North Carolina

SRS Brokers $2.2M Sale of Grocery-Anchored Shopping Center in Albemarle, North Carolina

by John Nelson January 24, 2023

ALBEMARLE, N.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.2 million sale of First Street Station, a 52,230-square-foot, grocery-anchored shopping center located at 801-819 N. First St. in Albemarle, about 40 miles east of Charlotte. Ed Laycox of SRS represented the seller, a North Carolina-based private investor, in the transaction. The buyer was a Charlotte-based private investor who was in a 1031 exchange and paid all-cash. Built in 1989 on a six-acre site, First Street Station was 91 percent leased at the time of sale to tenants including Harris Teeter, Roma Pizza and Napa Auto Parts, among others.

January 24, 2023

Affordable Housing Development Loans Multifamily North Carolina Southeast

Urban Atlantic, Inlivian Secure $84M in Debt and Public Financing for Mixed-Income Project in Uptown Charlotte

by John Nelson January 19, 2023

CHARLOTTE, N.C. — Urban Atlantic, in partnership with Inlivian and its nonprofit development subsidiary, Horizon Development Properties (HDP), has secured $84 million in debt and public financing for the construction of Trella Uptown, a mixed-income apartment community to be built at 426 North Tryon Street in uptown Charlotte. Inlivian is the City of Charlotte’s housing authority. Totaling 353 units and 330,000 square feet, the community will feature 106 affordable housing units. Of these, 35 will be reserved for residents earning 80 percent of area median income (AMI); two will be for residents earning 60 percent of AMI; 37 will be for residents earning 50 percent of AMI; and 32 will be for residents earning 30 percent or less of AMI. C.O.R.E. Programs Inc. will provide supportive services to residents in the latter category. Chase Bank provided two separate loans, including $50.6 million for the construction of Trella Uptown’s market-rate units and $16.3 million for the construction of the property’s affordable units. HDP will also provide a $7.8 million construction loan. The City of Charlotte is providing $3.2 million from its Housing Trust Fund, and Mecklenburg County is providing $6 million in the form of an affordable housing grant. Other capital …

January 19, 2023

Development Hospitality Loans North Carolina Southeast

Artemis Provides $74.7M in Financing for Dual-Branded Hotel Project at Reston Town Center in Metro D.C.

by John Nelson January 19, 2023

RESTON, VA. — Artemis has provided $74.7 million in financing for the construction of a dual-branded Marriott AC Hotel and Residence Inn at Reston Town Center in Reston, approximately 20 miles northwest of Washington, D.C. Jamie Leachman and Chris Hew of JLL arranged the financing on behalf of the borrow and developer, The Donohoe Cos. Totaling 267 guest rooms and designed by Atlanta-based Cooper Carry Architects, the project will include a 120-room extended-stay Residence Inn and a 147-room boutique AC Hotel. Additionally, the development will feature 34,000 square feet of restaurant and retail space. Amenities will include a shared lobby, 8,000 square feet of meeting space, an indoor pool and a fitness facility. Completion of the project, which is already under construction, is scheduled for late 2024. Donohoe Hospitality will operate the hotels, and Complete Building Services will provide facilities management services.

January 19, 2023

Acquisitions Multifamily North Carolina Southeast

Northmarq Arranges Sale of 33-Story Ascent Uptown Apartment Tower in Charlotte

by John Nelson January 19, 2023

CHARLOTTE, N.C. — Northmarq has arranged the sale of Ascent Uptown, a 33-story apartment community comprising 300 units in Uptown Charlotte. Located at 225 S. Poplar St., the property features a rooftop pool, sky lounge, penthouse lounge with bar, private massage room, fitness center and a pet spa and grooming salon. Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn of Northmarq arranged the sale on behalf of the seller, Charleston-based Greystar, which delivered the high-rise in 2017. Faron Thompson, David Vinson, Grant Harris and Jeff Erxleben of Northmarq secured acquisition financing for the property on behalf of the undisclosed borrower. The sales price and financing amount were not disclosed.

January 19, 2023

Development Hospitality North Carolina Retail Southeast

CBL Properties, Vision Hospitality to Develop Element by Westin Hotel in Wilmington, North Carolina

by John Nelson January 18, 2023

WILMINGTON, N.C. — CBL Properties and Vision Hospitality Group have partnered to develop a 139-room Element by Westin hotel in Wilmington. The hotel will be part of Mayfaire Town Center, a 610,000-square-foot power retail center that CBL owns and manages. The center’s anchors and junior anchors include Belk, a 16-screen Regal movie theater, The Fresh Market, World Market, Pottery Barn, Ulta Beauty and Michael’s. Situated on International Drive, the new hotel will accommodate both short- and long-term stays with guestrooms that include kitchens and spa-inspired bathrooms. CBL and Vision, which are both based in Chattanooga, plan to raze a restaurant on the site to make way for the hotel, which is expected to open in spring 2024.

