North Carolina

Cushman & Wakefield Negotiates $82M Sale of Apartment Complex in Charlotte

by Alex Tostado September 24, 2019

CHARLOTTE, N.C. — Cushman & Wakefield has negotiated the $82 million sale of Overton Row, a 323-unit apartment complex in Charlotte. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a craft beer station, dog park, dog washing station, clubhouse, fitness center, business center, swimming pool, coffee bar and a yoga station. Overton Row is located at 1201 Central Ave., which is on the edge of the Plaza Midwood neighborhood and two miles east of downtown Charlotte. CampusWorks Development, Kaplan Residential and an affiliate of global investment firm The Carlyle Group sold the asset to Lindemann Multifamily Management. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the sellers in the transaction.

September 24, 2019

Acquisitions Industrial North Carolina Southeast

CBRE|Raleigh Arranges Sale of Two Industrial Buildings Totaling 513,787 SF in Opportunity Zone

by Alex Tostado September 23, 2019

RALEIGH, N.C. — CBRE|Raleigh has arranged the sale of Beltline Center, a two-building, 513,787-square-foot industrial center in Raleigh. The buildings offer warehouse and flex space and were 62 percent leased at the time of sale to tenants including UPS, Iron Mountain and Andrew & Hamilton Co. Inc. Beltline Center is located within an Opportunity Zone on 30.8 acres, two miles from downtown Raleigh. Ben Kilgore, Butch Miller, Ann-Stewart Patterson, Chandler Hawkins and Leslie Holmes of CBRE|Raleigh, along with the BPG Management team of Ken Pennington and Mike Green, represented the seller, Equus Capital Partners, in the transaction. New York City-based LM Real Estate Partners acquired the property.

September 23, 2019

Development Healthcare North Carolina Southeast

Flagship Healthcare Delivers 20,995 SF Ambulatory Surgery Center in Granite Falls, North Carolina

by Alex Tostado September 23, 2019

GRANITE FALLS, N.C. — Flagship Healthcare Properties has delivered a 20,995-square-foot ambulatory surgery center within RiverCrest Medical Park in Granite Falls. Atlantic Union Bank provided construction financing for the project, which began in July 2018. The center was built for Prime Surgical Suites, an affiliate of Caldwell UNC Healthcare. Flagship Healthcare Trust Inc., Flagship’s private REIT, owns the building. Flagship will also provide property and asset management services for the facility.

September 23, 2019

Loans Multifamily North Carolina Southeast

HFF Provides $24M Refinancing Loan for Multifamily Community in Raleigh

by Alex Tostado September 20, 2019

RALEIGH, N.C. — HFF, a JLL company, has provided a $24 million Freddie Mac Green Advantage refinancing loan for Olde Raleigh Apartments in Raleigh. The 10-year loan features a floating interest rate. The borrower, Taurus Investment Holdings LLC, will use the proceeds to pay off existing debt. Details about energy-saving improvements were not disclosed. Olde Raleigh is located at 4000 Grand Manor Court, seven miles west of downtown Raleigh. The property offers one- through three-bedroom floor plans and was 94 percent occupied at the time of sale. Communal amenities include a swimming pool, grilling station, clubroom, fitness center, business center with conference lounge, car care center, pet wash station and a dog park.

September 20, 2019

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Negotiates $6.7M Sale of Flex Buildings in Charlotte

by Alex Tostado September 20, 2019

CHARLOTTE, N.C. — Cushman & Wakefield has negotiated the $6.7 million sale of Hawkins @ Rampart, a 1.2-acre property comprising two flex buildings in Charlotte’s South End totaling 19,120 square feet. The adjacent buildings were constructed in 1987 at 2170 Hawkins St. and 210 Rampart St., two miles south of downtown Charlotte. The assets were fully leased at the time of sale to three tenants. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Carolina Commercial Holdings LLC and R 2170 LLC, in the sale. The buyer was undisclosed.

September 20, 2019

Acquisitions North Carolina Retail Southeast

RCG Ventures Sells Retail Center in Central North Carolina for $15.2M

by Alex Tostado September 16, 2019

GOLDSBORO, N.C. — RCG Ventures LLC has sold Ashley Plaza, a 160,356-square-foot retail center in Goldsboro, for $15.2 million. Hobby Lobby anchors the property, which was 98 percent leased at the time of sale to tenants including Planet Fitness, Ashley Furniture HomeStore, Harbor Freight Tools, Shoe Show, Chuck E. Cheese and Smart Repair Center. Ashley Plaza is located at 201 N. Berkeley Blvd., adjacent to Seymour Johnson Air Force Base and about 60 miles east of downtown Raleigh. Thomas Kolarczyk and Jim Hamilton of JLL represented the seller in the transaction. The buyer was Medalist Diversified REIT Inc., an investment and management firm based in Richmond that specializes in value-add real estate.

September 16, 2019

Acquisitions Multifamily North Carolina Southeast

FCP Purchases Workforce Housing Complex in Charlotte for $18M

by Alex Tostado September 10, 2019

CHARLOTTE, N.C. — FCP has purchased Somerset Apartments, a 240-unit workforce housing complex in Charlotte, for $18 million. Somerset Apartments offers one- through three-bedroom floor plans and is situated near the LYNX Light Rail Blue Line. Communal amenities include a clubhouse, swimming pool, grilling area and a sports court. Brooks Colquitt of Cushman & Wakefield represented the undisclosed seller in the transaction. The garden-style community is located adjacent to FCP’s Hunters Pointe.

September 10, 2019

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Negotiates $2.3M Sale of New Store Leased to Dollar General Near Wilmington

by Alex Tostado September 10, 2019

SOUTHPORT, N.C. — Marcus & Millichap has arranged the $2.3 million sale of a Dollar General-occupied building that was delivered in March of this year in Southport. The 9,026-square-foot building is located at 4421 Long Beach Road SE, about 30 miles south of downtown Wilmington. Par 5 Development Group LLC sold the asset, which Sedgemoor Properties LLC acquired. Don McMinn of Marcus & Millichap represented both the buyer and seller in the transaction.

September 10, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of 147,141 SF Office Building in Charlotte’s SouthPark District

by Alex Tostado September 5, 2019

CHARLOTTE, N.C. — CBRE has negotiated the sale of South Park One Center, a 147,141-square-foot office building in Charlotte’s SouthPark submarket. The building is located at 6060 Piedmont Row Drive S., seven miles south of downtown Charlotte. The property was 97 percent leased at the time of sale, and more than half of the tenants are in the medical industry. Patrick Gildea, Matt Smith, Lee Asher, Chris Bodnar and Grayson Hawkins of CBRE represented the seller, Virginia-based CCP Commercial Real Estate, in the transaction. Chicago-based MBRE Healthcare acquired the building.

September 5, 2019

Acquisitions Multifamily North Carolina Southeast

Waterton Purchases 298-Unit Apartment Community in Raleigh

by Alex Tostado September 4, 2019

RALEIGH, N.C. — Waterton has purchased Manor Six Forks, a 298-unit apartment community with 12,000 square feet of ground-level retail space, in Raleigh. Waterton plans to renovate unit interiors, the lobby, clubroom and fitness center. The new owner also plans to make improvements to the pool area, including converting the swimming pool to a saltwater pool and upgrading furniture. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, bike storage, media center and movie theater. The retail tenants include a craft beer and wine outlet, nail salon, fitness and martial arts studio and full-service pet care center. The seller and sales price were not disclosed.

September 4, 2019

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