North Carolina

Trammell Crow Co. Tops Out 400H Mixed-Use Project in Downtown Raleigh

by John Nelson February 8, 2023

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.

February 8, 2023

Development Industrial North Carolina Southeast

Trinity Capital, Barings to Develop 1.3 MSF Industrial Park in Metro Charlotte

by John Nelson February 7, 2023

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.

February 7, 2023

Acquisitions Industrial North Carolina Southeast

Car Auctioneer Copart Buys Land Near Asheville, North Carolina for $8.6M

by John Nelson February 7, 2023

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.

February 7, 2023

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Job, Population Growth Continue to Propel Raleigh-Durham’s Apartment Market

by John Nelson February 7, 2023

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 …

February 7, 2023

Development North Carolina Office Southeast

Crescent Communities Begins Renovations of SouthCourt Office Building in Durham

by John Nelson February 1, 2023

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.

February 1, 2023

Acquisitions Multifamily North Carolina Southeast

CBRE Investment Management Acquires 226-Unit Madison Place Apartments in Charlotte

by John Nelson February 1, 2023

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.

February 1, 2023

Market Reports Mixed-Use North Carolina Restaurant Retail Southeast Southeast Market Reports

Triangle’s Retail Market Turns New Page Led by Openings of Mixed-Use Developments

by John Nelson January 31, 2023

The retail market across the Raleigh-Durham region, also known as the Triangle, soared to new heights in 2022 despite significant global economic headwinds. Spurred by population growth and major economic development announcements, 2022 was filled with the groundbreaking and opening of new retail and mixed-use projects across the region. For the second consecutive year, North Carolina witnessed record-breaking economic development activity. New and expanding companies announced more than 12,700 jobs and more than $11 billion in new investments in the Triangle region alone. While the urban sectors lagged through 2020 and 2021, they saw a resurgence in 2022 with major tenant announcements for Smoky Hollow (Kane Realty Corp.) such as Midwood Smokehouse, The Crunkleton, Madre, Dose and New Anthem Beer Project. Downtown Raleigh also featured the delivery of 301 Hillsborough at Raleigh Crossing (Barings), Tower Two of Bloc 83 (City Office REIT) and construction of Seaboard Station (Hoffman & Associates). Downtown Durham boasted major groundbreaking, retailer and restaurant announcements as well, including the groundbreaking of Novus (Austin Lawrence Partners), encompassing 23,000 square feet of ground-floor retail space and 27 floors of high-end residential. American Tobacco Campus reimagined its restaurant mix to announce Five Star, Press, Queen Burger and the soon-to-open …

January 31, 2023

Acquisitions Multifamily North Carolina Southeast

MEAG Acquires 247-Unit Liberty Warehouse Apartments in Downtown Durham

by John Nelson January 27, 2023

DURHAM, N.C. — MEAG, in cooperation with CBRE Investment Management, has acquired Liberty Warehouse, a 247-unit residential community in downtown Durham, on behalf of Munich Re Group. Located at 530 Foster St., the property features 20,700 square feet of ground-floor retail space that was fully leased at the time of sale. Amenities at the community include a 24-hour fitness center, saltwater pool, tenant lounge and club room, pet run and pet spa, electric vehicle charging stations and 376 parking spaces. Charleston-based Greystar manages the property. The investment is part of a separate account mandate that MEAG recently signed with CBRE Investment Management to invest in the U.S. residential market. The seller and sales price were not disclosed.

January 27, 2023

Development Industrial Life Sciences North Carolina Southeast

Eli Lilly to Invest $450M at Research Triangle Park Campus in Durham

by John Nelson January 25, 2023

DURHAM, N.C. — Eli Lilly and Co., a pharmaceutical giant based in Indianapolis, plans to invest $450 million to expand its campus within Research Triangle Park (RTP) in Durham. The expansion includes additional parenteral filling, device assembly and packaging capacity to support an increased demand for the company’s incretin products that treat diabetes. The move is expected to create at least 100 new jobs, primarily comprising manufacturing personnel who will produce incretin treatments and medical devices. Eli Lilly expects the new facility to come on line in 2027. Since 2020, the company has committed roughly $4 billion to new manufacturing facilities in North Carolina, including $1.7 billion for the development and expansion of its RTP base.

January 25, 2023

Market Reports North Carolina Office Southeast Southeast Market Reports

Raleigh-Durham Office Market is Facing Even Stronger Headwinds at Start of 2023

by John Nelson January 25, 2023

Talk to any commercial broker across the Raleigh-Durham market and you will hear much of the same feedback. In answer to the basic questions, one hears, “The in-office work week is now three days, primarily Tuesday through Thursday.” This trend, which was slowly becoming more evident over the last 20 years with the growth of the digital economy, was accelerated by the pandemic. And further aided by the wider availability of high-speed internet, the demands of the digital workforce are taking people out of their offices and, in some cases, around the world. Companies that value their digital workers are letting them make business decisions that affect the office building markets around the world. It is fascinating to watch. Recent data published by Kastle Systems (a keycard and security supplier for commercial buildings) shows that based on keycard swipes across the 10 largest cities in the United States, we are witnessing structural change in both the traditional work week and employee work hours, in degrees that are directly impacting the need for office space. As a result, employers are downsizing their leased footprints, opting for less square footage and/or shorter leases. Those companies with large numbers of digital workers are …

January 25, 2023

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