North Carolina

Blaze Partners Acquires 229-Unit Legacy Village Apartments in Suburban Charlotte

by Alex Tostado December 20, 2019

MOORESVILLE, N.C. — Charleston, S.C.-based Blaze Partners LLC has purchased Legacy Village Apartments, a 229-unit multifamily community located in Mooresville, a suburb 25 miles north of Charlotte in the Lake Norman submarket. The seller and the price of the 121 Village Green Lane apartment complex were not disclosed. Built in 2017, Legacy Village Apartments is less than one mile from both the Lowe’s Co. Inc. corporate headquarters and Lake Norman Regional Medical Center. The apartments feature one-, two- and three-bedroom floorplans as well as a saltwater pool, pet park, resident clubhouse and a fitness center. Blaze plans to make capital improvements for the units and amenities. With the acquisition of Legacy Village, Blaze now owns four assets in Charlotte.

December 20, 2019

Development North Carolina Retail Southeast

Publix to Anchor 2 MSF Wendell Falls Development Near Raleigh

by Alex Tostado December 20, 2019

WENDELL, N.C. — East West Partners and G.H.K. Developments Inc., the developers behind Wendell Falls, unveiled that Publix will occupy a 48,387 square-foot, freestanding grocery space in Wendell, approximately 11 miles east of Raleigh. Wendell Falls is one of the largest master-planned developments in the Research Triangle. CBRE | Raleigh’s Retail Services and Land Services groups represented the ownership group in the transaction. The store will employee approximately 130 people. An opening date has not yet been announced. Located at the northwest corner of Wendell Falls Parkway and Taylor Road, Publix will join the project’s existing tenants that include KinderCare Daycare, Farmhouse Cafe and Cruizers Convenience Marketplace. Publix at Wendell Falls be the grocer’s seventh store in Wake County. East West and G.H.K. will soon debut a collection of shops and restaurants at Wendell Fallas known as Treelight Square, as well as an office park named The Collective.

December 20, 2019

Development Multifamily North Carolina Southeast

Middleburg Breaks Ground on 250-Unit Apartment Complex in Wilmington, North Carolina

by Alex Tostado December 18, 2019

WILMINGTON, N.C. — Middleburg Communities has broken ground on Mosby at Riverlights, a planned 250-unit apartment community in Wilmington. The complex will offer communal amenities such as a 7,500-square-foot clubhouse, pool, dog park, pet spa, grilling stations, fire pit, package locker concierge and a fitness center. The community will also be linked via walking trails to Marina Village, a mixed-use town center with a new riverfront park and boardwalk, as well as 20,000 square feet of retail and restaurants. Mosby at Riverlights will feature one-, two- and three-bedroom floor plans. Unit interiors will include Nest thermostats, stainless steel Energy Star-rated appliances, granite countertops, 9-foot ceilings, walk-in closets and Bluetooth keyless entry. The design team includes interior designer and landscape architect Cline Design Associates, general contractor Middleburg Construction and civil engineer McKim & Creed. Vienna, Va.-based Middleburg Communities expects to begin leasing at the community in late 2020.

December 18, 2019

Acquisitions Mixed-Use North Carolina Southeast

Starwood REIT Buys Exchange on Erwin Mixed-Use Development in Durham for $111M

by Alex Tostado December 13, 2019

DURHAM, N.C. — Starwood Real Estate Income Trust Inc. a non-traded REIT managed by Starwood Capital Group, has purchased the Exchange on Erwin for $111 million from an affiliate of Ram Realty Advisors. Located at 2610 Erwin Road in Durham, adjacent to Duke University, the mixed-use property contains 265 multifamily units and 96,949 square feet of commercial space. The multifamily property was completed in 2018 and the commercial property, consisting primarily of medical office space, was completed in 2007. The medical office space is fully leased to Duke University medical tenants. The Exchange on Erwin multifamily units were 99 percent occupied and the commercial space was 95 percent leased on the date of sale, resulting in overall occupancy of 98 percent. CBRE|Raleigh’s Howard Jenkins and Ben Kilgore, as well as Kevin Kempf and Mike Burkard of CBRE, represented Ram Realty’s affiliate in the deal.

December 13, 2019

Acquisitions North Carolina Office Southeast

OA Development Sells Metro Charlotte Office Portfolio for $81.5M

by Alex Tostado December 13, 2019

HUNTERSVILLE, N.C. — Atlanta-based OA Development has sold a five-building office portfolio in Huntersville to Arizona-based healthcare REIT, Healthcare Trust of America Inc., for $81.5 million. The nearly 400,000-square foot office portfolio is located within The Park Huntersville, a mixed-use development situated 12 miles north of Charlotte. JLL’s Ryan Clutter represented OA Development in the sale. OA Development purchased the campus two years ago for $62.5 million. Located adjacent to Novant Hospital, the portfolio was 90.4 percent occupied at the time of sale to tenants including Ensemble Health Partners, Black & Decker Corp. and Covia Holdings Corp. The office portfolio includes a four-story, 123,000-square-foot building; two three-story buildings at 101,500 and 45,000 square feet; and two two-story buildings at 68,000 and 59,000 square feet. The five buildings were developed between 1990 and 2001. The Park Huntersville overall spans 2.6 million square feet.

