North Carolina

Armada Hoffler Sells Two Single-Tenant Retail Properties in Durham for $23.9M

by John Nelson July 15, 2022

DURHAM, N.C. — Virginia Beach, Va.-based Armada Hoffler Properties has sold two single-tenant retail properties in Durham for a combined $23.9 million. The assets include a 120,000-square-foot store at 1700 N. Pointe Drive that is leased to The Home Depot and a 148,663-square-foot store at 1510 N. Pointe Drive leased to Costco. The adjacent, triple-net-leased stores are situated within two miles of Duke University and downtown Durham. Alex Sharrin, Alex Geanakos and Michael Roberts of JLL represented Armada Hoffler in the transaction. An unnamed investment firm based in New York City purchased both stores.

July 15, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Brokers $64M Sale of New Distribution Center in Winston-Salem

by John Nelson July 14, 2022

WINSTON-SALEM, N.C. — Cushman & Wakefield has brokered the $64 million sale of Union Cross Distribution Center, a newly built logistics center located at 4051 Wallburg Road in Winston-Salem. The developer, Front Street Capital, sold the 610,000-square-foot facility to Galaxy Investments LLC, an affiliate of The Halle Cos. Rob Cochran, Nolan Ashton, Bill Harrison, Stewart Calhoun, Casey Masters, Bobby Finch, Jason Ofsanko and Hap Royster of Cushman & Wakefield represented the seller in the transaction. Union Cross Distribution Center was fully leased to an undisclosed tenant at the time of sale. The property features 40-foot clear heights, cross-dock loading, LED lighting, concrete tilt-wall construction and access to the Triad’s major transportation arteries along with Piedmont Triad International Airport. It is also located adjacent to the established Union Cross Business Park, a 403-acre industrial park.

July 14, 2022

Acquisitions Multifamily North Carolina Southeast

Blaze Capital Purchases 240-Unit Fieldstone Apartments in Mebane, North Carolina

by John Nelson July 13, 2022

MEBANE, N.C. — Blaze Capital Partners, a multifamily investment firm based in Charleston, has purchased Fieldstone Apartments, a 240-unit, garden-style community in Mebane. This deal marks the first in the Triangle market for the investment firm. The seller and sales price were not disclosed. Blaze Capital plans to invest $2.5 million in property improvements at Fieldstone, including select unit interior enhancements and upgrades to landscaping and community amenities. Fieldstone offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances and outdoor patios and balconies. Community amenities include a 24-hour fitness center, resort-style pool and sundeck, coffee bar, dog park and a playground.

July 13, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Prudent Growth Buy Metro Charlotte Apartment Community for $17.8M

by John Nelson July 12, 2022

LINCOLNTON, N.C. — A joint venture between Magma Equities and Prudent Growth Partners has purchased The Oaks Apartment Homes, a 111-unit multifamily community located in the Charlotte suburb of Lincolnton. The duo purchased the property from the undisclosed seller in an off-market transaction for $17.8 million. Built in 2002, The Oaks comprises one-, two- and three-bedroom apartments located on an 11.7-acre site. Community amenities include a fitness center, basketball court, grilling area, playground and a dog park. The community was 97 percent occupied at the time of sale.

July 12, 2022

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Charlotte’s Underlying Fundamentals Support Strong Industrial Development, Forward Sales

by John Nelson July 11, 2022

In a constantly evolving and unprecedented era, Charlotte is an extremely well-positioned industrial market experiencing significant rent growth, an influx of new capital and development in new frontiers. As of first-quarter 2022, Charlotte was nearing an all-time low vacancy rate and rental rate growth reached more than 12 percent year-over-year. Needless to say, Charlotte has become a prime target for industrial investors, developers and tenants. Staggeringly low vacancy, strong tenant demand and rapid rent growth are trends the industrial real estate sector is experiencing around the county. While these trends are not necessarily unique to Charlotte, they are having a particularly large impact on how Charlotte is growing. These strong underlying leasing fundamentals accompanied by land scarcity left Charlotte under-supplied with developers on the hunt for land. A recent announcement by the Silverman Group is a great example. After closing on a 200-acre site just 30 minutes northeast of Charlotte in Rowan County, the Silverman Group announced a speculative industrial development capable of up to 1.9 million square feet and quickly signed a lease with Macy’s for an e-commerce distribution center spanning 1.4 million square feet. On the west side of Charlotte in Gaston County, NorthPoint Development has seen similar …

