North Carolina

Haven Realty Capital Acquires Single-Family Rental Homes in Georgia, North Carolina for $80M

by Julia Sanders July 28, 2021

LOS ANGELES — Haven Realty Capital, a Los Angeles-based single-family rental investor, has acquired three communities in the Southeast to add to its institutional single-family rental and build-to-rent portfolio. The housing developments are currently under construction and are located in metro Atlanta and in Charlotte. The two separate transactions totaled $80 million, and the sellers were not disclosed. The first metro Atlanta community, Stapleton Park, is located at 150 John Wesley Way in McDonough and will include 76 homes. The property will have three- and four-bedroom floorplans ranging in size from 1,916 to 2,655 square feet. The other property, Rosemary Park at Sugarloaf, is located at 819 Sugarloaf Parkway in Lawrenceville and will include 78 three-bedroom and two-and-a-half bedroom townhomes. Ranging in size from 1,559 to 1,804 square feet, each home in Rosemary Park will feature granite countertops, hard surface flooring, new stainless-steel appliances and private backyard. In a separate transaction, Haven Realty closed on the first phase of Queen City Townes, a 106-unit rental townhome community in Charlotte’s South End. The two- and three-bedroom townhomes range in size from 1,370 to 1,599 square feet. Located at 4928 Old Pineville Road, the community is situated 0.2 miles from the Woodlawn …

July 28, 2021

Acquisitions North Carolina Office Southeast

CP Group Purchases 370,000 SF Harris Corners Office Campus in Charlotte

by Julia Sanders July 27, 2021

CHARLOTTE, N.C. — CP Group has purchased Harris Corners, a 370,000-square-foot office campus located at 9115 Harris Corners Parkway in Charlotte. CP Group and Siguler Guff, a private equity investment firm based in New York, purchased the property in a joint venture. The sales price and seller were not disclosed. Built between 2000 and 2006, Harris Corners includes two five-story buildings and one four-story building. Property amenities include a conference facility, tenant lounge with a café, fitness center, food truck program and a central courtyard. The property is also home to a newly constructed Courtyard/Residence Inn. Harris Corners is located 14.7 miles north of the Charlotte Douglas International Airport. Following the acquisition, CP Group will renovate the common areas and amenities while implementing its Class A management and tenant service programs. Formerly known as Crocker Partners, CP Group is a Boca Raton, Fla.-based owner-operator and developer of commercial real estate.

July 27, 2021

Acquisitions Multifamily North Carolina Southeast

EverWest Acquires Mint Apartments in Uptown Charlotte for $64.1M

by Julia Sanders July 27, 2021

CHARLOTTE, N.C. — EverWest Real Estate Investors has purchased The Mint, a 178-unit multifamily community in Uptown Charlotte. EverWest purchased The Mint from Spectrum Cos. Allan Lynch and Caylor Mark of NorthMarq represented Spectrum Cos. in the transaction. The sales price was $64.1 million. Located 425 W. Trade St., The Mint totals seven stories and 161,723 square feet. The property offers studio, one- and two-bedroom apartments with an average unit size of 909 square feet. Delivered in 2015, The Mint features a brick, stone and stucco façade. Community amenities include a fitness center, Zen courtyard, swimming pool, resident clubhouse, sky lounge and dog run. Denver-based EverWest plans to upgrade the property’s unit interiors, amenity spaces and exteriors. The plan includes modernization of all amenity spaces and an upgrade of unit interiors with new plank flooring, updated kitchen and bathroom cabinets, designer lighting and hardware fixtures and a full technology package.

July 27, 2021

Acquisitions Multifamily North Carolina Southeast Student Housing

Core Spaces Acquires 822-Bed Student Housing Community in Raleigh

by Julia Sanders July 26, 2021

RALEIGH, N.C. — Core Spaces has acquired Stanhope Student Apartments, an 822-bed student housing community located at 3001 Hillsborough St. in Raleigh. The seller was an affiliate of locally based developer Kane Realty and Val Valentine of Raleigh-based Valentine Properties. The sales price was not disclosed. Situated about a quarter-mile from North Carolina State University (NC State), Stanhope opened in the fall of 2015 and includes studio, one-, two-, three- and four-bedroom options. Unit amenities include a furniture package with smart TVs, hardwood plank flooring and washers and dryers, as well as all utilities included in the monthly bill. Community amenities include a pool, movie theater room, cyber café, art studio, study lounges, two-story fitness center, fire pit and grilling area, onsite security, game room, a tanning bed and gated parking garage. For the 2021- 2022 school year, the residential portion of the mixed-use property is already 100 percent leased. The property also features 30,000 square feet of ground level retail space leased to tenants such as CVS/pharmacy, Smoothie King, Penn Station Subs, Cha House and Mulan Ice Cream & Milk Tea. Geoff Loftin and Jim Anthony of APG represented Core Spaces in the transaction. Core Spaces is a Chicago-based …

July 26, 2021

Industrial Leasing Activity North Carolina Southeast

Duke Realty Signs Carolina Furniture Installations to Lease in Morrisville, North Carolina

by Julia Sanders July 26, 2021

MORRISVILLE, N.C. — Duke Realty Corp. has signed a lease with Carolina Furniture Installations, a locally based office furnisher, for a 12,673-square-foot space at the developer’s Perimeter Park 2700 building. The 86,266-square-foot property is located at 2700 Perimeter Park in Morrisville and is now fully leased. Located midway between Raleigh and Durham, Perimeter Park is situated just off N.C. Highway 54 near the intersection of Interstates 540 and 40. The property is also located 4.1 miles from the Raleigh-Durham International Airport. Perimeter Park is a four-building industrial campus with a total of 358,272 square feet. Austin Nagey of CBRE represented Carolina Furniture Installations in the lease transaction. Batista Orcino represented Duke Realty on an internal basis along with Larry Lakins of Colliers International.

