North Carolina

Core Spaces Acquires 822-Bed Student Housing Community in Raleigh

by Julia Sanders July 26, 2021

RALEIGH, N.C. — Core Spaces has acquired Stanhope Student Apartments, an 822-bed student housing community located at 3001 Hillsborough St. in Raleigh. The seller was an affiliate of locally based developer Kane Realty and Val Valentine of Raleigh-based Valentine Properties. The sales price was not disclosed. Situated about a quarter-mile from North Carolina State University (NC State), Stanhope opened in the fall of 2015 and includes studio, one-, two-, three- and four-bedroom options. Unit amenities include a furniture package with smart TVs, hardwood plank flooring and washers and dryers, as well as all utilities included in the monthly bill. Community amenities include a pool, movie theater room, cyber café, art studio, study lounges, two-story fitness center, fire pit and grilling area, onsite security, game room, a tanning bed and gated parking garage. For the 2021- 2022 school year, the residential portion of the mixed-use property is already 100 percent leased. The property also features 30,000 square feet of ground level retail space leased to tenants such as CVS/pharmacy, Smoothie King, Penn Station Subs, Cha House and Mulan Ice Cream & Milk Tea. Geoff Loftin and Jim Anthony of APG represented Core Spaces in the transaction. Core Spaces is a Chicago-based …

July 26, 2021

Industrial Leasing Activity North Carolina Southeast

Duke Realty Signs Carolina Furniture Installations to Lease in Morrisville, North Carolina

by Julia Sanders July 26, 2021

MORRISVILLE, N.C. — Duke Realty Corp. has signed a lease with Carolina Furniture Installations, a locally based office furnisher, for a 12,673-square-foot space at the developer’s Perimeter Park 2700 building. The 86,266-square-foot property is located at 2700 Perimeter Park in Morrisville and is now fully leased. Located midway between Raleigh and Durham, Perimeter Park is situated just off N.C. Highway 54 near the intersection of Interstates 540 and 40. The property is also located 4.1 miles from the Raleigh-Durham International Airport. Perimeter Park is a four-building industrial campus with a total of 358,272 square feet. Austin Nagey of CBRE represented Carolina Furniture Installations in the lease transaction. Batista Orcino represented Duke Realty on an internal basis along with Larry Lakins of Colliers International.

July 26, 2021

Development Leasing Activity North Carolina Retail Southeast

Four Retailers Join Tenant Lineup at $1B Fenton Project in Metro Raleigh

by Julia Sanders July 23, 2021

CARY, N.C. — Williams Sonoma, Pottery Barn, Athleta and Von Kekel Aveda Lifestyle Salon Spa will join the first phase of Fenton, a 69-acre, $1 billion mixed-use project under construction in the Raleigh suburb of Cary. In Phase I, co-developers Hines and Columbia Development will deliver approximately 345,000 square feet of shops, restaurants and entertainment space; 200,000 square feet of office space; a 175-room boutique hotel; and a 357-unit apartment community that will begin preleasing in early 2022. Williams Sonoma will occupy 5,504 square feet, Pottery Barn will occupy 13,910 square feet, Athleta will occupy 3,825 square feet and locally based Von Kekel Aveda Lifestyle Salon Spa will open its third Triangle-area location at Fenton. All four retailers expect to open their stores in April 2022. Other committed retail tenants at Fenton include Paragon Theaters, Arhaus Furniture, Honeysuckle Gelato, CRU Food & Wine Bar, Sephora, Free People, Bailey’s Fine Jewelry, LunchboxWax, Zen Nail Bar, Superica, M Sushi, Crawford Brothers Steakhouse, Colletta and Dram & Draught. The mixed-use development was also slated to feature a Wegmans, but the Rochester, N.Y.-based grocer pulled out of the project in March. With the addition of the four new tenants, 82 percent of the retail …

July 23, 2021

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Viking Partners Acquire Multifamily Community in Durham for $42.4M

by Julia Sanders July 23, 2021

DURHAM, N.C. — Magma Equities and Viking Partners have acquired University Apartments, a 359-unit multifamily community near Duke University in Durham, for $42.4 million. The seller was not disclosed. Located on 12 acres at 1500 Duke University Road, University Apartments features studio, one- and two-bedroom units across 20 two- and three-story residential buildings. Community amenities include two 24-hour fitness centers, two swimming pools with sundecks, grills and an outdoor fireplace. Magma and Viking plan to initiate a capital improvement plan to upgrade both the unit interiors as well as the community areas. For the Manhattan Beach, Calif.-based Magma firm, University Apartments is the fifth acquisition in the Raleigh-Durham metro area this year alone and increases the company’s local multifamily portfolio to more than 3,600 units. Viking Partners is a Cincinnati-based private equity real estate investment firm.

