North Carolina

Highwoods Sells Greensboro Industrial, Office Assets for $233.4M in Market Exit Initiative

by Alex Patton January 31, 2020

GREENSBORO, N.C. — Highwoods Properties Inc. (NYSE: HIW), a publicly traded REIT based in Raleigh, has sold its industrial and single-story flex portfolio in Greensboro, comprising 2.8 million square feet, for $193.4 million. The company also plans to close the $40 million sale of The Knollwood, a 250,000-square-foot office complex in Greensboro, by Feb. 15. The sale follows Highwoods’ recent announcement of its initiative to exit both the Greensboro and Memphis, Tennessee, markets. That plan led to the recent $76.4 million sale of the 248,000-square-foot International Paper IV office building in Memphis. “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in … high-growth markets such as Charlotte,” says Ted Klinck, president and CEO of Highwoods Properties. “With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.” Highwoods’ two-phased exit plan consists of selling a select portfolio of its Greensboro and Memphis assets and acquiring Bank of America Tower at Legacy Union in Charlotte in November for $436 million. The second phase consists of selling all remaining …

January 31, 2020

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $25.8M Acquisition Loan for Multifamily Complex in North Carolina’s Triad Region

by Alex Tostado January 31, 2020

GREENSBORO, N.C. — Berkadia has provided a $25.8 million Freddie Mac acquisition loan for Waterford Place, a 240-unit apartment complex in Greensboro. The property was built in 1997 at 101 Shore Lake Drive, a few blocks from Lake Jeanette and six miles north of downtown Greensboro. Waterford Place offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, tennis court and maid service. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured the loan on behalf of the buyers, a joint venture between New York City-based GMF Capital and Lakewood, N.J.-based Eminent Capital. The loan features a 10-year term with a fixed interest rate and five years of interest-only payments. The seller was McLean, Va.-based Kettler Management.

January 31, 2020

Development Mixed-Use North Carolina Southeast

Armada Hoffler-Led Partnership to Redevelop Historic Building in Metro Charlotte

by Alex Tostado January 30, 2020

BELMONT, N.C. — Armada Hoffler Properties Inc., along with John and Jennifer Church, and Shane Seagle of North State Development, will redevelop Chronicle Mill in Belmont. Chronicle Mill was built in 1901 as the city’s first textile mill and remained operational until 2010. The partnership will redevelop the existing building into apartments, retail and amenity space. A new five-story apartment building will also be built on the seven-acre site. Upon completion, the mixed-use community will include 240 one- and two-bedroom apartment units and 9,000 square feet of commercial space. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor and BB+M is the architect. Developers expect to break ground in the second quarter of this year. Total redevelopment and construction costs for the Chronicle Mill project are expected to total $45 million, with expected completion in fall 2021. The Churches purchased the mill in 2013 and have been pursuing redevelopment options for the property ever since. The couple owns and develops commercial real estate in Gaston County and has managed and leased retail, office, hotel and industrial properties. Late last year, Belmont City Council members approved a conditional zoning district that will …

January 30, 2020

Development Mixed-Use North Carolina Southeast

Partnership to Develop Mixed-Use Space Within Research Triangle Park

by Alex Tostado January 29, 2020

RALEIGH, N.C. — Park Center East LLC, a partnership between KDC and Research Triangle Foundation of North Carolina, will develop Hub RTP within Research Triangle Park. Hub RTP will include 300-foot high buildings, the only high-rise buildings within Research Triangle Park. Phase I will be situated on 43 acres on the east side of the property and include the 1 million square feet of office space, as well as at least one hotel with up to 375 rooms, 850 residential units and 150,000 square feet of retail space. Future phases could total 6 million square feet. A timeline for completion was not disclosed.

January 29, 2020

Development Industrial North Carolina Southeast

M. David Properties Delivers 136,000 SF Industrial Building in North Charlotte

by Alex Tostado January 29, 2020

CHARLOTTE, N.C. — M. David Properties has delivered a 136,000-square-foot industrial building within SilverPark North in north Charlotte. The building is the first of three speculative properties to be delivered in the planned 300,000-square-foot park. The new building features a rear-loading configuration, 32-foot clear heights, 40 dock doors, two drive-in bays, ESFR sprinklers and additional storage for 35 trailers. Brad Cherry and Matthew Greer of JLL are marketing the building on behalf of M. David Properties to distribution and/or manufacturing users that could occupy 35,000 square feet or more.

