North Carolina

Crescent Communities to Develop 255,000 SF Life Sciences Campus in Holly Springs, North Carolina

by Julia Sanders March 10, 2021

HOLLY SPRINGS, N.C. — Crescent Communities will develop a three-building life sciences campus within Oakview Innovation Park in the Raleigh-Durham market of Holly Springs. The property will be situated at the intersection of Green Oaks Parkway and Holly Springs New Hill Road. Crescent Communities worked with the Town of Holly Springs and Trustwell Property Group to co-develop the life sciences campus. The campus, which is located near Seqirus’ North American campus and adjacent to the Holly Springs Business Park, will feature three buildings spanning over 255,000 square feet on approximately 25 acres. Two of the development’s buildings will be constructed to meet biomanufacturing specifications, with each one offering over 100,000 square feet and the ability to accommodate single or multi-tenant needs. The third facility will be a two-story office building designed for smaller office users or expanding ones. Crescent Communities aims to start construction later this summer, with the first building’s delivery expected in summer 2022. The design team includes Timmons Group, O’Brien Atkins Associates and Gilbane . Crescent Communities is a Charlotte-based real estate investor, developer and operator of mixed-use communities.

March 10, 2021

Affordable Housing Market Reports Multifamily North Carolina Seniors Housing Southeast Southeast Market Reports Student Housing

Triangle’s Apartment Demand Pushes to the Region’s Suburban Markets

by John Nelson March 8, 2021

The impacts of COVID-19 on the U.S. multifamily market vary significantly across metro areas. Not surprisingly, the nation’s denser gateway markets have been hardest hit, while secondary and tertiary markets have fared better. In a reversal of pre-pandemic trends, suburban locations have gained favor over urban submarkets from both renters and investors. As many employees continue to work from home, larger and more affordable units in suburban submarkets have become more appealing. Elevated construction costs are also a factor, driving garden-style development versus more costly podium construction. The Triangle’s suburban submarkets are experiencing the strongest construction activity, most notably in the North Cary/Morrisville submarket, where 1,784 units averaging over 1,000 square feet per unit are currently underway. As ongoing work-from-home arrangements prompt more tenants to consider living further from the Triangle’s primary employment centers, developers are increasingly willing to look at sites in outlying communities such as Wendell and Clayton. Demand is expected to return to the Triangle’s urban submarkets as employees return to the office and retailers and restaurants fully reopen, but the recovery in these areas is likely to be protracted. Solid footing The Triangle’s multifamily sector ended 2020 on relatively firm footing despite a tumultuous year. Both …

March 8, 2021

Loans Multifamily North Carolina Southeast

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

by Julia Sanders March 4, 2021

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule. Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, swimming pool and a gourmet coffee bar. Centennial Holding is an Atlanta-based real estate investment firm that owns and operates multifamily properties in the Southeast, Southwest and Mid-Atlantic. The firm has owned Century Afton Ridge since 2016.

March 4, 2021

Acquisitions Multifamily North Carolina Southeast Virginia

Harbor Group International Acquires Southeast Multifamily Portfolio for $309M

by Julia Sanders March 3, 2021

NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed. The portfolio totals more than 2,300 units and each of the properties are proximate to major employers and office markets as well as entertainment centers. HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer and dryers. Dean Smith and John Heimburger of Newmark represented HGI in the transaction. Henry Stimler, Bill Weber and Matt Mense of Newmark arranged an undisclosed amount of acquisition financing. HGI is a privately-owned international real estate investment and management firm based in Norfolk.

March 3, 2021

Acquisitions Healthcare North Carolina Southeast

Stan Johnson Brokers $10M Sale of Village Medical Plaza in Fayetteville, North Carolina

by Julia Sanders March 3, 2021

FAYETTEVILLE, N.C. — Stan Johnson Co. has brokered the $10 million sale of a 28,434-square-foot, multi-tenant medical office building located at 3401 Village Drive in Fayetteville. Stan Johnson’s Scott Briggs represented the seller, an individual investor and developer based in North Carolina. The property, known as Village Medical Plaza, was purchased by an out-of-state private fund whose name was not disclosed. Village Medical Plaza features both medical and traditional office space and is fully leased to three tenants: the U.S. General Services Administration (GSA) for an initial 15-year term, the State of North Carolina Department of Revenue for an initial 10-year term and Piedmont Physical Therapy Specialists for an initial term of seven years. The three-story property was built in 2017 and sits on 1.3 acres in a medical and office district immediately adjacent to Cape Fear Valley Medical Center, a 200-bed acute care facility that treats more than 1 million patients annually.

March 3, 2021

Market Reports North Carolina Restaurant Retail Southeast Southeast Market Reports

Raleigh-Durham Retail Bolstered By Grocery Growth, Offsetting Store Closures

by John Nelson March 1, 2021

This time last year, we were commenting on the changing retail market, but we were overall very optimistic about 2020. What a difference a year makes! Across the United States, 2020 brought us the closing of the following: 279 SteinMart stores; 1,100 Ann Taylor stores; 950 Pier 1 Imports stores; 350 Gap stores; 248 GNC stores; 145 A.C. Moore stores; 230 Tuesday Morning stores; and 178 Forever 21 stores. Additionally, Macy’s closed 29 stores in 2020 and expects to close another 45 in 2021. This trend of retail store closings will slow down in 2021, but it will not change. On the positive side, retailers such as Walmart, Target, The Home Depot, Lowe’s Home Improvement and Walgreens have seen positive sales numbers and continue to expand. In the supermarket sector, Kroger, Food Lion and Publix have had record numbers and, along with Aldi and Lidl, are expanding. In the Raleigh-Durham market, our 2020 vacancy rate has increased to 8.24 percent and rental rates have hovered in the $18 to $20 per square foot range, but those numbers are skewed due to rent concessions and abatements. Raleigh-Durham has approximately 86.6 million square feet of retail space with around 640,000 square feet …

