North Carolina

Cronheim Hotel Capital Arranges $54M Refinancing for Homewood Suites Hotel in Uptown Charlotte

by John Nelson March 11, 2025

CHARLOTTE, N.C. — Cronheim Hotel Capital has arranged a $54 million loan for Homewood Suites by Hilton Charlotte Uptown First Ward, a 211-room hotel located at 508 N. College St. in Uptown Charlotte. Beau Williams and Drew Gilligan of Cronheim Hotel Capital arranged the financing on behalf of the borrower, Raleigh-based Concord Hospitality. The direct lender was not disclosed. According to the property website, the Homewood Suites hotel features a lobby, lounge, bar, restaurant, business center, fitness center and luggage storage. The 13-story hotel opened in 2023, according to local media outlets.

March 11, 2025

Acquisitions Industrial North Carolina Southeast

Accordia Acquires 46,400 SF Industrial Portfolio in Stallings, North Carolina

by John Nelson March 7, 2025

STALLINGS, N.C. — New Jersey-based Accordia has acquired a two-building industrial portfolio totaling 46,400 square feet in Stallings, roughly 15 miles outside of Charlotte. The purchase price was not disclosed. Foundry Commercial sourced the deal in the off-market transaction. Located at 135-141 Cupped Oak Drive, the shallow bay property was fully leased to five tenants at the time of sale. Constructed in 1999 and 2004, the property features 18-foot clear heights, 11 dock-high doors and nine drive-in doors, as well as suite sizes that range from 7,000 to 16,200 square feet. This transaction marks Accordia’s second acquisition in the Carolinas.

March 7, 2025

Development Loans Mixed-Use Multifamily North Carolina Office Retail Southeast

Joint Venture Secures Financing for Office-to-Residential Conversion Project for Former Duke Energy Building in Charlotte

by John Nelson March 5, 2025

CHARLOTTE, N.C. — A joint venture between MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church, an adaptive reuse project in Charlotte. The project will convert the former Duke Energy headquarters, located at 526 S. Church St., into a 460-unit apartment community with 57,000 square feet of retail space. The financing amount and construction timeline were not disclosed. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, Brooklyn & Church will comprise 800,000 square feet across 13 stories, with amenities including a rooftop deck and pool with grilling stations, fitness center and spa space, coworking space, bike room and a dog run with pet spa. The property’s loft-style apartments will have 13.6-foot, exposed ceilings. In addition to the apartments and ground-floor retail space, the property will offer a new three-story, 30,000-square-foot retail building at the corner of Church Street and Brooklyn Village Avenue that will be connected to the main building via a 60-foot walkway.

March 5, 2025

Acquisitions Development Multifamily North Carolina Southeast

Berkadia Negotiates Sale of Multifamily Development Site in Metro Charlotte, Buyer Plans 320-Unit Community

by John Nelson March 5, 2025

INDIAN TRAIL, N.C. — Berkadia has negotiated the sale of a 28.2-acre multifamily development site in Indian Trail, a southeast suburb of Charlotte. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office led the transaction on behalf of the seller, High Point, N.C.-based Royal Management. The buyer, a partnership between locally based The Spectrum Cos. and Chicago-based Heitman LLC, plans to develop a 320-unit apartment community on the site called Evoke at Indian Trail. TD Bank is providing construction financing for the project, which is located adjacent to The Shops at Sun Valley and across the street from a Publix-anchored shopping center. The construction timeline was not released.

March 5, 2025

Acquisitions North Carolina Office Southeast

Highwoods Agrees to Purchase 20-Story Advance Auto Parts Tower in Raleigh

by John Nelson March 4, 2025

RALEIGH, N.C. — Highwoods Properties Inc. has agreed to purchase Advance Auto Parts Tower, a 20-story office building located in Raleigh’s North Hills district. The seller and sales price were not disclosed, but Triangle Business Journal reported that the 346,000-square-foot property was sold by Lionstone Investments, which delivered the tower in 2020 along with current property manager Kane Realty Corp. The deal is expected to close in the next 30 days, and Highwoods has contributed $20 million in earnest money deposits in advance of the closing. Advance Auto Parts Tower was fully leased as of year-end 2024, with retailer Advance Auto Parts anchoring the office building. The office tower is situated adjacent to Highwoods’ 16-story CAPTRUST Tower.

