North Carolina

Medical Device Manufacturer Leases 50,255 SF at Life Sciences Campus in Durham

by John Nelson May 5, 2022

DURHAM, N.C. — Restor3d, a locally based medical device manufacturer specializing in 3D-printed implants, has signed a 50,255 lease at Park Point, a 100-acre life sciences and creative campus within Research Triangle Park (RTP) in Durham. Restor3d will occupy 22,716 square feet on the first floor of the Edge West building and 27,509 square feet at the Grid building. The tenant aims to move into its space in the first quarter of 2023. Doug Cook of Cushman & Wakefield leads leasing efforts at Park Point on behalf of the landlord, Trinity Capital Advisors. Tucker Shade of Savills represented Restor3d in the lease negotiations.

May 5, 2022

Acquisitions Loans Multifamily North Carolina Southeast

Colliers Mortgage Provides $8.8M Fannie Mae Loan for Tindall Park Apartments in Charlotte

by John Nelson May 5, 2022

CHARLOTTE, N.C. — Colliers Mortgage has provided an $8.8 million Fannie Mae loan for the acquisition of Tindall Park at South Park Apartment Homes, a 37-unit, market-rate multifamily property located at 6023 Tindall Park Road in Charlotte. The loan carries a five-year term and a 30-year amortization schedule. The borrower is Los Angeles-based Summit Equity Investments. Built in 2017, Tindall Park at South Park is a pet-friendly property featuring conference rooms, a library, 24/7 gym, onsite property management, community-wide Wi-Fi, elevator and a lounge.

May 5, 2022

Development Multifamily North Carolina Southeast

Waypoint Residential Acquires Land in Charlotte, Plans 240-Unit Apartment Community

by John Nelson May 2, 2022

CHARLOTTE, N.C. — Waypoint Residential has acquired a 20-acre development tract in Charlotte’s Mountain Island Lake submarket. The Boca Raton, Fla.-based developer plans to build a 240-unit, garden-style apartment community on the site with units averaging approximately 900 square feet. No community amenities were announced. The land seller, locally based US Developments, is working with Waypoint Residential to find other development sites in the Charlotte MSA. Waypoint Residential plans to break ground in the fourth quarter and deliver first units in fourth-quarter 2023. The developer plans to fully deliver the unnamed community by the second quarter of 2024. The site is across the street from a Food Lion-anchored shopping center and is within three miles of the U.S. National Whitewater Center.

May 2, 2022

Loans Multifamily North Carolina Southeast

Ready Capital Closes $34M Loan for Multifamily Portfolio in Wilmington, North Carolina

by Julia Sanders April 28, 2022

WILMINGTON, N.C. — Ready Capital has closed a $34 million loan for the acquisition and renovation of a 200-unit, two-property multifamily portfolio in Wilmington. The non-recourse, interest-only, floating-rate loan features a 36-month term with two extension options and flexible prepayment. The loan is inclusive of a facility to provide future funding for capital expenditures and interest and operating shortfalls. Upon acquisition, the sponsor will convert the properties from student housing to traditional multifamily. In addition, the sponsor will implement a capital improvement plan to renovate unit interiors, improve curb appeal and upgrade community amenities and common areas.

April 28, 2022

Conference Coverage Features Multifamily North Carolina South Carolina Southeast Southeast Feature Archive

Multifamily Operators Battle Fraud, Labor Shortages on the Front Lines, Say InterFace Panelists

by John Nelson April 28, 2022

CHARLOTTE, N.C. — Property managers are navigating a minefield of issues in today’s apartment market. Analyzing renter applications for fraud, collecting overdue rent and turning over units from freeloading tenants are all in a day’s work for savvy apartment operators. Amanda Kitts, senior vice president of property management at Northwood Ravin, a multifamily owner and operator based in North Carolina, said that part of the role of an operations professional today entails poring over documents like check stubs, IDs and employment records to make sure the prospective resident is creditworthy. She said that fraud is more prevalent in some markets than others, so it’s imperative that property managers are adequately trained. “Charlotte still is a very big market for fraud, but Durham not so much. Chapel Hill is squeaky clean; nobody does anything wrong in Chapel Hill,” joked Kitts. “We have these applications and check stubs, and maybe one could be off, and you have to investigate and Google. We’re almost mini-FBI investigators.” Kitts’ comments came during the leasing and operations panel at France Media’s InterFace Carolinas Multifamily, which took place April 14 at the Hilton Uptown Charlotte. The networking and information conference drew more than 260 attendees from all facets …