January 18, 2023

Acquisitions Multifamily North Carolina Southeast

CBRE|Raleigh Negotiates $56.5M Sale of Apartment Community in Northwest Raleigh

by John Nelson January 17, 2023

RALEIGH, N.C. — CBRE|Raleigh has negotiated the $56.5 million sale of Edwards Mill Townhomes and Apartments, a 220-unit multifamily community located at 4428 Mill Village Road in northwest Raleigh. Howard Jenkins, Kevin Kempf, William Yowell and Drew Harney of CBRE’s Southeast Multifamily Investment Sales team represented the seller, California-based RK Properties, in the transaction. K.O. Kennedy and Scott Brady of CBRE’s Debt & Structured Finance division secured acquisition financing for the undisclosed buyer. Built in 1984, Edwards Mill is situated within walking distance to Crabtree Valley Mall and features an onsite 20-mile fitness trail, a 5,000-square-foot fenced dog park, car care center, fitness center, swimming pool with a sundeck, cyber café, full basketball court and a lighted tennis court.

January 17, 2023

Development Life Sciences North Carolina Southeast

Apollo, GeneSuites Underway on 446,000 SF Biomanufacturing Campus in Metro Raleigh

by John Nelson January 13, 2023

HOLLY SPRINGS, N.C. — Affiliates of Apollo and GeneSuites are underway on the construction of Catalyst BioCampus, a 446,000-square-foot biomanufacturing development in Holly Springs, roughly 20 miles southwest of Raleigh. The development, which is scheduled for completion early this year, will be pre-equipped with mechanical, electrical and building infrastructure designed in accordance with Current Good Manufacturing Practice (cGMP) specific to biomanufacturing facilities. This design, branded High Performance Shell by GeneSuites, will support the acceleration of speed-to-market for biopharmaceutical companies by approximately nine to 15 months, according to CBRE|Raleigh. Lee Cllyburn John Hogan III of CBRE|Raleigh are handling leasing at the development.

January 13, 2023

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 302-Unit Apartment Community in Charlotte

by John Nelson January 11, 2023

CHARLOTTE, N.C. — Alliance Residential Co. has purchased a 3.5-acre site at 120 Matheson Ave. in Charlotte’s NoDa neighborhood with plans to develop a 302-unit apartment community. Dubbed Prose NoDa, the community will feature one- and two-bedroom apartments ranging in size from 663 to 1,058 square feet. The first units are expected to be available for occupancy in the fall of 2024. Amenities will include a resort-style pool, outdoor kitchen, grilling areas, access-controlled garage parking, dog park, private coworking offices, fitness center and a clubroom. The design-build team includes architect Cline Design and civil engineer McAdams. Prose NoDa is Alliance Residential’s sixth active project underway in the Charlotte area.

January 11, 2023

Acquisitions Development Life Sciences North Carolina Office Southeast

Cushman & Wakefield Brokers Sale of 438,144 SF Office Property in Charlotte, Buyer Plans Life Sciences Conversion

by John Nelson January 9, 2023

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of The Commons at the Park, an adaptive reuse campus located at 6800 Solectron Drive in Charlotte. The property comprises a 438,144-square-foot office building and two additional land parcels. The buyer, Albemarle U.S. Inc., a specialty chemicals company, will utilize the property as a lithium research and development center. Completion of the project, dubbed Albemarle Technology Park, is scheduled for late 2026. Keith Bell, Matt Treble, Dirk Riekse and Eric Sorenson of Cushman & Wakefield represented the buyer in the transaction. Jessica Brown, David Dorsch and Jordan Williams of Cushman & Wakefield represented the seller, a Shorenstein Properties entity doing business as 6800 Solectron Owner LP.

January 9, 2023

Acquisitions Hospitality North Carolina Southeast

Marcus & Millichap Brokers $18M Sale of Oceanfront Hotel in Atlantic Beach, North Carolina

by John Nelson January 5, 2023

ATLANTIC BEACH, N.C. — Marcus & Millichap has brokered the $18 million sale of Inn at Pine Knoll Shores, a 102-room oceanfront hotel located at 511 Salter Path Road in Atlantic Beach. Robert Hunter, Leo Reilly and McLean Hicklin of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Blue Water Development, a development, investment and management company based in Ocean City, Md. Benjamin Yelm, Marcus & Millichap’s North Carolina broker of record, assisted in closing the transaction. Built in 1973, the seven-story Inn at Pine Knoll Shores hotel is located along the Bogue Banks, a 21-mile barrier island on the Atlantic Ocean’s coast. Food-and-beverage options at the recently renovated hotel include Clamdigger Restaurant and a tiki bar, the Cutty Sark Lounge.

January 5, 2023

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