North Carolina

NKF Provides $49M Freddie Mac Loan for Multifamily Community in Charlotte

by Alex Tostado September 15, 2020

CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has provided $49 million Freddie Mac acquisition loan for Addison Park in Charlotte. The 426-unit community was built in 1999 and renovated in 2015. The property offers one- through three-bedroom floor plans with nine-foot ceilings, fireplaces, hardwood flooring and granite countertops. Communal amenities include a business center, fitness center, two pools, dog park and a playground. The asset is situated at 6265 Hackberry Creek Trail, 10 miles north of downtown Charlotte and two miles from healthcare firm Centene’s planned 1 million-square-foot headquarters campus. Josh Davis and Chris Caison of NKF originated the loan on behalf of the borrower, Dermot Co. The seller was not disclosed.

September 15, 2020

Industrial Leasing Activity North Carolina Southeast

CBRE|Raleigh Arranges 103,920 SF Industrial Lease for Highland Cabinetry in Metro Raleigh

by Alex Tostado September 9, 2020

KNIGHTDALE, N.C. — CBRE|Raleigh has arranged a 103,920-square-foot industrial lease for Highland Cabinetry Inc. within Eastgate 540 industrial park in Knightdale. The cabinet supplier will occupy space within Building 2, situated at 365 Spectrum Drive, nine miles east of downtown Raleigh. Other tenants at the 968,000-square-foot park include All American Relocation, CHEP USA, Eby-Brown, Francini Inc. and Trade Venture Stones. Austin Nagy of CBRE|Raleigh represented the tenant in the transaction. Foundry Commercial represented the landlord, Trinity Capital Advisors.

September 9, 2020

Acquisitions North Carolina Retail Southeast

JLL Arranges $34.9M Sale of Wegmans-Leased Property in Raleigh-Durham

by Alex Tostado September 3, 2020

CARY, N.C. — JLL has arranged the $34.9 million sale of Wegmans West Cary, a 103,000-square-foot building in Cary fully leased to New York-based supermarket chain Wegmans. The seller, Leyland Twin Lakes LLC, an affiliate of LeylandAlliance, delivered the asset earlier this year. The freestanding grocery store is situated on 11 acres at 3710 Davis Drive, 13 miles southeast of downtown Durham. Wegmans West Cary anchors Twin Lakes Center, a mixed-use project that Leyland Twin Lakes has been developing since 2018. Tom Kolarczyk, Ryan Eklund and Chris Angelone of JLL represented the seller in the transaction. San Diego-based Realty Income Corp. purchased the property.

September 3, 2020

Acquisitions Industrial North Carolina Southeast

CIP Real Estate Acquires Industrial Property in South Charlotte for $28M

by Alex Tostado September 3, 2020

CHARLOTTE, N.C. — CIP Real Estate has acquired Whitehall Tech Center in Charlotte for $28 million. The property comprises two buildings totaling 205,000 square feet. The acquisition also includes a 7.5-acre parcel for the development of up to 75,000 square feet of warehouse space. At the time of sale, one of the two buildings was fully leased to an undisclosed tenant while the other building was nearly vacant. CIP plans to implement a $3.2 million renovation of the nearly vacant building from a call center to a multi-tenant industrial space. Further details and the timeline of the renovation were not disclosed. Whitehall Tech Center is located within the Whitehall master-planned community, nine miles south of downtown Charlotte and Charlotte Douglas International Airport. CIP acquired the property from a joint venture between CrossHarbor Capital Partners and a separate CIP Real Estate entity.

September 3, 2020

Acquisitions Multifamily North Carolina Southeast

StoneBridge Buys Magnolia Terrace Apartment Complex in Charlotte for $40.7M

by Alex Tostado September 2, 2020

CHARLOTTE, N.C. — StoneBridge Investments has acquired Magnolia Terrace, a 264-unit apartment complex in Charlotte, for $40.7 million. The property, which was built in 1989, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, clubhouse, dog park, fitness center, playground and business center. The asset is located at 8301 Paces Oaks Blvd., nine miles northeast of downtown Charlotte. Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the seller, Atlanta-based RADCO Cos., in the transaction. Elliott Throne, Cory Fowler, and Amit Kakar of JLL originated a Freddie Mac acquisition loan on behalf of the buyer.

