North Carolina

Hunt Capital, Durham Housing Authority Plan Redevelopment of 177-Unit J.J. Henderson Senior Apartments in North Carolina

by John Nelson February 3, 2021

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with Signature Bank called Hunt Capital Partners Tax Credit Fund 39. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a public subsidy contract to a long-term Project-Based Rental Assistance Section 8 Housing Assistance Payment (HAP) contract. Situated on 1.8 acres, J.J. Henderson Senior Apartments is an existing public housing property featuring a nine-story residential complex that contains 177 units for seniors 62 and older, or any age if disabled. It is currently 98 percent occupied and has a waiting list of six to 12 months. This will be the first major rehabilitation of J.J. Henderson Senior Apartments since it was built in 1978. Rehabilitation will include ADA and …

February 3, 2021

Leasing Activity North Carolina Retail Southeast

Mitchell Gold + Bob Williams Home Furnishings Opens at Asheville Outlets in North Carolina

by John Nelson February 2, 2021

ASHEVILLE, N.C. — Mitchell Gold + Bob Williams Home Furnishings Outlet has opened at Asheville Outlets, an outlet mall located at the intersection of Interstate 40 and Interstate 26 in Asheville. The furniture retailer occupies a 14,900-square-foot space that formerly housed Forever 21. The property is situated at 800 Brevard Road, roughly five miles southwest of downtown Asheville. New England Development is the owner and operator of Asheville Outlets, which opened in May 2015. Asheville Outlets includes more than 70 retailers and restaurants, including J. Crew, Nike Factory Store, Under Armour and Tommy Hilfiger. The new Mitchell Gold + Bob Williams store is the largest authorized factory-direct outlet for the North Carolina-based brand. Mitchell Gold + Bob Williams offers furniture including sofas, sleepers, sectionals, accent chairs, beds, chests, nightstands, bookcases, media consoles, bar carts and dining tables.

February 2, 2021

Development Multifamily North Carolina Southeast

Haven Communities, Wheelock Street Purchase Land in Charlotte’s South End for Multifamily Development

by John Nelson January 29, 2021

CHARLOTTE, N.C. — Haven Communities and Wheelock Street Capital have purchased a 1.9-acre site at the corner of South Church and West Bland streets in Charlotte’s South End district. The firms were able to buy the property with the assistance of its capital advisor, Patterson Real Estate Advisory Group. Haven and Wheelock are planning to co-develop Haven South End, a 304-unit, Class A multifamily development at the site. The partnership plans to break ground this summer. Haven South End is located near the LYNX Blue Line’s Bland Street Station and the Charlotte Rail Trail and has immediate access across I-277 into Uptown Charlotte. Haven Communities is a developer of multifamily and student housing communities and mixed-use developments across the Southeast, Wheelock is a private real estate investment firm and Patterson is a capital placement and real estate finance advisory firm.

January 29, 2021

Leasing Activity North Carolina Southeast

CBL Properties Signs Rooms To Go to 45,000 SF Lease at Fayetteville, North Carolina Mall

by John Nelson January 29, 2021

FAYETTEVILLE, N.C. — CBL Properties will add a Rooms To Go store as part of the redevelopment of the former Sears parcel at Cross Creek Mall in Fayetteville. Sears closed its doors in 2019. Rooms To Go is expected to open its 45,000-square-foot store in the fourth quarter. Future plans for the redevelopment at Cross Creek Mall include additional dining options, as well as new retail and other uses. Announcements will be made as plans are finalized. Cross Creek Mall is located at the intersection of Morganton and Skibo roads at 419 Cross Creek Mall in Fayetteville. The mall is situated 8.2 miles northwest of Fayetteville Regional Airport. Cross Creek has over 150 shops, and is anchored by Belk, JCPenney and Macy’s. CBL Properties, a Chattanooga-based REIT, is a prominent mall owner and operator. The company’s portfolio comprises 106 properties totaling 65.7 million square feet across 25 states.

January 29, 2021

Acquisitions North Carolina Office Southeast

CBRE Facilitates $201M Sale of Wells Fargo-Anchored Office Building in Uptown Charlotte

by John Nelson January 28, 2021

CHARLOTTE, N.C. — CBRE has facilitated the sale of a 358,414-square-foot office building in Uptown Charlotte on behalf of the seller, Stream Realty Partners. Stream sold the property to Hana Alternative Asset Management for a purchase price of $201 million. Wells Fargo anchors the office building, which was fully leased at the time of sale. The 15-story property is located at 300 South Brevard St, within a half-mile from the Charlotte Convention Center. Middle C Jazz Club and the Public House restaurant take up retail space in the building facing Brevard Street. In 2020, Stream completed a full-scale renovation, including a full elevator modernization, roof replacement, electrical upgrade, common area renovations, and facade improvements. CBRE’s Patrick Gildea, Matt Smith, Brandon McMenomy, Grayson Hawkins, and Will Pike brokered the sale. Greg Greene and Harris Ralston of CBRE’s Debt & Structured Finance team secured financing on behalf of the buyer. Stream is a commercial real estate services and ownership firm based in Dallas. Hana Alternative Asset Management is an alternative investment asset company based in South Korea. The company is a subsidiary of Hana Financial Group.

