North Carolina

Dogwood Industrial Properties Inks Two Leases Totaling 90,180 SF in Charlotte

by Alex Tostado May 15, 2020

CHARLOTTE, N.C. — Dogwood Industrial Properties has signed two industrial leases totaling 90,180 square feet at 5130 Hovis Road in Charlotte. An undisclosed Fortune 500 company signed a 66,430-square-foot lease and Plazit Polygal signed a 23,750-square-foot lease. Dogwood Industrial Properties acquired the 166,980-square-foot property in November when it was 34 percent leased. With the recent signings, the building is now fully occupied. The asset sits on seven acres two miles from Interstate 85 and four miles from I-77. The property features a fenced truck court, 20-foot clear ceiling height, new ESFR sprinklers and an existing CSX rail spur with rail doors. Plazit Polygal North America specializes in manufacturing thermoplastic sheets. Matt Treble, Eric Ridlehoover and Patrick McGrath of Cushman & Wakefield represented the landlord in the transaction.

May 15, 2020

Industrial Leasing Activity North Carolina Southeast

CBRE|Raleigh Negotiates 93,685 SF Industrial Lease Near Durham for Furniture Company

by Alex Tostado May 14, 2020

BUTNER, N.C. — CBRE|Raleigh has negotiated the 93,685-square-foot industrial lease for Nugget, a manufacturer specializing in creating furniture that can be transformed into entertainment for children. The property, Falls Lake II, is situated at 200 Business Park Drive, 14 miles north of downtown Durham and less than one mile from Interstate 85. Austin Nagy of CBRE|Raleigh represented the tenant in the transaction. Foundry Commercial represented the landlord, NWI Butner LP.

May 14, 2020

Acquisitions Industrial Leasing Activity North Carolina Southeast

JLL Negotiates Sale-Leaseback of 126,363 SF Industrial Property in Metro Charlotte

by Alex Tostado May 12, 2020

HARRISBURG, N.C. — JLL has negotiated the sale-leaseback of a 126,363-square-foot industrial building in Harrisburg fully leased to Wilbert Plastic Services. The single-story building is situated on 16 acres at 7301 Caldwell Road, 13 miles northeast of downtown Charlotte. The buyer, AIC Ventures, executed a new long-term lease with Wilbert Plastic Services upon completion of the sale. Wilbert Plastic Services is headquartered in Belmont on the other side of Charlotte and specializes in thermoforming and injection molding. Pete Pittroff, Patrick Nally, Val Derrick and Dave Andrews of JLL represented the seller in the transaction. The sales price was not disclosed.

May 12, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates Sale of 288-Unit Multifamily Community in Durham

by Alex Tostado May 11, 2020

DURHAM, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Southpoint Crossing, a 288-unit multifamily community in Durham. The property offers one-, two- and three-bedroom floor plans ranging from 635 to 1,301 square feet. The asset was 96 percent occupied at the time of sale. Communal amenities include a 24-hour fitness center, pool with lounge, a 24-hour business center, grilling area with picnic tables, playground, dog park and Amazon Hub package lockers. The seller, New York City-based Duck Pond Realty, upgraded several unit interiors with new appliances, resurfaced counters and faux-wood flooring in kitchens and bathrooms. The community is located at 1800 Southpoint Crossing Drive, seven miles south of downtown Durham. Toronto-based Starlight Investments purchased the property for an undisclosed amount. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller in the transaction.

May 11, 2020

Loans Multifamily North Carolina Southeast

Newmark Knight Frank Arranges $43M Refinancing Loan for New Apartment Complex in Charlotte

by Alex Tostado May 8, 2020

CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has arranged a $43 million refinancing loan for Arlo Apartment Homes, a 286-unit community in Charlotte. The property, which was built in 2018, offers studio through three-bedroom floor plans. Communal amenities include a pool, outdoor kitchen, rooftop lounge, fitness center, club room with a gaming lounge, courtyard, pet spa and grooming lounge and a bike storage and repair station. The community is situated at 1331 W. Morehead St., two miles west of downtown Charlotte. Chris Caison and Josh Davis of NKF arranged the loan through an undisclosed insurance company on behalf of the borrower, Bluerock Residential Growth REIT Inc.

