Monday, March 10, 2025
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AcquisitionsMultifamilyNorth CarolinaSoutheast

Blackfin Sells Pressley South End Apartments in Charlotte for $78M

by John Nelson

CHARLOTTE, N.C. — Blackfin Real Estate Investors has sold Pressley South End, a 504-unit apartment community located at 1210 Pressley Road in Charlotte’s South End submarket. The undisclosed buyer purchased the community for $78 million. Built in 1969, the property comprises one-, two- and three-bedroom units and features onsite management and maintenance teams, a basketball court, playground, pet park and a walking trail. Deaton Investment Real Estate represented Blackfin in the transaction, which is the firm’s third sale in 2022. Blackfin purchased Pressley South End in June 2017 for $19 million.

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AcquisitionsIndustrialNorth CarolinaOfficeSoutheast

CBRE Negotiates $20.8M Sale of Airpark East Flex Office Park in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — CBRE has negotiated the sale of Airpark East, a 229,184-square-foot flex/office park in Greensboro that comprises 13 buildings. A joint venture between Somerset Properties and Ten Capital Management purchased the park for $20.8 million. Patrick Gildea, Matt Smith, Grayson Hawkins and Reggie Beeson of CBRE represented the undisclosed seller in the transaction. Airpark East was 87.8 percent leased to 31 tenants at the time of the sale, according to CBRE.

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AcquisitionsNorth CarolinaSelf-StorageSoutheast

CBRE Arranges $23.6M Sale of Two Self-Storage Facilities in Suburban Charlotte

by John Nelson

SALISBURY AND MOORESVILLE, N.C. — CBRE has arranged the $23.6 million sale of two self-storage facilities in the Charlotte suburbs of Salisbury and Mooresville. Lakeland Village acquired the portfolio, both of which are operated by Extra Space Storage, from an undisclosed private investor. Morgan Windbiel of CBRE’s Self Storage Advisory Group represented the seller in the transaction. The Salisbury facility, located at 725 Jake Alexander Blvd. S, measures 66,000 square feet and includes 680 units. A second phase expansion was delivered at certificate of occupancy, according to CBRE. The Mooresville facility, located at 1110 Brawley School Road, measures 70,994 square feet and consists of 705 units.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

CBRE Arranges $50.6M Construction Loan for Multifamily Redevelopment Project in Chapel Hill, North Carolina

by John Nelson

CHAPEL HILL, N.C. — CBRE has arranged $50.6 million in construction financing for Link Apartments Calyx, a 304-unit multifamily redevelopment project in Chapel Hill. Nate Sittema, Kristen Reilley, Elliott Voreis and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in the Carolinas originated the 10-year, 60 percent loan-to-stabilized value construction loan through an unnamed life insurance company on behalf of the borrower, Grubb Properties. Link Apartments Calyx is located at the intersection of Lanark and Maxwell roads within Phase II of the redevelopment of Glen Lennox, an approximately 70-acre historic master-planned neighborhood that was purchased by Grubb Properties in 1985. Link Apartments Calyx will offer studio, one- and two-bedroom apartments, as well as a fitness center, coworking space, a cycle center, pool, rooftop resident lounge and a parking garage. Construction is expected to be completed in 2023. Overall, the second phase of the Glen Lennox redevelopment is set to include 650 residential units, 90,000 square feet of retail space, a 150-room hotel and 275,000 square feet of office space.

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AcquisitionsLoansNorth CarolinaSeniors HousingSoutheast

Ziegler Arranges Acquisition Financing for 203-Unit Seniors Housing Property in Burlington, North Carolina

by John Nelson

BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns and operates a second CCRC in nearby Greensboro, N.C. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring was installed as operator. Ziegler served as the placement agent for the taxable loans with Pinnacle Bank as the lender. The amount of the financing was not disclosed. In addition to the acquisition, the transaction will fund capital improvements at the campus.

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AcquisitionsMixed-UseMultifamilyNorth CarolinaSoutheast

Northmarq Brokers Sale of One City Center Apartments in Downtown Durham

by John Nelson

DURHAM, N.C. — Northmarq has brokered the sale of the apartments at One City Center, a 28-story mixed-use tower located at 110 Corcoran St. in downtown Durham. Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Sara Wagman of Northmarq represented the seller and developer, Austin Lawrence Partners, in the transaction. The buyer and sales price were not disclosed. Built in 2019, the property features 109 apartments, as well as a rooftop pool and hot tub, fitness center and a courtyard on the sixth floor with an al fresco dining area and fenced dog park. Individual units feature floor-to-ceiling windows, custom quartz countertops and private balconies. One City Center also features 30 for-sale condominiums, 130,000 square feet of office space and 22,000 square feet of retail space that were not part of the transaction.

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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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