North Carolina

Hall Group Receives $77M in Construction Debt, Equity for Two Apartment Complexes in North Carolina

by Alex Tostado April 6, 2020

ASHEVILLE AND KANNAPOLIS, N.C. — Hall Group has received $77 million in construction financing for The Reserve at Gashes Creek in Asheville and Graces Reserve in Kannapolis, both of which are under construction. Highland Mortgage Co. provided a $62 million HUD 221 (d)(4) construction loan and Morrison Avenue Capital Partners provided $15 million of equity. Multifamily Select Inc. arranged the loan on behalf of Hall Group and will manage both properties upon completion. The Reserve at Gashes Creek will include 190 units offering one-, two- and three-bedroom floor plans along with 12 garages and 16 storage units. Six of the 22 acres are preserved by a conservation easement. The property is situated along U.S. Highway 74, about six miles southwest of downtown Asheville. Graces Reserve is situated on 17 acres at 2200 Roxie St. NE, 25 miles north of downtown Charlotte. The property will offer 240 one-, two- and three-bedroom floor plans along with 36 garages and 48 storage units. Communal amenities at both properties will include pools, sundecks with cabanas, electric vehicle charging stations, grilling areas, fire pits, car care centers, dog parks, playgrounds and clubhouses. Clubhouses will include concierge package delivery systems, pet spas, designer kitchen spaces, cyber …

April 6, 2020

Development Industrial North Carolina Southeast

Seefried, Clarion to Construct Five-Building Spec Industrial Campus in Charlotte

by Alex Tostado April 2, 2020

CHARLOTTE, N.C. — Seefried Properties and Clarion Partners LLC have acquired 50 acres in Charlotte to construct a five-building, 590,000-square-foot industrial campus. The property will be able to accommodate users seeking 20,000 to 180,000 square feet. Buildings will feature 32- to 36-foot clear heights, 130- to 210-foot truck courts, 50 trailer parks, a total of 686 parking spaces and an ESFR sprinkler system. The property is situated at the southeast corner of Beam Road and Pine Oaks Drive, six miles south of Charlotte Douglas International Airport and seven miles southwest of downtown Charlotte. The developers expect to complete the shells by the second quarter of 2021. Merriman Schmitt Architects is the architect, and Burton Engineering is the civil engineer. Spencer Yorke and Jordan Quinn of JLL will lead the leasing efforts for the new project.

April 2, 2020

Content Partner Features Lument Multifamily North Carolina RED Capital Group Southeast

Raleigh’s Potent Economic, Demographic Growth Rewards Multifamily Investors

by Sarah Daniels April 1, 2020

Raleigh checks all the boxes: a youthful, highly educated population, top research universities, a thriving large cap research and tech sector, plus clement weather. It’s Austin with more first-rate college basketball teams and less traffic. Despite its conspicuous lack of entry barriers, multifamily investors and developers have placed enormous bets on Raleigh’s continuing success. Since 2017, apartment properties valued at nearly $8 billion have exchanged hands and over 15,000 market-rate apartment units worth more than $2.5 billion were delivered — a commitment of capital the equivalent of roughly $11,000 for every working Triangle resident. Competition promises to be no less taxing this year. Supply in 2020 will approach 8,000 units, easily the largest vintage in market history and an increase of 40 percent from last year. Few players have regrets. The metro apartment and labor markets continue to perform at full throttle, and investment returns remain among the highest in the country. There were, however, moments of doubt. Recent preliminary Bureau of Labor Statistics payroll employment and hourly wage data for the nine-month period that ended in June 2019 recorded uncharacteristically soft results. Initial reports suggested that metro payroll job formation had limped along at a 1 percent annual pace …

April 1, 2020

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of Four Office Buildings in Raleigh Totaling 275,554 SF

by Alex Tostado March 27, 2020

RALEIGH, N.C. — CBRE has negotiated the sale of four office buildings in Raleigh. The portfolio comprises Lake Plaza East and Brook Forest in the North Raleigh submarket, and Sunday Drive and Centerview III in the Southwest Raleigh submarket. The four office buildings total 275,554 square feet. At the time of sale, the buildings were leased to technology, healthcare, engineering and insurance tenants. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE, along with Ben Kilgore of CBRE|Raleigh, represented the seller, Continental Capital Real Estate, in the transaction. TriGate Capital LLC acquired the portfolio for an undisclosed price.

March 27, 2020

Acquisitions Healthcare North Carolina Office Southeast

Global Medical REIT Purchases 98,000 SF Medical Office Building in Triad Region

by Alex Tostado March 26, 2020

HIGH POINT, N.C. — Global Medical REIT Inc. has acquired a 98,000-square-foot medical office building in High Point. The property is situated at 1814 Westchester Drive, equidistant to the Triad cities of Greensboro and Winston-Salem. At the time of sale, the building was fully leased to Wake Forest Baptist Health. Matt Bear of Bear Real Estate Advisors represented the Bethesda, Md.-based buyer in the transaction. Jennifer Stein of JDS Real Estate Services was the broker-of-record for the transaction. David Divine of Colliers International represented the seller, CHC Realty LLC. The sales price was not disclosed.

