Thursday, May 15, 2025
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North Carolina

DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Greysteel Arranges Construction Financing for Venture at Port City Apartments in Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — Greysteel has arranged construction financing for Venture at Port City, a 225-unit apartment development in Wilmington. The borrower and developer, Indianapolis-based Millstone, expects to deliver the midrise community in spring 2027. Chris Wilkins led the Greysteel team to secure a three-year, floating-rate loan through an unnamed regional bank and an undisclosed amount of joint venture equity from an institutional real estate investment fund for Millstone. Venture at Port City will offer one-, two- and three-bedroom apartments, as well as a resort-style saltwater pool, gas grilling stations, an upscale clubhouse and a large outdoor cabana with a poolside lawn area.

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AcquisitionsNorth CarolinaRetailSoutheast

Legacy Realty Arranges Sale of 159,259 SF Shopping Center in Smithfield, N.C.

by John Nelson

SMITHFIELD, N.C. — Legacy Realty Group Advisors LLC has arranged the sale of Centre Pointe Plaza, a 159,259-square-foot shopping center in Smithfield, approximately 30 miles southeast of Raleigh. An undisclosed buyer purchased the property for $11.6 million. Originally built in 1989, the shopping center is anchored by Belk. Additional tenants at the property include Bealls, Dollar Tree, Hibbett Sports, Subway and T-Mobile. Daniel Baruch of Legacy Realty represented the buyer, and Steve Shields of CBRE represented the undisclosed seller in the transaction.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Crescent Communities, GID Open 336-Unit Multifamily Property in Morrisville, North Carolina

by John Nelson

MORRISVILLE, N.C. — A joint venture between Crescent Communities and GID has opened Novel Morrisville, a 336-unit multifamily community located at 218 Southport Drive in Morrisville. Situated about 14 miles west of Raleigh, the property is a walkable master-planned community that houses the Wake Competition Center, a practice hockey complex for the NHL’s Carolina Hurricanes. Novel Morrisville features a mix of studio, one-, two- and three-bedroom floorplans, as well as 10 carriage-style townhomes. Unit sizes range from 532 square feet to 2,128 square feet. Monthly rental rates at the complex begin at $1,415, according to Apartments.com. Amenities include a saltwater swimming pool with cabanas, two-story fitness center, community library, clubroom, full-scale indoor rock-climbing wall, walking and biking trails and an onsite Land of a Thousand Hills coffee shop. Crescent Communities Construction was the general contractor. The project architect and interior designer was Hord Coplan Macht, and the civil engineer and landscape architect was Kimley-Horn. U.S. Bank was the project lender.

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IndustrialLeasing ActivityNorth CarolinaSoutheast

Eaton Corp. Signs 550,000 SF Industrial Lease in Youngsville, North Carolina

by John Nelson

YOUNGSVILLE, N.C. — Eaton Corp., a publicly traded electric utility company based in Ireland, has signed a 550,000-square-foot industrial lease at US-1 North Commerce Center in Youngsville, approximately 23 miles outside Raleigh. Upon completion of the three-phase development, US-1 North Commerce Center will span five buildings across 1.4 million square feet. Summit Real Estate Group is the developer for the project. Foundry Commercial represented Summit Real Estate in the lease negotiations. Delivered in June 2024, the first phase — which was 90 percent preleased to three tenants — includes two buildings that total 394,000 square feet. Phase II — which comprises two additional buildings at 470,000 square feet — is slated for completion in the summer. Eaton Corp. will occupy the entirety of Phase III in an $18.3 million build-to-suit arrangement by the second-quarter 2026.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Joint Venture Breaks Ground on 265-Unit Apartment Community in Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — A joint venture between The Beach Co., Swain & Associates and Larson Capital Management has broken ground on The Sterling, a 265-unit apartment community located within the larger mixed-use development of Center Point in Wilmington. Clancy & Theys Construction Co. is the general contractor for the project, which will feature a four-story building that totals 326,384 square feet.   The luxury apartment complex will offer studios, one-, two- and three-bedroom apartments, as well as a swimming pool, courtyard, fitness center, billiards and game rooms, golf simulator, business and outdoor lounges, electric vehicle charging stations, a dog park and grilling areas. The Sterling is slated to open in August 2026, with preleasing beginning in May 2026.  

