North Carolina

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

Acquisitions Multifamily North Carolina Southeast

Magma Equities Acquires Litchford 315 Apartments in Raleigh for $83M

by John Nelson June 21, 2022

RALEIGH, N.C. — Magma Equities has purchased Litchford 315 Apartments, a 240-unit multifamily community in Raleigh that was delivered in January. The Southern California-based investor purchased the property in an off-market transaction for $83 million, which represents the company’s fourth investment in North Carolina this year and its largest single-property acquisition in the state. Litchford 315 features one-, two- and three-bedroom apartments across 10 buildings. Community amenities include a clubhouse, resort-style swimming pool, fitness center, billiards and gaming lounge and a dog park. Litchford 315 was 96 percent occupied at the time of sale. The seller/developer was not disclosed.

June 21, 2022

Development North Carolina Office Southeast

Charlotte Metro Credit Union to Build 48,000 SF Headquarters Office Building

by John Nelson June 21, 2022

CHARLOTTE, N.C. — Charlotte Metro Federal Credit Union (CMCU) plans to develop a new primary office building on the corner of Central Avenue and Piedmont Street in Charlotte’s Elizabeth neighborhood for its new headquarters. The two-story, 48,000 square-foot property will house the credit union’s operations and administration staff who currently deliver financial services for over 92,000 members. Designed by Liquid Design & Architecture, the building will have a large terrace on the second floor facing Uptown Charlotte, as well as a two-story atrium space and two underground levels of parking. The building will be directly adjacent to the new CMCU Central Avenue branch that broke ground in March and is expected to be open later this fall. Construction for the new headquarters will begin in the first quarter of 2023 with an expected completion date in the second quarter of 2024. Upon completion of the new headquarters facility, CMCU plans to sell its existing headquarters building at 718 Central Ave. in Charlotte but retain its operations offices in Matthews and Greensboro.

June 21, 2022

Acquisitions North Carolina Retail Southeast

Northwood Retail Sells Whole Foods-Anchored Shopping Center in Metro Raleigh for $88M

by John Nelson June 20, 2022

CARY, N.C. — Northwood Retail, a shopping center owner and management firm based in Dallas, has sold Waverly Place, a 190,000-square-foot shopping center in the Raleigh suburb of Cary. The sales price was not disclosed, but the Triangle Business Journal reported that the property traded for $88 million. Hines Global Income Trust, a non-listed REIT sponsored by Houston-based Hines, purchased the property. Whole Foods Market anchors Waverly Place, which houses a Cinebistro and 16,000 square feet of office space. Other notable retail tenants include Shake Shack, Drybar and CorePower Yoga. Waverly Place is the first acquisition in Raleigh-Durham for Hines Global Income Trust.

June 20, 2022

Development Loans Multifamily North Carolina Southeast

JLL Arranges $93.2M Construction Financing for Joinery Apartments in Charlotte

by John Nelson June 16, 2022

CHARLOTTE, N.C. — JLL has arranged debt and equity construction financing totaling $93.2 million for the second phase of development of The Joinery, a multifamily project in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson and Ryan Pride of JLL arranged the financing on behalf of the borrowers, Charlotte-based Space Craft and California-based Swinerton. The financing package included $28 million in equity that was raised from 480 individual investors on CrowdStreet and a $65.2 million loan from Benefit Street Partners. Set to open in 2023 at 1816 N. Brevard St. and 420 E. 22nd St., the two-building development will feature 361 one-, two- and three-bedroom apartments, as well as 17,384 square feet of ground-floor retail space and amenities including a rooftop patio and fitness centers in both buildings. Phase I of The Joinery opened earlier this year.

