North Carolina

ATCO, Shorenstein Break Ground on Phase II of Camp North End Mixed-Use Project in Charlotte

by John Nelson January 22, 2021

CHARLOTTE, N.C. — ATCO Properties & Management and Shorenstein Properties LLC have broken ground on Phase II of Camp North End, which will include retail, office and multifamily spaces, as well as a parking garage. The mixed-used development is located on a former industrial site spanning 76 acres in Charlotte’s Druid Hills South district. S9 Architecture is the designer and BB+M Architecture is the architect of record for Camp North End’s second phase, which will include two office buildings totaling 120,000 square feet, 15,000 to 20,000 square feet of retail space and a multifamily community with a parking garage. ATCO and Shorenstein expect to deliver the second phase of construction in early 2022. Phase I was delivered in summer 2020 and includes 70,000 square feet of office and retail space and four food stalls within the Gama Goat building. Office tenants at the project include solar energy company Pine Gate Renewables, tech firm CloudGenera Inc. and Ally Bank. Retail tenants include restaurant Leah & Louise, bakery Wentworth & Fenn, Free Range Brewing, That’s Novel Books and boutique fitness center bloc. The project team is also in the preliminary planning stages for several other buildings onsite, including the renovation of the …

January 22, 2021

Acquisitions Industrial North Carolina Retail Southeast

Riverside Furniture Acquires Former Manufacturing Facility in Triad Region, Plans Renovations

by John Nelson January 22, 2021

GIBSONVILLE, N.C. — Riverside Furniture Corp. has acquired the former Burlington Mills warehouse and manufacturing facility in Gibsonville. The buyer plans to convert the building into its first distribution center in North Carolina. The asset is located at 5928 N. N.C. Highway 87, 22 miles northeast of downtown Greensboro. The Fort Smith, Ark.-based retailer plans to house more than 30 full-time employees at the 294,394-square-foot site. A timeline for completion was not disclosed. Brian Craven, David Hagan and Joe Stanley of CBRE|Triad represented the seller, DFA I LLC, in the transaction. The sales price was not disclosed.

January 22, 2021

Acquisitions North Carolina Office Southeast

JLL Brokers $115M Sale of BB&T Center Office Tower in Uptown Charlotte

by Alex Tostado January 21, 2021

CHARLOTTE, N.C. — JLL has brokered the sale of BB&T Center, a 22-story, 568,646-square-foot office tower in Uptown Charlotte. The sales price was not disclosed, although the Charlotte Business Journal reported the asset sold for $115 million. The seller, Arden Group, acquired the asset in 2017 and completed a $10.5 million renovation that included adding a 5,200-square-foot amenity center, tenant lounge and a 1,800-square-foot outdoor deck. Additional improvements included a new lobby and storefront renovation at Overstreet Mall, the primary entrance to the building. Current tenants include Truist Financial Corp. (the result of a merger between BB&T and SunTrust), AIG, TEKsystems, AeroTek and RingCentral. Chris Lingerfelt and Ryan Clutter of JLL represented the undisclosed buyer in the transaction.

January 21, 2021

Acquisitions Multifamily North Carolina Southeast

Berkadia Arranges Sales of Two Apartment Communities Totaling $68.7M in Charlotte

by Alex Tostado January 19, 2021

CHARLOTTE, N.C. — Berkadia has arranged the sales of two apartment communities totaling $68.7 million in Charlotte. Miami-based One Real Estate Investment bought the 310-unit Kelston Apartments and the 240-unit Avalon Apartments from an undisclosed seller(s). Kelston was built in 1986 and is located at 1207 Kelston Place, seven miles east of downtown Charlotte. The property offers one-, two- and three-bedroom floor plans. The buyer plans to upgrade the clubhouse, fitness center, cyber café and pool. Built in 1999, Avalon Apartments is situated at 6000 Regal Estate Lane, less than one mile from Kelston Apartments. Avalon also offers one- through three-bedroom floor plans. Shared amenities include a renovated clubhouse, coffee and tea bar, media and entertainment lounge, pool table, fitness center and a dog spa. Voya Financial provided a three-year, interest-only loan with a floating interest rate for the Kelston acquisition. Berkadia provided a 10-year, fixed-rate Fannie Mae loan for the Avalon purchase. Mitch Sinberg and Brad Williamson of Berkadia originated both acquisition loans, which totaled $51.4 million. Additionally, Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia arranged MLG Capital as a joint venture equity partner for One Real Estate Investment’s acquisition of Avalon. MLG Capital invested $13.1 million …

January 19, 2021

Development Multifamily North Carolina Southeast Student Housing

Aspen Heights Breaks Ground on 188-Unit Student Housing Community in Charlotte

by Alex Tostado January 13, 2021

CHARLOTTE, N.C. — Aspen Heights Partners has broken ground on Aspen Heights University City, a 188-unit student housing community located at 300 Heritage Lake Drive near the University of North Carolina at Charlotte campus. The property will offer two-, three-, four- and five-bedroom units, two-thirds of which will feature a cottage-style design. Communal amenities will include a pool, grilling areas, basketball court, sand volleyball court, fitness center, study lounges and an onsite shuttle to campus. Austin, Texas-based Aspen Heights secured $38.1 million in construction financing from Synovus Bank for the development, which is scheduled for completion in summer 2022.

