North Carolina

Aspen Heights Breaks Ground on 188-Unit Student Housing Community in Charlotte

by Alex Tostado January 13, 2021

CHARLOTTE, N.C. — Aspen Heights Partners has broken ground on Aspen Heights University City, a 188-unit student housing community located at 300 Heritage Lake Drive near the University of North Carolina at Charlotte campus. The property will offer two-, three-, four- and five-bedroom units, two-thirds of which will feature a cottage-style design. Communal amenities will include a pool, grilling areas, basketball court, sand volleyball court, fitness center, study lounges and an onsite shuttle to campus. Austin, Texas-based Aspen Heights secured $38.1 million in construction financing from Synovus Bank for the development, which is scheduled for completion in summer 2022.

January 13, 2021

Acquisitions Industrial North Carolina Office Southeast

Cushman & Wakefield Brokers $18.5M Sale of Four-Building Flex Property in Charlotte

by Alex Tostado January 12, 2021

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $18.5 million sale of Northridge Business Center, a four-building office and warehouse property in Charlotte. The buildings total 174,506 square feet and are situated at 5005-5035 W. W.T. Harris Blvd. in Charlotte’s West Sugar Creek neighborhood. Northridge Business Center was 92 percent leased at the time of sale. Nolan Ashton and Rob Cochran of Cushman & Wakefield represented the seller, SkyREM, in the transaction. SunCap Opportunity Fund LLC, a privately held, national commercial real estate investment firm, acquired the property.

January 12, 2021

Development Multifamily North Carolina Southeast

Ardmore Residential to Develop 396-Unit Apartment Community Near Raleigh

by Alex Tostado January 11, 2021

CLAYTON, N.C. — Ardmore Residential has purchased 20 acres in Clayton to develop Ardmore at Flowers, a planned 396-unit apartment community in the Raleigh-Durham area. The property will offer one-, two- and three-bedroom floor plans with modern kitchens, designer cabinetry and wood-style vinyl flooring. Communal amenities will include a cyber café, two fitness centers, two pools, several grilling areas, a clubhouse and a dog park. The developer expects to break ground on the community in the spring. Greensboro, N.C.-based Ardmore acquired the land from Southwest Crossroads Holdings LLC for $6.5 million. Sarah Godwin and John Mikels of JLL worked in partnership with John Koonce of York Properties to represent the seller in the transaction.

January 11, 2021

Acquisitions Florida Georgia North Carolina Retail Southeast

Slate Grocery REIT to Acquire Five Grocery-Anchored Properties in Three States for $54.3M

by Alex Tostado January 11, 2021

TORONTO — Slate Grocery REIT has entered into an agreement to acquire five grocery-anchored shopping centers in North Carolina, Florida and Georgia for $54.3 million. The five assets comprise 396,471 square feet and were 95 percent leased at the time of sale. The three North Carolina properties are Bells Fork, a 71,666-square-foot center in Greenville anchored by Harris Teeter; Tanglewood Commons, a 78,520-square-foot property in Winston-Salem anchored by Harris Teeter; and Westin Center, a 66,890-square-foot, Food Lion-anchored asset in Fayetteville. The Florida property is Mission Hills, an 85,078-square-foot property in Naples anchored by Winn-Dixie. The fifth property is Parkway Station, a 94,317-square-foot, Kroger-anchored retail center in Atlanta. The sale is expected to close in the first quarter of this year. The seller(s) was not disclosed.

January 11, 2021

Acquisitions Multifamily North Carolina Southeast

PointOne Holdings, Hathaway Development Divest of Apartment Complex in Metro Raleigh for $65.1M

by Alex Tostado January 5, 2021

HOLLY SPRINGS, N.C. — PointOne Holdings and Hathaway Development have sold The Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, for $65.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, grilling areas, pool, package concierge service, fitness center, business center and a clubhouse. The asset is situated at 1101 Club Exchange Drive, 20 miles southwest of downtown Raleigh. The buyer was Myers Apartment Group.

January 5, 2021

Acquisitions Hospitality North Carolina Southeast

Marcus & Millichap Negotiates $30.3M Sale of Holiday Inn Resort in Wrightsville Beach, North Carolina

by Alex Tostado January 5, 2021

WRIGHTSVILLE BEACH, N.C. — Marcus & Millichap has negotiated the $30.3 million sale of a Holiday Inn Resort in Wrightsville Beach. The 184-room beachfront hotel was built in 1999 and is situated about six miles east of Wilmington. The hotel features a 400-person ballroom, 8,000 square feet of meeting space, three pools, fitness center, sand volleyball court, a lounge and two restaurants. Robert Hunter, Christopher Martin and David Altman and R. McLean Hicklin III of Marcus & Millichap represented the undisclosed seller in the transaction. An undisclosed limited liability company acquired the seven-story asset. Ben Yelm of Marcus & Millichap also assisted in the closing.

January 5, 2021

Acquisitions Development Mixed-Use North Carolina Office Retail Southeast Top Stories

Epic Games Acquires Metro Raleigh Mall for $95M, Plans New Headquarters Campus

by John Nelson January 5, 2021

CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …

January 5, 2021

Acquisitions North Carolina Office Southeast

Drawbridge Realty Acquires Office Building in Durham for $89.7M

by Alex Tostado January 4, 2021

DURHAM, N.C. — Drawbridge Realty has acquired an 11-story, 260,000-square-foot office building located at 4820 Emperor Blvd. in Durham for $89.7 million. The building, originally constructed in 2009, serves as the headquarters for IQVIA Holdings Inc., a provider of healthcare clinical research. The asset is situated on seven acres in the southeastern portion of Research Triangle Park, 10 miles southeast of downtown Durham. Russell Ingrum and Ben Kilgore of CBRE represented the buyer in the transaction. Franklin Street Properties Corp. was the seller.

January 4, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges $23.5M Sale of Shopping Center in High Point, North Carolina

by Alex Tostado January 4, 2021

HIGH POINT, N.C. — Marcus & Millichap has arranged the $23.5 million sale of High Point Harris Teeter Center, a 192,548-square-foot shopping center in High Point. The asset was fully leased at the time of sale to tenants including Harris Teeter, T.J. Maxx, Ross Dress for Less and Staples. The property was originally developed in 1975, and the undisclosed seller owned it for more than 20 years. Lori Schneider of Marcus & Millichap represented the seller in the transaction. Ben Yelm of Marcus & Millichap was the broker of record. First National Realty Partners acquired the property, which is located in North Carolina’s Triad region.

January 4, 2021

Development Industrial Leasing Activity Lee & Associates North Carolina Southeast

Collett Industrial Breaks Ground on 90,720 SF Industrial Facility Near Asheville

by Alex Tostado December 23, 2020

MILLS RIVER, N.C. — Collett Industrial has broken ground on a 90,720-square-foot logistics facility in Mills River. The property is being built on a build-to-suit basis for an undisclosed Fortune 500 retailer. ABC 13 News reports the site is located on School House Road, five miles from Interstate 26 and six miles from Asheville Regional Airport. Randall Bentley and Jordan Skellie of Lee & Associates secured the lease on behalf of the developer. Vannoy Construction is the general contractor for the asset, which is expected to deliver in summer 2021.

December 23, 2020

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