July 26, 2021

Development Leasing Activity North Carolina Retail Southeast

Four Retailers Join Tenant Lineup at $1B Fenton Project in Metro Raleigh

by Julia Sanders July 23, 2021

CARY, N.C. — Williams Sonoma, Pottery Barn, Athleta and Von Kekel Aveda Lifestyle Salon Spa will join the first phase of Fenton, a 69-acre, $1 billion mixed-use project under construction in the Raleigh suburb of Cary. In Phase I, co-developers Hines and Columbia Development will deliver approximately 345,000 square feet of shops, restaurants and entertainment space; 200,000 square feet of office space; a 175-room boutique hotel; and a 357-unit apartment community that will begin preleasing in early 2022. Williams Sonoma will occupy 5,504 square feet, Pottery Barn will occupy 13,910 square feet, Athleta will occupy 3,825 square feet and locally based Von Kekel Aveda Lifestyle Salon Spa will open its third Triangle-area location at Fenton. All four retailers expect to open their stores in April 2022. Other committed retail tenants at Fenton include Paragon Theaters, Arhaus Furniture, Honeysuckle Gelato, CRU Food & Wine Bar, Sephora, Free People, Bailey’s Fine Jewelry, LunchboxWax, Zen Nail Bar, Superica, M Sushi, Crawford Brothers Steakhouse, Colletta and Dram & Draught. The mixed-use development was also slated to feature a Wegmans, but the Rochester, N.Y.-based grocer pulled out of the project in March. With the addition of the four new tenants, 82 percent of the retail …

July 23, 2021

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Viking Partners Acquire Multifamily Community in Durham for $42.4M

by Julia Sanders July 23, 2021

DURHAM, N.C. — Magma Equities and Viking Partners have acquired University Apartments, a 359-unit multifamily community near Duke University in Durham, for $42.4 million. The seller was not disclosed. Located on 12 acres at 1500 Duke University Road, University Apartments features studio, one- and two-bedroom units across 20 two- and three-story residential buildings. Community amenities include two 24-hour fitness centers, two swimming pools with sundecks, grills and an outdoor fireplace. Magma and Viking plan to initiate a capital improvement plan to upgrade both the unit interiors as well as the community areas. For the Manhattan Beach, Calif.-based Magma firm, University Apartments is the fifth acquisition in the Raleigh-Durham metro area this year alone and increases the company’s local multifamily portfolio to more than 3,600 units. Viking Partners is a Cincinnati-based private equity real estate investment firm.

July 23, 2021

Development Multifamily North Carolina Office Retail Southeast

Dominion Realty, New York Life Open 29-Story FNB Tower in Uptown Charlotte

by Julia Sanders July 22, 2021

CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …

July 22, 2021

Acquisitions Industrial North Carolina Southeast

SRS Negotiates $20.3M Sale of Industrial Building in Asheville

by Julia Sanders July 21, 2021

ASHEVILLE, N.C. — SRS Real Estate Partners has negotiated the $20.3 million sale of a 388,540-square-foot industrial building located at 12 Gerber Road in Asheville. Jack Cornell and Max Finn of SRS represented the seller, a North Carolina-based private investor, and the buyer, a Florida-based private investor. Built in 1959, the property was originally the headquarters for Gerber Baby Food and was most recently renovated in 2014. The industrial building is fully occupied by several tenants including SRS Distribution, GF Linamar and U-Haul. The property is located adjacent to Norfolk & Southern Railroad and features an onsite rail spur.

July 21, 2021

Development Industrial North Carolina Southeast

Trammell Crow Co. to Develop 755,928 SF Industrial Facility Near Charlotte

by Julia Sanders July 20, 2021

KANNAPOLIS, N.C. — Trammell Crow Co. (TCC) has plans to develop Metro63, a new 755,928-square-foot, speculative industrial facility near Charlotte. Construction is expected to begin this month, with delivery slated for August 2022. Located at 5700 Royce St. in Kannapolis, Metro63 is situated on a 94-acre site. The property will feature 40-foot clear heights, an 8-inch reinforced floor slab, 580-foot building depth with 65-foot speed bays, ESFR fire protection, 172 trailer drops, 490 auto parking spaces and 10 acres of auxiliary parking for trailer or car parking. Metro63 is located less than half a mile from Interstate 85, 25 miles northeast of Uptown Charlotte and about 32.7 miles from the Charlotte Douglas International Airport. Samet Corp. is the general contractor on the project. Atlanta-based Cadence Bank is providing an undisclosed amount of construction financing. Sink Kimmell of Selwyn Property Group represented the undisclosed land sellers, and Henry Lobb of Avison Young represented TCC. Lobb and Tom Tropeano, also with Avison Young, are handling leasing for the project.

July 20, 2021

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