North Carolina

JLL Arranges Sale of Food Lion-Anchored Shopping Center in Raleigh

by John Nelson March 2, 2023

RALEIGH, N.C. — JLL has arranged the sale of Wakefield Crossing, a 75,927-square-foot shopping center in Raleigh anchored by Food Lion. An entity doing business as Wakefield Wellons purchased the property for an undisclosed price. Tom Kolarczyk led the JLL team that represented the undisclosed seller in the transaction. Located at 13200 Falls of Neuse Road, Wakefield Crossing’s tenant roster includes Tuesday Morning, Subway, Dante’s Italiano, Wakefield Tavern and Wake Health Medical Group. Food Lion has been an anchor of the shopping center since 2001 and occupies 50 percent of its gross leasable area.

March 2, 2023

Affordable Housing Development Multifamily North Carolina Southeast

NRP Group Delivers 180-Unit Sundale Flats Affordable Housing Community in Charlotte

by John Nelson February 27, 2023

CHARLOTTE, N.C. — The NRP Group has delivered a 180-unit affordable housing community located in northeast Charlotte at 2019 Aberdale Farm Lane. Dubbed Sundale Flats, the community is reserved for residents earning at or below 80 percent of the area median income (AMI) and comprises three four-story buildings with homes in two-, three- and four-bedroom layouts. Amenities include a fitness center, clubhouse and community lounge, business center, playground, outdoor grill and picnic area, onsite laundry room and onsite parking. Residents will also have access to a 16-foot-wide multi-use path that connects to a larger network of trails and will be part of the 26-mile Cross Charlotte Trail (XCLT). The City of Charlotte, The North Carolina Housing Finance Agency, Inlivian (formerly the Charlotte Housing Authority) and Bank of America provided financing for the project. Leasing is currently underway with a waitlist in progress.

February 27, 2023

Acquisitions Development Multifamily North Carolina South Carolina Southeast

Terwilliger Pappas to Develop 210-Unit Solis Birkdale Apartments in Huntersville, North Carolina

by John Nelson February 23, 2023

HUNTERSVILLE, N.C. — Terwilliger Pappas plans to break ground this September on Solis Birkdale, a 210-unit apartment community in the Charlotte suburb of Huntersville. The property will serve as the multifamily component of Birkdale Place, a mixed-use development by Gustafson Partners that will also feature a 140-room hotel and conference center and 45,000 square feet of shops and restaurants. Terwilliger Pappas plans to complete Solis Birkdale in the second quarter of 2025. The property will have studio, one- and two-bedroom apartments and townhomes, as well as a resort-style pool, fitness center with yoga studio, coworking offices, game and lounge areas and a pet spa. The project team includes general contractor Clancy & Theys, architectural firm BB+M and landscape architect and civil engineer Bolton & Menck. Also in the Carolinas, Terwilliger Pappas recently sold Solis Nexton in the Charleston suburb of Summerville, S.C., to Boston-based West Shore. The sales price was not disclosed.

February 23, 2023

Acquisitions North Carolina Retail Southeast

Stream Realty Brokers $10.3M Sale of Retail Center in Charlotte’s NoDa District

by John Nelson February 23, 2023

CHARLOTTE, N.C. — Stream Realty Partners has brokered the sale of 36 & NoDa, a 26,447-square-foot retail center located at 501-517 E. 36th St. in Charlotte’s North Davidson (NoDa) neighborhood. AJ Capital Partners purchased the center from Charlotte-based Ascent Real Estate Capital for $10.3 million. Jared Londry and Alex Olofson of Stream Realty represented the seller in the transaction. 36 & NoDa was fully leased at the time of sale to tenants including Salud Cerveceria and Neighborhood Theatre.

February 23, 2023

Development Mixed-Use North Carolina Southeast

Choate Construction Breaks Ground on 160,000 SF Mixed-Use Project in Durham

by John Nelson February 17, 2023

DURHAM, N.C. — Choate Construction Co., on behalf of White Point, has broken ground on a 160,000-square-foot mixed-use project located within Durham’s Research Triangle Park (RTP). Dubbed Horseshoe, the development will feature two single-story pavilions flanking a five-story office tower with ground-floor retail space. The property will also include a 315,000-square-foot precast parking deck with 1,000 parking spaces. Duda|Paine Architects is the designer on Horseshoe, which will anchor the HUB RTP campus. A construction timeline was not disclosed.

