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Tranquil Court
AcquisitionsMixed-UseNorth CarolinaSoutheast

CBRE Facilitates $32.7M Sale of Tranquil Court Mixed-Use Property in Midtown Charlotte

by Julia Sanders

CHARLOTTE, N.C. — CBRE has facilitated the sale of Tranquil Court, a 62,983-square-foot mixed-use property located in Charlotte’s Midtown submarket. Childress Klein Properties and Gottesman Real Estate Partners acquired the property from Asana Partners for $32.7 million. The acquisition is the second joint venture between Childress Klein and Gottesman Real Estate Partners. Located at 2820 Selwyn Ave., Tranquil Court is situated about 4.4 miles from downtown Charlotte and is fully leased to a mix of 20 retail and office tenants. Built in 2009, the five-story property is adjacent to a residential property called Tranquil Court on Selwyn, which offers 104 residential units within four stories. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction.

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UNC Health
AcquisitionsHealthcareNorth CarolinaOfficeSoutheast

Montecito Medical Acquires Medical Office Property in Pittsboro, North Carolina

by Julia Sanders

PITTSBORO, N.C. — Montecito Medical, a Nashville-based investor of healthcare-related properties, has acquired Chatham Park Medical Office Building, a 25,610-square-foot medical office property in Pittsboro, about 36.1 miles south of Durham. The sales price and seller were not disclosed. Built in 2016, Chatham Park is fully leased to UNC Health, a Chapel Hill-based healthcare system that is affiliated with the University of North Carolina School of Medicine and operates 12 hospitals across North Carolina. UNC Health provides family medicine, rheumatology, therapeutic infusion, cardiology, ENT, gastro, ophthalmology, orthopedics, urology, rehab, imaging and laboratory services at the Chatham Park clinic. Situated about 17 miles from Chapel Hill, the medical property is located close to Chatham Park, a 7,000-acre master-planned development that broke ground in 2014. Upon full buildout Chatham Park will include 22,000 single-family homes as well as onsite schools, 50 miles of walking and biking trails and 44 acres of retail, multifamily, restaurants, office and hospitality space.

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IndustrialMarket ReportsNorth CarolinaSoutheastSoutheast Market Reports

Charlotte’s Industrial Market Expected to Close Another Robust Year of Leasing

by John Nelson

The Charlotte industrial market is seeing significant tenant demand and investment activity at mid-year 2021 as the market begins to return to normalcy after the disruption during the early days of the pandemic. Like many other Southeastern industrial markets, Charlotte saw a lag in activity through the second and third quarters of 2020. One year later, the impacts of the pandemic continue to burn off, creating an almost insatiable appetite for modern warehouse and distribution space. Since the start of the year, the market has seen a strong increase in overall activity as local economies continue to open up, employment levels rebound and businesses move forward with decisions about space utilization. Tenants in the e-commerce, consumer goods, retail and light manufacturing sectors are particularly active. While the market finished 2020 with nearly 5.3 million square feet of net absorption, a figure that outpaced 2019’s total of 2.7 million square feet and was on par with the nearly 5.4 million square feet absorbed in 2018, 2021 is expected to reach a net absorption for the calendar year that is equal or greater than 2020. Many tenants expanding in or entering the market are taking mid- to large blocks of space, a …

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6501 Weston Parkway
AcquisitionsNorth CarolinaOfficeSoutheast

JLL Brokers $24M Sale of Suburban Office Property in Metro Raleigh

by Julia Sanders

CARY, N.C. — JLL Capital Markets has brokered the $24 million sale of 6501 Weston Parkway, a 93,582-square-foot office property in Cary. Chris Lingerfelt, Ryan Clutter and Ryan Eklund of JLL represented the seller, Albany Road Real Estate Partners. NAI Tri Properties represented the buyer, an entity doing business as 6501 Weston LLC. 6501 Weston Parkway is a three-story office building that was fully leased at the time of sale to a diverse tenant roster including Time Warner Cable, Zift Solutions and Aerotek. The property is located on an 8.5-acre site close to Interstates 40 and 540 and about five miles south of Raleigh-Durham International Airport. Built in 1996, the property was renovated in 2016 with renovations to the the lobby, corridors and restroom with showers on the first floor.

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Build-to-RentLoansMultifamilyNorth CarolinaSoutheast

Tower Capital Arranges $19.1M in Financing for SFR Community in Metro Charlotte

by Julia Sanders

CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages. An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option. Including the property in Indian Trail, Tower Capital has arranged nearly $108 million in combined financing for several single-family and build-for-rent developments. These transactions include three assets in Arizona: Village at Paseo de Luces in Tolleson, Village at The BLVD in Avondale and Arise North PHX in metro Phoenix. Tower Capital has closed more than $400 million in financing transactions for build-for-rent properties and has another $1 billion of projects in the pipeline that spans multiple states including Arizona, Texas, Alabama, Georgia and Florida.

