WINSTON-SALEM AND GREENSBORO, N.C. — Cushman & Wakefield has acquired Triad Commercial Properties, a commercial real estate brokerage firm with offices in Winston-Salem and Greensboro. Hap Royster and Tom Townes founded Triad Commercial Properties in 1999. The firm has arranged sales in 39 states and 10 countries, having experience in areas such as tenant and landlord representation, property disposition, buyer representation, sale-leaseback transactions, portfolio review and analysis, market analysis and build-to-suit analysis in a brokerage and advisory role. Royster, who served as managing partner for the firm, will join Cushman & Wakefield as vice chairman. The terms of the acquisition were not disclosed.
CHARLOTTE AND MOORESVILLE, N.C. — Greystar has purchased two apartment communities in the Charlotte market totaling 660 units. Boca Raton, Fla.-based Waypoint Real Estate Investments sold the properties, Barrington Place in Charlotte’s University City district and Waterlynn Ridge in Mooresville, to Charleston-based Greystar. The sales price was not disclosed, but the Charlotte Business Journal reports that the Class A communities traded for a combined $121 million. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of JLL represented Waypoint in the transaction. Andy Scott and Cory Fowler of JLL arranged acquisition financing on behalf of Greystar.
KANSAS CITY, MO. — Nuveen Global Investments LLC, a TIAA company, has acquired a six-property industrial portfolio in the Southeast for $272 million. McCraney Property Co. and Northwestern Mutual sold the 3.5 million-square-foot portfolio, which was built on a speculative basis. Chris Riley, Frank Fallon, and Trey Embrey of CBRE represented the sellers, Northwestern Mutual and McCraney Property Co., in the transaction. The portfolio features four Florida properties, including Country Line Logistics Center, which totals 1.1 million square feet in Plant City; Park 27, which spans 602,972 square feet in Davenport; 27 Logistics Park, which comprises 207,676 square feet in Davenport; and I-4 Commerce Center, which totals 45,340 square feet in Lake Mary. The remaining two properties are the 611,698-square-foot 985 Lanier Logistics in Buford, Ga.; and the 350,687-square-foot Airport South in Charlotte. All six buildings were fully leased at the time of sale.
TEANECK, N.J. — Teaneck-based FriedLam Partners has bought a six-property multifamily portfolio in Charlotte, Raleigh and Atlanta for $85.2 million. The portfolio comprises 872 units. The two Charlotte properties are the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview. The community in Raleigh was the 176-unit Enclave @ Crabtree. Watson Bryant and Paul Marley of Cushman & Wakefield represented the seller of the North Carolina properties, JEM Holdings, in the transaction. The Atlanta portion of the portfolio comprises the 130-unit 743 @ Howell Mill, the 112-unit Lenox Place and the 66-unit Rio at Lenox. Travis Presnell and Wesley Kenney of Cushman & Wakefield represented the seller, Zavala Capital Group, in the transaction.
GREENSBORO, N.C. — Publix Super Markets Inc. will expand its Greensboro distribution center by 1.2 million square feet, adding a dry grocery warehouse. The Lakeland, Fla.-based grocer broke ground on Phase I of the facility, which will offer refrigerated warehouse space, in February. Both phases are expected to be complete by the end of 2022. The warehouses will support Publix’s growth in North Carolina and Virginia. Gray is the engineer, general contractor and designer for the facility. This will be Publix’s 10th distribution center, joining facilities in Boynton Beach, Deerfield Beach, Jacksonville, Miami, Lakeland, Sarasota and Orlando, Fla.; Lawrenceville, Ga.; and McCalla, Ala.
CHARLOTTE, N.C. — Lightstone Group has acquired Clarius Park Charlotte, a 400,000-square-foot industrial facility in Charlotte, for $34 million. The New York City-based buyer has rebranded the property to Lightstone Logistics Center. At the time of sale, the asset was 50 percent leased to Power Distributors LLC, a distributor of outdoor power equipment. The new building features 36-foot clear heights, 70 dock doors and immediate access to Interstates 85 and 485. Lightstone Logistics Center is located at 7800 Tuckaseegee Road, two miles north of Charlotte Douglas International Airport. Chris Loyd and Tom Tropeano of Avison Young represented the seller, Clarius Partners, in the transaction. Peter Rotchford of JLL arranged the acquisition financing on behalf of the buyer. Details of the loan were not disclosed.
ASHEVILLE, N.C. — Pratt & Whitney, a division of Raytheon Technologies Corp., will invest $650 million for its new turbine airfoil production facility in Asheville. East Hartford, Conn.-based Pratt & Whitney designs, manufactures and services aircraft and helicopter engines, as well as auxiliary power units for the aerospace industry. The new facility will span 1 million square feet and is expected to house 800 employees by 2027. According to North Carolina Gov. Roy Cooper, the annual salary at the facility can reach $68,000 per year. The current average salary in Buncombe County is $43,134 per year. North Carolina is the second fastest growing aerospace hub in the United States, according to the Economic Development Partnership o North Carolina. Companies that operate in the Tar Heel State include GE Aviation, Lockheed Martin, Honeywell and Spirit AeroSystems. The North Carolina Economic Investment Committee approved a job development investment grant (JDIG) for the project. Under the JDIG, the state could reimburse Pratt & Whitney up to $15.5 million over the next 12 years. Additionally, under the JDIG, the firm will transfer $5.2 million into the state’s Industrial Development Fund — Utility Account for use by rural communities elsewhere in the state. A timeline …
GREENSBORO, N.C. — LCS Development, an LCS company, has started construction of a $75 million expansion at WhiteStone, a seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living and memory care residents and an extensive renovation of the existing skilled nursing facility. The 100-year-old community is located on a 43-acre campus. Life Care Services, also an LCS company, operates the complex. Todd Shaw, director of development services at LCS Development, will serve as project manager for the expansion. Cain Brothers, a division of KeyBanc Capital Markets, underwrote the bond financing for the project. The project team includes SFCS Architects, Frank L. Blum Construction Co. as general contractor and Stimmel Associates as civil engineer and land planner. A timeline for completion was not disclosed.
RALEIGH, N.C. — Hoffman & Associates has unveiled its plans for a $300 million redevelopment of the Seaboard Station neighborhood on the northern edge of downtown Raleigh. The Washington, D.C.-based developer plans to build the mixed-use project in three phases, beginning with the construction of 300 residential units and 30,000 square feet of retail space. Upon full build-out, the new Seaboard Station plans call for three apartment buildings totaling 600 units, 130,000 square feet of retail space, a hotel and underground parking. The central corridor of the project will also feature a street without curbs, making the area accessible to pedestrians, vehicles and cyclists, while also available for expanded outdoor dining, music, events and gatherings. Hoffman & Associates plans to break ground on Phase I by the end of the year, with completion expected by the third quarter of 2022. A timeline for further phases was not disclosed. Seaboard Station was originally built in 1942 and the neighborhood has since undergone multiple transformations. The property initially served as a train depot until 1986. In the early 1990s, the Logans, a locally based entrepreneurial family, restored the property, spurring development around the area, including the development of Shops at Seaboard Station …
WILMINGTON, N.C. — Inlet Watch Development LLC has sold Storage at 7275 Carolina Beach Road, a 438-unit self-storage facility in Wilmington. The property comprises three buildings totaling 63,550 square feet on seven acres. The asset, which was built in 2018, is situated at 7275 Carolina Beach Road, 10 miles north of downtown Wilmington. Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller in the transaction. Roswell, Ga.-based Reliant Real Estate Management LLC acquired the property for an undisclosed price.