North Carolina

JLL Secures $52.8M Loan for Life Sciences Property at Research Triangle Park in Raleigh-Durham

by Alex Tostado November 23, 2020

MORRISVILLE, N.C. — JLL has arranged a $52.8 million loan for the acquisition and conversion of Perimeter’s Edge, a four-building, 341,547-square-foot property in Morrisville. The buyer and borrower, Longfellow Real Estate Partners, will convert the asset into a life sciences lab. MetLife Investment Management provided the five-year, floating-rate loan. Perimeter’s Edge is situated within Research Triangle Park at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon Parkway. A timeline for construction was not disclosed. Greg LaBine, Roger Edwards and Martha Nay of JLL arranged the loan on behalf of the borrower. Brigitte Burkett of MetLife originated the loan.

November 23, 2020

Development Multifamily North Carolina Southeast

Joint Venture to Develop 248-Unit Multifamily Community in Raleigh

by Alex Tostado November 23, 2020

RALEIGH, N.C. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and Marble Capital has acquired 11 acres between Interstates 540 and 440 east of downtown Raleigh to develop a 248-unit multifamily community. AT&T sold the land, which currently houses an AT&T Operations Center that will remain in use for the immediate future. The joint venture expects to break ground on the yet-to-be-named project in December with a completion date slated for fall 2022. The complex will offer studio to three-bedroom floor plans. Communal amenities will include a clubhouse, business center, game room, fitness center and a pool. Humphreys & Partners Architects is the architect, Kimley-Horn is the civil engineer and Construction Enterprises Inc. is the general contractor. Cadence Bank and Atlantic Capital Bank provided debt financing to the developers.

November 23, 2020

Acquisitions North Carolina Retail Southeast

Cushman & Wakefield Negotiates $13.9M Sale of Publix-Anchored Shopping Center Near Charlotte

by Alex Tostado November 23, 2020

SHERRILLS FORD, N.C. — Cushman & Wakefield has negotiated the $13.9 million sale of The Villages Shoppes at Sherrills Ford, a 60,298-square-foot, Publix-anchored shopping center in Sherrills Ford. The developer, Tampa, Fla.-based Wagner Property Group, sold the asset, which is located at the intersection of Slanting Bridge Road and Village Center North, 31 miles north of downtown Charlotte. Other tenants at the center include Hardee’s, Pizza Hut, Great Clips and Blue Sky Nails. Fain Hicks, Margaret Jones and Lane Breedlove of Cushman & Wakefield brokered the transaction. The buyer was Greensboro, N.C.-based Koury Corp.

November 23, 2020

Acquisitions Mixed-Use North Carolina Southeast

FCP, Kane Realty Sell The Dillon Mixed-Use Development in Downtown Raleigh for $236M

by Alex Tostado November 19, 2020

RALEIGH, N.C. — FCP and Kane Realty Corp. have sold The Dillon, a mixed-use development in downtown Raleigh, for $236 million. An undisclosed institutional buyer advised by MetLife Investment Management acquired the asset. The 18-story property comprises 221,300 square feet of office space, 271 multifamily units, 52,600 square feet of retail space and a 994-space parking deck. The Dillon is situated on 2.5 acres within downtown’s Warehouse District. FCP and Kane Realty completed the adaptive reuse of the 100-year-old Dillon Supply Warehouse in 2018. The office space was fully leased at the time of sale to tenants including healthcare analytics firm Medable Inc., Arch Capital Group Ltd., Spaces and technology company Analog Devices. Retail and restaurant tenants include O-Ku Sushi, Oak Steakhouse, Barcelona Restaurant and Wine Bar, Weaver Street Market, Urban Outfitters, Heirloom Brew Shop, Shred415 and JoJa Nails.

November 19, 2020

Acquisitions Industrial Loans North Carolina Southeast

PGIM Provides $120M Acquisition Loan for Industrial Portfolio in North Carolina

by Alex Tostado November 19, 2020

DURHAM AND GREENSBORO, N.C. — PGIM Real Estate has provided a $120 million acquisition loan for Patriot Park and Triangle Industrial Portfolio, two industrial campuses totaling 24 buildings in Durham and Greensboro, respectively. Blackstone Real Estate Income acquired the properties, which span nearly 3 million square feet. Tom Goodsite of PGIM originated the floating-rate loan on behalf of Blackstone. Patriot Park is located at 4032 Patriot Park and 2 Freedom Court on the edge of Research Triangle Park. The property comprises two buildings featuring 30-foot clear heights. Triangle Industrial Portfolio comprises six properties near Piedmont Triad International Airport. The list of properties was not disclosed, and the seller was not disclosed.

