North Carolina

DURHAM, N.C — The term “environment” is typically thought of as being strictly outdoors, but for office owners, investors and tenants, the interior of office buildings is an environment unto itself. And like planet Earth, an office environment needs investment in order to protect its inhabitants. “We believe the workplace, where employees spend eight hours a day or longer, must provide a healthy and stimulating interior environment,” says Dan Goldstein, managing partner with Accesso Partners LLC of Hallandale Beach, Florida. Goldstein, whose 15-year-old company owns Class A office towers spanning 15 million square feet in major U.S. cities, contends “it makes good business sense to invest capital in an interior environment where employees are productive, efficient and above all, healthy, which cuts down on illnesses and absenteeism and contributes to job satisfaction.” Accesso Partners is doing more than just preaching. In Durham, the institutional commercial real estate fund recently installed a new lighting solution at its 10-building, 690,520-square-foot space within the Meridian Corporate Center, which is adjacent to the famed Research Triangle Park. The result has been brighter offices that are easier on the eyes and more conductive for close-up, meticulously detailed work. There is also a flipside to that …

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CHARLOTTE, N.C. — Pollack Shores has acquired The Bryce, a 494-unit apartment complex in Charlotte. The Atlanta-based apartment developer and owner plans to invest $6.6 million to upgrade the property and unit interiors. Unit interiors will receive new stainless steel appliances, granite countertops and hard-surface flooring. Exterior upgrades include converting the outdoor volleyball court into a green space with grilling areas and a beer garden, and renovating the clubhouse to include an expanded gym with modern equipment. Other communal amenities include a three-hole golf course, tennis court, swimming pool and several walking trails. The community is situated at 4101 Double Creek Crossing Drive, 10 miles north of downtown Charlotte and four miles from University Research Park. The seller and sales price were not disclosed.

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CHARLOTTE, N.C. — A joint venture between Atlantic Creek Real Estate Partners, Origin Investments and Stream Realty has sold Cambridge Corporate Center, a 349,815-square-foot office campus in Charlotte, for $63 million. Lakestar Properties acquired the 50-acre campus for $180 per square foot. The joint venture acquired the property in 2014 for $44 million with a value-add strategy in place. Upgrades included adding 33,000 square feet of rentable office space; a two-story, 452-space parking deck; and a new security camera system. The joint venture purchased the property when it was 81 percent leased. Since then, Red Ventures signed a 10-year, 97,66-square-foot lease that brought occupancy up to 96 percent, where it stood at the time of the sale. Duke Energy and General Motors also signed lease renewals totaling 126,000 square feet with rate increases. Rob Cochran, Jared Londry, Nolan Ashton, David Meline and Samir Idris of Cushman & Wakefield, along with Mark DeLillo and Craig Callaway of BlueGate Partners, represented the seller in the transaction.

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RALEIGH, N.C. — A partnership between M&J Wilkow and Bailard Inc. has bought two retail centers totaling 323,000 square feet in Raleigh for $43.6 million. Midtown Commons is a 138,756-square-foot power center with tenants including Starbucks Coffee, T.J. Maxx and Dick’s Sporting Goods. Shoppes at Midway Plantation, a neighboring 184,244-square-foot power center, has tenants including Michael’s, Ross Dress for Less, Kay Jewelers, Saltgrass Steak House and Rack Room Shoes. The partners plan to implement a new leasing strategy to bring new-to-market retailers to the centers, as well as upgrade the centers’ amenities. The seller(s) was not disclosed.

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CHARLOTTE, N.C. — MLA Properties and Pearlmark have acquired Pavilion Village, a 294-unit apartment complex in Charlotte, for $44 million. The property is located three miles from the University of North Carolina-Charlotte and 13 miles from Uptown Charlotte. Pavilion Village was 93 percent occupied at the time of sale. The new owners plan to renovate and upgrade interior units and communal amenities. Details of the renovations were not disclosed. MLA and Pearlmark have hired Drucker + Faulk to handle leasing efforts for the property.

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CHARLOTTE, N.C. — Alliance Residential Co. has acquired 25.5 acres in southeast Charlotte for the development of Broadstone Lemmond Farm, a 336-unit apartment community. Situated at the intersection of Interstate 485 and Albermarle Road, the community will anchor the Lemmond Farm master-planned development that the Helms family and Stanchion Asset Partners are co-developing. In addition to apartments, Lemmond Farm will include 50,000 square feet of retail and office space. Alliance Residential plans to begin construction later this year and open the community in 2020. Cline Design Associates designed Broadstone Lemmond Farm, which will feature a mix of one-, two- and three-bedroom apartments averaging 924 square feet.

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CHAPEL HILL, N.C. — The Dilweg Cos. has sold The Courtyard of Chapel Hill, a mixed-use project located at 431 W. Franklin St. in Chapel Hill. The Courtyard at Chapel Hill comprises more than 17,000 square feet of retail space and 20 residential units known as The Courtyard Lofts. The building was delivered in 1982 and renovated in 2013. The property was fully leased at the time of sale to tenants including Kipos, Franklin Street Yoga, Vimala’s Curryblossom Café and Cat Tales Cat Café. Tom Kolarczyk and Jeff Glenn of HFF represented the seller in the transaction. New York City-based Vista Property Group acquired the asset. The sales price was not disclosed.

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RALEIGH, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has purchased Park Point at Research Triangle Park, a 645,000-square-foot office park in Raleigh. The sales price was not disclosed, though the new owners plan to invest more than $100 million in renovating and repositioning the 95-acre park, which includes office, industrial and lab space, to offer creative office space. Indoor renovations include expanding ceiling heights between 19 and 24 feet and installing a concrete floor on an atrium. Plans to reposition the property include creating 300,000 square feet of indoor and outdoor gathering areas, athletic fields, walking trails, onsite food service, a fitness center and training and conference facilities. Redevelopment of the existing site will begin immediately, and tenants will be able to occupy their spaces as early as second-quarter 2020. William Allen of Trinity Partners will lead leasing efforts. CBRE|Raleigh’s Ben Kilgore, Patrick Gildea in CBRE’s Charlotte office and Will Yowell in the firm’s Atlanta office represented the seller, an affiliate of Zurich Alternative Asset Management, in the transaction.

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DURHAM, N.C. — North Carolina Central University has chosen Corvias to develop two new student housing facilities totaling 1,247 beds and a 100,230-square-foot student center. The two residence halls will be called Chidley South and George Street. Both are being funded through a public-private partnership between the university and Corvias, and are expected to open in 2020. Vines Architecture is designing the residence halls in conjunction with the public-private partnership. Metcon is the general contractor. The $47 million student center is expected to be complete in 2021. Plans include a 1,750-seat auditorium and a 1,000-seat banquet hall, along with concessions and computer stations. O’Brien Atkins Associates, Duda | Paine Architects and MHTN Architects designed the student center. The general contractors are Balfour Beatty Construction, Holt Brothers Construction and Structure Building Co. Funds for the student center were generated by a $300 annual student fee approved by the student body in 2014.

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GREENSBORO, N.C. — McConnell Center Associates has sold a three-building industrial portfolio in Greensboro for $49.3 million. The buildings total 670,536 square feet and are located at 4751, 4755 and 4754 McConnell Center Drive within McConnell Center, a master-planned industrial park totaling more than 1 million square feet. The property is situated six miles east of downtown Greensboro and 20 miles from Piedmont Triad International Airport. New York Life Insurance Co. acquired the portfolio. Patrick Nally and Chris Norvell of HFF and Tom Townes and John Schultz of Triad Commercial represented the seller in the transaction.

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