North Carolina

KeyBank Secures $34.6M Acquisition Financing for New Multifamily Property in Asheville

by Alex Tostado November 25, 2019

ASHEVILLE, N.C. — KeyBank Real Estate Capital has provided $34.6 million in Freddie Mac financing for the purchase of a new multifamily community in Asheville. The borrower, an affiliate of Waypoint Real Estate Investments, a national real estate investment firm based in Boca Raton, Fla., will acquire Skyland Exchange Apartment Homes. Trevor Ritter and Joe Fadus of KeyBank structured the financing. Built in 2019, Skyland Exchange Apartment Homes is a 290-unit multifamily property comprising seven four-story buildings on 11 acres of land at 12 Sky Exchange Drive. The complex is located seven miles south of downtown Asheville and features one-, two-, and three-bedroom layouts, as well as a saltwater pool, outdoor lounge area, fitness center and a clubhouse.

November 25, 2019

Acquisitions North Carolina Retail Southeast

SRS Arranges $5.8M Sale of Newly Built Retail Center in Winston-Salem

by John Nelson November 20, 2019

WINSTON-SALEM, N.C. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.8 million sale of Shops at Stratford in Winston-Salem on behalf of the seller and developer, Encore Real Estate. The buyer, a private investor based locally, purchased the 13,500-square-foot, multi-tenant retail center in a 1031 exchange. Built in 2018, the property is situated on 1.2 acres and is fully occupied by four tenants including First Watch and Mattress Warehouse. Patrick Nutt and Connor Barton of SRS represented Encore Real Estate, and Steen Spove of Deep River Partners represented the buyer in the transaction.

November 20, 2019

Acquisitions Multifamily North Carolina Southeast

Northland Investment Buys Inspire SouthPark Multifamily Complex in Charlotte for $145M

by Alex Tostado November 18, 2019

CHARLOTTE, N.C. — Northland Investment Corp. has acquired Inspire SouthPark, a 369-unit multifamily complex in Charlotte, for $145 million from seller and developer Morgan Bond Co. Six miles south of downtown Charlotte, Inspire SouthPark is now the fourth of Northland Investment’s North Carolina apartment properties. Inspire SouthPark offers studio to three-bedroom apartments, a pool, fitness and wellness centers, courtyard, social hall, dog care facility and underground parking. The complex is close to retail, 6 million square feet of office space and more than 60 food and beverage outlets.

November 18, 2019

Development Mixed-Use North Carolina Property Type Southeast Top Stories

Dewitt Carolinas Unveils Plans for $1B Midtown Exchange Project in Raleigh

by Alex Patton November 15, 2019

RALEIGH, N.C. — Dewitt Carolinas Inc. has unveiled the master plans for development of Midtown Exchange, a $1B mixed-use project in Raleigh that will feature residential, office, hotel, entertainment and retail components. The development will be built on a 40-acre lot just outside Interstate 440, north of downtown Raleigh, and will comprise 790,000 square feet of Class A office space, 125,000 square feet of retail and restaurant space, 300 hotel rooms, 300 senior living units and 1,275 residential units. The residential component will include apartments, condominiums and townhomes, but how the units will be divided was not disclosed. The site will also include a large convention center with rooftop dining space and more than seven acres of green space with water features. Local newspaper North State Journal reports that the office space will comprise two office towers connected by a sky bridge between the two top floors. Those two floors and the sky bridge will make up one large office space, intended to attract a major corporate headquarters tenant. “We envision Midtown Exchange to be a destination unlike any other in Raleigh,” says Todd Saieed, CEO and co-founder of Dewitt Carolinas Inc. “This will be a place where family entertainment …

November 15, 2019

Acquisitions North Carolina Office Southeast

Highwoods Closes on $436M Purchase of New Bank of America Tower at Legacy Union in Downtown Charlotte

by Alex Tostado November 15, 2019

CHARLOTTE, N.C. — Highwoods Properties Inc. has closed on its $436 million acquisition of the Bank of America Tower at Legacy Union in downtown Charlotte. The 841,000-square-foot building was 90 percent leased at the time of sale. The LEED Gold-certified office tower was delivered earlier this year and features a parking deck. The seller, Lincoln Harris, is developing Legacy Union, a 10-acre development adjacent to Bank of America Stadium, home of the National Football League’s Carolina Panthers. The Bank of America Tower is the first building to deliver at Legacy Union, with Honeywell’s corporate headquarters slated for completion in 2021. Bank of America began moving employees to the office building in August. Truist, the name of the new company formed from the BB&T-SunTrust merger, began moving into Bank of America’s former space at Hearst Tower in Charlotte.