July 23, 2021

Development Multifamily North Carolina Office Retail Southeast

Dominion Realty, New York Life Open 29-Story FNB Tower in Uptown Charlotte

by Julia Sanders July 22, 2021

CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …

July 22, 2021

Acquisitions Industrial North Carolina Southeast

SRS Negotiates $20.3M Sale of Industrial Building in Asheville

by Julia Sanders July 21, 2021

ASHEVILLE, N.C. — SRS Real Estate Partners has negotiated the $20.3 million sale of a 388,540-square-foot industrial building located at 12 Gerber Road in Asheville. Jack Cornell and Max Finn of SRS represented the seller, a North Carolina-based private investor, and the buyer, a Florida-based private investor. Built in 1959, the property was originally the headquarters for Gerber Baby Food and was most recently renovated in 2014. The industrial building is fully occupied by several tenants including SRS Distribution, GF Linamar and U-Haul. The property is located adjacent to Norfolk & Southern Railroad and features an onsite rail spur.

July 21, 2021

Development Industrial North Carolina Southeast

Trammell Crow Co. to Develop 755,928 SF Industrial Facility Near Charlotte

by Julia Sanders July 20, 2021

KANNAPOLIS, N.C. — Trammell Crow Co. (TCC) has plans to develop Metro63, a new 755,928-square-foot, speculative industrial facility near Charlotte. Construction is expected to begin this month, with delivery slated for August 2022. Located at 5700 Royce St. in Kannapolis, Metro63 is situated on a 94-acre site. The property will feature 40-foot clear heights, an 8-inch reinforced floor slab, 580-foot building depth with 65-foot speed bays, ESFR fire protection, 172 trailer drops, 490 auto parking spaces and 10 acres of auxiliary parking for trailer or car parking. Metro63 is located less than half a mile from Interstate 85, 25 miles northeast of Uptown Charlotte and about 32.7 miles from the Charlotte Douglas International Airport. Samet Corp. is the general contractor on the project. Atlanta-based Cadence Bank is providing an undisclosed amount of construction financing. Sink Kimmell of Selwyn Property Group represented the undisclosed land sellers, and Henry Lobb of Avison Young represented TCC. Lobb and Tom Tropeano, also with Avison Young, are handling leasing for the project.

July 20, 2021

Acquisitions Development Industrial North Carolina Southeast

Silverman Group Buys 198 Acres, Plans Spec Industrial Park in Metro Charlotte

by Julia Sanders July 16, 2021

CHINA GROVE, N.C. — The Silverman Group has purchased approximately 198 acres located in China Grove for a speculative industrial park known as 85 North Logistics Center. The land seller was not disclosed, but the sales price was approximately $10.4 million. The project is slated for delivery in the third quarter of 2022. The project has the potential for upwards of 1.8 million square feet of Class A industrial space across two buildings. Silverman Group could potentially deliver one building spanning 1.5 million square feet as well as a second 414,000-square-foot building. The project could include trailer and auto parking, as well as ceiling heights of 40 feet and greater should it be desired by a prospective tenant. The Silverman Group is a privately owned and operated private equity and real estate development firm based in Basking Ridge, N. J. Avison Young has been chosen to lease the property.

July 16, 2021

Acquisitions North Carolina Office Southeast

Northpond Partners Acquires Packard Place Office Building in Downtown Charlotte for $15.4M

by Julia Sanders July 13, 2021

CHARLOTTE, N.C — Northpond Partners has acquired Packard Place, a five-story creative office building located at 222 South Church St. in downtown Charlotte. Dunn Mileham and David Morris of Trinity Partners arranged the transaction on behalf of the seller, Packard Place Properties LLC, an entity owned by Sara and Dan Roselli. The sales price was $15.4 million. After purchasing the 95,128-square-foot property in 2010, Sara and Dan Roselli founded The Garage at Packard Place, a nonprofit focused on providing Charlotte’s start-up and entrepreneurial community with technical, educational and business support. Currently 60 percent leased, Packard Place has served as home to the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee and Ink n Ivy. Northpond has selected architectural firm Gensler to lead the design for the property’s comprehensive common area renovations. Potential plans include the creation of an open lobby allowing for tenant connection and collaboration. Capital improvements are expected to begin later this year and be completed in second-quarter 2022. Northpond has retained Maddy Howey and Tim Arnold of Trinity Partners to lease the property. Additionally, Trinity Partners will manage the property. Northpond Partners is a Chicago-based real estate investment firm. This property is Northpond’s …

July 13, 2021

Acquisitions Industrial North Carolina Southeast

JLL Brokers Sale of 520,431 SF Industrial Facility in Raleigh

by Julia Sanders July 9, 2021

RALEIGH, N.C. — JLL Capital Markets has brokered the sale of 2728 Capital Blvd., a 520,431-square-foot, last-mile industrial facility in Raleigh. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, SharpVue Capital. Charlotte-based Beacon Partners purchased the facility for an undisclosed price. The property is situated on 32 acres and is located about 4.6 miles from downtown Raleigh.

July 9, 2021

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