January 28, 2021

Acquisitions Affordable Housing Development Loans Multifamily North Carolina Southeast

Colliers Mortgage Provides $14.9M HUD Loan for Affordable Housing Property in Durham

by John Nelson January 28, 2021

DURHAM, N.C. — Colliers Mortgage has provided a $14.9 million HUD 221(d)(4) loan for Oakley Square, a 100-unit affordable housing property located in Durham. The borrower, Oakley Square Housing Partners LP, will use the loan for the acquisition and substantial rehabilitation financing of Oakley Square. The loan features a 40-year term and a 40-year amortization schedule. Colliers Securities LLC provided tax exempt bonds to the borrower, which will also receive equity from the sale of Low-Income Housing Tax Credits (LIHTC). Colliers Mortgage, formerly known as Dougherty Mortgage, is part of Colliers International and is a nationwide mortgage banking firm.

January 28, 2021

Development Industrial North Carolina Southeast

Trinity Capital Selects Frampton to Build Three Industrial Facilities in Metro Raleigh

by John Nelson January 27, 2021

KNIGHTDALE, N.C. — Trinity Capital Advisors has selected Frampton Construction Co. LLC to build three industrial facilities in Knightdale. The buildings will be situated within Trinity Capital’s Eastgate 540 industrial park, located along Interstate 540 in Raleigh’s East Wake submarket. The new buildings join three existing facilities in the complex and will bring the park’s total size to 980,000 square feet. The first building is a build-to-suit project for the park’s newest tenant, PCX Corp. The company designs and builds prefabricated modular electrical distribution and power systems. PCX recently signed a lease to occupy the entire 159,600-square-foot facility. The remaining two buildings, each measuring 120,000 square feet, are under construction with leases in progress. Frampton is underway on sitework for all three buildings. Merriman Schmitt Architects completed the design for the buildings, and Advanced Civil Design Inc. provided civil engineering services. Construction is expected to finish this summer. Frampton Construction is a regional, full-service general contractor with offices in Charlotte and Charleston.

January 27, 2021

Acquisitions North Carolina Retail Southeast

Broad Reach Retail Partners Acquires Avent Ferry Shopping Center in Raleigh for $15.8M

by John Nelson January 27, 2021

RALEIGH, N.C. — Broad Reach Retail Partners LLC, a value-add owner and operator of retail centers, has acquired Avent Ferry Shopping Center in Raleigh. Avent Ferry is Broad Reach’s first location in Raleigh. The sales price and seller were not disclosed, but Triangle Business Journal reports Weingarten Realty Investors sold the asset for $15.8 million after nearly 20 years of ownership. Anchored by Food Lion, the 119,652-square-foot shopping center is located within walking distance to North Carolina State University and just three miles from downtown Raleigh. Avent Ferry was 87 percent leased at the time of sale to tenants such as Walgreens, Family Dollar, the North Carolina DMV, Hardee’s, Circle K and Wingstop. This acquisition comes a few months after Broad Reach’s purchase of Warsaw Village Shopping Center in September 2020.

January 27, 2021

Acquisitions North Carolina Office Southeast

Big Cypress Capital, LPA Urban Sell Adaptive Reuse Office Property in Charlotte for $17.3M

by John Nelson January 26, 2021

CHARLOTTE, N.C. — Big Cypress Capital and LPA Urban have completed the $17.3 million sale of 2317 Thrift Road, a two-story adaptive reuse office property spanning 38,000 square feet in Charlotte’s FreeMoreWest neighborhood. Big Cypress Capital and LPA Urban purchased the asset in January 2019 and signed local advertising firm Wray Ward to anchor the space in summer 2019. The co-owners redeveloped the existing 19,000-square-foot structure and doubled the footprint with a new addition ahead of its delivery in October 2020. Naples, Fla.-based Big Cypress sold the asset via its Headwaters Strategic Operator platform. It was the first sale in the firm’s 2018 Vintage Year Headwaters Real Estate Opportunities Fund I. The buyer was a joint venture partnership that is backed by an undisclosed institutional investor.

January 26, 2021

Leasing Activity Life Sciences North Carolina Office Southeast

Trinity Capital Signs Cancer Research Firm to 70,369 SF Life Sciences Lease in Durham

by John Nelson January 25, 2021

DURHAM, N.C. — Trinity Capital Advisors has signed cancer research firm Charles River Laboratories Inc. to a 70,639-square-foot lease for life sciences space within Park Point, an adaptive reuse research and development campus in Durham’s Research Triangle Park. The tenant’s North Carolina Oncology Center of Excellence operation will occupy the space at the park’s Edge West Building. In 2019, Trinity Capital acquired Park Point, a 100-acre office campus situated near Duke University. The ownership is investing $160 million to redevelop the property into a 655,800-square-foot life sciences campus. GRAIL Inc., an early cancer detection firm, will anchor Park Point when it moves into its 200,000-square-foot space in March. Park Point’s amenities will include athletic fields, walking trails, a fitness center, conference and training center, gathering areas and a coffee shop/café. Bill Sandridge, Brendan Callahan and Caitlyn Kinnaird of JLL represented Charles River Laboratories in the lease transaction. Doug Cook of Cushman & Wakefield and William Allen of Trinity Partners handle life sciences and creative office leasing at Park Point, respectively. Trinity Capital is part of Park Point’s ownership group with Starwood Capital Group and Vanderbilt Partners.

January 25, 2021

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