North Carolina

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

Acquisitions Industrial North Carolina Southeast

Dalfen Purchases 58,160 SF Industrial Building Near Charlotte Airport

by Alex Tostado March 5, 2020

CHARLOTTE, N.C. — Dalfen Industrial has purchased CLT Industrial Distribution Center, a 58,160-square-foot building in Charlotte’s Eagle Lake neighborhood. The building was delivered in 2001 and is fully leased to CLT Air Freight Carrier. CLT Industrial Distribution Center is situated at 4325 Beam Road, less than two miles from Charlotte Douglas International Airport and seven miles south of downtown Charlotte. The property features 24 dock high doors, more than 60 parking spaces and a 140-foot truck court. Further details of the transaction were not disclosed.

March 5, 2020

Development Industrial North Carolina Southeast

Publix Breaks Ground on 940,000 SF Distribution Center in Greensboro, North Carolina

by Alex Tostado March 4, 2020

GREENSBORO, N.C. — Publix has broken ground on a 940,000-square-foot refrigerated distribution center in Greensboro. Publix expects the project to deliver the facility by the end of 2022 and to create 1,000 jobs by 2025. The new distribution center will be Publix’s 10th, joining other facilities in Boynton Beach, Deerfield Beach, Jacksonville, Lakeland, Miami, Orlando and Sarasota, Fla.; Lawrenceville, Ga.; and McCalla, Ala. Publix announced the project in 2018.

March 4, 2020

Acquisitions North Carolina Office Southeast Top Stories

JLL Arranges $102M Sale of Three Office Buildings Within Charlotte’s Coliseum Centre

by Kristin Harlow March 4, 2020

CHARLOTTE, N.C. — JLL Capital Markets has arranged the sale of Coliseum Centre III, V and VI in Charlotte for $102 million. The three Class A office buildings total 511,344 square feet and are located immediately adjacent to Billy Graham Parkway in Charlotte’s Airport submarket. Completed between 1996 and 1998, the six-story buildings are 87 percent occupied overall. Amenities include onsite dining options, three fitness centers, boardrooms, training facilities, a conference facility, tenant lounge and collaboration area. Ryan Clutter, Chris Lingerfelt and Zack Drozda of JLL represented the seller, America’s Capital Partners. Travis Anderson and Taylor Allison of JLL arranged a $79.3 million acquisition loan on behalf of the buyer, Charlotte-based South Street Partners. Brookfield provided the four-year, floating-rate loan. “Given the strong employment growth and corresponding leasing demand in Charlotte, opportunities like Coliseum Centre are very attractive to investors,” says Clutter. “Charlotte has become one of the top markets for office investment nationally and is poised to continue to see significant inbound capital flows.” America’s Capital Partners is a private commercial real estate investment firm headquartered in Coral Gables, Fla. South Street Partners is a private equity real estate investment firm that has deployed $640 million of capital across …

March 4, 2020

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