North Carolina

Joint Venture Breaks Ground on $44.8M Apartment Complex in Metro Raleigh

by Alex Tostado February 20, 2020

HOLLY SPRINGS, N.C. — A joint venture between Dominion Realty Partners, Amzak Capital Management and Kite Realty Group has broken ground on Holly Springs Apartments, a planned 239-unit complex in Holly Springs. The property will offer communal amenities such as a pool, multiple outdoor fireplaces, dog park and a 24-hour fitness center with a yoga and cycle room. Unit interiors will include nine-foot ceilings, decorative pendant lighting, quartz countertops, stainless steel appliances, subway tile backsplash and vinyl plank hardwood floors. United Bank is providing financing for the project, which is expected to cost $44.8 million to develop. Rule Joy Trammell + Rubio is the architect, Armada Hoffler Construction is the general contractor and Piedmont Land Design is the project’s civil engineer. The developers expect to deliver the first units and clubhouse by the end of 2021.

February 20, 2020

Acquisitions Industrial North Carolina Southeast

Beacon Partners Acquires 95,736 SF Industrial Building in Charlotte’s Echo Hills

by Alex Tostado February 19, 2020

CHARLOTTE, N.C. — Beacon Partners has acquired a 95,736-square-foot industrial building in Charlotte. The property offers multiple signage opportunities, parking, outside storage and is set up for a showroom or last-mile distributor. Beacon Partners plans to upgrade the exterior of the building, which can be subdivided for multiple tenants. The building is situated at 3412 Monroe Road, three miles southeast of downtown Charlotte in the Echo Hills neighborhood. Rob Speir and Lawrence Shaw of Colliers International represented Beacon Partners in the sale. Justin Smith of Colliers represented the undisclosed seller. Tim Robertson of Beacon Partner is handling leasing.

February 19, 2020

Acquisitions North Carolina Office Southeast

Magnolia Partners Acquires Two-Building Office Portfolio in Winston-Salem

by Alex Tostado February 14, 2020

WINSTON-SALEM, N.C. — Magnolia Partners has acquired 370 and 380 Knollwood, a two-building, 250,049-square-foot office building campus in Winston-Salem. Krispy Kreme Doughnut Corp. fully occupies 370 Knollwood, while tenants such as Bank of America/Merrill Lynch, Allman Spry Davis Leggett & Crumpler and Nelson Mullins law firm occupy 380 Knollwood. Onsite amenities include ground-level retail, full-service restaurants, an attached parking deck, vending services, security patrol and an energy management system. The CBRE|Raleigh and CBRE|Triad team of Ben Kilgore, Greg Wilson, Will Henderson, Chandler Hawkins and Leslie Holmes represented the undisclosed seller in the transaction. Winston-Salem-based Magnolia Partners purchased the portfolio for an undisclosed price.

February 14, 2020

Acquisitions North Carolina Retail Southeast

Branch Properties Sells Sprouts-Anchored Shopping Center in Greensboro, North Carolina for $38.4M

by Alex Tostado February 11, 2020

GREENSBORO, N.C. — Branch Properties LLC has sold Westridge Square, a 182,000-square-foot, Sprouts Farmers Market-anchored retail center in Greensboro, for $38.4 million. Branch Properties has been renovating the property for four years. The renovation included moving Sprouts into a 30,524-square-foot space that Harris Teeter formerly occupied. The seller also reconfigured Kohl’s to a smaller footprint to make room for Planet Fitness. Westridge Square is situated at the intersection of Battleground Avenue and Westridge Road, five miles northwest of downtown Greensboro. Berkley Capital Advisors represented the seller in the transaction. Select-Westridge LLC, an affiliate of Birmingham, Ala.-based McDonald Group Inc., acquired the property.

February 11, 2020

Development North Carolina Retail Southeast

Topgolf to Open Second Charlotte Location on City’s North Side

by Alex Tostado February 10, 2020

CHARLOTTE, N.C. — Topgolf Entertainment Group will open its second Topgolf venue in Charlotte by the end of the year. The new location will be dubbed Topgolf North Charlotte and will be situated at the intersection of Interstate 85 and University City, near University of North Carolina-Charlotte, Charlotte Motor Speedway and Northlake Mall. Topgolf North Charlotte will sit on 14 acres and is expected to create 500 jobs. Topgolf opened its first Charlotte venue two years ago at 8024 Savoy Corporate Drive in the southwestern part of the city.