February 17, 2023

Development North Carolina Restaurant Retail Southeast

Crescent, Nuveen Underway on 18,000 SF Monarch Market Food Hall in Charlotte

by John Nelson February 17, 2023

CHARLOTTE, N.C. — Crescent Communities and Nuveen Real Estate are underway on the construction of Monarch Market, an 18,000-square-foot food hall located within One Independence Center in Charlotte. Hospitality HQ will operate the space, which is scheduled to open later this year and will feature 12 food stalls, one full-service restaurant, three bars and a private event space. The event space will include a cocktail lounge with outdoor space, semi-private space available for reservations and an indoor/outdoor bar. Food delivery and access to the tenant lounge will also be available to those who work at One Independence Center. Elmer Design is the architect and interior designer on the project, with JE Dunn serving as the general contractor. Cushman & Wakefield is providing consulting services, and PNC Bank, U.S. Bank and First National Bank of Pennsylvania have provided financing.

February 17, 2023

Industrial Leasing Activity North Carolina Southeast

Trinity Capital Signs Orbus Holdings to 224,797 SF Industrial Lease in Metro Charlotte

by John Nelson February 17, 2023

HUNTERSVILLE, N.C. — Trinity Capital Advisors has leased Interchange Logistics Center, a 224,797-square-foot industrial building located in Huntersville, roughly 15 miles north of Charlotte. Orbus Holdings, a lightbox and display manufacturer operating as SEG Systems, will occupy the entire building on a 10-year lease. Construction of the center is scheduled for completion in May, with the tenant upfit to be completed in the fourth quarter of this year. Adam Green of Stream Realty Partners represented Orbus Holdings in the lease negotiations. Spencer Yorke and Brad Cherry of JLL represented ownership.

February 17, 2023

Acquisitions North Carolina Self-Storage Southeast

CBRE Negotiates $24.8M Sale of Self-Storage Facility in Chapel Hill, North Carolina

by John Nelson February 15, 2023

CHAPEL HILL, N.C. — CBRE has negotiated the $24.8 million sale of an 816-unit self-storage facility located at 12330 U.S.-15 501 North in Chapel Hill. Dallas-based Rosewood Property Co. purchased the 76,051-square-foot property from an entity doing business as Carolina Storage Partners LLC. CBRE’s Self Storage Advisory Group represented the seller in the transaction. Extra Space Storage operates the facility, which features climate-controlled units ranging in size from 20 to 300 square feet, as well as 67 wine storage units.

February 15, 2023

Loans Multifamily North Carolina South Carolina Southeast Tennessee

Berkadia Arranges Equity for Three Southeast Apartment Communities Totaling 875 Units

by John Nelson February 13, 2023

NEW YORK CITY — Berkadia has arranged programmatic equity on behalf of The Sterling Group for the recapitalization of three apartment communities in the Southeast. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the undisclosed amount of financing through a global institutional investor. Properties included in Sterling’s recapitalization include Wellsley Park at Deane Hill in Knoxville, Tenn.; Apartments @ Eleven240 in Charlotte, N.C.; and Enclave at Bailes Ridge in Indian Land, S.C. The communities comprise 358, 271 and 246 units, respectively.

February 13, 2023

Development Multifamily North Carolina Southeast

NRP Group Breaks Ground on 310-Unit South Tryon Apartments in Charlotte

by John Nelson February 10, 2023

CHARLOTTE, N.C. — The NRP Group has broken ground on South Tryon, a multifamily development located at 3310 S. Tryon St. in Charlotte’s South End. Totaling five stories, the apartment community will comprise 310 units in one-, two- and three-bedroom layouts. Amenities at the property will include a fitness center, coworking space, indoor bike room, club room and social area, dog wash and park, a pool, courtyards and an outdoor cooking and dining area. Delivery of the project is scheduled for 2025. Canyon Partners Real Estate provided an equity investment in conjunction with a senior construction loan from CIBC Bank USA to finance the project.

February 10, 2023

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