November 19, 2020

Development North Carolina Retail Southeast

Wegmans to Open Two New Grocery Stores in North Carolina Next Spring Totaling 203,000 SF

by Alex Tostado November 18, 2020

WAKE FOREST AND CHAPEL HILL, N.C. — Wegmans will open two new grocery stores in 2021 in Wake Forest and Chapel Hill. The New York-based grocer plans to add 500 full-time jobs and nearly 900 total jobs at the two stores. The store in Wake Forest will span 104,000 square feet and will house 200 full-time employees. The property, located at 11051 Ligon Mill Road, is expected to open in May. The asset in Chapel Hill is expected to open in late February and will house 300 full-time jobs. The store will span 99,000 square feet and is situated at 1810 Fordham Blvd. Also, in North Carolina, a Wegmans in Cary recently sold for $34.9 million.

November 18, 2020

Development Mixed-Use North Carolina Southeast

Hines, Columbia Development Begin Construction on Fenton in Raleigh-Durham

by Alex Tostado November 17, 2020

CARY, N.C. — Hines and Columbia Development have broken ground on Fenton, a 69-acre mixed-use project in Cary that is expected to be complete in spring 2022. In addition to the groundbreaking, the developers also announced that Arhaus has preleased 17,974 square feet at Fenton. The retail portion is now 73 percent preleased and includes other retailers such as Wegmans, CMX CineBistro, Sephora, Free People and Bailey’s Fine Jewelry. Fenton is located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown Raleigh. At full buildout, the property will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, The Canopy at Fenton and a 175-room boutique hotel.

November 17, 2020

Acquisitions Georgia Multifamily North Carolina Southeast

JEM Holdings Sells Six Multifamily Properties in North Carolina, Georgia for $116.4M

by Alex Tostado November 13, 2020

NEW YORK CITY — JEM Holdings has sold four multifamily properties in North Carolina and two in Georgia for a combined $116.4 million. In North Carolina, Friedlam Partners acquired the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview in Charlotte, as well as the 176-unit Enclave @ Crabtree in Raleigh. Concordia Partners bought the 400-unit Marquis Gardens in Durham, N.C.; and the 232-unit Windsor Arms in Savannah, Ga. Sandhurst Apartment Management LLC purchased the 182-unit Woodhill in Augusta, Ga. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the New York City-based seller in the transactions.

November 13, 2020

Acquisitions Loans Multifamily North Carolina Southeast

KeyBank Provides $145.2M Acquisition Financing for 12-Property Multifamily Portfolio in North Carolina

by Alex Tostado November 11, 2020

CLEVELAND — KeyBank Real Estate Capital has provided $145.2 million in Freddie Mac financing for the purchase of 12 multifamily communities in North Carolina. Brian Caudel and Andrew Nathenson of Cleveland-based KeyBank originated the loans, which offer 10-year terms with five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower and buyer, Peak Capital Partners. The portfolio comprises garden-style apartments totaling 1,859 units with lot sizes averaging 11 acres. The assets were built between 1985 and 2005. The seller(s) was not disclosed. The properties included in the sale are: 96-unit Arbor Glen in Eden, built in 2004; 128-unit Autumn Park in Oxford, built in 2005; 298-unit Brookwood in Archdale, built in 1987; 108-unit Crossroads Station in Charlotte, built in 2002; 226-unit Crestview in Concord, built in 1985; 156-unit Davidson in Concord, built in 1994; 144-unit Huntington in Concord, built in 1998; 88-unit Lexington Station in Lexington, built in 2002; 120-unit Crown Ridge in Shelby, built in 2003; 148-unit Marion Ridge in Shelby, built in 1999; 279-unit Mooresville Station (I & II) in Mooresville, built in 2000; and 68-unit Stonewood in Mooresville, built in 1987.

November 11, 2020

Development Multifamily North Carolina Southeast

Hawthorne Residential, Evolve to Develop 248-Unit Apartment Complex Near Raleigh

by Alex Tostado November 10, 2020

WAKE FOREST, N.C. — A joint venture between Hawthorne Residential and Evolve Cos. has acquired a 23-acre site in Wake Forest to develop Hawthorne at the Forest, a 248-unit apartment community. The developer acquired the land from an undisclosed seller for $4.3 million. The asset is expected to deliver in 2022 and will be situated at 10728 Star Road, 14 miles north of downtown Raleigh. The property will offer one-, two- and three-bedroom floor plans with wood-style floors, energy-efficient GE appliances, washers and dryers, stone countertops and tile backsplashes. Communal amenities will include a saltwater pool, grilling area, 5,000-square-foot clubhouse, cyber café, fitness center, playground and a dog park. Caleb Troop, Ron Corrao and Eric Liebich of Capstone represented the buyers in the land transaction.

November 10, 2020

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