November 15, 2019

Acquisitions Industrial North Carolina Southeast

Dalfen, Investcorp Acquire 1.9 MSF Industrial Portfolio in North Carolina

by Alex Tostado November 14, 2019

CHARLOTTE, N.C. — Dalfen Industrial and Investcorp have partnered to acquire the North Carolina Industrial Portfolio, a 10-property, 1.9 million-square-foot industrial portfolio spanning from Charlotte to Greensboro. The buildings were built between 2000 and 2013. Major tenants of the portfolio include Crate & Barrel, Lenovo Group Ltd., United Technologies Corp., Britax, Geodis and Henkel AG & Co. Further details of the transaction were not disclosed.

November 14, 2019

Acquisitions North Carolina Office Southeast

Longfellow Purchases Swabia Court Office Building in Research Triangle Park for $12.2M

by Alex Tostado November 12, 2019

DURHAM, N.C. — Longfellow Real Estate Partners has purchased Swabia Court, a 112,340-square-foot office building within Research Triangle Park in Durham, for $12.2 million. Longfellow plans to renovate the property in first-quarter 2020 to add lab space and implement its amenities and hospitality program, Elevate, which includes amenities such as fitness centers, tailored lunch and learns, pop-up shops, gathering spaces and services such as salon, dental and dry cleaning. Swabia Court was built in 1987 and is situated at 1035 Swabia Court, 10 miles south of downtown Durham. Capital Square 1031 LLC was the seller.

November 12, 2019

Development North Carolina Office Southeast

Stiles, Shorenstein to Develop 23-Story Office Tower in Charlotte’s South End

by Alex Tostado November 11, 2019

CHARLOTTE, N.C. — Stiles and Shorenstein Properties LLC will develop a 23-story, 385,000-square-foot office tower in Charlotte’s South End neighborhood. The developers expect the building to also include 11,000 square feet of retail and restaurant space on the ground level. Construction is expected to begin in the next 12 months with potential to accommodate as much as 1 million square feet in future phases for larger users seeking an onsite location. According to Charlotte Business Journal, the two-acre parcel sold for $21.5 million and has two existing buildings on the site. The land is at the intersections of South Boulevard, East/West Boulevard and the East/West Boulevard Station in South End, two miles south of downtown Charlotte. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Browder Harris Group, in the land transaction. Jessica Brown of Cushman & Wakefield is the leasing agent for the project.

November 11, 2019

Acquisitions North Carolina Office Southeast

OA Development Acquires Carmel Park Office Campus in South Charlotte for $36.2M

by Alex Tostado November 8, 2019

CHARLOTTE, N.C. — OA Development has acquired Carmel Park I and II, two office buildings totaling 173,068 square feet in Charlotte, for $36.2 million. The two buildings were 93 percent leased at the time of sale to 45 tenants from the healthcare, real estate, financial services, engineering, insurance and technology industries. Carmel Park I and II are located at 11111 and 11121 Carmel Commons Blvd., 12 miles south of downtown Charlotte. Ryan Clutter, Chris Lingerfelt, Scot Humphrey and Zack Drozda of JLL represented the seller, CapRidge Partners LLC, in the transaction.

November 8, 2019

Development Industrial North Carolina Southeast

Beacon Partners Delivers 525,000 SF Warehouse Near Charlotte for Campbell Snacks

by Alex Tostado November 7, 2019

PINEVILLE, N.C. — Beacon Partners has delivered a 525,000-square-foot, build-to-suit warehouse in Pineville for Campbell Snacks, a division of Campbell Soup Co. The facility sits on 34 acres and marks the first completed building within Pineville Distribution Park, an industrial campus that sits 13 miles south of downtown Charlotte. The new warehouse features 36-foot clear heights, cross-dock loading, 180-foot truck courts and 120 trailer parking spaces. InterCon Building Corp. served as the general contractor, Merriman Schmitt Architects was the architect and Osborn Engineering Group was the civil engineer on the project. Mike Kemmet of Cushman & Wakefield represented Campbell Snacks in the transaction. Bailey Patrick and Bailey Patrick Jr. internally represented MPV Properties. MPV is also developing the remainder of Pineville Distribution Park.

November 7, 2019

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