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AcquisitionsCompany NewsNorth CarolinaRetailSoutheastTop Stories

Variety Wholesalers to Acquire 200 to 400 Big Lots Stores

by Hayden Spiess

HENDERSON, N.C. — Variety Wholesalers Inc. has announced plans to acquire between 200 and 400 Big Lots stores in the midst of the latter retailer’s bankruptcy proceedings. North Carolina-based Variety Wholesalers will continue to operate the stores under the Big Lots brand. Additionally, the company plans to acquire up to two Big Lots distribution centers. According to Reuters, a bankruptcy judge approved the deal at a court hearing in Delaware.  Variety Wholesalers will acquire the stores through the previously announced sales agreement between Big Lots and Boston-based Gordon Brothers Retail Partners. Gordon Brothers has entered into a sale transaction with Big Lots that will enable the transfer of assets — including stores, distribution centers and intellectual property — to other retailers and companies, including Variety Wholesalers.  According to a press release issued by Big Lots, Variety Wholesalers may employ Big Lots associates at the stores and distribution centers in question, as well as certain corporate associates. A&G Real Estate Partners, a New York-based company that consults retailers looking to right-size their physical footprint, is serving as real estate advisor to Big Lots. “We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value and …

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LoansMultifamilyNorth CarolinaSoutheast

Walker & Dunlop Provides $13.9M Loan for Sedgefield Apartments in Winston-Salem, North Carolina

by John Nelson

WINSTON-SALEM, N.C. — Walker & Dunlop has provided a $13.9 million loan for Sedgefield Apartments, a 144-unit garden-style multifamily community located at 4755 Country Club Road in Winston-Salem. Brendan Coleman and Adam Johnston of Walker & Dunlop originated the Freddie Mac loan on behalf of the borrower, Elliott Properties. Sedgefield was built in 1987 and features one- and two-bedroom apartments, as well as a pool, fitness center, laundry facilities, business center, dog park and tennis and volleyball courts.

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AcquisitionsNorth CarolinaRetailSoutheast

Ziff Real Estate Acquires South Charlotte Retail Center for $11.2M

by John Nelson

CHARLOTTE, N.C — Ziff Real Estate Partners (ZRP) has acquired Camfield Corners, a 70,000-square-foot neighborhood retail center in south Charlotte, for $11.2 million. Simpson Commercial Real Estate’s Wells Herndon and Wesley Fricks represented the undisclosed seller in the transaction. Christian Chamblee, Jack Jardina and Kayla Hamilton were the internal representatives for ZRP. Camfield Corners spans 9.7 acres and includes tenants like Planet Fitness and Goodwill. ZRP owns three retail assets near the recent purchase, including Carolina Crossing, Matthews Festival and Turnberrry Place.

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DevelopmentIndustrialNorth CarolinaSoutheast

MDH Partners Completes Two Metro Charlotte Industrial Buildings Totaling 254,000 SF

by John Nelson

HUNTERSVILLE, N.C. — MDH Partners has delivered Phase II of Northcross Commerce Center, an industrial park in the Charlotte suburb of Huntersville. Located along Jamesburg Drive near I-77, the second phase comprises two Class A facilities totaling 254,000 square feet. Brad Cherry, Matt Greer and Natalie Ceva of JLL are leasing and marketing the new facilities on behalf of MDH Partners. Phase II brings Northcross Commerce Center’s total footprint to nearly 700,000 square feet.

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Leasing ActivityNorth CarolinaOfficeSoutheast

CBRE Arranges Three Office Leases at First Citizens Bank Plaza in Uptown Charlotte Totaling 87,266 SF

by John Nelson

CHARLOTTE, N.C. — CBRE has arranged three office loans totaling 87,266 square feet at First Citizens Bank Plaza, a 23-story office tower located at 128 S. Tryon St. in Uptown Charlotte. Kris Westmoreland, Stephanie Spivey and Joe Franco of CBRE represented the landlord, Dornin Investment Group, in the lease negotiations. The deals included a 20,897-square-foot lease with IT staffing firm Dexian, a 31,838-square-foot lease for an unnamed global IT services and consulting firm and a 34,531-square-foot lease with an unknown branch of the federal government. The U.S. General Services Administration (GSA) signed the third lease with Dornin on behalf of the end user. First Citizens Bank Plaza was recently renovated and features a new lobby, boutique fitness center, tenant amenity hub with lockers and showers, bicycle parking and storage, upgraded restrooms, new lobby and MOA Korean BBQ, a 5,000-square-foot restaurant and bar on the first floor.

