Thursday, January 23, 2025
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North Carolina

Alexander Commerce Park
IndustrialLeasing ActivityNorth CarolinaSoutheast

Upper Deck Signs 126,000 SF Industrial Lease at Alexander Commerce Park in Durham

by Julia Sanders

DURHAM, N.C. — The Upper Deck Co., a Carlsbad, Calif.-based worldwide sports and entertainment company, has signed a lease to occupy a full building totaling 126,000 square feet at Alexander Commerce Park in Durham. Upper Deck will be Alexander Commerce Park’s first tenant. Upper Deck’s lease will serve as the company’s East Coast office. Colton Clifton with BPG Management represented the tenant in the lease transaction. Austin Nagy, Ann-Stewart Patterson and Bryan Everett of CBRE represented the landlord, Trinity Capital. Alexander Commerce Park is a Class A industrial park featuring three buildings totaling 441,000 square feet. The property will be located on TW Alexander Drive in Durham’s Research Triangle Park. The remaining two buildings are 189,280 square feet and 126,000 square feet. Construction is underway with a completion date in the first half of 2022. Designed by DMA Architects, the buildings will feature 32-foot clear heights, ESFR fire protection and three primary entrances along each façade to allow for easy subdivision for multiple tenants. In addition to Alexander Commerce Park, Trinity Capital is currently developing 147 Exchange in Durham and wrapping up development at Eastgate 540, a six-building, 980,000-square-foot industrial park in Raleigh’s East Wake submarket.

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Self storage portfolio
AcquisitionsIndustrialNorth CarolinaSelf-StorageSoutheast

Berkshire Hathaway Arranges Sale of Self-Storage Portfolio in North Carolina

by Julia Sanders

SHELBY AND HICKORY, N.C. — Berkshire Hathaway has arranged the sale of a self-storage portfolio in Shelby and Hickery. The sales price was not disclosed. Parker Sweet and Cameron Vale of Berkshire Hathaway represented the seller and secured the buyer, both privately owned companies. The properties total 1,570 units and 219,000 net rentable square feet.

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The Ellis
DevelopmentMultifamilyNorth CarolinaSoutheast

Hoar Construction Completes 33-Story Ellis Apartment High-Rise in Uptown Charlotte

by Julia Sanders

CHARLOTTE, N.C. — Hoar Construction has completed The Ellis, a 33-story apartment community in Uptown Charlotte. The high-rise is part of a larger mixed-use development that encompasses a six-story multifamily building, approximately 19,000 square feet of retail space and a shared parking deck. Hoar served as general contractor and partnered with development firm LMC on the project. The Ellis contains 365 homes with 13 apartment homes on each floor and 23 penthouses occupying four of the highest floors. Community amenities include a heated saltwater pool and a fitness center on the 33rd level. Standing at 385 feet tall, The Ellis is one of the largest and tallest multifamily communities in the area, according to Hoar. Located at 512 North College St., The Ellis provides pedestrian access to Charlotte’s central business district and a direct path to the Lynx Light Rail and Charlotte Rail Trail. Construction on The Ellis began in February of 2019. First move-ins are planned for this summer. Other partners in the project include Ellinwood + Machado Structural Engineers, KTGY, Kimley Horn and Intec Group.

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Mixed Use Project
DevelopmentMixed-UseNorth CarolinaOfficeRetailSoutheast

Stream Realty, Durban Group to Develop 325,000 SF Mixed-Use Project in Charlotte’s South End

by Julia Sanders

CHARLOTTE, N.C. — Stream Realty Partners and joint venture partner The Durban Group will develop a mixed-use project located at 2833 and 2905 Griffith St. in Charlotte. The 325,000-square-foot development will be situated on 1.7 acres adjacent to Suffolk Punch Brewing in the city’s South End submarket. Construction will start in second quarter 2022. The development will be a high-rise tower with office and retail space, according to Charlotte Business Journal. Located on the Lynx New Bern station, the development will have its retail component anchored by an expansion of Suffolk Punch Brewing. Stream Realty Partners is a Texas-based commercial real estate firm with full-service offerings in leasing, property management, development, construction management and investment sales services across the industry. The Durban Group is a Charlotte-based commercial real estate development firm.

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Innovation Quarter
DevelopmentMixed-UseNorth CarolinaSoutheastTop Stories

Innovation Quarter Reveals Plans for 2.7 MSF Second Phase of Mixed-Use Campus in Downtown Winston-Salem

by John Nelson

WINSTON-SALEM, N.C. — Innovation Quarter (iQ), an entity that controls a 2.1 million-square-foot life sciences and higher education campus of the same name, has revealed plans for its second phase. The upcoming project will expand the mixed-use development in downtown Winston-Salem by 2.7 million square feet across 10 buildings. Set on a 28-acre site straddling Research Parkway, Phase II of iQ will include 1 million square feet of clinical, office and laboratory spaces, as well as up to 450 residential units and 30,000 square feet of retail and restaurant spaces. The second phase will also include 15 acres of green space headlined by Fogle Commons, a linear park that is anticipated to host outdoor events, as well as a half-mile extension of Long Branch Trail. “This new phase of development will create the same feel and aesthetic found in the Innovation Quarter today,” says Graydon Pleasants, head of development for iQ. “This mix of science and business, recreation and retail, green spaces and residential will bring even more vibrancy to this section of downtown Winston-Salem.” Chicago-based architectural firm Perkins + Will developed the master plan for the second phase with iQ. Wexford Science + Technology was a development partner for …

