RALEIGH, N.C. — Highwoods Properties Inc., a Raleigh-based REIT, has plans to build GlenLake III, a 218,000-square-foot mixed-use office development in Raleigh with retail and restaurant space. The company’s projected investment is $94.4 million, including the value of the land. Construction is scheduled to begin in the fourth quarter and is slated for completion by the third quarter of 2023. Plans for GlenLake III include 205,000 square feet of office space and 13,000 square feet of retail and restaurant space. The project will also have LEED and Fitwell certifications. According to Highwoods’ website, GlenLake III will be a seven-story building built with floor-to-ceiling glass windows, and offer amenities such as a café and lounge, fitness center, outdoor function space and a four-story parking structure. Highwoods has preleased 16 percent of the property’s office portion to McKim & Creed, a national engineering and surveying firm, for its corporate headquarters. GlenLake III is part of the GlenLake Park, an office development with up to seven planned office buildings. The office park is situated between Interstates 440 and 40. From 2001 to 2020, Highwoods has developed five office buildings within GlenLake Park encompassing 732,000 square feet. The company’s most recent project, GlenLake VII, …
RALEIGH, N.C. — JLL Capital Markets has brokered the sale of South 40 Distribution Center, a 502,495-square-foot, last-mile distribution facility in Raleigh. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, LM Real Estate Partners, in the transaction. Pennybacker Capital acquired the property for an undisclosed price. Located at 2201 and 2126 S. Wilmington St., South 40 Distribution Center is in an infill location situated one mile south of downtown Raleigh. The property is also situated adjacent to Interstate 40. Pennybacker Capital is a real estate private equity investment manager with offices in Austin, New York, Denver and Charlotte. LM Real Estate Partners is a New York-based commercial real estate firm that specializes in the acquisition and operation of industrial properties.
RALEIGH, N.C. — Drucker + Falk has purchased Sommerset Place Apartments, a 144-unit apartment community in Raleigh, for $26.7 million (or $185,000 per unit). Will Mathews of Colliers International represented the seller, Investors Management Group Inc. (IMG), in the transaction. Built in 1983, Sommerset Place offers one- and two-bedroom floor plans. Community amenities include a resort-style swimming pool with sundeck, grilling centers and a dog park. The property was built with a density of 16 units per acre. Located at 6717 Six Forks Road, the apartment community is situated close to Interstates 440 and 540, as well as about 16.9 miles from the Research Triangle in Durham and 13.1 miles from the Raleigh-Durham International Airport. IMG purchased Sommerset Place in December 2017 for $14.3 million and completed a $1 million renovation program. The new owner plans to continue capital improvements on the property.
KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.
CARY AND CHARLOTTE, N.C. — Raleigh-based HHHunt Corp. has broken ground on two apartment communities: Abberly Commons in Charlotte and Abberly Alston in Cary. The two communities total 617 apartments. Located at 10601 Harrisburg Road in Charlotte, Abberly Commons will include 287 apartments. Slated for completion by the winter of 2023, the property is expected to cost over $56 million to develop. The other property, Abberly Alston, will include 330 apartment homes with 41 built-to-rent townhomes located at 2124 Alston Ave. in Cary, a suburb of Raleigh. The project is expected to cost over $84 million to build and is slated for completion by winter 2023. Both communities will include one-, two- and three-bedroom apartment homes that offer granite countertops, stainless steel appliances and wood-style flooring. ADT is a partner on the project so all units will feature an assortment of smart home technology including smart hubs, smart thermostats, monitored security alarms and smart locks. Community amenities at both properties will include an adrenaline cardio and strength studio with separate studio space; private pool with sundeck and in water seating; outdoor entertainment area; bark park; car care center with car charging stations; valet trash removal; elevator access and a clubhouse …
CHARLOTTE, N.C. — JLL Capital Markets has negotiated the $31.4 million sale of a three-property medical office portfolio totaling 72,499 square feet in metro Charlotte. Mindy Berman, Pete Pittroff, Brannan Knott and Daniel Flynn of JLL represented the seller, The Keith Corp., a Charlotte-based commercial real estate firm, in the transaction. Chicago-based Remedy Medical Properties was the buyer. The portfolio includes the following: Mission Hospital McDowell Medical Office Building located at 430 Rankin Drive in Marion; Steele Creek Medical Office Building located at 13425 Hoover Creek Blvd. in Charlotte; and Tryon Medical Partners – Matthews at 630 Matthews Township Parkway in Matthews. The facilities were 97 percent leased at the time of sale to regional and national healthcare providers including health systems such as Novant Health and Mission Health (HCA), as well as physician practice groups such as Tryon Medical Partners and Charlotte Radiology. The Keith Corp. recently constructed or renovated the Steele Creek Medical Office Building and Mission Hospital McDowell Medical Office Building. The Keith Corp. and Sportsmed Properties developed the Steele Creek property.
