North Carolina

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

Industrial Leasing Activity North Carolina Southeast

Beacon Partners Signs Quantum Machinery Group to 37,972 SF Industrial Lease in Charlotte

by Alex Tostado April 15, 2020

CHARLOTTE, N.C. — Beacon Partners has signed Quantum Machinery Group to a 37,972-square-foot lease for the company to move its distribution headquarters to Metrolina Park in Charlotte’s Henderson Circle submarket. Quantum Machinery is a metalworking equipment supplier that was formerly based in California. The company is expected to move into the new space this summer. Metrolina Park, which is now fully leased, is a 2.5 million-square-foot distribution park situated at the intersection of N.C. Highway 115, Old Statesville Road and Gibbon Road, seven miles north of downtown Charlotte. Brad Cherry of JLL represented Quantum Machinery Group in the lease transaction.

April 15, 2020

Acquisitions Development North Carolina Retail Southeast

CBRE|Triad Brokers Land Sale in Kernersville for Planned Lightning McClean Car Wash

by Alex Tostado April 15, 2020

KERNERSVILLE, N.C. — CBRE|Triad has brokered the sale of a 3.3-acre lot at 811 N.C. Highway 66 in Kernersville. The buyer is Lightning McClean Car Wash, an express car wash company with locations in Durham, N.C.; and Lynchburg and Danville, Va. Lightning McClean offers a three-minute car wash and free vacuum use for customers. A timeline for construction was not disclosed. Brian Craven of CBRE|Triad represented the seller, Red Cherry Capital LLC, in the transaction. The seller sold the land for an undisclosed amount.

April 15, 2020

Company News Florida Georgia North Carolina Retail Southeast Tennessee Virginia

A&G Negotiates Sale of Leasehold Interest in 10 Former Earth Fare Grocery Stores in Five States

by Alex Tostado April 14, 2020

MELVILLE, N.Y. — A&G Real Estate Partners has negotiated the sale of the leasehold interest in 10 grocery stores previously occupied by organic specialty grocery chain Earth Fare. The grocer filed for Chapter 11 bankruptcy reorganization in early February and the final leasehold sale closed Friday, April 10. The 10 stores averaged 26,000 square feet. Southeastern Grocers’ Winn-Dixie chain acquired four stores in Boynton Beach, Jacksonville, Lakewood Ranch and Viera, Fla. Austin, Texas-based Whole Foods Markets acquired two stores in south Asheville, N.C., and Chattanooga, Tenn, and Aldi acquired one store in Tallahassee, Fla. An investor group that includes one of Earth Fare’s founders and several of the chain’s former executives acquired three stores, which are located in Athens, Ga.; Roanoke, Va.; and Asheville. The group also acquired Earth Fare’s trade name and other intellectual property. Joseph McKeska led an A&G team that represented Earth Fare in the transactions. The sales contributed a total of more than $6 million to the estate of Earth Fare. A&G, an asset disposition advisory firm based in Melville, also negotiated the lease terminations of nine Earth Fare locations. The agreements with landlords were in Gainesville, Ocala and Palm Beach Gardens, Fla.; Columbia and Rock Hill, S.C.; …

April 14, 2020

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges Sale of 174,000 SF Office Building in Winston-Salem

by Alex Tostado April 13, 2020

WINSTON-SALEM, N.C. — Cushman & Wakefield has arranged the sale of Consolidated Center, a four-building, 174,000-square-foot office campus in Winston-Salem. The property is situated on 9.5 acres at 3334 Healy Drive, five miles west of downtown Winston-Salem. The asset was 91 percent leased at the time of sale to tenants including Lowes Foods and Novant Health. David Finger and Sara Owen of Cushman & Wakefield represented the seller, Dallas-based Macfarlan Capital Partners, in the transaction. Greensboro, N.C.-based Deep River Partners acquired the property for an undisclosed amount.

April 13, 2020

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Negotiates Sale of 380-Unit Apartment Complex in Asheville

by Alex Tostado April 9, 2020

ASHEVILLE, N.C. — Cushman & Wakefield has negotiated the sale of The Reserve at Asheville, a 380-unit apartment complex in Asheville. The property offers studio to three-bedroom floor plans, as well as a business center, clubhouse, storage space, pool, fitness center, playground and a picnic area. The Reserve at Asheville is situated at 11 Asheville Springs Circle, seven miles west of downtown Asheville. The property has averaged 95 percent occupancy over the past two years. Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented the seller, Greensboro, N.C.-based Carlisle Residential Properties, in the transaction. Greenville, S.C.-based Graycliff Capital Partners acquired the property.

April 9, 2020

Leasing Activity North Carolina Office Southeast

Willis Towers Watson Signs 22,000 SF Office Lease at Forest Park IV in Southwest Charlotte

by Alex Tostado April 8, 2020

CHARLOTTE, N.C. — Willis Towers Watson has signed a 22,000-square-foot, 11-year lease at Forest Park IV, a 62,000-square-foot office building in Charlotte. The London-based advisory firm is the first tenant to sign a lease at the single-story building, which is owned by Wakefield, Mass.-based Franklin Street Properties Corp. The property is situated at 600 Forest Pointe Circle, nine miles southwest of downtown Charlotte.

April 8, 2020

Development Loans Multifamily North Carolina Southeast

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

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