Sunday, January 12, 2025
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DevelopmentLeasing ActivityLife SciencesNorth CarolinaSoutheast

Life Sciences Firm Leases 100,000 SF at Midtown BioCenter in Midtown Raleigh

by John Nelson

RALEIGH, N.C. — Targan, a locally based research-and-development firm serving the poultry industry, has leased 100,000 square feet at Midtown BioCenter, a life sciences conversion project in Raleigh’s Midtown district. Situated at the intersection of Six Forks and Wake Forest roads, the property was formerly a Kroger grocery store. The developer and landlord, East West Partners, plans to deliver the project in spring 2023. Upon completion, Midtown BioCenter will feature lab and biomanufacturing space, as well as office space. The project team includes general contractor ARCO Design/Build and lead architect Redline Design Group. Brad Corsmeier and Lee Clyburn of CBRE|Raleigh represented East West Partners in the lease deal. Kathryn Lawn and Deborah Boucher of Cushman & Wakefield represented Targan.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential to Build 330-Unit Apartment Community in Northwest Charlotte

by John Nelson

CHARLOTTE, N.C. — Alliance Residential Co. has closed on the land purchase of 18.3 acres at 9741 Mount Holly Road in northwest Charlotte for the development of Prose Rhyne, a new 330-unit apartment community. The garden-style property, which will comprise 11 residential buildings and a clubhouse with a fitness center and pool, will welcome its first residents in fall 2023. Designed by architect Cline Design Associates, Prose Rhyne’s one- and two-bedroom apartments will average 996 square feet in size and feature granite countertops, stainless steel appliances, wood-style flooring, walk-in closets and washers and dryers in every unit. The community is one of five active projects in the Charlotte area for Alliance Residential and the second Prose-branded property in the market.

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DevelopmentIndustrialNorth CarolinaSoutheast

Poettker Construction Breaks Ground on 946,348 SF Industrial Complex in Metro Charlotte

by John Nelson

GASTONIA, N.C. — Poettker Construction has broken ground on the second phase of Gateway 85, an industrial park located 22 miles west of Charlotte in Gastonia. NorthPoint Development is the project developer for both tilt-wall facilities. Phase II comprises Building 4, a 241,114-square-foot warehouse located on 15 acres at 3145 Aberdeen Blvd., and Building 7, a 705,234-square-foot warehouse located on 40 acres at 3301 Lineberger Road. Preparation of the 55-acre development will entail the relocation of an existing road that goes through the site and reworking the intersection, as well as site clearing and hauling away excess dirt. No construction timeline was disclosed. Poettker Construction is nearing completion on a similar project for NorthPoint in Salisbury, N.C.

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DevelopmentIndustrialNorth CarolinaSoutheast

Poettker Construction Breaks Ground on 946,348 SF Industrial Complex in Metro Charlotte

by John Nelson

GASTONIA, N.C. — Poettker Construction has broken ground on the second phase of Gateway 85, an industrial park located 22 miles west of Charlotte in Gastonia. NorthPoint Development is the project developer for both tilt-wall facilities. Phase II comprises Building 4, a 241,114-square-foot warehouse located on 15 acres at 3145 Aberdeen Blvd., and Building 7, a 705,234-square-foot warehouse located on 40 acres at 3301 Lineberger Road. Preparation of the 55-acre development will entail the relocation of an existing road that goes through the site and reworking the intersection, as well as site clearing and hauling away excess dirt. No construction timeline was disclosed. Poettker Construction is nearing completion on a similar project for NorthPoint in Salisbury, N.C.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Solomon Organization Sells Three Apartment Communities in Metro Charlotte for $173.5M

by John Nelson

CHARLOTTE AND MATTHEWS, N.C. — The Solomon Organization has sold a three-property multifamily portfolio in metro Charlotte for $173.5 million. The garden-style assets include Waterford Hills Apartments, a 270-unit property that was built in 1995 at 6219 Waterford Hills Drive in Charlotte; Mission Matthews Place a 392-unit community built in 1994 at 2100 Woodway Hills Drive in Matthews; and Matthews Pointe, a 100-unit property built in 1986 at 2100 Woodway Hills Drive in Matthews. Kevin Kempf, Howard Jenkins, Drew Harney and William Yowell of CBRE represented Solomon Organization in the transaction. CBRE Debt & Structured Finance secured the debt for the undisclosed buyer.