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DevelopmentIndustrialNorth CarolinaSoutheast

M. David Properties Completes 105,384 SF Industrial Facility in Charlotte

by John Nelson

CHARLOTTE, N.C. — M. David Properties has completed SilverPark North I, a 105,384-square-foot industrial facility located within the three-building SilverPark North industrial campus in Charlotte. SilverPark North I features 32-foot clear heights, 20 dock-high doors and two drive-in doors, as well as a 2,501-square-foot speculative office suite. Veho, a technology company that operates one of the largest parcel delivery platforms in the United States, leases a 60,932-square-foot space at SilverPark North III. SilverPark North II and III are now both fully occupied. Brad Cherry and Matthew Greer of JLL lead leasing efforts for the campus on behalf of M. David Properties.

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DevelopmentNorth CarolinaSoutheastStudent HousingTennessee

Preiss, FD Stonewater to Break Ground on Two Student Housing Developments Near NC State and University of Tennessee

by John Nelson

RALEIGH, N.C. AND KNOXVILLE, TENN. — A joint venture between The Preiss Co. and FD Stonewater has acquired sites for two student housing developments in North Carolina and Tennessee. Projects will includes Signature on Grand, located near the University of Tennessee in Knoxville; and Signature on Varsity, which will serve students attending North Carolina State University in Raleigh. The communities will offer over 1,200 beds in studio through five-bedroom configurations. Shared amenities will include resort-style pools, state-of-the-art fitness centers, study lounges and social spaces. The communities will be developed in partnership with Monarch Alternative Capital and are scheduled for completion in fall 2027. Ian Walker and Ben Roelke of Newmark secured debt and construction financing for the communities. Teddy Leatherman and Jayme Nelson of JLL secured additional equity for the projects.

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AcquisitionsNorth CarolinaRetailSoutheast

Matthews Negotiates Sale of 40,733 SF Retail Center in Fayetteville, North Carolina

by John Nelson

FAYETTEVILLE, N.C. — Matthews Real Estate Investment Services has negotiated the sale of The District at Freedom Town Center, a 40,733-square-foot retail center located at 2707-2737 Freedom Parkway Drive in Fayetteville. The buyer, an affiliate of Serota Properties doing business as Serota Islip NC II LLC, purchased the property from Greenville, S.C.-based developer RealtyLink for an undisclosed price. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews brokered the transaction. The District at Freedom Town Center is adjacent to Phases I and II of the adjacent Freedom Town Center that includes tenants including Sprouts Farmers Market, HomeGoods, Hobby Lobby, Dick’s Sporting Goods, Burke’s Outlet, Five Below, World Market, DSW and Petco.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Foundry Commercial Facilitates 31,392 SF Office Lease in Charlotte

by John Nelson

CHARLOTTE, N.C. — Foundry Commercial has facilitated a 31,392-square-foot office lease at The Edison, a new 125,000-square-foot office building located in Charlotte’s Airport submarket. The tenant, the National Board of Examiners in Optometry (NBEO), plans to move into its new headquarters space this summer. Meredith Ball, Karah Tanneberger and Eliza Gordon of Foundry represented the unnamed landlord in the lease negotiations. Brian Brtalik and Mike Dempsey, also with Foundry, represented NBEO. The new lease brings The Edison to 75 percent occupancy. Amenities at the office building include a high-end fitness facility, outdoor space with a food truck program and ample onsite parking.

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HospitalityLoansNorth CarolinaSoutheast

Cronheim Hotel Capital Arranges $54M Refinancing for Homewood Suites Hotel in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — Cronheim Hotel Capital has arranged a $54 million loan for Homewood Suites by Hilton Charlotte Uptown First Ward, a 211-room hotel located at 508 N. College St. in Uptown Charlotte. Beau Williams and Drew Gilligan of Cronheim Hotel Capital arranged the financing on behalf of the borrower, Raleigh-based Concord Hospitality. The direct lender was not disclosed. According to the property website, the Homewood Suites hotel features a lobby, lounge, bar, restaurant, business center, fitness center and luggage storage. The 13-story hotel opened in 2023, according to local media outlets.

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