June 16, 2022

Civic Development North Carolina Retail Southeast

Charlotte City Council OKs $275M Financing for Spectrum Center Renovations, New Practice Facility for Hornets

by John Nelson June 14, 2022

CHARLOTTE, N.C. — The Charlotte City Council has approved the proposed $275 million financing package for renovations to Spectrum Center, the home arena for the NBA franchise Charlotte Hornets. The city council voted 10-1 to approve the plan, which includes a $60 million budget to build a new basketball practice training facility that will be funded via new revenue generated from sponsorships and naming right agreements. Financing for the city’s role in the $215 million in renovations to Spectrum Center (approximately $173 million) will be sourced from rental car and hotel taxes. The plan also extends the team’s lease through 2045, an additional 15 years from its lease expiration in 2030. Located at 333 E. Trade St. in Uptown Charlotte, Spectrum Center opened in October 2005 and has a seating capacity exceeding 20,000. In addition to Hornets home games, the arena hosts concerts, collegiate sporting competitions, comedy shows and other events. The City of Charlotte owns the arena and Hornets Sports & Entertainment operates it. Details about specific renovations or a construction timeline have not been made public.

June 14, 2022

Acquisitions North Carolina Office Southeast

CBRE|Raleigh Brokers Sale of 156,666 SF Situs Office Park in West Raleigh

by John Nelson June 13, 2022

RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Situs Office Park, a three-building office campus spanning 156,666 square feet on Raleigh’s west side. Atlanta-based The Simpson Organization purchased the park from Adler Real Estate Partners for an undisclosed price. Patrick Gildea of CBRE|Raleigh represented the seller in the transaction. The park was 91 percent leased at the time of sale to regional and national tenants including Circle K Stores, the General Services Administration (GSA), Millennia Patient Services, Silanna Semiconductor and MidPath Care Centers. CBRE|Raleigh is the leasing agent for Situs, which is situated on 14.8 acres off Situs Court near I-440 and I-40.

June 13, 2022

Acquisitions North Carolina Retail Southeast

Stream Realty Negotiates $24M Sale of Adaptive Reuse Retail Property in Charlotte’s South End

by John Nelson June 10, 2022

CHARLOTTE, N.C. — Stream Realty Partners has brokered the $24 million sale of an adaptive reuse retail property located at 332 W. Bland St. in Charlotte’s South End district. The 1920s-era property spans 39,118 square feet and was fully leased at the time of sale to Slingshot Social Game Club, Ruby Sunshine, Lost & Found and Resident Culture Brewery, which is one of Charlotte’s most frequented breweries. Charlotte-based Ferncroft Capital purchased the property from Magnus Capital Partners and CenterSquare Investment Management. Jared Londry, Mack Freudenstein, Alex Olofson and Parks Brown of Stream Realty represented the sellers in the transaction.

June 10, 2022

Development Multifamily North Carolina Southeast

ZOM Living, AEW Capital to Develop 248-Unit Apartment Community in Downtown Durham

by John Nelson June 9, 2022

DURHAM, N.C. — ZOM Living and AEW Capital Management have purchased a site at 500 E. Main St. in downtown Durham for the development of Maizon Durham, a 248-unit apartment community. The co-developers also secured $49 million in construction financing from Santander Bank. The project team includes architect Hord Coplan Macht, interior designer One Line Design Studio and general contractor LeChase Construction. Set to break ground this summer, Maizon Durham will feature studio, one-, two- and three-bedroom units ranging in size from 555 to 1,450 square feet, as well as coworking and conference spaces, a fitness center, dog spa, clubroom, 13,000 square feet of retail space and a swimming pool and sundeck.

June 9, 2022

Loans Multifamily North Carolina Southeast

Northmarq Secures $29M Refinancing of Arlington West Apartments in Jacksonville, North Carolina

by John Nelson June 9, 2022

JACKSONVILLE, N.C. — Northmarq has arranged the approximately $29 million refinancing of Arlington West Apartments, a 324-unit multifamily community located at 5049 Western Blvd. in Jacksonville, a city near North Carolina’s coast. Built in 2009, Arlington West spans 14 apartment buildings and features a resort-style saltwater swimming pool, playground, two dog parks, fitness center, game room and a business center. Bob Harrington and Paul Whalen of Northmarq arranged the 10-year, Freddie Mac loan on behalf of the undisclosed borrower. The interest-only loan was underwritten with a fixed interest rate in the mid-3 percent range.

June 9, 2022

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