design Group, the new headquarters includes 14,500 square feet of space on the ground level and a 1,500-square-foot interior mezzanine. The layout incorporates team-based workstations and designated areas for flexibility and collaboration, as well as a podcast recording studio, a 12-foot video wall, “stairatorium” to the mezzanine, speakeasy pub and outdoor seating and work areas. In addition to day-to-day operations, Kingsmen will use the space to host events, conferences and industry meet-ups.

March 28, 2023

Development Mixed-Use North Carolina Southeast Top Stories

Crescent Communities to Break Ground on First Phase of River District Master-Planned Development in Charlotte

by John Nelson March 28, 2023

CHARLOTTE, N.C. — Crescent Communities plans to break ground Wednesday on The River District, a master-planned community on Charlotte’s west side. The development will span 1,400 acres between the Catawba River and Charlotte Douglas International Airport, including 500 acres of preserved land. Upon completion, The River District will feature 5,000 residences (single-family homes and apartments), 8 million square feet of commercial space, hotels and seniors housing apartments. Crescent expects the development to generate more than $5.6 billion of gross annual economic impact for the region and state. “The River District’s location along the Catawba River, Charlotte’s only major body of water, will provide urban amenities and public access to the riverfront that has not previously been available to Charlotte,” says Chase Kerley, managing director of Crescent Communities. The first series of milestones includes delivering major utility and roadway infrastructure for The River District’s first phase, Westrow. The 70-acre area will feature a range of residential offerings including apartments, townhomes and single-family residential lots, as well as small retail spaces, restaurants, event space and offices. Westrow will also include trails, parks, an event lawn and a two-acre working farm. Crescent’s NOVEL brand will anchor the first phase with 514 market-rate apartments, …

March 28, 2023

Company News North Carolina Southeast Top Stories

First Citizens Bank Agrees to Acquire Failed Silicon Valley Bank From FDIC

by Taylor Williams March 27, 2023

RALEIGH, N.C. — First Citizens Bank has entered into an agreement with the Federal Deposit Insurance Corp. (FIDC) to acquire Silicon Valley Bank following the California-based regional lender’s collapse earlier this month. Under the terms of the deal, First Citizens Bank will purchase all loans and certain other assets and assume all customer deposits and certain other liabilities out of receivership from the FDIC. This assumption includes approximately $110 billion in assets, $56 billion in consumer and business deposits and $72 billion in outstanding loans. In addition, First Citizens Bank will receive a line of credit from the FDIC to ensure its own liquidity throughout the purchase process. First Citizens Bank has also entered into a loss-share agreement with the FDIC to provide further downside protection against potential credit losses. First Citizens Bank will not acquire any assets, common stock, preferred stock or debt of SVB Financial Group, the former holding company of Silicon Valley Bank. Frank Holding Jr., chairman and CEO of First Citizens Bank, said in a prepared statement that at the most fundamental level, the acquisition allows his company to scale its platform by adding new lines of business in new markets. He specifically cited the appeal …

March 27, 2023

Acquisitions Life Sciences North Carolina Southeast

Oxford Acquires 95,000 SF Life Sciences Facility in Durham

by John Nelson March 24, 2023

DURHAM, N.C. — Oxford Properties Group has finalized its acquisition of 78 TW Alexander in Durham, a biomanufacturing facility in Durham comprising 95,000 square feet with expansion capabilities up to 190,500 square feet. Oxford first entered into a forward-purchase agreement with the developer, Davidson Craven, in the fourth quarter of 2021. CBRE|Raleigh arranged the transaction. Construction of the facility, which features 36-foot clear heights, seven loading docks and robust power and water systems, was fully completed in February of this year.

March 24, 2023

Development Industrial Leasing Activity North Carolina Southeast

Beacon Partners Signs Four Tenants Totaling 202,403 SF at Carolina Logistics Park in Metro Charlotte

by John Nelson March 24, 2023

PINEVILLE, N.C. — Beacon Partners has signed four tenants to leases at 12004 Carolina Logistics Drive within Carolina Logistics Park in Pineville, roughly 13 miles outside Charlotte. Together the companies will fully occupy the property’s full 202,403 square feet, which was completed last month and features 32-foot ceilings and a full concrete truck court. ProSource, a Greenville-founded distributor of plumbing supplies, luxury plumbing fixtures, lighting fixtures and cabinet and door hardware, will lease 54,694 square feet. VIP Products, a pet toy and product distributor, will occupy 54,605 square feet. E2i Solutions, a supplier of multifamily and seniors housing lighting, will open a 40,237-square-foot distribution hub at the property, and Elnik Systems, a metal injection molding furnace and debinding oven manufacturer, will occupy 52,867 square feet for production and training. Jay Hill of JLL represented ProSource in the lease negotiations, Dave Hanna of Foundry Commercial represented VIP Products, Bradley Dunn of Stream Realty Partners represented E2i Solutions and Hill and John Cashion of JLL represented Elnik Systems.

March 24, 2023

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