North Carolina

SunTrust, BB&T Complete Merger, Purchase Own Charlotte Headquarters for $455.5M

by Kristin Harlow December 11, 2019

CHARLOTTE, N.C. — Truist Financial Corp., the new company resulting from a recently completed merger between banking giants BB&T and SunTrust, has exercised its option to purchase Hearst Tower in Uptown Charlotte. Cousins Properties sold the property for $455.5 million. The 46-story office tower, located at 214 N. Tryon St., will serve as Truist’s headquarters and be renamed Truist Center. The transaction is expected to close in March 2020. Truist-branded signage at the property will be installed in phases after the transaction is completed. Truist is in the process of transitioning approximately 2,000 employees to occupy more than 550,000 square feet of the 965,000-square-foot tower. The headquarters is already home to Truist’s executive management team. The building will accommodate several leadership teams for corporate groups such as corporate communications, finance, human resources, insurance, legal, risk management and technology. On-site amenities at the property, which opened in 2002, include a 1,400-space parking garage and a wide variety of restaurants. The location is in the heart of the city, two blocks from two separate Lynx light rail stations and Spectrum Center, home of the Charlotte Hornets NBA team. The seller, Atlanta-based Cousins, announced its own leadership transition on Monday. Executive Chairman Larry …

December 11, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates $84.8M Sale of Citrix Office Building in Downtown Raleigh

by Alex Tostado December 10, 2019

RALEIGH, N.C. — CBRE has negotiated the sale of downtown Raleigh’s Citrix Building, a 189,950-square-foot office building that serves as the divisional headquarters for software company Citrix Systems Inc. Exan Capital of Kuwait-based Exan Group purchased the building for $84.8 million. Located at 120 S. West St., Citrix Systems fully occupies the property. CBRE’s Patrick Gildea, Matt Smith, Grayson Hawkins, Brandon McMenomy and Ben Kilgore represented the seller, real estate company JMC Holdings LLC, in the transaction. The Citrix Building is an adaptive reuse of a former warehouse facility. The LEED-Gold certified office building includes collaborative space, a fitness center, basketball and racquetball courts, locker rooms, a rooftop patio, bocce ball court, yoga studio and a kitchen/dining facility.

December 10, 2019

Acquisitions Multifamily North Carolina Southeast Student Housing

Capstone Apartment Partners Arranges $48M Sale of Willows at the University in Charlotte

by Alex Tostado December 10, 2019

CHARLOTTE, N.C. — Capstone Apartment Partners has arranged the $48 million sale of Willows at the University, a 255-unit apartment community approximately two miles from University of North Carolina at Charlotte. Capstone represented Charlotte-based developer and seller, Gateway Communities NC, and procured the buyer, Salt Lake City-based real estate investment firm Millburn & Co. Willows at the University is Millburn’s third Charlotte-area property. Alex McDermott, Caleb Troop and Bryse Toothaker of Capstone negotiated the deal. Willows at the University was completed in May 2019 and was approximately 95 percent occupied at the time of closing. The property features one-, two- and three-bedroom apartments in nine three- and four-story buildings. The gated community includes a swimming pool with sundeck, outdoor kitchen and grilling area, business center, fitness center, two dog parks and a theater/media room. The community is situated near Concord Mills shopping mall and PNC Music Pavilion.

December 10, 2019

Acquisitions Multifamily North Carolina Southeast

CBRE Global Purchases 350-Unit Multifamily Property in Charlotte’s South End

by Alex Tostado December 9, 2019

CHARLOTTE, N.C. – Los Angeles-based CBRE Global Investors has purchased The Penrose, a 350-unit multifamily property located in the South End neighborhood of Charlotte. The property is located at 327 West Tremont Ave., less than two miles from downtown Charlotte, and includes studio, one- and two-bedroom apartments. The 90-percent occupied complex features a pool, outdoor communal kitchens, athletic club, pet spa, art studio, two resident lounges and an entertainment center. The seller and sales price were not disclosed.

December 9, 2019

Acquisitions North Carolina Retail Southeast

Morgan Cos. Purchases Former Sears Store in Triad’s Holly Hill Mall, Plans Publix-Anchored Shopping Center

by Alex Tostado December 5, 2019

BURLINGTON, N.C. — The Morgan Cos. has purchased a former Sears department store at 309 Huffman Mill Road within Holly Hill Mall. Morgan Cos. intends to develop the 9.6-acre site into a shopping center anchored by a 48,387-square-foot Publix grocery store and 13,400 square feet of inline retail space. Prego’s Trattoria restaurant, located on an outparcel, is also part of the purchased property. Morgan Cos. will also develop the former Sears Auto Center outparcel next to Prego’s into a multi-tenant retail building as part of the project. Morgan Cos. plans to begin demolition of the Sears building next year and expects the new shopping center to be completed in 2021. Morgan Cos. currently owns a second Triad Publix and developed and owns Peace Haven Village shopping center in Clemmons, N.C.. Morgan Cos. is currently developing another Publix-anchored shopping center in Clayton, N.C. that is expected to open in 2021.