WILMINGTON, N.C. — Middleburg Communities, a Vienna, Va.-based multifamily development, investment, construction and management company, has completed the disposition of Mosby at Riverlights, a 250-unit, Class A apartment community in Wilmington. Boca Raton, Fla.-based RAS Realty Partners purchased the property for $63.8 million and plans to rebrand the property as Oasis at Riverlights. Developed and completed by Middleburg Communities earlier this month, Mosby at Riverlights features one-, two- and three-bedroom homes. Units feature granite countertops, hard-surface plank flooring, designer lighting and stainless steel appliances. Community amenities include a pool with outdoor cabanas, an 8,000-square-foot, two-level clubhouse with terraces and an outdoor kitchen with grilling areas. Located at 4027 Watercraft Ferry Ave., the property is situated 6.5 miles from downtown Wilmington, about 7.6 miles from the University of North Carolina at Wilmington and approximately 6.4 miles from Wilmington Riverwalk.
Blaze Capital, Argosy Purchase Extended-Stay Hotel in Southwest Charlotte for Multifamily Conversion
CHARLOTTE, N.C. — Blaze Capital Partners and Argosy Real Estate Partners have purchased The Spoke at Tyvola Station, an extended-stay hotel in the Southwest submarket of Charlotte, with plans to convert the former hotel into a 116-unit multifamily community. The seller and sales price were not disclosed. Built in 1985 as a hotel, The Spoke at Tyvola Station was renovated in 1998 and recently underwent additional interior upgrades over the past 18 months. As part of the repositioning plans, Blaze Capital and Argosy will renovate the interior units and common areas, including the clubhouse, leasing office, exterior curb appeal and landscaping. The Spoke at Tyvola Station will include 10 two-story residential buildings and one three-story building with a mix of one- and two-bedroom floorplans. Community amenities will include a clubhouse, swimming pool and outdoor lounges. Located at 5816 Westpark Drive, The Spoke at Tyvola Station offers access to Interstate 77 and Tyvola Road. The community is situated about 6.5 miles from downtown Charlotte and about 8.3 miles from Charlotte-Douglas International Airport.
MORRISVILLE, N.C. — Blue Heron Asset Management has sold Indigo Apartments, a 489-unit multifamily community in Morrisville, for $121.9 million. The firm sold the asset to an undisclosed buyer via its third fund, Blue Heron Real Estate Opportunity Fund III. NorthMarq represented the seller in the transaction. Built in 2005 about eight miles south of Durham, Indigo Apartments offers one- and two-bedroom floorplans with features such as stainless steel appliances, full-size washers and dryers, fireplaces, private patios and balconies and wood-inspired plank flooring. Community amenities include a dog park, charcoal and gas grills, Wi-Fi lounge, fitness center and a clubhouse. Blue Heron, a Raleigh-based private equity real estate investment management and development firm, acquired Indigo in December 2018. Shortly after taking ownership, the firm completed a community enhancement plan that included the renovation of apartment interiors and an expansion and upgrade of the amenity spaces.
CHARLOTTE, N.C. — Franklin Street has arranged the sale of Riverbend Village, a 31,721-square-foot retail property in northwest Charlotte. Bryan Belk and John Tennant of Franklin Street represented the sellers, Simpson Commercial and Landmark Development, in the transaction. CenterSquare Investment Management, a Philadelphia-based real estate investment manager, was the buyer. The sales price was not disclosed. Built in 2019, Riverbend Village features tenants including AT&T, Chicken Salad Chick, Great Clips, Heartland Dental, Jersey Mike’s Subs and Red Wing Shoes. The property has eight end caps that provide patio seating for the restaurant tenants. Located at 9515 Riverbend Village, the property shares a site with several outparcels, including Chick-fil-A, Freddy’s Frozen Custard & Steakburgers, Taco Bell and Dunkin’. The property is also situated adjacent to a Walmart Supercenter. The Riverbend Village shopping center is part of a large-scale mixed-use development that includes 200,000 square feet of retail and is anchored by a Harris Teeter grocery store. Upon completion, the Riverbend project will include 105 townhomes, 266 apartments and a 120-room Courtyard Marriott, along with office, medical and additional retail space.