North Carolina

Lowes Foods Signs 52,000 SF Lease at Christenbury Village in Concord, North Carolina

by Julia Sanders October 20, 2021

CONCORD, N.C. — Winston-Salem-based Lowes Foods LLC has signed a lease to anchor Christenbury Village, a grocery-anchored mixed-use development in Concord. Christenbury Investors LLC, an entity affiliated with Charlotte-based MPV Properties LLC and Mission Properties LLC, is the developer. Christenbury Village is a 17-acre development located at the intersection of Cox Mill Road and Christenbury Parkway. The project is slated to include an approximately 52,000-square-foot Lowes Foods, two mixed-use buildings featuring approximately 150 apartment units and about 26,000 square feet of ground-floor commercial space. Christenbury Village will also include 24,000-square-foot medical office and shop retail buildings along Christenbury Parkway. The developer plans to break ground on Phase I of the project in the fourth quarter, and Lowes Foods is slated to open in the beginning of 2023. Austin Easter of MPV Properties represented Lowes Foods in the lease transaction.

October 20, 2021

Acquisitions Development Multifamily North Carolina Southeast

JLL Brokers $5M Land Sale for Multifamily Project in Cary, North Carolina

by Julia Sanders October 20, 2021

CARY, N.C. — JLL Capital Markets has brokered the $5 million sale for a 5.8-acre infill land parcel in Cary that is zoned for multifamily. SunCap Property Group acquired the land with plans to develop a 230-unit apartment community called Ashby at Twin Lakes at the site. The property will include one-, two- and three-bedroom residences, as well as a courtyard and pool, gas grills, indoor and outdoor fitness center, workout stations, dog park and spa, bike storage and secured parking. Situated along Davis Drive, the site is located within the Twin Lakes Planned Development District, which also includes a new 100,000-square-foot Wegmans-anchored retail center. David Lee of SunCap’s multifamily division worked closely with the Town of Cary to plan the community. Sarah Godwin of JLL marketed the land on behalf of the seller, an entity doing business as Leyland Twin Lakes LLC.

October 20, 2021

Acquisitions Life Sciences North Carolina Southeast

JLL Income Property Trust Acquires Two Life Sciences Properties in Durham for $67M

by Julia Sanders October 14, 2021

DURHAM, N.C. — JLL Income Property Trust has acquired 5 & 47 National Way, two life sciences properties located in Durham. The sales price was approximately $67 million. The seller was not disclosed. Built in 2020, the properties total 375,000 square feet and are fully leased to life sciences tenants, such as KBI BioPharma and Taysha Gene Therapies. The tenants have invested a combined $180 million in property upgrades that include laboratory, clean and cold rooms, specialized sanitation stations and specialized water and power upgrades, according to Allan Swaringen, president and CEO of JLL Income Property Trust. The properties are located adjacent to Research Triangle Park, the biggest scientific research park in the country. The weighted average lease term on the two properties is more than 14 years.

October 14, 2021

Development Multifamily North Carolina Southeast

Joint Venture Breaks Ground on 261-Unit Multifamily Community in Charlotte’s South End

by Julia Sanders October 12, 2021

CHARLOTTE, N.C. — Developer RangeWater Real Estate and equity partner ParkProperty Capital have broken ground on The Raven at Tremont, a 261-unit multifamily community in Charlotte’s South End neighborhood. The first apartments are slated for completion by the spring of 2023. The Raven at Tremont will include one- and two-bedroom apartments. The property’s units will feature 9-foot ceilings, subway tiles, stainless steel appliances, granite countertops and Whirlpool washers and dryers. Community amenities will include a top-floor sky lounge, fitness center, pool, 10,000 square feet of open green space and a dog park. Located at 536 W. Tremont Ave., the property will be situated close to several retailers such as Callie’s Hot Little Biscuit, Zeppelin, Krispy Kreme, Yamazaru Sushi & Sake and Jeni’s Splendid Ice Creams. The multifamily development will also be situated about 1.9 miles from downtown Charlotte. Both RangeWater and ParkProperty Capital are based in Atlanta. RangeWater currently has 10 active projects in North Carolina totaling more than 2,500 units.

October 12, 2021

Company News North Carolina Southeast

Darrell Palasciano, Matt Henry Join Brokerage Team at Providence Group in Charlotte

by Julia Sanders October 1, 2021

CHARLOTTE, N.C. —The Carolinas leasing team of Darrell Palasciano and Matt Henry has joined The Providence Group’s landlord division. Palasciano and Henry combined have nearly three decades of experience as landlord advisors. Matt Henry started working in commercial real estate in 2014, and Darrell Palasciano has about 18 years of retail development and leasing experience. The two have $600 million in career transaction volume with a total of 3 million square feet. Most recently, the team was with the Carolinas Division of The Shopping Center Group. Starting earlier this month, Palasciano and Henry joined The Providence Group as brokers, working from the firm’s new office in Charlotte. The Palasciano-Henry team continue to work as strategic retail advisors with national, regional and local owners and developers throughout both North Carolina and South Carolina. Palasciano currently serves as ICSC State Chair for both North and South Carolina, previously serving as Government Relations Chair and Carolinas Conference Chair. Henry has previously worked with clients including Kimco Realty Corp., Slate Asset Management, Echo Realty, Vanguard, Westwood and Seritage.

