North Carolina

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

Arizona Florida Georgia Industrial Kentucky Midwest Missouri North Carolina South Carolina Southeast Tennessee Texas Top Stories Virginia Western

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

Acquisitions Industrial North Carolina Southeast

CBRE Brokers $37M Sale of Cordage Warehouse in Charlotte

by John Nelson June 29, 2022

CHARLOTTE, N.C. — CBRE has brokered the $37 million sale of Cordage, a Class A warehouse and distribution center located at 11540 Cordage St. in Charlotte’s Arrowood district. Boston-based TA Realty purchased the 212,000-square-foot property from local developer Childress Klein. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Grayson Hawkins, Robert Hardaway, Frank Fallon and Trey Barry of CBRE represented the seller in the transaction. Built in 2020, Cordage features 15,519 square feet of office space, 30-foot clear heights, an ESFR sprinkler system, LED lights, 56 dock doors (including six drive-in doors) and 50- by 50-foot column spacing with a 60-foot speed bay. The property also includes a 130-foot truck court with a 60-foot concrete apron and 223 parking spaces. Cordage was fully leased to eight tenants at the time of sale.

June 29, 2022

Market Reports North Carolina Office Southeast Southeast Market Reports

A Migration Destination: Charlotte’s Office Market Continues to Evolve

by John Nelson June 27, 2022

By Chase Monroe, Carolinas Market Director and Charlotte Brokerage Lead, and Chris Schaaf, Executive Managing Director of Tenant Representation, JLL Nearly two years after the onset of the pandemic, Charlotte’s office market is showing strong signs of recovery as economic momentum builds. Last year, the Queen City set the stage for growth with 4.9 million square feet of office space delivered from pre-pandemic projects, boasting over 1 million square feet more than any other metro for deliveries that occurred in 2021. Market-wide preleasing also exceeded 60 percent and nearly 2.1 million square feet of office space was under construction. Entering 2022, the market continued to forge ahead as large occupiers started their return to the office, and leasing activity began to surge throughout the region. And long-anticipated projects, such as Legacy Union, 110 East and The Station broke ground. According to Urban Land Institute’s 2021 annual report, Charlotte ranked No. 6 among the hottest real estate markets in the United States, with developers and investors betting big on Sun Belt cities. Deemed an 18-hour magnet city by the Emerging Trends in Real Estate survey, people and businesses alike are flocking to Charlotte, the so-called “migration destination.” Thanks to strong economic …

June 27, 2022

Development Mixed-Use North Carolina Southeast

Crosland, Harbour Retail to Develop 78-Acre Mixed-Use Wallbrook Project in Rolesville, North Carolina

by John Nelson June 24, 2022

ROLESVILLE, N.C. — Crosland Southeast and Harbour Retail Partners are co-developing Wallbrook, a 78-acre mixed-use development in the Raleigh suburb of Rolesville. The property is expected to comprise 140 residential units and 265,000 square feet of commercial space, including a 50,000-square-foot Publix grocery store. Phase I will include 80,000 square feet of space, including the Publix. The developers have tapped Charlie Coyne and Matt Larson of CBRE|Raleigh to oversee leasing for the retail component. No construction timeline was given.

June 24, 2022

Acquisitions Multifamily North Carolina Southeast

Kirkland Brokers $90.9M Sale of Apartment Community in Charlotte

by John Nelson June 23, 2022

CHARLOTTE, N.C. — The Kirkland Co. has brokered the $90.9 million sale of Amaze @ NoDa, a 298-unit apartment community in Charlotte. Built in 2020, the gated property is situated in Charlotte’s NoDa (north of Davidson Street) district along the Lynx Blue Line rail. Dennis Harris, Austin Haney and Matt Behr of Kirkland represented the seller and developer, Neyland Apartment Associates, in the transaction. Stoneweg U.S. LLC, a multifamily investor and developer based in St. Petersburg, Fla., was the buyer. Amaze @ NoDa features studio, one- and two-bedroom units, as well as a pool, clubhouse, sky lounge with an outdoor bar, business center, bike storage, fitness center, dog park, firepits, courtyard and grills.

June 23, 2022

Newer Posts

Older Posts