April 28, 2022

Industrial Leasing Activity North Carolina Southeast

JLL Secures 340,000 SF Industrial Lease with FedEx Ground in Metro Raleigh

by Julia Sanders April 27, 2022

NEW HILL, N.C. — JLL has secured an approximately 340,000-square-foot lease with FedEx Ground at TIP West within Triangle Innovation Point, a 2,200-acre life sciences and advanced manufacturing park in New Hill. Matt Winters and Al Williams of JLL handle marketing and leasing for the park on behalf of ownership, a joint venture between Samet Corp., Lee-Moore Capital and a Denver-based family office. FedEx Ground will fully occupy Building One at TIP West, which is currently under construction. The building is part of the first phase of development at Triangle Innovation Point and will deliver by the end of the year. FedEx Ground is set to occupy the space in early 2023. Triangle Innovation Point can be subdivided for specific users as needed, with lot sizes ranging from 10 to 1,000 acres, and building layouts from 35,000 square feet up to 1 million square feet. Triangle Innovation Point is located close to the Research Triangle Park and Raleigh-Durham International Airport.

April 27, 2022

Development Industrial North Carolina Southeast

Brennan Investment Group Breaks Ground on 110,000 SF Industrial Building in Winston-Salem

by Julia Sanders April 27, 2022

WINSTON-SALEM, N.C. — Chicago-based Brennan Investment Group has broken ground on a Class A industrial building on the former RJ Reynolds Headquarters campus in Winston-Salem known as Whitaker Park. Landmark Construction is the general contractor on the project. The construction timeline was not disclosed. The tilt-wall, speculative building will span 110,000 square feet and is designed to be divisible from one to four tenants. Bob Lewis, Chris Lowe and Jamie Newell of NAI Piedmont Triad are handling leasing on behalf of Brennan Investment Group. The Whitaker Park sits in a strategic last-mile, infill location near downtown Winston-Salem, Wake Forest University and five nearby interstates.

April 27, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Prudent Growth Acquire $23.7M Multifamily Property in Fayetteville, North Carolina

by Julia Sanders April 27, 2022

FAYETTEVILLE, N.C. — A joint venture between Manhattan Beach, Calif.-based Magma Equities and Chapel Hill, N.C.-based Prudent Growth Partners has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville, for $23.7 million. The seller was not disclosed. Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone offers one- and two-bedroom floorplans. Located at 425 Woodstream Trail, the property features 28 two-story residential buildings on a 19.1-acre site. Community amenities include a pool, fitness center, onsite property management and 24-hour maintenance. The joint venture plans to spend $1.5 million renovating units and improving the common areas, such as the leasing office, fitness center, pool area and other outdoor amenities.

April 27, 2022

Leasing Activity Life Sciences North Carolina Southeast

Trinity Capital Advisors Signs 25,972 SF Life Sciences Lease in Morrisville, North Carolina

by Julia Sanders April 27, 2022

MORRISVILLE, N.C. — Trinity Capital Advisors has signed a 25,972-square-foot lease with Enzyvant at Southport Innovation Center, a 95-acre life sciences and technology campus in Morrisville. Enzyvant, a Cambridge, Mass.-based biotech company focusing on tissue-based regenerative therapies, is slated to occupy 50 percent of 101 Southcenter Court. With the new tenant, Southport Innovation Center is 87 percent leased. The new space at Southport Innovation Center will have customized labs and offices, including clean rooms for the manufacturing of Enzyvant’s recently approved tissue-based regenerative therapy. Southport Innovation Center features 17 buildings totaling 911,700 square feet of space. The buildings are a mix of lab, office and flex buildings. Property amenities include a fitness center and locker rooms, lounge, bar and café, conference center and an outdoor gathering space.

April 27, 2022

Development Industrial North Carolina Southeast

Beacon Partners Begins Construction on 375,874 SF Industrial Park in Charlotte

by Julia Sanders April 25, 2022

CHARLOTTE, N.C. — Beacon Partners has begun construction on two speculative buildings totaling 375,874 square feet within Carolina Logistics Park, a master-planned industrial park in Charlotte. Building 2 will span 202,403 square feet and Building 3 will be 173,471 square feet. Buildings 2 and 3 are situated at one of the park’s two entrances at the intersection of Carolina Logistics Drive and Downs Road. Both buildings will offer 32-foot clear heights, 180-feet concrete truck courts with ample trailer parking and six-inch floor slabs. The buildings are scheduled for delivery in the third quarter. Additionally, Building 4, a 525,624-square-foot property located at 11925 Carolina Logistics Drive, is already underway and scheduled for completion in June. Tim Robertson of Beacon Partners is handling leasing for Carolina Logistics Park. The project team includes general contractor Conlan Co., Merriman Schmitt Architects and civil engineer Orsborn Engineering Group. Wells Fargo is providing construction financing for the two speculative buildings. Carolina Logistics Park is a 288-acre park that will eventually accommodate up to 3.6 million square feet of Class A space. The site sits within proximity to Interstates 77 and 485, Charlotte Douglas International Airport and Uptown Charlotte. The park’s existing tenants include Amazon (1 million …

April 25, 2022

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