North Carolina

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

Acquisitions Development Industrial North Carolina Southeast

Silverman Group Buys 198 Acres, Plans Spec Industrial Park in Metro Charlotte

by Julia Sanders July 16, 2021

CHINA GROVE, N.C. — The Silverman Group has purchased approximately 198 acres located in China Grove for a speculative industrial park known as 85 North Logistics Center. The land seller was not disclosed, but the sales price was approximately $10.4 million. The project is slated for delivery in the third quarter of 2022. The project has the potential for upwards of 1.8 million square feet of Class A industrial space across two buildings. Silverman Group could potentially deliver one building spanning 1.5 million square feet as well as a second 414,000-square-foot building. The project could include trailer and auto parking, as well as ceiling heights of 40 feet and greater should it be desired by a prospective tenant. The Silverman Group is a privately owned and operated private equity and real estate development firm based in Basking Ridge, N. J. Avison Young has been chosen to lease the property.

July 16, 2021

Acquisitions North Carolina Office Southeast

Northpond Partners Acquires Packard Place Office Building in Downtown Charlotte for $15.4M

by Julia Sanders July 13, 2021

CHARLOTTE, N.C — Northpond Partners has acquired Packard Place, a five-story creative office building located at 222 South Church St. in downtown Charlotte. Dunn Mileham and David Morris of Trinity Partners arranged the transaction on behalf of the seller, Packard Place Properties LLC, an entity owned by Sara and Dan Roselli. The sales price was $15.4 million. After purchasing the 95,128-square-foot property in 2010, Sara and Dan Roselli founded The Garage at Packard Place, a nonprofit focused on providing Charlotte’s start-up and entrepreneurial community with technical, educational and business support. Currently 60 percent leased, Packard Place has served as home to the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee and Ink n Ivy. Northpond has selected architectural firm Gensler to lead the design for the property’s comprehensive common area renovations. Potential plans include the creation of an open lobby allowing for tenant connection and collaboration. Capital improvements are expected to begin later this year and be completed in second-quarter 2022. Northpond has retained Maddy Howey and Tim Arnold of Trinity Partners to lease the property. Additionally, Trinity Partners will manage the property. Northpond Partners is a Chicago-based real estate investment firm. This property is Northpond’s …

July 13, 2021

Acquisitions Industrial North Carolina Southeast

JLL Brokers Sale of 520,431 SF Industrial Facility in Raleigh

by Julia Sanders July 9, 2021

RALEIGH, N.C. — JLL Capital Markets has brokered the sale of 2728 Capital Blvd., a 520,431-square-foot, last-mile industrial facility in Raleigh. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, SharpVue Capital. Charlotte-based Beacon Partners purchased the facility for an undisclosed price. The property is situated on 32 acres and is located about 4.6 miles from downtown Raleigh.

July 9, 2021

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Arranges $71M Sale of Industrial Portfolio in Charlotte, Durham

by Julia Sanders July 9, 2021

CHARLOTTE AND DURHAM, N.C. — Cushman & Wakefield has arranged the sale of a four-property industrial portfolio located in Charlotte and Durham. Rob Cochran, Stewart Calhoun, Casey Masters, Nolan Ashton, David Finger, Sara Owen, Fermin Deoca and Eric Ridlehoover of Cushman & Wakefield represented the seller, funds managed by Rialto Capital Management LLC, in the transaction. DRA Advisors, on behalf of a separate account client, acquired the properties for $71 million. The portfolio totals 869,916 square feet and was 88 percent leased to five tenants at the time of sale. The buildings include a 406,001-square-foot building located at 1001 Bond St. in Charlotte, a 187,000-square-foot building located at 4001 Performance Road in Charlotte, a 107,968-square-foot building located at 2710 Weck Drive in Durham and a 168,847-square-foot building located at 2910 Weck Drive in Durham.

July 9, 2021

Acquisitions Development Mixed-Use Multifamily North Carolina Office Restaurant Retail Southeast

SLI Capital, Regent Acquire 15 Parcels in Raleigh for Phase II of East End Market

by Julia Sanders July 9, 2021

RALEIGH, N.C. — A joint venture between SLI Capital and Regent Partners has acquired 15 parcels totaling approximately 10 acres in Raleigh for the second phase of the East End Market mixed-use development. Seven undisclosed entities sold the 15 parcels to the joint venture for a total of approximately $18 million. Located on Whitaker Mill Road between Wake Forest Road and Atlantic Avenue, East End Market is a mixed-use, food and beverage destination that will offer a collection of restaurants, apartments, shops and office spaces. Phase I of East End Market began in March and is expected to be completed by the end of the year with the first tenants expected to move in shortly thereafter. The tenant lineup includes East End Bistro, a French chop house by acclaimed restaurateur Giorgios Bakatsias; Shady Grove Cider Co., Raleigh’s first cidery; Common Desk, a Texas-based coworking brand; and local businesses Campion Capital and Piedmont Capital. Phase II will include new construction featuring 235,000 square feet of office space, 40,000 square feet of retail and food and beverage and 465 apartments. The project is fully capitalized via a joint venture with Koch Real Estate Investments. Construction will commence without any preleasing, according to …

July 9, 2021

Industrial Leasing Activity North Carolina Southeast

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

by Julia Sanders July 2, 2021

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.

July 2, 2021

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