January 13, 2021

Acquisitions Industrial North Carolina Office Southeast

Cushman & Wakefield Brokers $18.5M Sale of Four-Building Flex Property in Charlotte

by Alex Tostado January 12, 2021

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $18.5 million sale of Northridge Business Center, a four-building office and warehouse property in Charlotte. The buildings total 174,506 square feet and are situated at 5005-5035 W. W.T. Harris Blvd. in Charlotte’s West Sugar Creek neighborhood. Northridge Business Center was 92 percent leased at the time of sale. Nolan Ashton and Rob Cochran of Cushman & Wakefield represented the seller, SkyREM, in the transaction. SunCap Opportunity Fund LLC, a privately held, national commercial real estate investment firm, acquired the property.

January 12, 2021

Development Multifamily North Carolina Southeast

Ardmore Residential to Develop 396-Unit Apartment Community Near Raleigh

by Alex Tostado January 11, 2021

CLAYTON, N.C. — Ardmore Residential has purchased 20 acres in Clayton to develop Ardmore at Flowers, a planned 396-unit apartment community in the Raleigh-Durham area. The property will offer one-, two- and three-bedroom floor plans with modern kitchens, designer cabinetry and wood-style vinyl flooring. Communal amenities will include a cyber café, two fitness centers, two pools, several grilling areas, a clubhouse and a dog park. The developer expects to break ground on the community in the spring. Greensboro, N.C.-based Ardmore acquired the land from Southwest Crossroads Holdings LLC for $6.5 million. Sarah Godwin and John Mikels of JLL worked in partnership with John Koonce of York Properties to represent the seller in the transaction.

January 11, 2021

Acquisitions Florida Georgia North Carolina Retail Southeast

Slate Grocery REIT to Acquire Five Grocery-Anchored Properties in Three States for $54.3M

by Alex Tostado January 11, 2021

TORONTO — Slate Grocery REIT has entered into an agreement to acquire five grocery-anchored shopping centers in North Carolina, Florida and Georgia for $54.3 million. The five assets comprise 396,471 square feet and were 95 percent leased at the time of sale. The three North Carolina properties are Bells Fork, a 71,666-square-foot center in Greenville anchored by Harris Teeter; Tanglewood Commons, a 78,520-square-foot property in Winston-Salem anchored by Harris Teeter; and Westin Center, a 66,890-square-foot, Food Lion-anchored asset in Fayetteville. The Florida property is Mission Hills, an 85,078-square-foot property in Naples anchored by Winn-Dixie. The fifth property is Parkway Station, a 94,317-square-foot, Kroger-anchored retail center in Atlanta. The sale is expected to close in the first quarter of this year. The seller(s) was not disclosed.

January 11, 2021

Acquisitions Multifamily North Carolina Southeast

PointOne Holdings, Hathaway Development Divest of Apartment Complex in Metro Raleigh for $65.1M

by Alex Tostado January 5, 2021

HOLLY SPRINGS, N.C. — PointOne Holdings and Hathaway Development have sold The Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, for $65.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, grilling areas, pool, package concierge service, fitness center, business center and a clubhouse. The asset is situated at 1101 Club Exchange Drive, 20 miles southwest of downtown Raleigh. The buyer was Myers Apartment Group.

January 5, 2021

Acquisitions Hospitality North Carolina Southeast

Marcus & Millichap Negotiates $30.3M Sale of Holiday Inn Resort in Wrightsville Beach, North Carolina

by Alex Tostado January 5, 2021

WRIGHTSVILLE BEACH, N.C. — Marcus & Millichap has negotiated the $30.3 million sale of a Holiday Inn Resort in Wrightsville Beach. The 184-room beachfront hotel was built in 1999 and is situated about six miles east of Wilmington. The hotel features a 400-person ballroom, 8,000 square feet of meeting space, three pools, fitness center, sand volleyball court, a lounge and two restaurants. Robert Hunter, Christopher Martin and David Altman and R. McLean Hicklin III of Marcus & Millichap represented the undisclosed seller in the transaction. An undisclosed limited liability company acquired the seven-story asset. Ben Yelm of Marcus & Millichap also assisted in the closing.

January 5, 2021

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