North Carolina

Bell Partners Acquires Two Multifamily Communities in Charlotte Area Totaling 544 Units

by John Nelson May 26, 2022

CHARLOTTE AND MOORESVILLE, N.C. — Greensboro, N.C.-based Bell Partners Inc. has acquired two communities in metro Charlotte: Element Uptown, a 352-unit high-rise community in Uptown Charlotte, and Waypoint West, a 192-unit, garden-style apartment community in Mooresville. Both properties were purchased via investment vehicle Bell Apartment Fund VII. The seller and purchase price were not disclosed. Element Uptown will be renamed Bell Uptown Charlotte. Completed in 2015, the 21-story community offers walkable access to retail and recreation amenities including Bank of America Stadium and other professional sports arenas. The community features studio, one- and two-bedroom floor plans and plentiful off-street parking. Bell Partners currently manages four other properties in the Uptown and nearby South End submarkets. Waypoint West will be renamed Bell Mooresville West. Completed in 2021, the property is located in the Lake Norman submarket approximately 30 miles north of Charlotte. The property offers access to a large employment base, natural amenities and schools. The community features one-, two- and three-bedroom floor plans with amenities including a fitness center and yoga room, smart tech locks and thermostats, high-speed internet, a pool and grilling areas and a dog park and pet washing station.

May 26, 2022

Acquisitions North Carolina Retail Southeast

Walgreens Acquires Single-Tenant Retail Store in Whiteville, North Carolina for $5M

by John Nelson May 20, 2022

WHITEVILLE, N.C. — Walgreens Boots Alliance has purchased one of its stores in Whiteville, a town equidistant from coastal markets Myrtle Beach, S.C., and Wilmington, N.C. Located at 803 N. JK Powell Blvd., the 14,820-square-foot property sold for approximately $5 million. According to brokerage firm Newmark, the drug store retail giant exercised its right of first refusal in purchasing the store, which has 10.1 years remaining on its triple-net lease. Walgreens signed the 25-year lease at the store in 2006. Matt Berres, Samer Khalil and Karick Brown of Newmark represented the seller, an undisclosed institutional investment firm based in Phoenix, in the transaction. Other single-tenant transactions this Newmark team has brokered recently include a $2.3 million sale of a medical office property in Cartersville, Ga., leased to Northwest ENT and Allergy Center and a $1.4 million sale of a store in Morgantown, Ky., leased to Advance Auto Parts. Deerfield, Ill.-based Walgreens operates approximately 18,500 retail locations worldwide, more than half of which are in the United States.

May 20, 2022

Acquisitions North Carolina Office Southeast

Crestlight Capital Acquires SouthPark Towers Office Campus in Charlotte

by John Nelson May 19, 2022

CHARLOTTE, N.C. — Private equity investment firm Crestlight Capital has purchased SouthPark Towers, a two-building office campus in Charlotte’s SouthPark submarket totaling 534,263 square feet. The sales price and seller were not disclosed. The transaction represents Crestlight’s first office investment in Charlotte and fourth investment over the past 16 months, totaling over $500 million of enterprise value. The firm, which has regional headquarters in Detroit and New York City, partnered with an unnamed institutional investor for the acquisition. Crestlight plans on executing a significant renovation of both buildings, including cosmetic improvements, new building amenities and an overhaul of outdoor space. Crestlight has tapped Joe Franco, Kris Westmoreland and Stephanie Spivey to handle leasing at SouthPark Towers.

May 19, 2022

Acquisitions Industrial North Carolina Southeast

Avison Young Brokers $35M Sale of Industrial Facility in Southwest Charlotte

by John Nelson May 18, 2022

CHARLOTTE, N.C. — Avison Young has brokered the $35 million sale of a 300,000-square-foot industrial facility located at 10800 Withers Cove Park Drive in southwest Charlotte. Built in 2000, the property was fully leased at the time of sale to Essendant, a national wholesale distributor of office supplies. The facility features a concrete tilt-wall construction, cross-dock loading, an ESFR sprinkler system and available land for future expansion opportunities or excess trailer parking. Tom Tropeano, Chris Loyd and Chris Skibinski of Avison Young’s Charlotte industrial team represented the private seller in the transaction. The buyer and seller were not disclosed.

May 18, 2022

Acquisitions Industrial North Carolina Southeast

Pennybacker Capital Buys 251,314 SF Infill Industrial Facility in Raleigh

by John Nelson May 17, 2022

RALEIGH, N.C. — Pennybacker Capital has purchased a 251,314-square-foot infill industrial facility located at 3200 Bush St. in Raleigh. Grayson Hawkins, Chandler Hawkins, Patrick Gildea and Matt Smith of CBRE represented Pennybacker Capital in the transaction. New Market Strategies sold the asset, which was fully leased at the time of sale to an e-commerce user, building material suppliers and Wake Tech, a regional community college, for an undisclosed price. Situated on a 20-acre site, the facility is located north of I-440 near Raleigh’s North Hills district.