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Data CentersIndustrialLife SciencesMarket ReportsNorth CarolinaSoutheastSoutheast Market Reports

Life Sciences Firms Dominate Activity in Raleigh-Durham’s Industrial Market

by John Nelson

It seems as though we have recently seen significant weekly announcements about investment and job creation by major U.S. companies into the Research Triangle Park region, the area situated between the cities of Raleigh and Durham. For instance, tech titans Apple and Google declared plans to establish major engineering hubs in the region, adding heat to an already dynamic market. It is common knowledge that the Triangle area is respected for its large, highly educated workforce thanks to top-ranking colleges and universities, including Duke University, North Carolina State University and University of North Carolina at Chapel Hill. Wake Tech, North Carolina’s largest community college, also serves as a vital engine, providing the region’s workforce with STEM candidates. These institutions supply existing and expanding businesses with an impressive talent pool. Theses factors, along with a business-friendly economic climate, have grown the Research Triangle into one of the nation’s largest research centers. Although local headlines continue to buzz with real estate business news, the Raleigh-Durham industrial market has witnessed steady real estate investments from life sciences and R&D businesses for decades. Over the past 24 months, however, demand for life sciences space has had a dramatic impact on traditional flex/light industrial users …

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400H
DevelopmentMixed-UseMultifamilyNorth CarolinaOfficeRetailSoutheast

Joint Venture Breaks Ground on 365,000 SF Mixed-Use Project in Raleigh

by Julia Sanders

RALEIGH, N.C. — A joint venture between Trammell Crow Co., High Street Residential, AECOM-Canyon Partners and HM Partners has broken ground on 400H, a 365,000-square-foot mixed-use development in Raleigh. Vancouver-based QuadReal Property Group provided an undisclosed amount of financing for the development. The 20-story tower, designed by Gensler, will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. Construction is scheduled for completion by the fall of 2023. Located at 400 Hillsborough St., 400H is situated close to Union Station, the Morgan Street Food Hall and a Publix grocery store. The project’s Hillsborough Street location also provides the east-west connection to North Carolina State University and the state capital’s government complex. 400H will have residential units on floors 10 through 20. Community amenities will include a pool and SkyHub amenity on the ninth floor with indoor and outdoor space. Offices will include 14- to 20-foot floor-to-floor heights, full-height glass windows and parking ratios of 4-to-1,000. Also, outdoor seating is planned for several restaurants located within the retail space. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon …

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The Reserve at Mayfaire
AcquisitionsMultifamilyNorth CarolinaSoutheast

Continental Realty Corp. Acquires Apartment Community in Wilmington, North Carolina for $76M

by Julia Sanders

WILMINGTON, N.C. — Continental Realty Corp. (CRC) has acquired The Reserve at Mayfaire, a 264-unit apartment community located at 1411 Parkview Circle in Wilmington. State Street Cos. sold the property to CRC for $76 million. The Reserve at Mayfaire is a garden-style community with 12 three-story buildings. Built in 2004 and renovated four times since 2008, the apartment community includes one-, two- and three-bedroom floorplans ranging in size from 860 to 1,721 square feet. The community was 99 percent occupied at the time of the sale. Units include granite or quartz kitchen and bathroom countertops, wood-style flooring, slide-in oven and stoves, in-unit washers and dryers and balconies or porches. Community amenities include a clubhouse with a conference center, kitchen facility, business center, movie theater, fitness center, package locker center, outdoor swimming pool with sundeck, poolside grilling pavilion, bocce ball court and a resident car wash facility. The former owner renovated approximately 140 of the 264 units within The Reserve at Mayfaire. CRC plans to invest in a continuing upgrade strategy that will address the remaining units over a multi-year period. These plans will focus on improvements to the in-unit appliance package, flooring and countertops in the kitchen and bathroom, as …

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Alexander Commerce Park
DevelopmentIndustrialNorth CarolinaSoutheast

Trinity Capital to Develop 441,000 SF Alexander Commerce Park in Durham

by Julia Sanders

DURHAM, N.C. — Trinity Capital plans to develop Alexander Commerce Park, a Class A, 441,000-square-foot industrial park featuring three buildings in Durham. Frampton Construction Co. LLC expects to complete the project by early 2022. Located on T.W. Alexander Drive in Durham’s Research Triangle Park, the campus will include two 126,000-square-foot buildings and one 189,000-square-foot building that are constructed with concrete tilt walls and structural steel. The facilities will be equipped with ESFR fire protection and thermoplastic polyolefin roofs. The Upper Deck Co., a Carlsbad, Calif.-based worldwide sports and entertainment company, has signed a lease to fully occupy one of the 126,000-square-foot buildings. The remaining two buildings are available for lease and are intended for light industrial, advanced manufacturing, pharma and/or distribution tenants. DMA Architecture is the architect of Alexander Commerce Park, and Kimley-Horn and Associates is the civil engineer. CBRE is handling leasing for the campus.

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Market ReportsMultifamilyNorth CarolinaSoutheastSoutheast Market Reports

Charlotte’s South End Remains ‘Go-To’ Submarket for Young Renters

by John Nelson

Charlotte’s South End district has firmly established itself as one of the most dynamic millennial urban submarkets in the Sun Belt. It is increasingly on par with the most thriving areas in other growth cities such as Atlanta, Austin and Nashville and is becoming a 24-hour neighborhood with dining, nightlife and high-end jobs. Charlotte is one of the few cities in the region that has both a true city center as well as a relevant mass transit system. The city’s LYNX Blue Line, which runs from Interstate 485 to the University of North Carolina at Charlotte’s main campus, has proven to be very meaningful for the local multifamily market. LYNX was the catalyst driving South End’s emergence and gives the neighborhood its own heartbeat as renters can commute to Uptown for work or UNC Charlotte for class. Developers are taking note with several apartment projects and mixed-use developments underway in the area, including Broadstone Queen City and Haven South End. As South End has grown into a more dynamic district, Charlotte is becoming an even more attractive destination for recent college grads who are looking to work in the city’s established financial sector, as well as for firms like Lending …

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