MT. JULIET, TENN. AND STATESVILLE, N.C. — GTIS Partners has purchased two warehouses located in Tennessee and North Carolina for more than $100 million. Together, the properties comprise 943,030 square feet. The seller(s) was not disclosed. Located in the Nashville suburb of Mt. Juliet, the first warehouse, Midway 840, totals 643,410 square feet and was leased to a global third-party logistics company at the time of sale. The second warehouse is located at 607 Meacham Road in Statesville, which is roughly 40 miles north of Charlotte, and totals 309,620 square feet. Dura Supreme, a Minnesota-based cabinet manufacturer, occupies 607 Meacham Road. The site features an additional 105,000 square feet for potential development.
CHARLOTTE, N.C. —Atlanta-based RangeWater has acquired 3.8 acres in Charlotte’s Lower South End for the development of The Kingsman, a 350-unit multifamily community. Located at 4700 Nations Crossing, the community will include apartments in studio, one-, two- and three-bedroom layouts ranging from 543 to 1,519 square feet. Amenities will include a dog park and spa, pool, clubroom, coworking spaces, micro-offices, outdoor grills and fireplaces, a fitness center and a sky lounge. Construction is scheduled to begin this month, with move-ins expected to begin in April 2025. This marks RangeWater’s ninth development in the Charlotte market.
ASHEVILLE, N.C. AND COLUMBIA, S.C. — University Park, Fla.-based Benderson Development has purchased two single-tenant retail properties located at 120 Merrimon Ave. in Asheville and 4516 Forest Drive in Columbia. Both properties are leased to grocer Trader Joe’s. The seller for both stores is Los Angeles-based CIM Group. The sales price were not disclosed.
GARNER, N.C. — Beacon Partners has broken ground on 2000 Citation Drive, a 115,831-square-foot, Class A industrial building in the Raleigh suburb of Garner. Ann-Stewart Patterson and Austin Nagy of CBRE | Raleigh are handling leasing for Beacon. The project team also includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Atlantic Union Bank is providing an undisclosed amount of construction financing. Situated near the intersection of I-40 and Jones Sausage Road and two miles south of I-440, 2000 Citation Drive will feature 30-foot clear heights, full concrete truck courts and 180-foot building depths. The site is directly across I-40 from Beacon Commerce Park, a 48-acre, master-planned industrial park under development by Beacon Partners and HM Partners that features 631,000 square feet of distribution space.
CHARLOTTE, N.C. — JLL has arranged $29.5 million in financing for Whitehall Tech Center, a three-building industrial park totaling 279,150 square feet in Charlotte’s Southwest submarket. The third building in the development, Whitehall III, will break ground this quarter. Kevin MacKenzie, Peter Thompson and Taylor Alison of JLL arranged the three-year, floating-rate loan through an undisclosed life insurance company on behalf of the borrower, CIP Real Estate. Whitehall Tech Center is situated on nearly 27 acres close to I-77 and I-485. At full completion, the park will feature a combined 493 parking stalls, clear heights ranging from 20 to 28 feet and 57 dock-high doors.
CHARLOTTE, N.C. — The Milestone Group has delivered the second phase of Courtney Ridge Apartments, a garden-style multifamily community located in Charlotte’s LoSo (Lower South End) neighborhood. Phase II is a 13-acre expansion that comprises 180 units across seven new buildings. The project team includes Atlanta-based general contractor TuckerCraft, architect SGA|NW and engineer Design Resource Group. PNC Bank provided construction financing for Phase II, which features a mix of one-, two- and three-bedroom floor plans. Phase II also features a new clubhouse equipped with individual workstation consoles, a main conference room, 24/7 package delivery center, coffee bar, kitchen area and patio overlooking a pond. Milestone purchased the existing, 280-unit Courtney Ridge Apartments in 2018.
AYDEN, N.C. — Frampton Construction Co. has broken ground on a build-to-suit industrial project for Pepsi-Cola franchiser Minges Bottling Group in Ayden. Upon completion, the facility will total 223,375 square feet and include warehouse space, a vending repair area, three-bay fleet maintenance shop and more than 20,000 square feet of office space. The rear-load building will feature 32-foot clear heights, 24 dock doors and 10 drive-in doors. Charlotte-based The Keith Corp. is developing the project, with Thomas & Hutton acting as the civil engineer and McMillan Pazdan Smith serving as architect. Completion of the facility is scheduled for January of next year.
CHARLOTTE. N.C. — Arden Logistics Parks (ALP), Arden Group’s industrial real estate operating platform, has purchased Northridge Business Center, a four-building, 174,000-square-foot industrial portfolio in Charlotte. Located at 50045, 5009-15, 5019-25 and 5029-35 W. W.T. Harris Blvd., the buildings range in size from 22,655 to 65,382 square feet. ALP acquired the portfolio from Fort Lauderdale-based SunCap Property Group for an undisclosed price.
KNIGHTDALE, N.C. — Beacon Partners has broken ground on Knightdale Gateway, a 511,000-square-foot industrial park about 15 miles east of Raleigh in Wake County. Slated for completion in the second quarter of 2024, the project will feature two Class A buildings with 36-foot clear heights. The assets will include a 221,363-square-foot building anchored by the new 195,056-square-foot headquarters facility for Kitchen Cabinet Distributors (KCD) and a 289,632-square-foot building with frontage along U.S. Highway 64. Al Williams and Michael Morgan of JLL represented KCD in the lease transaction, and Tim Robertson with Beacon Partners represented the landlord internally. Williams, along with JLL colleague Matt Winters, will handle the leasing assignment for the remaining space at Knightdale Gateway. The design-build team includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Fifth Third Bank is providing an undisclosed amount of construction financing to Beacon Partners for the project.
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.