North Carolina

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

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

Newer Posts

Older Posts