March 26, 2020

Charlotte Rent and Occupancy, RED Capital

Content Partner Features Lument Multifamily North Carolina RED Capital Group Southeast

Charlotte Surges into the First Rank of U.S. Growth Markets

by Sarah Daniels March 20, 2020

Charlotte is America’s second-largest commercial banking center, home to one of the country’s biggest financial institutions, Bank of America; soon the headquarters site of another when BB&T and SunTrust merge; and host to more employees of Wells Fargo than call its San Francisco base home. It would be hard to exaggerate the economic benefits the local market secures from this status. One growing but not widely appreciated benefit is the Queen City’s emergence as one of the world’s hotbeds of innovation in fintech, the space in which digital technology and financial services intersect. With support from local financial services giants, well-funded fintech incubators (like Queen City Fintech, hired by IBM to build and run their Hyper Protect accelerators) and a burgeoning start-up community, Charlotte has hatched a small army of successful fintech firms capitalized with more than $2 billion to date. Lately, entrepreneurs in other disciplines have come to appreciate Charlotte’s virtues. Nascent disruptors in the healthcare and electric power sectors are setting down roots in the city, attracted by its low operating and living costs, quality of life, deep well of talent and uniquely collaborative style. The injection of start-up energy into Charlotte’s thriving Fortune 500 business foundation catalyzed …

March 20, 2020

Development Loans North Carolina Office Southeast

PCCP Provides $95.6M Construction Loan for 16-Story Office Building in Charlotte

by Alex Tostado March 19, 2020

CHARLOTTE, N.C. — PCCP LLC has provided a $95.6 million construction loan to a joint venture for a 16-story office building in Charlotte’s South End. Atlanta-based Portman Holdings and Washington, D.C.-based National Real Estate Advisors LLC are developing 2151 Hawkins, which will feature multiple rooftop terraces, a six-story parking structure, ground-level retail anchored by Sycamore Brewing and access to the LYNX Light Rail Blue Line. In addition to Sycamore, the developers plan to incorporate a food hall concept on the ground floor. Gensler designed the building, which, according to media reports, is expected to come on line in March 2021.

March 19, 2020

Development Mixed-Use North Carolina Southeast

Nuveen, Crosland Southeast to Develop Mixed-Use Project in Charlotte

by Alex Tostado March 9, 2020

CHARLOTTE, N.C. — Nuveen Real Estate and Crosland Southeast have acquired a 12-acre parcel in Charlotte’s Plaza Midwood neighborhood to develop a mixed-use project. The development will feature retail, restaurant and office space, as well as residential units. The site is situated at the corner of Pecan and Central avenues, two miles from downtown Charlotte. The development team will complete the project in phases over a five-year period. Further details of the plans were not disclosed.

March 9, 2020

Acquisitions North Carolina Office Southeast

TriGate Capital Acquires Four Office Buildings Spanning 273,554 SF in Raleigh

by Alex Tostado March 9, 2020

RALEIGH, N.C. — TriGate Capital has acquired four office buildings in Raleigh. The buildings are located at 900 Ridgefield Drive (66,271 square feet), 1616 Millbrook Road (72,553 square feet), 5565 Centerview Drive (73,503 square feet) and 1500 Sunday Drive (61,227 square feet). TriGate is planning significant renovations to the common areas and amenities at Ridgefield Drive and Centerview Drive, including lobbies, fitness centers, conference rooms and tenant lounges. TriGate has tapped Patti Autry and Dennis Hurley of JLL to market the properties. Further details of the transaction were not disclosed.

March 9, 2020

Acquisitions North Carolina Office Southeast

JLL Arranges $80M Sale of Two Office Buildings in Raleigh

by Alex Tostado March 6, 2020

RALEIGH, N.C. — JLL has arranged the $80 million sale of two office buildings spanning 175,444 square feet on the Centennial Campus of North Carolina State University (NC State) in north Raleigh. The portfolio comprises The Center for Technology & Innovation, which is located at 1010 Main Campus Drive, and Keystone Science Center, located at 1791 Varsity Drive. Keystone Science Center was delivered in 2010 and totals 70,446 square feet. The Center for Technology & Innovation was built in 2016 and comprises 104,998 square feet. Both buildings were fully leased at the time of sale to tenants including the State of North Carolina, Bandwidth Inc. and Cengage. The seller, Keystone Corp., developed both buildings on behalf of NC State. The undisclosed buyer has retained Keystone to manage the properties. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of JLL represented the seller in the transaction.

March 6, 2020

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