North Carolina

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

Acquisitions North Carolina Office Southeast

JLL Arranges Sale of Vacant 67,949 SF Office Building in South Charlotte

by Alex Tostado March 3, 2020

CHARLOTTE, N.C. — JLL has arranged the sale of a vacant, 67,949-square-foot office building in Charlotte’s Montclaire South neighborhood. Little Architecture occupied the space through 2019. Originally built in 1984 and renovated in 1996, the building is situated at 5815 Westpark Drive, seven miles south of downtown Charlotte. The buyer, Conshohocken, Pa.-based Exeter Property Group, plans to renovate the two-story building. Plans include outdoor common areas, building automation systems and a complete exterior reskin, offering expanded glass window lines and a modern curb-appeal. The project is expected to deliver and be ready for occupancy by the end of this year. Chris Lingerfelt, Zack Drozda and Ryan Clutter of JLL represented the undisclosed seller in the transaction. Fred Knapp internally represented the buyer. The sales price and expected costs for the renovation were not disclosed.

March 3, 2020

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Industrial Deliveries in Charlotte Should Drop in 2020 as New Space is Absorbed

by Alex Tostado March 2, 2020

The Charlotte industrial market continues to see strong construction activity, as developers look to tap into demand for modern space. Approximately 12.7 million square feet has been delivered in the last two years, most notably in the Cabarrus County, Stateline and Airport/West submarkets. Overall construction in the pipeline jumped by 32 percent from third-quarter 2019 to fourth-quarter 2019, reaching 7.2 million square feet. As the first quarter of 2020 takes shape, this development expansion should continue, with an expected 7 million square feet of additional deliveries by year-end. Overall leasing activity in Cabarrus County was strong in 2019, with vacancy declining from 15 percent to 11 percent, which is notable given the 4 million square feet of construction seen in that submarket in the past two years. The Cabarrus County vacancy rate is set to decline significantly when two large deals, totaling more than 800,000 square feet, are factored into the statistics. Once Pactiv (441,000 square feet) and Reynolds (360,000 square feet) are incorporated into the research, the rate will decline to 5.7 percent, as we expected going into year-end. This activity will quickly tighten up the submarket and will open the door for new development. The recent high vacancy …

March 2, 2020

Acquisitions Multifamily North Carolina Southeast

Southwood Realty Purchases Two Adjacent Apartment Complexes in Graham, North Carolina for $62M

by Alex Tostado February 26, 2020

GRAHAM, N.C. — Southwood Realty has purchased Watercourse and Waterside, two adjacent apartment complexes in Graham, for $62 million. Watercourse was built in 2016 and was 98 percent occupied at the time of sale. Built in 2019, Waterside was 93 percent occupied at the time of closing. Each asset totals 444 units and feature one-, two- and three-bedroom floorplans averaging 956 square feet. Montgomery Carolina was the general contractor, Finley Design was the architect and 10 Federal was the property manager for both assets. Amenities include a saltwater swimming pool, playground, picnic and grilling area, fitness center, car washing station and a dog park at each property. The seller and developer of both assets is The Eco Group, a collaboration between Durham-based Montgomery Carolina and Sanford, N.C.-based Lee-Moore Capital Co.

February 26, 2020

Kentucky Loans Multifamily North Carolina Seniors Housing Southeast

Monticello Provides $117M in Financing for Skilled Nursing Facility Portfolio in North Carolina, Kentucky

by Alex Tostado February 25, 2020

NEW YORK CITY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operators of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with New York City-based Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 and 2019 for the borrower.

February 25, 2020

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $33.5M Sale of Apartment Community in South Charlotte

by Alex Tostado February 21, 2020

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $33.5 million sale of The Flats at Arrowood, a 301-unit multifamily community in Charlotte’s Montclaire South neighborhood. The property offers studio to three-bedroom floor plans ranging from 525 to 1,270 square feet. Communal amenities include a courtyard, fitness center, pool, sundeck, clubhouse and a business center. The Flats at Arrowood was originally developed in 1980. The seller, Blackfin Real Estate Investors, renovated the community in 2017. The property is situated at 8508 Lodge S. Circle, nine miles south of downtown Charlotte. Marc Robinson, Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller in the transaction. Quantum Equities acquired the asset.

February 21, 2020

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