North Carolina

Edgewater Ventures, McKinley Building to Develop 425,000 SF Industrial Park in Wilmington, North Carolina

by Julia Sanders April 1, 2021

WILMINGTON, N.C. — Edgewater Ventures is co-developing with McKinley Building Corp. the Wilmington Trade Center, a three-building, Class A industrial park that will total 425,000 square feet upon completion. Construction is underway on Building 1, a 157,610-square-foot facility that will feature tilt-up concrete construction with extensive glass lines, 32-foot clear heights, an ESFR sprinkler system and a 180-foot deep truck court. The property is slated to deliver in early September and will accommodate tenants ranging in size from 22,000 to 157,610 square feet. Wilmington Trade Center is situated on Highway 421 near the interchange at Interstate 140. The development is 4.2 miles from downtown Wilmington, 6.7 miles from Wilmington International Airport and 8.7 miles from the Port of Wilmington.

April 1, 2021

Acquisitions Florida North Carolina Retail Southeast

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders April 1, 2021

LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.

April 1, 2021

Development Industrial North Carolina Southeast

Wigeon Capital Breaks Ground on 58,000 SF Industrial Building at Greenfield Business Park Near Raleigh

by Julia Sanders March 31, 2021

GARNER, N.C. — Wigeon Capital has broken ground on a new flex and warehouse construction project at Greenfield Business Park in the Raleigh suburb of Garner. Construction on the first building, a 58,000-square-foot facility, is underway at 3300 Waterfield Drive. The site is located at the intersection of US Highway 70 and Interstate 40. During the second quarter of this year, Wigeon Capital plans to break ground on a 96,000-square-foot shallow bay industrial facility that will feature tilt wall concrete walls and 32-foot clear heights. The Raleigh-based firm is also planning a three-building project on an adjacent parcel that will offer a 150,000-square-foot bulk distribution facility and two additional shallow bay industrial buildings of 58,000 and 48,000 square feet in size. Jimmy Barnes of Tri Properties | NAI Carolantic is overseeing leasing efforts at Greenfield Business Park.

March 31, 2021

Development North Carolina Office Southeast

Marsh Properties, Aston Properties to Develop 2825 South Office Project in Charlotte’s South End

by Julia Sanders March 29, 2021

CHARLOTTE, N.C. — Marsh Properties and Aston Properties are co-developing 2825 South, a Class A office building in Charlotte’s South End. The development is expected to break ground in September. 2825 South will be a six-story building located on South Boulevard at Elmhurst and Marsh roads. The property will total 138,780 square feet with 20,440 square feet of ground-level retail and four floors of office space atop a parking deck. Aston Properties will occupy 8,000 square feet of office space in 2825 South. The project’s general contractor, Samet Corp., plans to occupy 12,000 square feet. There is currently 77,000 square feet of office space available for lease. Designed by LS3P, 2825 South will include touchless automatic building entry doors, large main and elevator lobby suited for social distancing, UV CleanAir elevator air sanitization and filtration system and touchless restroom doors and fixtures, as well as advanced HVAC and air filtration systems. Aston Properties will handle leasing duties.

March 29, 2021

Development North Carolina Office Southeast

JLL to Open New 41,000 SF Office at Legacy Union in Uptown Charlotte

by Julia Sanders March 26, 2021

CHARLOTTE, N.C. — JLL will open its new office at 650 S. Tryon at Legacy Union in Uptown Charlotte. The office spans nearly two floors and 41,000 square feet at the mixed-use development. Jaime Boast, Bryan White and Chris Schaaf of JLL represented the company internally in the lease negotiations. Lincoln Harris is the developer and landlord of Legacy Union. JLL’s Charlotte team has grown 47 percent year-over-year since 2019. The firm’s new location consolidates four offices spread throughout the city, bringing together 150 professionals in a larger setting. The space can accommodate up to 200 employees, with additional options for future expansions available. Designed by Gensler, the new office will feature flexible furniture selections that can be reconfigured based on need, as well as floor plans that allow for social distancing, enhanced collaboration for in-person and remote workers and easy movement throughout the space. Charlotte-based Rodgers Builders was the general contractor of the new space, and JLL’s Project and Development Services group oversaw the build-out. Additionally, the new office will pursue both LEED Gold and WELL Silver certifications. While LEED focuses on sustainability within the building’s materials and processes, WELL seeks to increase employee productivity and happiness through biophilic …

March 26, 2021

Acquisitions Industrial North Carolina Southeast

McCraney Purchases 150 Acres in Charlotte, Plans to Develop 1.2 MSF Industrial Park

by Julia Sanders March 26, 2021

CHARLOTTE, N.C. — McCraney Property Co. has purchased 150 acres in an off-market assemblage of four parcels at the intersection of Garrison Road and West Boulevard in Charlotte. This transaction is believed to be the last remaining premium parcel in Charlotte’s Southwest Airport industrial submarket. If the site plan is approved by the City of Charlotte, McCraney will build 485 Logistics Industrial Park, a speculative, Class A industrial park encompassing approximately 1.2 million square feet across five buildings. The new park would bring McCraney’s Charlotte portfolio to more than 2 million square feet. Christopher Skibinski and Chris Loyd of Avison Young represented one of the four sellers in the land transaction.