July 11, 2022

Acquisitions Multifamily North Carolina Southeast

Capital Square Acquires 312-Unit Apartment Community in Arden, North Carolina

by John Nelson July 6, 2022

ARDEN, N.C. — Capital Square has acquired Retreat at Arden Farms, a 312-unit apartment community located at 539 Long Shoals Road in the Asheville suburb of Arden. The Richmond-based firm purchased the property for an undisclosed price through CS1031 Retreat at Arden Farms Apartments DST, a Delaware statutory trust investment offering that seeks to raise $68 million in equity. The seller was not disclosed. Situated on 28 acres in the Blue Ridge Mountains off I-26, Retreat at Arden Farms offers one-, two- and three-bedroom units averaging 957 square feet with tile backsplashes, stainless steel appliances, nine-foot ceilings, walk-in closets and balconies or patios. Amenities include a clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 fitness center, wellness studio, poolside grilling area, dog park, electric car charging stations and private garages and storage units.

July 6, 2022

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s Multifamily Market Sees Record Rent Growth, Investment Sales Activity

by John Nelson July 5, 2022

As Charlotte continues to expand its economy and population, its multifamily market is reporting unprecedented levels of activity. The market has experienced a tremendous rebound from the artificial pandemic performance in terms of investor demand, in-migration and rent growth. The market recorded double-digit rent growth in 2021, extremely tight vacancies across submarkets, record lease-up velocity and a modest supply of new deliveries. All these signs clearly point to a landlord’s market, and investors have taken notice. This year looks to be another solid one for Charlotte’s multifamily investment market, coming off a record-setting 2021 with nearly $6.4 billion in transactions (compared to $3.5 billion in 2020 and $3.7 billion in 2019). So far in 2022, pricing remains strong and sales are ahead of the pace set at the start of last year ($1 billion in first-quarter 2022 vs. $566 million in first-quarter 2021). Companies and residents are flocking to Charlotte, which is increasingly recognized as a high-growth market. It is business-friendly, offers a great lifestyle and is a talent magnet. Lowes, USAA and Centene are examples of companies expanding their footprints and hiring thousands of employees, all who need a place to live. Moreover, these are high-paying jobs ($100,000-plus), targeting …

July 5, 2022

Acquisitions Industrial North Carolina Southeast

JLL Brokers Sale of 475,901 SF Distribution Center in North Carolina’s Triad Region

by John Nelson July 1, 2022

WHITSETT, N.C. — JLL has brokered the sale of Greensboro I-40 Logistics Center, a newly built, 475,901-square-foot distribution center located in the Triad community of Whitsett. The Class A property is situated on 47.2 acres along the I-40 corridor near Greensboro, N.C. The developer, Atlanta-based Intersect Development Group, sold Greensboro I-40 Logistics Center to BentallGreenOak for an undisclosed price. Luis Castillo, Patrick Nally, Britton Burdette and Cody Brais of JLL represented the seller in the transaction. Paul Spellman, Taylor Allison and Emma Buch, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of BentallGreenOak.

July 1, 2022

Acquisitions North Carolina Office Southeast

Highwoods Properties Sells 298,037 SF Airpark East Office Park in Greensboro, North Carolina

by John Nelson June 30, 2022

GREENSBORO, N.C. — Highwoods Properties has sold Airpark East Office Park, a 298,037-square-foot office park situated along Albert Pick Road in Greensboro. Locally based investor Deep River Partners purchased the four-building office campus. The sales price was not disclosed, but Winston-Salem Journal reports the property traded for $20.3 million. The news outlet also reported Airpark East was 88.2 percent leased at the time of sale to tenants including Volvo Financial Services. Ben Kilgore of CBRE|Raleigh and Greg Wilson of CBRE|Triad represented Highwoods in the sales transaction. CBRE|Triad is the leasing agent of Airpark East, which features a conference center, café, walking trails, an amphitheater and wooded picnic areas.

June 30, 2022

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MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B

by Katie Sloan June 30, 2022

ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky. The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years. “This diversified portfolio provides immediate scale and operating …

June 30, 2022

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