North Carolina

Cushman & Wakefield Negotiates $32M Sale of New Industrial Facility in Metro Charlotte

by John Nelson December 22, 2022

HUNTERSVILLE, N.C. — Cushman & Wakefield has negotiated the $32 million sale of a newly built, 159,492-square-foot industrial facility within Park at Huntersville, an industrial park in metro Charlotte. Rob Cochran, Nolan Ashton, Bill Harrison and Josh McGee of Cushman & Wakefield represented the seller, a joint venture between Edgewater Ventures and an institutional equity partner, in the transaction. The buyer was an undisclosed private investor. Located at 13359 Reese Blvd. in Huntersville, the facility was built on a speculative basis but was fully preleased at the time of sale to Safeguard Medical, a global provider of emergency medical products, technologies and skills training programs used by first responders and military personnel. The facility serves as Safeguard Medical’s global headquarters and houses the firm’s manufacturing, logistics and front office operations. The property features 30-foot clear heights, 49 potential dock-high positions, 28 trailer parking spaces, 155 auto parking spaces and a 130- to 200-foot truck court.

December 22, 2022

Acquisitions North Carolina Retail Southeast

SRS Arranges Sale of Crossroads Shopping Center in Metro Charlotte

by John Nelson December 21, 2022

STATESVILLE, N.C. — SRS Real Estate Partners’ Investment Property Group has brokered the sale of Crossroads Shopping Center, a 117,224-square-foot retail center located at 1000 Crossroads Drive in the Charlotte suburb of Statesville. River City Capital purchased the center for an undisclosed price. Situated on 14.1 acres and shadow-anchored by a Walmart Supercenter, Crossroads was leased at the time of sale to tenants including Big Lots, Burkes Outlet, Dollar Tree, American Deli, rue21, Shoe Dept., Bath & Body Works and GNC. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. The buyer was self-represented.

December 21, 2022

Development Mixed-Use Multifamily North Carolina Retail Southeast

MRP, Asana Plan Mixed-Use Redevelopment of Duke Energy Headquarters in Charlotte

by Jeff Shaw December 19, 2022

CHARLOTTE, N.C. — MRP Realty and Asana Partners have acquired the Duke Energy headquarters building at 526 S. Church St. in Charlotte, with plans to develop a mixed-use project at the site. Initial plans include 450 residential units and 55,000 square feet of ground-floor retail space. Duke Energy plans to vacate the building and move to its newly constructed headquarters at Duke Energy Plaza in late 2023.

December 19, 2022

Development Industrial North Carolina Southeast

Crescent Communities, Sumitomo Forestry Plan $19.5M Industrial Project in Central North Carolina

by John Nelson December 16, 2022

ARCHDALE, N.C. — Crescent Communities’ AXIAL will develop a 120,000-square-foot built-to-suit manufacturing and distribution center in Archdale for Sumitomo Forestry America Inc., a subsidiary of Sumitomo Forestry Co. Ltd. AXIAL by Crescent and Sumitomo plan to invest $19.5 million in the project, which will break ground in January of next year. Upon completion, the center will produce materials such as roof and floor trusses and wall panels. Sumitomo acquired Crescent Communities in 2018.

December 16, 2022

Acquisitions Multifamily North Carolina Southeast

Northmarq Secures Sale of 342-Unit Trinity Commons at Erwin Apartments in Durham

by John Nelson December 8, 2022

DURHAM, N.C. — Northmarq has secured the sale of Trinity Commons at Erwin, a 342-unit apartment community located at 2530 Erwin Road in Durham. Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Ryan Bergin of Northmarq’s Carolinas investment sales team represented the seller, Northwestern Mutual Real Estate, in the transaction. The buyer and sales price were not disclosed. Amenities at Trinity Commons include a fitness center with yoga studio, resistance pool, hot and cold tubs, dry sauna, saltwater pool with a sundeck, three private courtyards with fountains, outdoor kitchen and bar with a pizza oven and secured parking garage.