September 2, 2020

Content Partner Features Industrial Lee & Associates Life Sciences North Carolina Office Southeast

The Triangle’s Office Sector Slows but Life Sciences, Laboratory Sector Shows Resilience

by Sarah Daniels August 31, 2020

As companies extend their work-from-home policies for many traditional office jobs, office leasing in general is undergoing re-evaluation and leasing is slowing. But one sector of office space continues growing as space remains essential: life sciences office, laboratory and manufacturing space. Nowhere does this hold truer than in the Research Triangle in North Carolina. The Triangle occupies a position of power as one of the top five major life sciences centers in the United States. STEM-oriented institutions including Duke, the University of North Carolina at Chapel Hill and North Carolina State University provide education, research opportunities and employment for the area’s highly educated workforce. Large life sciences companies (including giants such as Glaxo Smith Kline, Biogen, Lilly and Pfizer) have taken advantage of the area’s lower cost of living to set up research labs and manufacturing space to support technology and healthcare work. A tenant and buyer representative for life sciences, technology and healthcare clients, Marlene Spritzer, Vice President of Lee & Associates Raleigh Durham, has witnessed firms from around the country relocate to the Triangle for years. Even before the pandemic, the area was attractive to businesses due to its wealth of resources and mild climate as well as …

August 31, 2020

Acquisitions Industrial North Carolina Southeast

RealOp Sells Industrial Property in Southwest Charlotte for $14.1M

by Alex Tostado August 28, 2020

CHARLOTTE, N.C. — RealOp Investments has sold an industrial property located at 11524 Wilmar Blvd. in southwest Charlotte for $14.1 million. Greenville, S.C.-based RealOp acquired the 298,753-square-foot property in 2018 and signed MSS Solutions to a lease. The HVAC service provider acquired the property from RealOp. The building is located 12 miles south of Charlotte Douglas International Airport and 11 miles south of downtown Charlotte.

August 28, 2020

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of 110,101 SF Office Portfolio in Winston-Salem

by Alex Tostado August 27, 2020

WINSTON-SALEM, N.C. — CBRE has negotiated the sale of the Novant Healthcare portfolio, a two-building office portfolio totaling 110,101 square feet in Winston-Salem. The portfolio was fully leased at the time of sale to Novant Health and serve as offices for billing, human resources and IT operations for the locally based healthcare system. The two buildings are situated at 480 W. Hanes Mill Road, seven miles north of downtown Winston-Salem, and 4020 Kilpatrick St., six miles west of downtown Winston-Salem. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany, Patrick Gildea, Greg Wilson, Matt Smith and Grayson Hawkins of CBRE represented the seller, RiverOak Investment Corp., in the transaction. Raleigh-based Nova Capital acquired the assets for an undisclosed price.

August 27, 2020

Acquisitions Multifamily North Carolina Southeast

Capstone Negotiates $37.2M Sale of Apartment Complex in Metro Charlotte

by Alex Tostado August 25, 2020

GASTONIA, N.C. — Capstone Apartment Partners has negotiated the $37.2 million sale of Ashbrook Village, a 423-unit apartment complex in Gastonia. The property offers one- and two-bedroom floor plans averaging 754 square feet. Communal amenities include a saltwater pool, leasing office, clubhouse and two laundry facilities. The asset is situated at 2295 Pineview Lane, 20 miles west of downtown Charlotte. The community was 99.5 percent occupied at the time of sale. The seller, locally based Southwood Realty, developed the complex in 1985 and has owned and managed it since. Austin Green, Alex McDermott, Rhodes Marley and Brian Ford of Capstone represented the seller and procured the buyer, New York City-based Gindi Equities.

August 25, 2020

Company News North Carolina Retail Southeast

Lowe’s Home Improvement Reports 30 Percent Increase in Same Store Sales During Second Quarter

by Alex Tostado August 19, 2020

MOORESVILLE, N.C. — Lowe’s Home Improvement posted a 30 percent increase in same store sales during its second quarter, which ended July 31. The total sales reached $27.3 billion, compared with $21 billion in the second quarter of 2019. Lowe’s also invested $460 million during the quarter to support frontline hourly associates. In 2020, the company thus far has invested $560 million in COVID-19-related financial support for its associates and community pandemic relief, with a focus on minority and rural small businesses and healthcare workers. Mooresville-based Lowe’s is an essential retailer, meaning it has remained open throughout the COVID-19 pandemic. As of July 31, Lowe’s operates 1,968 home improvement and hardware stores in the United States and Canada.

August 19, 2020

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