Wednesday, June 18, 2025
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North Carolina

IndustrialLeasing ActivityNorth CarolinaSoutheast

Eaton Corp. Signs 550,000 SF Industrial Lease in Youngsville, North Carolina

by John Nelson

YOUNGSVILLE, N.C. — Eaton Corp., a publicly traded electric utility company based in Ireland, has signed a 550,000-square-foot industrial lease at US-1 North Commerce Center in Youngsville, approximately 23 miles outside Raleigh. Upon completion of the three-phase development, US-1 North Commerce Center will span five buildings across 1.4 million square feet. Summit Real Estate Group is the developer for the project. Foundry Commercial represented Summit Real Estate in the lease negotiations. Delivered in June 2024, the first phase — which was 90 percent preleased to three tenants — includes two buildings that total 394,000 square feet. Phase II — which comprises two additional buildings at 470,000 square feet — is slated for completion in the summer. Eaton Corp. will occupy the entirety of Phase III in an $18.3 million build-to-suit arrangement by the second-quarter 2026.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Joint Venture Breaks Ground on 265-Unit Apartment Community in Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — A joint venture between The Beach Co., Swain & Associates and Larson Capital Management has broken ground on The Sterling, a 265-unit apartment community located within the larger mixed-use development of Center Point in Wilmington. Clancy & Theys Construction Co. is the general contractor for the project, which will feature a four-story building that totals 326,384 square feet.   The luxury apartment complex will offer studios, one-, two- and three-bedroom apartments, as well as a swimming pool, courtyard, fitness center, billiards and game rooms, golf simulator, business and outdoor lounges, electric vehicle charging stations, a dog park and grilling areas. The Sterling is slated to open in August 2026, with preleasing beginning in May 2026.  

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DevelopmentIndustrialNorth CarolinaSoutheast

M. David Properties Completes 105,384 SF Industrial Facility in Charlotte

by John Nelson

CHARLOTTE, N.C. — M. David Properties has completed SilverPark North I, a 105,384-square-foot industrial facility located within the three-building SilverPark North industrial campus in Charlotte. SilverPark North I features 32-foot clear heights, 20 dock-high doors and two drive-in doors, as well as a 2,501-square-foot speculative office suite. Veho, a technology company that operates one of the largest parcel delivery platforms in the United States, leases a 60,932-square-foot space at SilverPark North III. SilverPark North II and III are now both fully occupied. Brad Cherry and Matthew Greer of JLL lead leasing efforts for the campus on behalf of M. David Properties.

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DevelopmentNorth CarolinaSoutheastStudent HousingTennessee

Preiss, FD Stonewater to Break Ground on Two Student Housing Developments Near NC State and University of Tennessee

by John Nelson

RALEIGH, N.C. AND KNOXVILLE, TENN. — A joint venture between The Preiss Co. and FD Stonewater has acquired sites for two student housing developments in North Carolina and Tennessee. Projects will includes Signature on Grand, located near the University of Tennessee in Knoxville; and Signature on Varsity, which will serve students attending North Carolina State University in Raleigh. The communities will offer over 1,200 beds in studio through five-bedroom configurations. Shared amenities will include resort-style pools, state-of-the-art fitness centers, study lounges and social spaces. The communities will be developed in partnership with Monarch Alternative Capital and are scheduled for completion in fall 2027. Ian Walker and Ben Roelke of Newmark secured debt and construction financing for the communities. Teddy Leatherman and Jayme Nelson of JLL secured additional equity for the projects.

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AcquisitionsNorth CarolinaRetailSoutheast

Matthews Negotiates Sale of 40,733 SF Retail Center in Fayetteville, North Carolina

by John Nelson

FAYETTEVILLE, N.C. — Matthews Real Estate Investment Services has negotiated the sale of The District at Freedom Town Center, a 40,733-square-foot retail center located at 2707-2737 Freedom Parkway Drive in Fayetteville. The buyer, an affiliate of Serota Properties doing business as Serota Islip NC II LLC, purchased the property from Greenville, S.C.-based developer RealtyLink for an undisclosed price. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews brokered the transaction. The District at Freedom Town Center is adjacent to Phases I and II of the adjacent Freedom Town Center that includes tenants including Sprouts Farmers Market, HomeGoods, Hobby Lobby, Dick’s Sporting Goods, Burke’s Outlet, Five Below, World Market, DSW and Petco.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Foundry Commercial Facilitates 31,392 SF Office Lease in Charlotte

by John Nelson

CHARLOTTE, N.C. — Foundry Commercial has facilitated a 31,392-square-foot office lease at The Edison, a new 125,000-square-foot office building located in Charlotte’s Airport submarket. The tenant, the National Board of Examiners in Optometry (NBEO), plans to move into its new headquarters space this summer. Meredith Ball, Karah Tanneberger and Eliza Gordon of Foundry represented the unnamed landlord in the lease negotiations. Brian Brtalik and Mike Dempsey, also with Foundry, represented NBEO. The new lease brings The Edison to 75 percent occupancy. Amenities at the office building include a high-end fitness facility, outdoor space with a food truck program and ample onsite parking.

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HospitalityLoansNorth CarolinaSoutheast

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

by John Nelson

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.

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AcquisitionsIndustrialNorth CarolinaSoutheast

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

by John Nelson

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.

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DevelopmentLoansMixed-UseMultifamilyNorth CarolinaOfficeRetailSoutheast

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

by John Nelson

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.

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AcquisitionsDevelopmentMultifamilyNorth CarolinaSoutheast

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

by John Nelson

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.

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