May 17, 2022

Acquisitions North Carolina Retail Southeast

IPA Brokers $83M Sale of Freedom Town Center Shopping Center in Fayetteville, North Carolina

by John Nelson May 16, 2022

FAYETTEVILLE, N.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $83 million sale of Freedom Town Center, a 350,800-square-foot shopping center in Fayetteville. Built in 2017, the property was almost fully leased at the time of sale to tenants such as Sprouts Farmers Market, Dick’s Sporting Goods, Hobby Lobby, Field & Stream, HomeGoods, Burkes Outlet, Petco, buybuy Baby, DSW, World Market, Five Below, Osh Kosh B’Gosh and Five Guys. New York-based Triple Net Group sold Freedom Town Center to an unnamed investment group in a 1031 exchange. Steven Siegel of IPA represented both parties in the transaction. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted Siegel.

May 16, 2022

Development Mixed-Use North Carolina Southeast

Dewitt Carolinas to Begin Construction on 1000 Social Office Tower at $1B Exchange Raleigh

by John Nelson May 13, 2022

RALEIGH, N.C. — Dewitt Carolinas Inc. plans to break ground in June on 1000 Social, one of two office towers planned at The Exchange Raleigh. The $1 billion development, which was originally named Midtown Exchange, will span 40 acres and include offices, apartments, shops, restaurants, greenspace and trails. Dewitt has tapped CBRE | Raleigh to lease the 12-story building, which will span 354,000 square feet and include 20,000 square feet of retail space and 7,500 square feet of meeting space. The project team includes general contractor Brasfield & Gorrie and architect Rule Joy Trammell + Rubio. Dewitt plans for the full buildout of The Exchange Raleigh to last seven to 10 years. The firm is putting the finishing touches on the project’s onsite infrastructure, including utilities, roadwork and gutters, telecom and stormwater systems. 1000 Social represents the first building to go vertical.

May 13, 2022

Acquisitions North Carolina Office Southeast

Highwoods to Acquire Office Tower in Uptown Charlotte for $203M

by John Nelson May 10, 2022

CHARLOTTE, N.C. — Highwoods Properties Inc. plans to purchase 650 South Tryon at Legacy Union, an 18-story office tower in Uptown Charlotte that is anchored by Big 4 accounting firm Deloitte. The Raleigh-based REIT plans to acquire the 367,000-square-foot, LEED Gold-certified tower for $203 million, which includes $3.9 million of capital expenditures to boost occupancy of the tower. The property was 78 percent leased at the time of the transaction, which is expected to close in the third quarter. The seller was not disclosed but the developer, Lincoln Harris, delivered the property in late 2020. The tower represented Phase II of the Legacy Union mixed-use campus and is connected to the 33-story Bank of America Tower, which Highwoods also owns. Additionally, Highwoods has agreed to acquire a development site in Charlotte’s South End district for $27 million. The parcel at 1426 S. Tryon St. is tentatively planned for a mixed-use property comprising 300,000 square feet of office space and 250 apartments. The seller of the site was also not disclosed.

May 10, 2022

Development Mixed-Use Multifamily North Carolina Southeast

Summit Design + Build Breaks Ground on New Multifamily Project Near Charlotte

by John Nelson May 10, 2022

KANNAPOLIS, N.C. – Chicago-based general contractor Summit Design + Build has kicked off construction on Stadium Lofts South, a 69,000-square-foot multifamily project in the Charlotte suburb of Kannapolis. Once complete, the project will overlook the baseball stadium of the Kannapolis Cannon Ballers, a Minor League Baseball team and Class A affiliate of the Chicago White Sox. The seven-story building will have two floors of retail/office space and five floors of apartments totaling 43 units. The building will feature a lobby, fitness center, club room, balconies and a parking garage. The project is expected to wrap up in spring 2023. The project team includes developer Lansing Melbourne Group and architect Built Form. Stadium Lofts South marks the first construction project for Summit Design + Build in North Carolina.

May 10, 2022

Build-to-Rent Conference Coverage Development Features Multifamily North Carolina Single-Family Rental South Carolina Southeast Southeast Feature Archive

Speed to Market is ‘Almost the Only Priority’ for Multifamily Developers Looking to Avoid Cost Risks, Say InterFace Panelists

by John Nelson May 9, 2022

CHARLOTTE, N.C. — Multifamily developers are pushing their chips in and aggressively looking for new development deals, especially for sites in and around high-growth markets in the Southeast. Michael Tubridy, senior managing director of Crescent Communities, said his firm isn’t leaving anything to chance and is looking to move quickly on development opportunities. “We’re trying to get as many units on the ground today as possible, because tomorrow will be more expensive,” said Tubridy. “I like the chances of today’s cost environment a lot better than I like the unknown of where we’ll be a year from now or two years from now. Putting a premium on speed to market is something that we are much more focused on; it’s almost the only priority right now.” Tubridy’s comments came during the development panel at InterFace Carolinas Multifamily 2022. The half-day event was held on April 14 at the Hilton Uptown Charlotte hotel and attracted more than 260 attendees from all facets of the multifamily industry in North Carolina and South Carolina. Michael Saclarides, director of Cushman & Wakefield’s Multifamily Advisory Group, moderated the discussion. Crescent Communities is far from the only multifamily developer pursuing ground-up construction opportunities in earnest. In …

May 9, 2022

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