February 10, 2020

Leasing Activity North Carolina Retail Southeast Top Stories

Specialty Grocer Earth Fare to Close All Stores and Liquidate Inventory, Files for Chapter 11 Bankruptcy

by John Nelson February 4, 2020

ASHEVILLE, N.C. — Earth Fare, a privately held grocery chain that sells natural and organic products, says it will shutter all of its stores and launch a liquidation inventory sale. The grocer lists 46 stores on its website, the bulk of which are in Florida and its home state of North Carolina. Earth Fare also has five stores in the Midwest and a few others in Alabama, Georgia, Tennessee, Virginia and South Carolina. Earth Fare is also shuttering its corporate office in Asheville. The Wall Street Journal reported that Earth Fare, whose majority investor is New York-based private equity firm Oak Hill Capital, filed for Chapter 11 bankruptcy protection today in Delaware. Oak Hill’s portfolio includes a stake in drive-thru fast food restaurant chain Checkers among other businesses. Past investments for Oak Hill include stakes in retailers Dave & Buster’s and Duane Reade. Earth Fare’s investors include an affiliate of Monitor Clipper Partners and former Sears CEO Alan Lacy, according to the Journal. In a statement released Monday, Earth Fare cited financial challenges stemming from its expansion efforts and its investments in improving the customer experience. “While many of these initiatives improved the business, continued challenges in the retail industry …

February 4, 2020

Development Leasing Activity North Carolina Office Southeast

Golden Corral Signs 42,500 SF Office Lease for Headquarters in Raleigh

by Alex Tostado February 3, 2020

RALEIGH, N.C. — Golden Corral has signed a lease agreement with landlord Keystone Corp. to occupy 42,500 square feet of the first two floors of Palisades III, an under-construction office building in Raleigh. Palisades III will stand six stories and span 166,290 square feet. Building amenities will include a café, onsite conferencing, lounge, fitness center and a rooftop terrace. Keystone expects to deliver the property in early 2021. The property is situated at 5410 Trinity Road, adjacent to Palisades I and II, which Keystone acquired in summer 2018. CBRE|Raleigh represented the landlord in the transaction. Golden Corral’s headquarters are currently located at 5151 Glenwood Ave. in Raleigh. The company operates 100 buffet and grill restaurants nationwide with franchisees operating another 400 locations.

February 3, 2020

Acquisitions Industrial North Carolina Office Southeast Top Stories

Highwoods Sells Greensboro Industrial, Office Assets for $233.4M in Market Exit Initiative

by Alex Patton January 31, 2020

GREENSBORO, N.C. — Highwoods Properties Inc. (NYSE: HIW), a publicly traded REIT based in Raleigh, has sold its industrial and single-story flex portfolio in Greensboro, comprising 2.8 million square feet, for $193.4 million. The company also plans to close the $40 million sale of The Knollwood, a 250,000-square-foot office complex in Greensboro, by Feb. 15. The sale follows Highwoods’ recent announcement of its initiative to exit both the Greensboro and Memphis, Tennessee, markets. That plan led to the recent $76.4 million sale of the 248,000-square-foot International Paper IV office building in Memphis. “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in … high-growth markets such as Charlotte,” says Ted Klinck, president and CEO of Highwoods Properties. “With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.” Highwoods’ two-phased exit plan consists of selling a select portfolio of its Greensboro and Memphis assets and acquiring Bank of America Tower at Legacy Union in Charlotte in November for $436 million. The second phase consists of selling all remaining …

January 31, 2020

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $25.8M Acquisition Loan for Multifamily Complex in North Carolina’s Triad Region

by Alex Tostado January 31, 2020

GREENSBORO, N.C. — Berkadia has provided a $25.8 million Freddie Mac acquisition loan for Waterford Place, a 240-unit apartment complex in Greensboro. The property was built in 1997 at 101 Shore Lake Drive, a few blocks from Lake Jeanette and six miles north of downtown Greensboro. Waterford Place offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, tennis court and maid service. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured the loan on behalf of the buyers, a joint venture between New York City-based GMF Capital and Lakewood, N.J.-based Eminent Capital. The loan features a 10-year term with a fixed interest rate and five years of interest-only payments. The seller was McLean, Va.-based Kettler Management.

January 31, 2020

Development Mixed-Use North Carolina Southeast

Armada Hoffler-Led Partnership to Redevelop Historic Building in Metro Charlotte

by Alex Tostado January 30, 2020

BELMONT, N.C. — Armada Hoffler Properties Inc., along with John and Jennifer Church, and Shane Seagle of North State Development, will redevelop Chronicle Mill in Belmont. Chronicle Mill was built in 1901 as the city’s first textile mill and remained operational until 2010. The partnership will redevelop the existing building into apartments, retail and amenity space. A new five-story apartment building will also be built on the seven-acre site. Upon completion, the mixed-use community will include 240 one- and two-bedroom apartment units and 9,000 square feet of commercial space. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor and BB+M is the architect. Developers expect to break ground in the second quarter of this year. Total redevelopment and construction costs for the Chronicle Mill project are expected to total $45 million, with expected completion in fall 2021. The Churches purchased the mill in 2013 and have been pursuing redevelopment options for the property ever since. The couple owns and develops commercial real estate in Gaston County and has managed and leased retail, office, hotel and industrial properties. Late last year, Belmont City Council members approved a conditional zoning district that will …

January 30, 2020

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