December 5, 2019

Leasing Activity North Carolina Retail Southeast

Four Retailers Join Mixed-Use Fenton Development Near Raleigh

by Alex Tostado December 4, 2019

CARY, N.C. — Hines, Columbia Development and USAA Real Estate have signed four retailers to join the lineup at Fenton in Cary. Cosmetic retailer Sephora will occupy 4,400 square feet, women’s clothing retailer Free People will occupy 4,000 square feet and Bailey’s Fine Jewelry will occupy 5,000 square feet. CMX CineBistro will join Wegmans as the 69-acre development’s anchor tenants. Construction on Fenton is expected to begin next summer with completion anticipated for fall 2021. Phase I will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, 350 multifamily residences and a 175-room boutique hotel. The mixed-use project is located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown Raleigh.

December 4, 2019

Development Industrial North Carolina Southeast

Duke Realty Breaks Ground on 166,000 SF Industrial Building Near Raleigh

by Alex Tostado December 3, 2019

GARNER, N.C. — Duke Realty Corp. has broken ground on Greenfield North 1201 a speculative 165,921-square-foot bulk warehouse in Garner. Located at 1201 N. Greenfield Parkway in the Greenfield North Business Park, the warehouse will be seven miles southeast of Raleigh. The new industrial building will feature 32-foot clear height and an early suppression, fast response fire protection system; 2,400-amp electrical service; a 120-foot truck court; and parking for 96 trailers and 129 automobiles. Duke Realty expects to complete Greenfield North 1201 in July 2020. Greenfield North Business Park is a master-planned industrial campus located at the interchange of Interstate 40, U.S. Route 70 and the proposed extension of Interstate 40. The rail-served industrial park is near Raleigh-Durham International Airport and the I-440 Beltline. Current park tenants include Atlantic Tire Distributors, Crown Equipment Corp., Mattress Firm, the North Carolina Department of Transportation, Mohawk Industries, Butterball and Golden State Foods.

December 3, 2019

Acquisitions Multifamily North Carolina Southeast

CBRE Arranges $31.4M Sale of Apartment Complex in Cary

by John Nelson November 27, 2019

CARY, N.C. — CBRE and affiliate firm CBRE|Raleigh have arranged the $31.4 million sale of Amberwood at Lochmere, a 206-unit multifamily property located in Cary, seven miles west of downtown Raleigh. Inland Private Capital Corp., represented by CBRE|Raleigh’s Howard Jenkins and CBRE’s Kevin Kempf, sold the asset located at 100 Eclipse Drive. CBRE’s Nate Sittema and Kristen Reilley arranged a Freddie Mac loan for the sale on behalf of the buyer, an affiliate of The Beach Co., which plans to make capital improvements to the complex’s exterior and landscaping. Amberwood at Lochmere features one-, two- and three-bedroom apartments, and includes amenities such as a pool, clubhouse, grilling stations, fitness center, playground, tennis court, dog park and access to walking and hiking trails.

November 27, 2019

Acquisitions Mixed-Use North Carolina Southeast

CBRE Facilitates $31.5M Sale of Historic Bowers Mixed-Use Project in Charlotte’s South End

by John Nelson November 26, 2019

CHARLOTTE, N.C. — CBRE has facilitated the sale of Bowers, a mixed-use development in Charlotte’s South End, to RMR Office Property Fund LP for $31.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, White Point Partners, a private real estate investment firm based in Charlotte. Located at 4001 Yancey Road, Bowers is a 73,560-square-foot office and retail property consisting of three 1940s and 1950s buildings. It was the former site of Bowers Fibers, a fiber by-product manufacturer. The development houses a collection of restaurants and office space and is located near Interstate 77. After a complete redevelopment completed in 2018, Bowers is now 100 percent occupied by tenants including Artisanal Brewing Ventures, Chef Alyssa’s Kitchen, SentryOne and Investor Management Services.

November 26, 2019

Development North Carolina Office Southeast

SLI Capital, Atlas Stark to Begin Construction on 65,000 SF East End Market Project in Raleigh

by Alex Tostado November 25, 2019

RALEIGH, N.C. — SLI Capital, a real estate investment management firm, and Atlas Stark, a Raleigh-based real estate development firm, will soon begin the construction of East End Market, a 65,000-square-foot adaptive reuse project located in Raleigh’s East End neighborhood. Common Desk, a Dallas-based coworking space provider, signed on to take 28,423 square feet in East End Market in partnership with Workplace Hospitality Management, which is expanding Common Desk throughout the Carolinas and Tennessee. Common Desk’s East End Market location will feature space for community events, private offices and enterprise suites, as well as custom design elements like local art installations, industrial-sized roll-up doors, conference rooms and an outdoor patio. The project is scheduled for completion in fall 2020.

November 25, 2019

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