March 4, 2025

Leasing Activity Mixed-Use North Carolina Office Retail Southeast

One Alliance Brings 32,936 SF Johnsbury Square Mixed-Use Property in Metro Charlotte to Full Occupancy

by John Nelson February 26, 2025

CORNELIUS, N.C. — One Alliance Cos. has fully leased Johnsbury Square, a mixed-use property located at 19901-19905 W. Catawba Ave. in Cornelius, about 20 miles north of Charlotte. RE/Max Executive leased the last remaining office suite at Johnsbury Square. Kasandra Brew Blum represented the landlord on an internal basis. Existing tenants include Fusion Bowl, FitFast20, Apotheca Canabis Dispensary and Coffee Republic & Bakery, among others.

February 26, 2025

Development Industrial Leasing Activity North Carolina Southeast

Welcome Group Adds Four Tenants at Industrial Park in Durham Totaling 212,400 SF

by John Nelson February 24, 2025

DURHAM, N.C. — Welcome Group has signed four tenants to join the roster of the first phase at Welcome Venture Park, an industrial park underway in Durham. Phase I will total nearly 400,000 square feet upon completion, which is slated for the first quarter of this year. The new users include Mitsubishi Logistics, doing business as Cavalier Logistics (128,000 square feet); Food Bank of Central and Eastern North Carolina (64,000 square feet); and Great Day Improvements and Pep Move (20,400 square feet combined). Larry Lakins, Hunter Willard, Andrew Young and Shields Bennett of Colliers’ Raleigh office are handling the leasing for Welcome Venture Park. Randy Warren of RW2 Development Co. is steering the project’s development and management.

February 24, 2025

Leasing Activity North Carolina Retail Southeast

Belk to Open Two New Outlet Stores in North Carolina

by John Nelson February 24, 2025

GASTONIA AND RALEIGH, N.C. — Charlotte-based department store chain Belk will open two new outlet stores in North Carolina this spring, marking its second and third outlet locations in the state. The stores will occupy the Eastridge Mall in Gastonia and Triangle Town Center in Raleigh. Belk Outlets offer a selection of high-end brands and products at a discounted price; fashion and home merchandise purchased specifically for the outlet locations; and products that come directly from traditional Belk department stores. Both locations will continue to operate traditional Belk stores on the second floor, while the first floor will be converted to outlet spaces. Belk opened its first outlet store in January 2023 in Greeneville, Tenn., and has opened 16 more locations in Georgia, Florida, Louisiana, Maryland, Oklahoma, Texas, Virginia and West Virginia.

February 24, 2025

Market Reports North Carolina Office Southeast Southeast Market Reports

The Faucet Is Back On for Raleigh-Durham’s Office Market

by John Nelson February 24, 2025

Raleigh-Durham’s office market entered the year on a positive note as 2024 ended strong. Vacancy was largely flat in the fourth quarter, net absorption neared 300,000 square feet and move-outs were sparse. After years of uncertainty and short-term renewals dominating the landscape, companies are now committing to longer leases. Clarity around business drivers, a growing labor pool and new market entrants are all contributing factors to this decisive turn. Firms are confidently making long-term real estate decisions, bringing lease terms back to the five- to 10-year range. While the vibrancy of the pre-pandemic era has not fully returned, data shows a steady recovery throughout 2024, and 2025 is poised to bring even stronger growth. In 2024, Raleigh-Durham welcomed several notable commitments from companies establishing a foothold in the market, like Jewelers Mutual, JTL and Amgen. Leasing activity stayed strong through the fourth quarter, supporting the net absorption of nearly 160,000 square feet of office space over the course of the year. Rents have seen some downward corrections overall, but well-located, highly amenitized assets have retained rent stability. Recent recommitments from major companies like Nutanix and Hitachi highlight the area’s enduring appeal. Vacancy closed out December at 17.3 percent but was …

February 24, 2025

Acquisitions Multifamily North Carolina Southeast

Crescent Communities Sells 285-Unit Novel Ballantyne Apartments in South Charlotte

by John Nelson February 18, 2025

CHARLOTTE, N.C. — Crescent Communities has sold its interest at Novel Ballantyne, a 285-unit upscale apartment community located at 14011 Bespoke Road in south Charlotte’s Ballantyne district. The buyer and sales price were not disclosed, but Charlotte Business Journal reports that Crescent Communities netted roughly $95 million in the sale. The Class A property is a component of a master-planned residential community that includes an active adult property (The Balmore at Ballantyne by Laurel Street) and an upcoming townhome community. Built in 2023, Novel Ballantyne features a mix of studio, one- and two-bedroom apartments, as well as an amenity package that includes a resort-style saltwater pool area, fitness center, dog park, coworking library and an outdoor lawn with a putting green. The design-build team for Novel Ballantyne included Cooper Carry (architect), Ellinwood + Machado (structural engineer), IMEG Corp. (MEP engineer), LandDesign (landscape architect and civil engineer) and Vignette (interior designer).

February 18, 2025

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