May 8, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Arranges $49M Sale of Multifamily Community in Greensboro, North Carolina

by Alex Tostado May 7, 2020

GREENSBORO, N.C. — Newmark Knight Frank (NKF) has arranged the $49 million sale of Brassfield Park, a 336-unit multifamily community in Greensboro. The community comprises 326,828 square feet and was built in 1997. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with gazebo area, outdoor grill and kitchen area, 24-hour package receiving lockers, pet care stations, dog park, tennis court and a playground. Brassfield Park is situated at 1921 New Garden Road, seven miles northwest of downtown Greensboro. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Raleigh, N.C.-based Chaucer Creek Capital, in the transaction. Josh Davis and Chris Caison of NKF originated a $39.1 million Freddie Mac acquisition loan on behalf of the buyer, Viola, N.Y.-based White Eagle Property Group.

May 7, 2020

Acquisitions North Carolina Retail Southeast

SRS Arranges $23.9M Sale of Hobby Lobby-Anchored Shopping Center Near Charlotte

by Alex Tostado April 30, 2020

MATTHEWS, N.C. — SRS investment Properties Group has arranged the $23.9 million sale of Matthews Corner Shopping Center, a 191,664-square-foot property in Matthews. The asset was fully leased at the time of sale to eight tenants, including Hobby Lobby, Marshalls, Academy Sports + Outdoors and Ollie’s Bargain Outlet. Matthews Corner is situated on 19 acres at 2332 Matthews Township Parkway, 12 miles southeast of downtown Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Viking Partners, in the transaction. The buyer, Big V Property Group, was self-represented in the transaction.

April 30, 2020

Acquisitions Multifamily North Carolina Southeast

Magma Equities Acquires Multifamily Community in Durham for $50M

by Alex Tostado April 29, 2020

DURHAM, N.C. — Magma Equities has acquired Independence Park Apartments, a 312-unit multifamily community in Durham, for $50 million. The property offers one-, two- and three-bedroom floor plans spanning 13 three-story buildings. The community was built in 2009 and sits on 23 acres at 215 William Penn Plaza, four miles north of downtown Durham. Communal amenities include a pool, fitness center, business center, clubhouse, 24-seat multimedia theater, tennis court, sand volleyball court, basketball court, playground and a dog park. Independence Park was 96 percent occupied at the time of sale. Due to COVID-19, Magma will suspend renovation plans and immediately begin outreach to offer any assistance it can to keep tenants housed. Dennis Harris of The Kirkland Co. represented the undisclosed seller in the transaction. Greystone provided a Freddie Mac acquisition loan to the buyer.

April 29, 2020

Acquisitions Multifamily North Carolina

JLL Negotiates $65.9M Sale of Multifamily Community in Durham

by Alex Tostado April 23, 2020

DURHAM, N.C. — JLL has negotiated the $65.9 million sale of Lodge at Croasdaile, a 320-unit, garden-style multifamily community in Durham. The property offers one-, two- and three-bedroom floor plans totaling 340,160 square feet of rentable commercial space. The community was developed in three phases and was completely delivered in 2019. Communal amenities include a saltwater pool, outdoor grilling areas, resident lounge with community kitchen and coffee bar, fitness center with yoga space, outdoor pavilion with games, private gardens and a dog park. The property is situated at 3130 Hillandale Road, six miles north of downtown Durham. Jeff Glenn, Andrea Howard, Allan Lynch, Caylor Mark, John Currin and Justin Good of JLL represented the seller, a joint venture between Boston-based The Davis Cos. and Gemini Partners LLC, in the transaction. The buyer was Virginia-based RST Development, which assumed management operations under its affiliate, Hercules Living.

April 23, 2020

Acquisitions Loans Multifamily North Carolina Southeast

NorthMarq Provides $25.3M Acquisition Loan for Multifamily Community in Burlington, North Carolina

by Alex Tostado April 22, 2020

BURLINGTON, N.C. — NorthMarq has provided a $25.3 million Fannie Mae acquisition loan for Retreat at the Park, a 249-unit multifamily community in Burlington. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property was built in two phases from 2015 to 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a conference room with Starbucks coffee bar, saltwater pool, fitness center, game lounge, outdoor fireplace and a clubhouse. Melissa Marcolini-Quinn and Lee Weaver of NorthMarq originated the loan on behalf of the borrower, Carter Exchange, a Carter Funds Co. The seller was not disclosed.

April 22, 2020

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