WINSTON-SALEM, N.C. — HanesBrands Inc. has signed a 122,670-square-foot lease at 101 N. Cherry St., a seven-story office building located in Winston-Salem. The global clothing manufacturer plans to relocate its corporate headquarters to the property, which totals 224,900 square feet. Sam Haus, Will Henderson and Tara Alexander of CBRE represented the landlord, Truist Bank, in the lease negotiations. Amenities at the building include parking, a fitness center and onsite security.
RALEIGH, N.C. — Construction is underway on Hub Raleigh, a 2,195-bed student housing development located at 111 Cox Ave. near the North Carolina State University (NC State) campus in Raleigh. The nearly 1 million-square-foot project is being developed by a joint venture between Core Spaces and TPG Real Estate and is scheduled for completion ahead of the 2026-2027 academic year. The 12-story building will offer a mix of studio through four-bedroom, fully furnished units. The property will feature over 40,000 square feet of indoor and outdoor amenity space, including a resort-style swimming pool and hot tub, fitness center, fire pit, outdoor kitchen and grilling area, clubhouse and coworking space. The community will also include a 558-stall parking garage. TSB Capital Advisors acted as financial advisor to Core Spaces and TPG Real Estate on the joint venture and construction financing, which was provided by Pacific Life Insurance Co. PC Treehouse Construction, a partnership between Power Construction and Core Spaces, is serving as general contractor for the project. The design team includes architect Antunovich Associates, interior designer Harken and Core Spaces’ in-house team.
CHARLOTTE, N.C. — RangeWater Real Estate has completed two apartment communities in Charlotte: Raven South End (261 units) and The Kendry (300 units). The two developments add to Atlanta-based RangeWater’s portfolio of 15 properties under management in North Carolina totaling 5,327 units, the majority of which are in Charlotte’s South End. Raven South End is located at 536 W. Tremont Ave. and features one- and two-bedroom apartments ranging in size from 665 to 1,346 square feet. Monthly rental rates range from $1,755 to $3,200, according to Apartments.com. Amenities include a top-floor sky lounge, fitness center, pool, 10,000 square feet of open green space and a dog park. ParkProperty Capital was RangeWater’s equity partner on Raven South End. Located at 8402 IBM Drive in Charlotte’s University City district, The Kendry features one-, two-, and three-bedroom floor plans ranging between 704 and 1,409 square feet in size. Monthly rental rates range from $1,381 to $2,283, according to Apartments.com. Designed by Poole & Poole Architecture, the property’s amenities include a resort-style outdoor pool, two courtyards with firepits, a dog park, fitness center, craft and game room and a Zoom room.
CARY, N.C. — The development team behind the 92-acre Fenton mixed-use development in Cary, which includes Hines, Columbia Development and Affinius Capital, has announced a new 186-room hotel coming to the development. The master developers are bringing on Mainsail Lodging & Development and Ross Hotel Partners to co-develop the seven-story hotel, with Mainsail also signed on to operate the property upon completion. The developers will break ground in first-quarter 2025 and open the hotel in first-quarter 2027. Designed by BRPH, the hotel will be a member of the Tribute Portfolio Hotels by Marriott International family of brands and will feature a second-floor signature restaurant and bar; a lobby bar and coffee shop; 6,000 square feet of event space spanning six meeting rooms; a ballroom to accommodate groups up to 300 people; and a 1,500-square-foot culinary studio for cooking demonstrations and ticketed experiences. Other amenities will include a fitness center and an outdoor heated pool with an expanded sundeck. Additionally, the master developers have signed office leases with two new tenants. The deals include a nearly 17,000-square-foot lease with Burns & McDonnell, an engineering, construction and architecture firm, and an approximately 4,400-square-foot lease with Surety Systems, an enterprise resource planning, human …