December 13, 2019

Acquisitions Development Industrial North Carolina Southeast

Medline Purchases 220 Acres Near Raleigh-Durham for New Distribution Center

by Alex Tostado December 12, 2019

MEBANE, N.C. — Illinois-based medical supply manufacturer and distributor Medline Industries Inc. has purchased 220 acres in Mebane for a planned 1.2 million-square-foot distribution center. The $65 million distribution center will be built on West Ten Road in Orange County, approximately 17 miles northwest of Durham. It will be located in the Buckhorn Economic Development District, near Interstates 40 and 85. Medline paid a total of $8.1 million for all eight parcels involved in the transaction. Medline says the distribution center will initially create 250 new full-time jobs and at full capacity the company anticipates creating as many as 600 jobs. Pickett Sprouse’s Mark O’Neal represented the sellers of five of the eight sites involved in the transaction.

December 12, 2019

Acquisitions North Carolina Office Southeast Top Stories

SunTrust, BB&T Complete Merger, Purchase Own Charlotte Headquarters for $455.5M

by Kristin Harlow December 11, 2019

CHARLOTTE, N.C. — Truist Financial Corp., the new company resulting from a recently completed merger between banking giants BB&T and SunTrust, has exercised its option to purchase Hearst Tower in Uptown Charlotte. Cousins Properties sold the property for $455.5 million. The 46-story office tower, located at 214 N. Tryon St., will serve as Truist’s headquarters and be renamed Truist Center. The transaction is expected to close in March 2020. Truist-branded signage at the property will be installed in phases after the transaction is completed. Truist is in the process of transitioning approximately 2,000 employees to occupy more than 550,000 square feet of the 965,000-square-foot tower. The headquarters is already home to Truist’s executive management team. The building will accommodate several leadership teams for corporate groups such as corporate communications, finance, human resources, insurance, legal, risk management and technology. On-site amenities at the property, which opened in 2002, include a 1,400-space parking garage and a wide variety of restaurants. The location is in the heart of the city, two blocks from two separate Lynx light rail stations and Spectrum Center, home of the Charlotte Hornets NBA team. The seller, Atlanta-based Cousins, announced its own leadership transition on Monday. Executive Chairman Larry …

December 11, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates $84.8M Sale of Citrix Office Building in Downtown Raleigh

by Alex Tostado December 10, 2019

RALEIGH, N.C. — CBRE has negotiated the sale of downtown Raleigh’s Citrix Building, a 189,950-square-foot office building that serves as the divisional headquarters for software company Citrix Systems Inc. Exan Capital of Kuwait-based Exan Group purchased the building for $84.8 million. Located at 120 S. West St., Citrix Systems fully occupies the property. CBRE’s Patrick Gildea, Matt Smith, Grayson Hawkins, Brandon McMenomy and Ben Kilgore represented the seller, real estate company JMC Holdings LLC, in the transaction. The Citrix Building is an adaptive reuse of a former warehouse facility. The LEED-Gold certified office building includes collaborative space, a fitness center, basketball and racquetball courts, locker rooms, a rooftop patio, bocce ball court, yoga studio and a kitchen/dining facility.

December 10, 2019

Acquisitions Multifamily North Carolina Southeast Student Housing

Capstone Apartment Partners Arranges $48M Sale of Willows at the University in Charlotte

by Alex Tostado December 10, 2019

CHARLOTTE, N.C. — Capstone Apartment Partners has arranged the $48 million sale of Willows at the University, a 255-unit apartment community approximately two miles from University of North Carolina at Charlotte. Capstone represented Charlotte-based developer and seller, Gateway Communities NC, and procured the buyer, Salt Lake City-based real estate investment firm Millburn & Co. Willows at the University is Millburn’s third Charlotte-area property. Alex McDermott, Caleb Troop and Bryse Toothaker of Capstone negotiated the deal. Willows at the University was completed in May 2019 and was approximately 95 percent occupied at the time of closing. The property features one-, two- and three-bedroom apartments in nine three- and four-story buildings. The gated community includes a swimming pool with sundeck, outdoor kitchen and grilling area, business center, fitness center, two dog parks and a theater/media room. The community is situated near Concord Mills shopping mall and PNC Music Pavilion.

December 10, 2019

Acquisitions Multifamily North Carolina Southeast

CBRE Global Purchases 350-Unit Multifamily Property in Charlotte’s South End

by Alex Tostado December 9, 2019

CHARLOTTE, N.C. – Los Angeles-based CBRE Global Investors has purchased The Penrose, a 350-unit multifamily property located in the South End neighborhood of Charlotte. The property is located at 327 West Tremont Ave., less than two miles from downtown Charlotte, and includes studio, one- and two-bedroom apartments. The 90-percent occupied complex features a pool, outdoor communal kitchens, athletic club, pet spa, art studio, two resident lounges and an entertainment center. The seller and sales price were not disclosed.

December 9, 2019

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