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Harrington Village Apartments
AcquisitionsLoansMultifamilyNorth CarolinaSoutheast

Latitude Management Receives $53.2M Acquisition Financing for Apartment Community in Leland, North Carolina

by Julia Sanders

LELAND, N.C. — Latitude Management Real Estate Holdings Inc. has received a $53.2 million acquisition loan for Harrington Village Apartments, a multifamily property located at 4276 Harrington Road in the Wilmington suburb of Leland. Harrington Village totals 387,315 square feet and includes 333 one- and two-bedroom units. The property also features seven commercial units totaling 11,895 square feet that are available for lease. Units include granite countertops, in-unit washer and dryer connections, nine-foot ceilings, walk-in closets and balconies in select units. Community amenities include access to a bark park and dog washing station, business center, outdoor grilling area, clubhouse, fitness center and a pool with a sundeck and outdoor entertainment area. At close, an additional plot of interior retail space will be permitted for the development of 16 additional residential units, with construction completion slated to finish by the end of the year. In addition, the sponsor intends to allocate capital to add 12 more residential units to a vacant pad of entitled land on the site. Paul Brindley, Jeff Sause, John Gavigan and Harrison Kalt of JLL arranged the loan through Sound Point Capital Management LP on behalf of Latitude Management. The non-recourse, interest-only bridge loan was structured at …

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LoansMultifamilyNorth CarolinaSoutheast

Dwight Capital Provides $43.9M HUD Loan for Greystone at Widewaters Apartments in Knightdale, North Carolina

by Julia Sanders

KNIGHTDALE, N.C. — Dwight Capital has provided a $43.9 million HUD 223(f) cash-out loan for Greystone at Widewaters, a 332-unit apartment community located in Knightdale. Adam Sasouness and Josh Sasouness of Dwight Capital originated the refinancing. Built in 2006, Greystone at Widewaters includes 13 three-story residential buildings, a car wash station, clubhouse and recycle and storage buildings situated on 24.5 acres. Community amenities feature a business center, dog park, fitness center, media center, playground, swimming pool and cabana and outdoor fireplace with a built-in grilling station. The loan benefitted from HUD’s Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Greystone at Widewaters is Energy Star-certified.

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USAA
DevelopmentNorth CarolinaOfficeSoutheast

USAA to Open 90,000 SF Office in Charlotte’s South End

by Julia Sanders

CHARLOTTE, N.C. — USAA will open a new 90,000-square-foot office in Charlotte later this year. The San Antonio- based financial services company entered into a lease agreement with the undisclosed landlord to occupy space within The Square at South End, a 10-story office building located at 200 W. Boulevard. The new location was selected because of the area’s highly skilled individuals in the financial services sector. USAA already has a number of employees living in the Charlotte area. The new office location will eventually host approximately 750 employees who will work either onsite or in a hybrid model. USAA will lease six floors of the 153,000-square-foot building. Employees are expected to begin moving into the building by the end of 2021.

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South End Collection
AcquisitionsNorth CarolinaOfficeRetailSoutheast

CBRE Global Investors Acquires 110,000 SF Office, Retail Portfolio in Charlotte’s South End

by Julia Sanders

CHARLOTTE, N.C. — A fund sponsored by CBRE Global Investors has acquired the South End Collection, a recently renovated office and retail portfolio in Charlotte totaling 110,000 square feet. Charlotte-based Asana Partners sold the portfolio for an undisclosed amount. The South End Collection is located in Charlotte’s South End neighborhood and features three creative office and retail properties that are all 100 percent leased. One of the properties is a 37,351-square-foot, single-story building located at 2116 Hawkins St. The property is fully leased to Krispy Kreme, which occupies 31,176 square feet of creative office space for its corporate operations and a 6,175-square-foot Krispy Kreme restaurant. The second property, located at 222 Rampart St., is a 24,210-square-foot, single-story creative office building. The building is fully leased to Skiptown, a dog daycare, boarding and bar facility. Lastly, 307 West Tremont Ave. is a single-story, 47,533-square-foot property occupied by Spaces and Pins Mechanical Co. Spaces is a flexible workspace offering from parent company Regus that occupies 27,400 square feet. Occupying 20,133 square feet of retail space, Pins Mechanical is an entertainment venue offering activities like duckpin bowling, bocce ball and ping pong. The South End Collection sits on a 6.5-acre site close to …

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AcquisitionsNorth CarolinaRetailSoutheast

Thompson Thrift Retail Group Sells 11,000 SF Retail Building in Metro Charlotte

by Julia Sanders

CONCORD, N.C.— Thompson Thrift Retail Group has sold an 11,000-square-foot, multi-tenant retail building in Concord to an undisclosed private buyer from California. The sales price was not disclosed. The building, which is located at 3050 Derita Road, is the second of four lots to be developed within Thompson Thrift’s 7.5-acre Shops on Derita, a retail development located at Derita Road and Carolina Lily Lane. The building was fully leased at the time of sale to tenants including Supercuts, Smoothie King, Chicago’s Pizza with a Twist, Wingstop and Cinnaholic. Biscuitville Fresh Southern recently opened a restaurant on an outparcel that Thompson Thrift sold last year. Thompson Thrift expects the two remaining lots to be sold during the third quarter. The firm also owns Christenbury Corners, a 130,000-square-foot, Kohl’s-anchored shopping center that is adjacent to Shops on Derita. David Hoppe of Atlantic Capital Partners represented Thompson Thrift on the sale of the building. Thompson Thrift is a real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest.

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