March 26, 2021

Acquisitions Development Industrial North Carolina Southeast

Trinity Capital Advisors to Develop 274,370 SF Industrial Project in Durham

by Julia Sanders March 19, 2021

DURHAM, N.C. — Trinity Capital Advisors has acquired 20 acres at 923 Ellis Road in Durham to develop a 274,370-square-foot, Class A industrial building known as the 147 Exchange. The site is located near the Durham Freeway and Highway 147 in Raleigh-Durham’s Research Triangle Park (RTP) industrial submarket. The 147 Exchange building will feature 32-foot clear heights, 52-foot column spacing, 56 dock doors and two ground-level drive-in doors. Parking is expected to accommodate 274 cars with an additional 50 trailer parking spots. Trinity Capital has hired CBRE’s industrial team of Ann-Stewart Patterson, Bryan Everett and Austin Nagy to handle leasing of the building. Trinity Capital expects to open the property in the first quarter of 2022. DMA Architecture is in charge of architectural services, and Seamon Whiteside is the lead for civil engineering services. The industrial project is Trinity Capital’s second RTP property in the works. Development has commenced for the firm’s Alexander Commerce Park, a three-building industrial park totaling 441,000 square feet. Trinity Capital’s other projects in the Carolinas include 850,000 square feet in Charleston’s Palmetto Commerce Park and plans for 600,000 square feet in the Charlotte region at Delta Industrial Park. The firm is also currently developing the …

March 19, 2021

Development Loans Mixed-Use Multifamily North Carolina Southeast

ACRE Provides $34M Loan for New High-Rise Development in Durham

by Julia Sanders March 15, 2021

DURHAM, N.C. — Asia Capital Real Estate (ACRE), a global real estate private equity firm, has provided a $34 million bridge loan for a mixed-use community in Durham known as One City Center. Provided through ACRE’s latest debt fund ACRE Credit, the loan will serve to refinance existing debt related to the project’s construction. The two-year financing carries a loan-to-value ratio (LTV) of 66.4 percent, with options for two single-year extensions. Roger Edwards of JLL originated the loan on behalf of the borrower, Austin Lawrence Partners (ALP). Located at 110 Corcoran St., One City Center is a Class A, 28-story tower featuring 109 market-rate apartments and 30 owner-occupied condominiums, which were 88.1 percent occupied as of the building’s opening in January 2021. The building, built and delivered by ALP, also includes 130,000 square feet of office space and 22,000 square feet of ground-floor retail owned by Virginia Beach, Va.-based Armada Hoffler. Community amenities include a rooftop pool, hot tub, rooftop lounge with kitchen, fitness center, a sixth floor resident park with seating areas, grills and a fire pit, a private dog run and secure parking garage with 122 spaces. Individual units include floor-to-ceiling glass windows, nine-plus-foot ceilings, stainless steel appliances, …

March 15, 2021

Acquisitions Company News Hospitality North Carolina Southeast Top Stories

Blackstone, Starwood Capital Agree to Purchase Hotel Giant Extended Stay America for $6B

by John Nelson March 15, 2021

CHARLOTTE, N.C. — Blackstone Real Estate Partners and Starwood Capital Group have agreed to form a 50/50 joint venture to acquire Extended Stay America (NYSE: STAY) in a deal valued at $6 billion. Barry Sternlicht, CEO of Starwood Capital (NYSE: STWD), cited Extended Stay America’s performance amid the COVID-19 pandemic as a key factor behind the acquisition. “Extended Stay has demonstrated resilience over the past year despite persistent challenges due to government lockdowns and travel restrictions,” says Sternlicht. “We are excited about the company’s growth opportunity as restrictions ease and we’re confident that, in partnership with Blackstone, our team has the right experience to drive continued success.” “Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model,” adds Tyler Henritze, Blackstone’s head of U.S. acquisitions. The Charlotte-based hotel owner operates 649 Extended Stay America hotels in the United States spanning over 69,000 rooms. The company’s subsidiary, hospitality REIT ESH Hospitality Inc., owns 563 of those hotels. The remaining 86 properties are franchised, according to Extended Stay America’s fourth-quarter 2020 earnings report. Blackstone and Starwood Capital’s cash offer is for $19.50 per share, a premium of 15.1 percent to Extended Stay …

March 15, 2021

Acquisitions Loans Multifamily North Carolina Southeast

NorthMarq Arranges $8.6M Acquisition Loan for Tryon House Apartments in Charlotte

by Julia Sanders March 12, 2021

CHARLOTTE, N.C. — NorthMarq has arranged an $8.6 million bridge loan for the acquisition and renovation of Tryon House Apartments located at 508 North Tryon St. in Charlotte. The 84-unit property is located near the city’s Uptown district. Dave Stewart and Ryan Taylor of NorthMarq arranged the financing through a national debt fund on behalf of the buyer, Elevate Capital. The seller was not disclosed. Tryon House was built in 1927, and is close to all of Uptown’s amenities, such as the LYNX Blue Line light rail system, Charlotte’s banking headquarters and The EpiCentre and First Ward Business Center.

March 12, 2021

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