North Carolina

Newmark Arranges Sale of Metro Raleigh Retail Property Net Leased to KinderCare

by John Nelson June 9, 2022

GARNER, N.C. — Newmark has arranged the sale of an 11,400-square-foot retail property located at 932 Heather Park Drive in Garner, approximately seven miles south of Raleigh. The property is triple-net-leased to KinderCare, an early childhood education and childcare provider with 1,500 learning centers nationwide. KinderCare has 12 years remaining on its lease term, which features four five-year extension options. Matt Berres, Samer Khalil, Karick Brown and Bert Sanders of Newmark represented the seller, an undisclosed public REIT, in the transaction. Clark Everitt of Investment Real Estate Associates (IREA) represented the private buyer, which purchased the facility for an undisclosed price.

June 9, 2022

Acquisitions North Carolina Office Southeast

CBRE Investment Management Purchases The Line Office Tower in Charlotte’s South End

by John Nelson June 7, 2022

CHARLOTTE, N.C. — A fund sponsored by CBRE Investment Management has purchased The Line, a newly built, 16-story office tower in Charlotte’s South End district. The 314,221-square-foot property is located at 2151 Hawkins St. and features shared workspaces, sky lobby, amenity terrace, open-air plaza, lawn, outdoor decks, bike rooms, lockers, showers, covered parking and 24,000 square feet of retail space. The CBRE Strategic Partners U.S. Value 9 fund acquired The Line in a joint venture with Atlanta-based Portman Holdings, which co-developed the property with Washington, D.C.-based National Real Estate Advisors LLC. Mike McDonald and Jonathan Napper of Cushman & Wakefield represented the seller in the transaction. The sales price was not disclosed.

June 7, 2022

Acquisitions Multifamily North Carolina Southeast

Madison Marquette Purchases 380-Unit Crosswinds Apartment Complex in Wilmington, North Carolina

by Amy Works June 3, 2022

WILMINGTON, N.C. — Madison Marquette has acquired Crosswinds, a multifamily property in Wilmington, as part of its Evergreen Multifamily Value Add Fund for an undisclosed price. Terms of the transaction were not released. Built in 1989 on 23 acres, Crosswinds features 380 apartments in a mix of one-, two- and three-bedroom units, ranging from 645 square feet to 1,306 square feet, spread across 19 buildings. The units feature wood-style flooring, patio/balconies in each unit, wood-burning fireplaces and full-size washer/dryer connections in most unit types. Community amenities include a saltwater resort-style pool with a sundeck, grilling and picnic areas, lighted tennis and volleyball courts, a fitness center and business center. The buyer plans to complete strategic unit upgrades that will provide higher quality hardware and finishes, including appliances, flooring and countertops. Additionally, Madison Marquette will improve the community’s amenities, perform aesthetic work and upgrade landscaping.

June 3, 2022

Acquisitions Maryland Multifamily North Carolina Seniors Housing Southeast Virginia

Foundry Commercial Buys 24-Property Spring Arbor Senior Living Portfolio in Mid-Atlantic

by Amy Works June 1, 2022

ORLANDO — Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities across the Mid-Atlantic. As part of the transaction, Foundry Commercial acquired the current operator, which will continue to manage the properties post-closing. The portfolio contains 1,424 units throughout Maryland, North Carolina and Virginia, with capacity for more than 1,800 residents. The Spring Arbor platform will continue operations under the Spring Arbor Senior Living brand. Capital Funding arranged financing for the transaction. Terms of the acquisition were not released.

June 1, 2022

Acquisitions Florida Multifamily North Carolina Southeast Tennessee Top Stories

Clarion Partners, Blackfin Real Estate Investors Acquire 3,564-Unit Multifamily Portfolio in Sun Belt for $885.5M

by Kristin Harlow June 1, 2022

FLORIDA, NORTH CAROLINA AND TENNESSEE — Clarion Partners LLC and Blackfin Real Estate Investors LLC have acquired a 12-property multifamily portfolio totaling 3,564 units for $885.5 million. The assets are located in the Sun Belt markets of Tampa, Fla.; Orlando, Fla.; Melbourne, Fla.; Charlotte, N.C.; Wilmington, N.C.; and Nashville, Tenn. A partnership between PGIM Real Estate and CARROLL was the seller. The garden-style, Class B communities were built between 1972 and 1995. Amenities at the properties include clubhouses, pools, fitness centers and basketball and tennis courts. Clarion and Blackfin plan to upgrade both unit interiors and community amenities. The majority of the units will be updated with new vinyl floors, appliances, countertops and LED lights. “This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement,” says Thomas James, managing director with Clarion. Greystar will serve as property manager for the six properties in Florida and Tennessee, while Durcker & Falk will manage the North Carolina communities. DLA Piper served as legal counsel for Clarion. Eastdil Secured brokered the transaction. New York-based Clarion is a …

June 1, 2022

Acquisitions Multifamily North Carolina Southeast Top Stories

ZOM Living Sells Hazel SouthPark Apartments in Charlotte for $130.8M

by John Nelson May 27, 2022

CHARLOTTE, N.C. — ZOM Living has sold Hazel SouthPark, a 203-unit mid-rise apartment community in Charlotte that the firm delivered last year. The property includes 14,000 square feet of retail space that was fully leased at the time of sale. An undisclosed buyer purchased the asset for $130.8 million, establishing a new record high price per unit for a multifamily community in North Carolina when adjusting for the value of the retail space. Eastdil Secured represented ZOM Living in the transaction. “This is a significant sale that reflects the level of design and construction quality of our newest development, the desirability of the SouthPark neighborhood and the strength of Charlotte’s multifamily market,” says Greg West, CEO of ZOM Living. “Since we delivered this property in 2021, we have seen tremendous leasing activity and achieved premium rents within a few months of its opening. The sale of this asset is in line with our plan to continue to invest in developing future multifamily properties in the Charlotte market and beyond,” adds West. Hazel SouthPark is situated within Charlotte’s SouthPark neighborhood, an office submarket about six miles south of the city’s central business district that is anchored by Simon’s SouthPark Mall, which …

May 27, 2022

Development Multifamily North Carolina Southeast

Jefferson Apartment Group Buys Land in Charlotte, Plans 350-Unit Community

by John Nelson May 26, 2022

CHARLOTTE, N.C. — Washington, D.C.-based multifamily developer Jefferson Apartment Group (JAG) has closed on its purchase of five acres at 200 Wadsworth Place in Charlotte. JAG, along with equity partner Cadre, will break ground on a planned 350-unit, mid-rise apartment community on the site this summer. United Bank is providing construction financing to JAG for the property, which is situated in Charlotte’s Optimist Park neighborhood near the city’s Uptown, NoDa and Belmont submarkets. This location will also offer easy access to both I-277 and I-74, as well as public transit and Optimist Hall, a mixed-use development featuring a food hall and creative office space. The exterior of the unnamed, six-story apartment building will feature red brick and ironwork, and units will be a configured in studio, one- and two-bedroom floor plans ranging from 585 square feet to 1,027 square feet. Units will feature modern finishes, including plank flooring, quartz countertops, stainless steel appliances and tile backsplashes, and some will feature private balconies and views of Uptown. Additionally, 355 parking spaces will be available to residents, consisting of both garage and surface parking. Amenities will include a lounge with double-sided fireplace, game room, fitness center, open coworking space, pet spa and …

May 26, 2022

Acquisitions Multifamily North Carolina Southeast

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

Newer Posts

Older Posts