North Carolina

Preferred Apartment Communities Agrees to Sell Southeast Office Portfolio to Highwoods for $717M

by John Nelson April 20, 2021

ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …

April 20, 2021

Development Healthcare North Carolina Southeast

Duke Health Opens $102.4M Behavioral Healthcare Facility in Durham

by Julia Sanders April 14, 2021

DURHAM, N.C. — Duke Health has opened a newly built center at Duke Regional Hospital in Durham that services behavioral therapy patients. The new center plans to combine the behavioral health services that had been offered separately at Duke University and Duke Regional hospitals. The facility, known as Duke Behavioral Health Center North Durham, cost $102.4 million to build. The Duke Behavioral Health Center North Durham project also includes an expansion of the hospital’s emergency department, which has been moving into the new space on a rolling basis as construction is completed. The new behavioral health services at the facility include 42 private inpatient rooms with two courtyards; 18 private treatment spaces in the emergency department with a courtyard; 30 outpatient clinic rooms; and electroconvulsive therapy. The new addition increases capacity from 36 to 49 treatment rooms. Construction started inside in the hospital in March 2018. The public entrance that had recently been near Cancer Services opened yesterday at its permanent location off Crutchfield Street, adjacent to the main hospital building.

April 14, 2021

Acquisitions Georgia Industrial North Carolina Southeast Tennessee Top Stories Virginia

Partners Group Sells East Coast Industrial Portfolio for $1B

by John Nelson April 13, 2021

BAAR, SWITZERLAND — Partners Group has sold an industrial portfolio on the East Coast in excess of $1 billion on behalf of its institutional clients. The 8.6 million-square-foot portfolio comprises 88 shallow-bay and bulk distribution centers located across five markets: Raleigh-Durham, Atlanta, Nashville, Norfolk and Shenandoah Valley in Virginia. “We are proud to see the transformational results of the work we have done during the past three years and believe this exit represents an excellent outcome for our clients,” says Ron Lamontagne, managing director and co-head of private real estate for the Americas at Partners Group. Partners Group originally purchased the portfolio across three separate investments with Equus Capital Partners, an investment management firm based in metro Philadelphia. The buyer, an undisclosed life insurance company, is entering into two joint ventures with Equus Capital Partners to recapitalize the portfolio. The recapitalization will include one joint venture that holds assets within the portfolio with a long-term, income-focused return profile. The second joint venture will include assets suited to a shorter term, total return-driven strategy. The shallow-bay portion of the portfolio totals 3.8 million square feet and comprises 54 buildings within six industrial parks in Raleigh-Durham, as well as 19 buildings in …

April 13, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Brokers $7.6M Sale of Store in Rockingham, North Carolina Leased to Lowe’s

by Julia Sanders April 7, 2021

ROCKINGHAM, N.C. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $7.6 million sale of a 129,529-square-foot retail store leased to Lowe’s Home Improvement in Rockingham, a suburb of Charlotte. Realty Income, a net-lease REIT based in San Diego, purchased the property from the seller, an entity doing business as Tri City Rockingham LLC. The Lowe’s Home Improvement property is located at 1300-A E Broad Ave. and is located near a FastMed Urgent Care, McDonald’s, KFC, Taco Loko and a Walgreens. The property is located 72 miles from Charlotte, and is 17 miles away from Wallace, S.C. “This transaction illustrates the demand for essential net-lease retail. Home improvement was one of the sectors that got a boost from the pandemic, and institutional and private capital are looking to deploy into these and other essential tenants,” says McMinn.

April 7, 2021

Leasing Activity North Carolina Retail Southeast

WRS Signs Bin City Bargains to 20,243 SF Lease at Mayberry Mall in Mount Airy, North Carolina

by Julia Sanders April 6, 2021

MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has leased 20,243 square feet of retail space at The Mayberry Mall in Mount Airy to Bin City Bargains. The retailer is a family-owned liquidation company featuring products from major online retailers, as well as big box department stores. Bin City Bargains sell new overstock items as well as box-damaged and returned goods at a flat price per day. The new store will offer two restocks per week and the prices decrease daily. Originally opened in 1968, The Mayberry Mall is located at 388 Frederick St. and is currently leased to tenants such as Hobby Lobby, Belk, Hallmark, Shoe Dept., Enmar Accessories, L.A. Nails and Good Fudge. The mall is named after the fictional town of Mayberry from “The Andy Griffith Show.” The namesake of the show, late comedian Andy Griffith who also starred in the series “Matlock,” was born and raised in Mount Airy.