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DevelopmentLoansNorth CarolinaOfficeSoutheast

JLL Arranges Construction Loan for 600 South Tryon Office Tower in Charlotte

by John Nelson

CHARLOTTE, N.C. — JLL has arranged an undisclosed amount of construction financing for 600 South Tryon, a 24-story office tower development in Charlotte. The 415,000-square-foot building will be part of Legacy Union, a 10-acre mixed-use development that comprises the SIX50, Bank of America Tower and Honeywell’s global corporate headquarters. Campbell Roche, Travis Anderson, Taylor Allison, Kristi Leonard, Tom Stewart and Ryan Pride of JLL arranged the five-year, floating-rate loan through Square Mile Capital Management LLC on behalf of the borrower, a partnership between Lincoln Harris and the real estate business of Goldman Sachs Asset Management. 600 South Tryon, which is 25 percent preleased, will include outdoor terraces, 20,000 square feet of ground-floor retail space, upscale finishes and amenities. No construction timeline was disclosed.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

CRC Acquires Apartment Community in Downtown Raleigh for $36.5M

by John Nelson

RALEIGH, N.C. — Continental Realty Corp. (CRC) has purchased 800 St. Marys Apartments, a 65-unit multifamily community located at 800 St. Marys St. in downtown Raleigh’s Glenwood South neighborhood. Built in 2020 by Selwyn Property Group and Southeast Apartment Investors, 800 St. Marys is a four-story elevator building with townhomes and attached garages. Units come in one-, two- and three-bedroom floor plans ranging from 963 to 1,666 square feet, with an average unit size of 1,224 square feet. The community was 95 percent occupied at the time of sale. Community amenities include an outdoor terrace with a kitchen, fire pit with seating, fitness center, clubhouse equipped with flat screen TVs, wine lockers, complimentary coffee bar, business lounge with private conference center and a controlled-access parking garage. Adam Randall and John Westby-Gibson of Newmark originated an undisclosed amount of Freddie Mac acquisition financing on behalf of CRC, which purchased the asset through its Core Multifamily Fund LP in partnership with Baltimore-based Brown Advisory in an off-market transaction.

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DevelopmentIndustrialLeasing ActivityNorth CarolinaSoutheast

Apparel Manufacturer AS Colour Signs 240,000 SF Industrial Lease in Southwest Charlotte

by John Nelson

CHARLOTTE, N.C. — AS Colour, a New Zealand-based apparel designer and manufacturer, has signed a 240,000-square-foot lease at 11109 Quality Drive in southwest Charlotte. The new facility will be the largest among AS Colour’s existing network of distribution centers in New Zealand, Australia, the UK and California, and will serve as the firm’s base of operations on the East Coast. Chris Skibinski, Henry Lobb and Colin Ferguson of Avison Young represented the landlord, Charland Partners, in the lease negotiations. Tom Tropeano, also with Avison Young, represented AS Colour.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Aldon Purchases Elevate Powell & Broad Apartments in Metro Raleigh for $129M

by John Nelson

FUQUAY-VARINA, N.C. — Aldon, a multifamily developer and investor based in Bethesda, Md., has purchased Elevate Powell & Broad, a luxury apartment community located at 141 Stobhill Lane in the Raleigh suburb of Fuquay-Varina. The undisclosed seller traded the 384-unit community to Aldon for $129 million. Completed in 2021, Elevate Powell & Broad has been rebranded as Aldon at Powell & Broad. The property features one- and two-bedroom floorplans with stainless steel appliances, movable kitchen islands, granite countertops, private terraces and balconies, nine-foot ceilings and sunrooms in select units. Community amenities include a resort-style pool, fitness center, two dog parks, dog spa, coffee bar, game room, car care center, cornhole, playground and an outdoor pavilion with a fire pit. Aldon’s purchase of Aldon at Powell & Broad caps a trio of multifamily investments the company has made in the Research Triangle in the past 12 months totaling $315 million.

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Market ReportsNorth CarolinaOfficeSoutheastSoutheast Market Reports

A Return to the Office Spurs More Real Estate Decisions in Raleigh-Durham

by John Nelson

The Raleigh-Durham office market is poised for future growth as it exits the pandemic, however the question for us all is when. Re-occupancy of buildings by office users has been stubborn in the current post-pandemic environment. Despite the sluggish activity since the beginning of the year, there have been bright spots with companies becoming more strategic about their office space decisions as they return, especially in newer projects that offer best-in-class experiences. Moving forward, there will be economic and geopolitical headwinds that may interfere with the pace of recovery. However, investors and developers continue to the see the value in the market due to our highly educated workforce, favorable business climate and one of the fastest growing population centers in the country. The return of the workplace is the main driving factor for the activity in the office leasing market. As companies execute their re-occupancy plans, they are reevaluating their existing buildings, footprints and workspaces in a way that we have never seen before. Forward thinking organizations are making decisions to create unique spaces where their employees want to come to work, rather than a space where they have to come to work. We have quickly seen that one size …

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