October 1, 2021

Acquisitions Multifamily North Carolina Southeast

Preferred Apartment Communities Acquires 256-Unit Apartment Complex in Metro Charlotte

by Julia Sanders September 30, 2021

MATTHEWS, N.C. — Preferred Apartment Communities Inc. has acquired Solis Chestnut Farm, a 256-unit Class A multifamily community in Matthews, about 11.7 miles from Charlotte. The price and seller were not disclosed. Located at 3005 Chestnut Grove Lane, Solis Chestnut Farm offers studio, one-, two- and three-bedroom units ranging from 620 to 1,480 square feet. The monthly rent is $1,384 to $2,104. Community amenities include a pool, grill, bike storage, game room, conference room and courtyard. The unit features include in-unit washers/dryers, granite countertops and stainless steel appliances.

September 30, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Brokers Sale of 152,030 SF Shopping Center in Greensboro, North Carolina

by Julia Sanders September 24, 2021

GREENSBORO, N.C. — Marcus & Millichap has brokered the sale of West Market Shopping Center, a 152,030-square-foot, Food Lion-anchored retail property in Greensboro. The property sold for $9.1 million. David Gant and Lori Schneider of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Built in 1963, West Market Shopping Center is located at 4637-4653 W. Market St. The property’s tenant roster includes Cato, Strength & Body and Reconsidered Goods.

September 24, 2021

Leasing Activity North Carolina Office Retail Southeast

East West Partners Signs Three Leases for New Tenants to Join Crabtree Terrace in Raleigh

by Julia Sanders September 23, 2021

RALEIGH, N.C. — East West Partners has signed leases with two retail tenants and one office tenant at Crabtree Terrace, a 173,468-square-foot mixed-use development in Raleigh’s Crabtree Valley district. Hillman Duncan and John MacDonnell of JLL handle office leasing on behalf of the owner. CBRE is leading the retail leasing efforts. Located at 4509 Creedmoor Road, Crabtree Terrace includes 145,000 square feet of Class A office space and over 28,000 square feet of retail space. Opened in 2020, the building’s amenities include a fitness facility and locker rooms, as well as is located close to the Crabtree Creek Trail. Crabtree Terrace is just 10 miles from the Raleigh-Durham International Airport. JLL signed an undisclosed tenant to 13,000 square feet of office space at the property. The building already has office tenants, including Spaces, a coworking company, and Longleaf Law Partners, a boutique commercial real estate law firm. CBRE has added two retailers to the building’s ground floor, both of which will open by the end of 2021. The two new tenants are financial services company Fidelity Investments, which has signed a 7,400-square-foot lease, and Fiction Coffee, a Texas-based café that has signed a 1,400-square-foot lease. The property has additional onsite …

September 23, 2021

Development Multifamily North Carolina Southeast

Capital Square to Develop $121M Multifamily Tower in Raleigh’s Warehouse District

by Julia Sanders September 21, 2021

RALEIGH, N.C. — Capital Square plans to develop a 20-story multifamily tower at 320 W. South St. in Raleigh’s Warehouse District. The 297-unit development is slated for completion by June 2024. Capital Square plans to break ground on the approximately $121 million project in April 2022. The development will offer studios, one-, two- and three-bedroom units. The apartment community will also feature 8,384 square feet of ground-floor commercial space, as well as an adjacent, standalone parking tower with 437 parking spaces. Community amenities will include a swimming pool, rooftop lounge, coworking space and a fitness center. The property is situated at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh. The apartment community will be close to the RedHat Amphitheater and Raleigh Convention Center and will be situated adjacent to U.S. Highway 70. CSRA Opportunity Zone Fund VI, Capital Square’s project-specific fund seeking to raise $48.5 million from accredited investors and a minimum investment of $100,000, will provide part of the financing for the project.

September 21, 2021

Acquisitions North Carolina Office Southeast

Trinity Partners Arranges Sale of One & Two Fairview Center in Charlotte’s SouthPark Area

by Julia Sanders September 21, 2021

CHARLOTTE, N.C. — Trinity Partners has arranged the sale of One & Two Fairview Center, a 182,841-square-foot, two-building office park in Charlotte’s SouthPark office submarket. The buyer was an entity affiliated with Taurus Investment Holdings, a Boston-based global private equity real estate firm. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, an affiliate of CapRidge Partners. The sales price was not disclosed. One & Two Fairview Center was approximately 93 percent occupied at the time of sale. After purchasing the properties in early 2019, CapRidge executed a capital improvement, spec suite and leasing plan. The property is located right across from SouthPark Mall, which features over 150 stores including Dillard’s, Macy’s, Belk, Nordstrom, Dick’s Sporting Goods and Victoria’s Secret. Trinity Partners leased One & Two Fairview Center on behalf of CapRidge, an Austin, Texas-based real estate investment firm.

September 21, 2021

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