North Carolina

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

Acquisitions Industrial North Carolina Southeast

Avison Young Brokers $35M Sale of Industrial Facility in Southwest Charlotte

by John Nelson May 18, 2022

CHARLOTTE, N.C. — Avison Young has brokered the $35 million sale of a 300,000-square-foot industrial facility located at 10800 Withers Cove Park Drive in southwest Charlotte. Built in 2000, the property was fully leased at the time of sale to Essendant, a national wholesale distributor of office supplies. The facility features a concrete tilt-wall construction, cross-dock loading, an ESFR sprinkler system and available land for future expansion opportunities or excess trailer parking. Tom Tropeano, Chris Loyd and Chris Skibinski of Avison Young’s Charlotte industrial team represented the private seller in the transaction. The buyer and seller were not disclosed.

May 18, 2022

Acquisitions Industrial North Carolina Southeast

Pennybacker Capital Buys 251,314 SF Infill Industrial Facility in Raleigh

by John Nelson May 17, 2022

RALEIGH, N.C. — Pennybacker Capital has purchased a 251,314-square-foot infill industrial facility located at 3200 Bush St. in Raleigh. Grayson Hawkins, Chandler Hawkins, Patrick Gildea and Matt Smith of CBRE represented Pennybacker Capital in the transaction. New Market Strategies sold the asset, which was fully leased at the time of sale to an e-commerce user, building material suppliers and Wake Tech, a regional community college, for an undisclosed price. Situated on a 20-acre site, the facility is located north of I-440 near Raleigh’s North Hills district.

May 17, 2022

Acquisitions North Carolina Retail Southeast

IPA Brokers $83M Sale of Freedom Town Center Shopping Center in Fayetteville, North Carolina

by John Nelson May 16, 2022

FAYETTEVILLE, N.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $83 million sale of Freedom Town Center, a 350,800-square-foot shopping center in Fayetteville. Built in 2017, the property was almost fully leased at the time of sale to tenants such as Sprouts Farmers Market, Dick’s Sporting Goods, Hobby Lobby, Field & Stream, HomeGoods, Burkes Outlet, Petco, buybuy Baby, DSW, World Market, Five Below, Osh Kosh B’Gosh and Five Guys. New York-based Triple Net Group sold Freedom Town Center to an unnamed investment group in a 1031 exchange. Steven Siegel of IPA represented both parties in the transaction. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted Siegel.

May 16, 2022

Development Mixed-Use North Carolina Southeast

Dewitt Carolinas to Begin Construction on 1000 Social Office Tower at $1B Exchange Raleigh

by John Nelson May 13, 2022

RALEIGH, N.C. — Dewitt Carolinas Inc. plans to break ground in June on 1000 Social, one of two office towers planned at The Exchange Raleigh. The $1 billion development, which was originally named Midtown Exchange, will span 40 acres and include offices, apartments, shops, restaurants, greenspace and trails. Dewitt has tapped CBRE | Raleigh to lease the 12-story building, which will span 354,000 square feet and include 20,000 square feet of retail space and 7,500 square feet of meeting space. The project team includes general contractor Brasfield & Gorrie and architect Rule Joy Trammell + Rubio. Dewitt plans for the full buildout of The Exchange Raleigh to last seven to 10 years. The firm is putting the finishing touches on the project’s onsite infrastructure, including utilities, roadwork and gutters, telecom and stormwater systems. 1000 Social represents the first building to go vertical.

May 13, 2022

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