The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below today’s costs; these are win-win transactions,” added Russell. “If a developer capitalized the deal a few years ago then they’re selling for a profit, and the buyer is able to acquire these deals for below today’s costs.” These win-win deals are becoming few and far between in today’s environment of elevated interest rates. While buyers are seeking strong yields in their investments, sellers are seeking profitability, and the middle ground has become narrower as those two motivations don’t overlap as often, especially compared to 24 to 36 months ago when interest rates were at historic lows. “In 2021-2022, properties were trading like commodities to some extent — they were two-year …
GARNER, N.C. — Merritt Properties has delivered 42 Crossing, a three-building industrial park in the Raleigh suburb of Garner that spans 213,800 square feet. Situated on 22 acres near I-40 and I-540, the park’s facilities feature 18- to 24-foot clear heights, rear-loaded docks and drive-in capabilities. 42 Crossing also offers incubator warehouses that are ideal for companies seeking 1,800 to 3,600 square feet of small-bay industrial space. These move-in ready facilities include two offices, a bathroom, a climate-controlled warehouse and at-grade drive-in access. Committed tenants at 42 Crossing include Quartz America (12,629 square feet); C. E Gandee (1,800 square feet); The Spa Haus (1,800 square feet); Choufani & Bailey Roofing (1,800 square feet); Fibrezone USA (1,800 square feet); Dock, Door, & Grille Solutions (1,800 square feet); JMO Import Automotive (1,800 square feet); Konecranes (1,800 square feet); and Pickles and Play (18,350 square feet), marking the company’s third indoor pickleball facility at a Merritt property.
RALEIGH, N.C. — PruittHealth has broken ground on a $385.5 million redevelopment project at The Oaks at Whitaker Glen, a seniors housing property in Raleigh. Upon completion, the continuing care retirement community (CCRC) property will comprise 246 independent living units in studio, one-, two- and three-bedroom layouts; 82 assisted living apartments; and a new, 106-bed skilled nursing center. The campus, which spans 20 acres, will also feature public-facing retail stores and healthcare space. The Oaks at Whitaker Glen is accepting preconstruction reservations now. A construction timeline was not released.
RALEIGH, N.C. — JLL Capital Markets has brokered the sale of Landmark at North Hills, a 166,653-square-foot office building located at 4601 Six Forks Road in Raleigh. A joint venture between Edgewater Ventures and Northridge Capital acquired the property for an undisclosed price. Ryan Clutter, Daniel Flynn, C.J. Liuzzo and Sarah Holloway of JLL represented the seller, BentallGreenOak (BGO), in the transaction. Dennis Hurley, Hillman Duncan and Patti Autry of JLL will manage leasing at the property on behalf of the new ownership. Landmark at North Hills, which sits on seven acres and comprises two five-story buildings connected by a sky bridge, was 84.3 percent leased at the time of sale.
WINSTON-SALEM, N.C. — Goodegg Investments has acquired Crowne Club Apartments, a 250-unit multifamily community located in Winston-Salem. Built in 1995, the property is situated near the Atrium Health Wake Forest Baptist Medical Center. The buyer purchased the property through its Goodegg Wealth Fund II and Goodegg Growth Fund III. “Our investors love strong value-add assets like this one,” says Julie Lam, CEO of Goodegg. The seller and sales price were not disclosed. According to Apartments.com, Crowne Club features one-, two- and three-bedroom apartments ranging in size from 850 to 1,400 square feet. Amenities include a swimming pool, fitness center, playground and a clubhouse.
RALEIGH, N.C. — CBRE has arranged two new retail leases in Raleigh on behalf of ParTee Shack, a miniature golf-focused entertainment concept. ParTee will occupy 19,590 square feet at Celebration at Six Forks and 17,000 square feet at Capital Marketplace. These mark the second and third locations in the city for the brand. Jon Stanley of CBRE represented the tenant in both lease negotiations. Charlie Coyne of CBRE represented the landlord of Capital Marketplace, Finmarc Management, and Tiffany Barrier of CBRE represented the landlord of Celebration at Six Forks, FCA Partners. Founded in 2020, ParTee offers miniature golf, go-karts, laser tag, arcade and virtual reality games, as well as food and alcoholic beverages.