January 29, 2020

Acquisitions Industrial North Carolina Southeast

JLL Brokers $63.8M Sale of Distribution Center in Charlotte

by John Nelson January 28, 2020

CHARLOTTE, N.C. — JLL has brokered the $63.8 million sale of Premier Distribution Center, a 1.4 million-square-foot distribution center located at 1900 Continental Blvd. in Charlotte’s Southwest industrial submarket. Chris Norvell, Patrick Nally, Pete Pittroff and David Andrews of JLL represented the seller, a partnership between New York Life Insurance Co. and LRC Properties, in the transaction. A partnership between Somerset Properties and Waterfall Asset Management acquired the 95-acre property. Originally constructed as the North American headquarters for Continental Tire, Premier Distribution Center was rebranded and transformed into a modern distribution complex that features 24-foot clear heights, ESFR sprinkler systems, motion-sensor LED lighting, 110 loading positions, abundant parking and onsite trailer storage. The sale includes a 25.9-acre development parcel adjacent to the existing loading area that can accommodate a 333,000-square-foot cross-dock facility.

January 28, 2020

Development Mixed-Use North Carolina Southeast

Jamestown, Grubb Ventures to Construct $150M Phase I of Mixed-Use Project in Raleigh

by Alex Tostado January 27, 2020

RALEIGH, N.C. — Jamestown and Grubb Ventures will develop Phase I of Raleigh Iron Works, a planned mixed-use project that will feature 500,000 square feet of office space, 90,000 square feet of retail space and 220 multifamily units. Phase I is expected to cost more than $150 million to develop and will include a new seven-story multifamily building and the renovation of historic steel mills and warehouses that were once part of Peden Steel. The new residential building will pay homage to historic Raleigh. The historic buildings will be repurposed into office and retail spaces, featuring original architectural details and distinctive finishes. Construction will begin this year and continue through 2023 with plans for additional development. The project site is situated at Raleigh’s Five Points, Person Street and Mordecai neighborhoods, about three miles north of downtown Raleigh.

January 27, 2020

Market Reports North Carolina Retail Southeast Southeast Market Reports

New Wegmans, Drive Shack Headline Raleigh-Durham’s Attractive Retail Market

by Alex Tostado January 27, 2020

In Raleigh-Durham, there is approximately 58 million square feet of retail space with year-end vacancy at 4 percent. The consistently low vacancy has helped drive rental rates up to an average of $22 per square foot. The Raleigh area had approximately 460,000 square feet of retail space constructed in 2019 that was more than 80 percent preleased. The largest projects included the completion of Midtown East in the Wake Forest/Falls of Neuse Road submarket, which heralded the arrival of North Carolina’s first Wegmans store. This also marks Wegmans’ 100th U.S. store and set an opening day record with more than 30,000 shoppers. Wegmans expects to open five additional stores in the Triangle, including locations in Holly Springs, Wake Forest, Chapel Hill and two stores in Cary. Another large project was the new Publix supermarket that opened recently at Leesville Market near Interstate 540. And according to some sources, Hobby Lobby will be moving into the space formerly occupied by Toys ‘R’ Us in the Cary Crossroads Plaza. In Durham, Chapel Hill-based developer Beacon Properties Group is building a project called Oakridge directly off US 15-501. Tentative plans for the 108-acre property include a walkable mixed-use village with residential units, office …

January 27, 2020

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 320-Unit Multifamily Community in Charlotte

by Alex Tostado January 24, 2020

CHARLOTTE, N.C. — Alliance Residential Co. has acquired 15 acres in south Charlotte to develop Broadstone Ayrsley, a planned 320-unit multifamily community. Alliance Residential will begin construction this year and expects to welcome its first residents in 2021. Named Broadstone Ayrsley, the property will comprise one-, two- and three-bedroom apartments and townhomes averaging 939 square feet. Amenities will include a pool, clubroom, fitness center, dog park and a walking path on property. Broadstone Ayrsley will be situated at 2215 Silver Crescent Drive, nine miles south of downtown Charlotte. Cline Design Associates served as the architect.

January 24, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Joint Venture to Develop $95M Mixed-Use Tower in Charlotte

by Alex Tostado January 23, 2020

CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022. The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters. “Ten Tryon has everything we look for in a new ground-up development …

January 23, 2020

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