April 6, 2021

Acquisitions North Carolina Office Southeast

Tri Properties | NAI Carolantic Brokers $26.5M Sale of Office Building in Raleigh

by Julia Sanders April 5, 2021

RALEIGH, N.C. — Tri Properties | NAI Carolantic has brokered the $26.5 million sale of Trinity Place, a four-story, Class A office building located at 1201 Edwards Mill Road in Raleigh. The 113,368 square-foot-building is situated on 6.3 acres across from PNC Arena. Jimmy Barnes of Tri Properties | NAI Carolantic, handled the transaction on behalf of the buyer, JPB Raleigh Holdings. The seller was Chicago-based Origin-Trinity Holding. Trinity Place was 90 percent leased at the time of sale to tenants representing a diverse mix of industries, including public relations, insurance, real estate, data processing and other business services. JPB Raleigh Holdings currently owns over 400,000 square feet of Class A office space in its Raleigh/Durham portfolio, including other buildings such as Northchase on Six Forks Road and Time & Temperature on Glenwood Avenue. The firm has renovation plans to refurbish Trinity Place’s lobby and common areas and upgrade the landscaping. Tri Properties | NAI Carolantic will handle the leasing and management.

April 5, 2021

Loans Multifamily North Carolina Southeast

Grandbridge Facilitates $21.9M Refinancing of Multifamily Property in Mooresville, North Carolina

by Julia Sanders April 2, 2021

MOORESVILLE, N.C. — Grandbridge Real Estate Capital has facilitated a $21.9 million loan for Ardmore at Alcove Apartments, a 150-unit garden-style multifamily property in Mooresville. Thomas Wiedeman of Grandbridge originated the refinancing through an unnamed life insurance company on behalf of the borrowers, Ardmore Residential and LaSalle Investment Management. The seven-year, fixed-rate loan was structured with an initial interest-only term followed by a 30-year amortization schedule. Ardmore at Alcove Apartments features a two-story clubhouse with a sun deck, fitness center, business center and billiards room. Other community amenities include a swimming pool with cabanas, a covered outdoor pavilion area with a flat-screen TV, fireplace and grilling stations, as well as a playground and dog park. Interior finishes include stainless steel appliances, granite countertops, Shaker-style cabinetry and nine-foot ceiling heights. The property is located close to Interstate 77, which allows access to Charlotte and downtown Mooresville.

April 2, 2021

Development Industrial North Carolina Southeast

Edgewater Ventures, McKinley Building to Develop 425,000 SF Industrial Park in Wilmington, North Carolina

by Julia Sanders April 1, 2021

WILMINGTON, N.C. — Edgewater Ventures is co-developing with McKinley Building Corp. the Wilmington Trade Center, a three-building, Class A industrial park that will total 425,000 square feet upon completion. Construction is underway on Building 1, a 157,610-square-foot facility that will feature tilt-up concrete construction with extensive glass lines, 32-foot clear heights, an ESFR sprinkler system and a 180-foot deep truck court. The property is slated to deliver in early September and will accommodate tenants ranging in size from 22,000 to 157,610 square feet. Wilmington Trade Center is situated on Highway 421 near the interchange at Interstate 140. The development is 4.2 miles from downtown Wilmington, 6.7 miles from Wilmington International Airport and 8.7 miles from the Port of Wilmington.

April 1, 2021

Acquisitions Florida North Carolina Retail Southeast

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders April 1, 2021

LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.

April 1, 2021

Development Industrial North Carolina Southeast

Wigeon Capital Breaks Ground on 58,000 SF Industrial Building at Greenfield Business Park Near Raleigh

by Julia Sanders March 31, 2021

GARNER, N.C. — Wigeon Capital has broken ground on a new flex and warehouse construction project at Greenfield Business Park in the Raleigh suburb of Garner. Construction on the first building, a 58,000-square-foot facility, is underway at 3300 Waterfield Drive. The site is located at the intersection of US Highway 70 and Interstate 40. During the second quarter of this year, Wigeon Capital plans to break ground on a 96,000-square-foot shallow bay industrial facility that will feature tilt wall concrete walls and 32-foot clear heights. The Raleigh-based firm is also planning a three-building project on an adjacent parcel that will offer a 150,000-square-foot bulk distribution facility and two additional shallow bay industrial buildings of 58,000 and 48,000 square feet in size. Jimmy Barnes of Tri Properties | NAI Carolantic is overseeing leasing efforts at Greenfield Business Park.

March 31, 2021

Newer Posts

Older Posts