December 8, 2022

Development Mixed-Use North Carolina Southeast

Beach, Swain to Develop Center Point Mixed-Use Project in Wilmington, North Carolina

by John Nelson December 7, 2022

WILMINGTON, N.C. — A joint venture between an affiliate of The Beach Co. and Swain & Associates plans to develop Center Point, a mixed-use project adjacent to Mayfaire Town Center in Wilmington. Phase I of the campus will include 351 apartments, 45,655 square feet of retail space and 6,941 square feet of live/work space. The co-developers have tapped Charlie Coyne and Matt Larson of CBRE|Raleigh to lease the retail component of Center Point, which will be located across from Landfall Shopping Center and The Forum. A construction timeline was not disclosed.

December 7, 2022

Development Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $95.6M Financing for Seniors Housing Community in Durham

by John Nelson December 6, 2022

DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The seniors housing community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds. To address the changing needs of existing and future residents, the owner adopted a strategic plan that included two phases. Phase I, for which Ziegler arranged public, fixed-rate bonds in 2021, included a 90-unit health and wellness center that replaced the existing health center on campus. With Phase I nearing completion, the ownership is working on Phase II, which includes a 71 independent living unit apartment building. This new building will be located on the area of the campus where the original health center was located as that building is being demolished once the residents move into the new health and wellness center. At the time of closing, over 95 percent of the new independent living units were preleased.

December 6, 2022

Development North Carolina Office Southeast

Chartwell, Jefferson River Capital Begin Redevelopment of Office Campus in Raleigh

by John Nelson December 6, 2022

RALEIGH, N.C. — A partnership between Chartwell Property Group and Jefferson River Capital has begun the redevelopment of the former Martin Marietta corporate headquarters located at 2700 and 2710 Wycliff Road in Raleigh. The project, named The Grove, will feature two office buildings spanning 152,000 square feet of office space and 16,000 square feet of amenity space, including a self-serve café and bar, library, lounge, golf simulator, indoor and outdoor conference rooms and outdoor workspaces. The project will also include a high-end gym and spa that features an indoor pickleball court, Peloton bikes, sauna and a locker room. Chartwell and Jefferson River Capital have tapped John Brewer and Ed Pulliam of CBRE|Raleigh to lease The Grove, which is set for an early 2023 completion.

December 6, 2022

Acquisitions Industrial North Carolina Southeast

Lincoln Property Co. Purchases 626,061 SF Airpark West Industrial Park in Charlotte

by John Nelson December 1, 2022

CHARLOTTE, N.C. — Lincoln Property Co. has purchased Airpark West, a four-building, 626,061-square-foot industrial park located off Air Park West Drive in Charlotte. Toronto-based BentallGreenOak sold the infill park for an undisclosed price. Dave Andrews, Pete Pittroff, Patrick Nally and Zach Lloyd of JLL represented the seller in the transaction. Located adjacent to the I-85 and I-485 interchange, Airpark West was fully leased to multiple tenants at the time of sale. The development was completed in phases between 2007 and 2019 and is situated within a few miles from Charlotte Douglas International Airport and the Norfolk Southern CLT Intermodal Terminal.

December 1, 2022

Leasing Activity North Carolina Office South Carolina Southeast

IWG to Open Five New Regus Coworking Locations in the Carolinas

by John Nelson November 30, 2022

ZUG, SWITZERLAND — IWG plc, a Swiss coworking provider, plans to open five new Regus-branded flexible offices in North and South Carolina. The five locations include 3511 Shannon Road in Durham; 8024 Glenwood Ave. in Raleigh; 140 Stoneridge Drive in Columbia, S.C.; 222 N Lafayette St. in Shelby, N.C. (Charlotte suburb); and 900 Trail Ridge Road in Aiken, S.C. (Augusta suburb). All five locations will offer IWG’s full suite of services, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services, including IT support. The new Carolinas locations are part of IWG’s plan to add more than 500 locations throughout the United States.

November 30, 2022

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