March 1, 2021

Healthcare North Carolina Southeast Top Stories

Novant Health Plans $222M Hospital Expansion in Winston-Salem, North Carolina

by Julia Sanders February 26, 2021

WINSTON-SALEM, N.C. — Novant Health, an integrated network of physician clinics, outpatient centers and hospitals, has invested $222 million for a new critical care building in Winston-Salem. The development is a part of expansions and renovations at Novant Health Forsyth Medical Center campus, located at 3333 Silas Creek Parkway. The new building will be constructed on the current site of the rehabilitation center, which is being demolished. The expansion will feature 60 critical care beds and 36 intermediate beds in the surgical suite. The patient rooms will be bigger than previously, providing more privacy and flexible space. In 2019, Novant Health invested over $180 million in the medical facility for development of Phase I, which is currently under construction and includes renovation of patient rooms and improvements on the women’s and children’s center. The critical care building is part of Phase II, which will raise the amount of pre- and post-operation space, as well as reduce travel time within the hospital. “Once complete, the critical care building will combine medical expertise and an optimally designed space that prioritizes patient experience and healing,” says Lari Harding, chair of the Novant Health Triad Region Board of Trustees. — Julia Sanders

February 26, 2021

Acquisitions Multifamily North Carolina Southeast

IMG Sells Two Multifamily Communities in Raleigh for $29.8M

by Julia Sanders February 26, 2021

RALEIGH, N.C. — Investors Management Group Inc. (IMG) has sold a two-property multifamily portfolio in Raleigh to Abacus Capital Group for $29.8 million. The communities include Millbrook Apartment Homes and Lynn Lake Apartment Homes. Millbrook Apartment Homes is a 117-unit community located at 2121 Paces Forest Court, and Lynn Lake Apartment Homes is a 101-unit community located at 6500 Paces Arbor Circle. IMG acquired the two apartments in 2018 for $23.2 million. More than $2 million was invested to upgrade the properties, including upgrades to the clubhouses and improving the outdoor spaces with new dog parks, playgrounds, a hammock park and pool area upgrades. Unit interiors were modernized with energy-efficient lighting, low-flow plumbing fixtures, new paint, flooring, cabinets and cabinet hardware. IMG and its investors will reallocate proceeds from the sale into several multifamily communities as part of its multifamily investment plan. The firm currently owns three multifamily communities in Raleigh encompassing 576 units.

February 26, 2021

Development Mixed-Use Multifamily North Carolina Retail Southeast

Jamestown, Grubb Ventures Break Ground on $150M Raleigh Iron Works Mixed-Use Project in Raleigh

by Julia Sanders February 25, 2021

RALEIGH, N.C. — Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a new mixed-use development with nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail and 220 new residential units. The property will be located in Raleigh’s Five Points, Person Street and Mordecai neighborhoods. Brasfield & Gorrie is part of the construction team. Located at 2200 Atlantic Ave., Raleigh Iron Works was designed with a mix of shopping, dining, wellness, event and outdoor spaces. The first phase of the project includes the renovation of the historic Peden Steel mills and warehouses into office and retail spaces, along with the construction of a new seven-story multifamily residential building. The office, retail and residential components are expected to open in 2022. The 18-acre property’s first phase will include a structured parking deck of just under 700 spaces as well as 115 surface slots sitewide, and there is a planned greenway connection. The property will feature flexible seating for informal gatherings, outdoor dining, public art and events.

February 25, 2021

Company News Georgia North Carolina Retail Southeast

Home Depot, Lowe’s Sales Increased in Fourth-Quarter 2020 Despite Pandemic

by Julia Sanders February 25, 2021

ATLANTA AND MOORESVILLE, N.C. — Atlanta-based Home Depot and Mooresville, N.C.-based Lowe’s Cos. Inc. both had strong fourth-quarter sales despite the COVID-19 pandemic. The CEOs of both firms cited increased demand for home improvement products as the catalyst behind their sales jumps. Home Depot’s (NYSE: HD) sales increased 25 percent year-over-year for its 2020 fiscal fourth quarter, which CNBC reports outperformed the 19.2 percent growth that analysts were expecting. Home Depot’s fiscal fourth-quarter 2020 ended on Jan. 31, 2021. Home Depot’s digital sales rose 83 percent in the fourth quarter compared to a year ago. Lowe’s (NYSE: LOW) sales increased 28.1 percent in the fourth-quarter fiscal year 2020, which also outstripped expectations of 22 percent growth, according to CNBC. Lowe’s fiscal fourth quarter 2020 ended Jan. 29. The retailer’s e-commerce sales jumped by 121 percent, while all merchandising departments saw 16 percent growth. According to CNBC, Home Depot gets 45 percent of its sales from professionals, such as electricians and contractors, while the rest come from unprofessional, do-it-yourself customers. This was higher than Lowe’s, which gets 20 to 25 percent of its total sales from professional individuals.

February 25, 2021

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