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Leasing ActivityMixed-UseNorth CarolinaRestaurantRetailSoutheast

Salty Donut to Join Fenton Mixed-Use Development in Cary, North Carolina

by John Nelson

CARY, N.C. — Hines and Columbia Development Group, in partnership with Affinius Capital, are announcing a nearly 19,000-square-foot wave of retail leases at Fenton, including The Salty Donut, which plans to open its newest location in 2025. Located in the Raleigh suburb of Cary, the 92-acre mixed-use development is located along Cary Towne Boulevard near I-40 and the Research Triangle Park. Other retailers and restaurants that have opened recently at Fenton, or will in 2025, include Brewery Bhavana, Kendra Scott, Vega Vitality, Crawford Brothers Steakhouse and Doc B’s. Full construction of the property will feature 2.5 million square feet of residential, retail, office and entertainment spaces, as well as a seven-story hotel announced earlier this year. The Salty Donut was founded as a pop-up in Miami in 2015 and has since grown to multiple locations in Florida and Texas, as well as restaurants in Charlotte, Denver, Nashville and metropolitan Washington, D.C.

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LoansNorth CarolinaSeniors HousingSoutheast

Berkadia Provides $71.3M Agency Refinancing for Seniors Housing Community in Greensboro

by John Nelson

GREENSBORO, N.C. — Berkadia has provided a $71.3 million Freddie Mac loan for the refinancing of Abbotswood at Irving Park, a senior living community located in Greensboro. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia Seniors Housing & Healthcare originated the financing on behalf of the borrower, KISCO Senior Living. Located at 3504 Flint St., Abbotswood at Irving Park offers cottages and independent living and assisted living units, as well as memory care suites.

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AcquisitionsIndustrialNorth CarolinaSouth CarolinaSoutheast

Indus Realty Trust Acquires Majority Interest in 4.3 MSF Carolinas Industrial Portfolio from Childress Klein

by John Nelson

NEW YORK CITY — Indus Realty Trust, an industrial owner-operator based in New York, has purchased the majority interest in a logistics portfolio in the Carolinas from Charlotte-based Childress Klein. The 4.3 million-square-foot logistics portfolio spans 21 properties. The transaction amount was not shared, but the Indus Realty Trust investment puts the value of the portfolio at $575 million. Childress Klein will retain a minority stake and continue to operate and lease the properties. Eastdil Secured represented Childress Klein in arranging the transaction. The Carolinas portfolio was 94 percent occupied at the time of the recapitalization. Sixteen of the porftolio’s buildings are located in the metro Charlotte region and five buildings are in the greater Charleston market. The portfolio features a mix of last-mile and bulk facilities that average 205,000 square feet in size and 13 years in age.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

JLL Arranges Sale of 286-Unit Pier 33 Apartments in Downtown Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — JLL has arranged the sale of Pier 33, a 286-unit apartment community located at 901 Nutt St. in downtown Wilmington. Middle Street Partners purchased the luxury community from Dewitt Carolinas Inc. for an undisclosed price. John Mikels, John Gavigan, Niki Dewberry and William Martin of JLL represented the seller in the transaction. Additionally, Ward Smith and Brad Woolard of JLL originated a Fannie Mae acquisition loan on behalf of Middle Street. Built in 2021, Pier 33 features 21,000 square feet of retail space, including concepts Bonita Latin Fusion, Megarounds and Nautical Bowls. The property also features studio, one-, two- and three-bedroom apartments, as well as a resort-style pool, pet spa, sky lounge, fitness center and coworking spaces.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Avison Young Brokers Sale of 402,390 SF Distribution Center in Metro Charlotte Leased to Amazon

by John Nelson

CONCORD, N.C. — Avison Young has brokered the sale of a 402,390-square-foot distribution center located at 7040 Northwinds Drive NW in Concord, a suburb of Charlotte along I-85. E-commerce giant Amazon fully occupies the facility for use as a fulfillment center. Texas-based Stonelake Capital Partners purchased the property from SL Industrial Partners, a member of the Silverman Group family of companies. Chris Skibinski, Henry Lobb and Abby Rights of Avison Young brokered the transaction. The sales price was not disclosed, but the Charlotte Business Journal reports the property traded for approximately $51 million. Will Jenkins, Marc Hedrick and Jack Harvey led Stonelake Capital’s team in the transaction on an internal basis.

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