North Carolina

HFF Arranges $46.5M Sale of Apartment Complex in Raleigh-Durham

by Alex Tostado June 28, 2019

MORRISVILLE, N.C. — HFF has arranged the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit apartment community in Morrisville. Bainbridge Lake Crabtree is located at 2599 Evans Road, about 15 miles from both Raleigh and Durham. The asset was delivered in 2018 and offers units averaging 1,015 square feet. Communal amenities include a swimming pool, sun deck, interior courtyard with fire pits, grilling station, pet spa, bark park, clubroom and a fitness center with yoga studio. Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark of HFF represented the seller, The Banbridge Cos. LLC and Amzak Capital Management, in the transaction. The team also procured the buyer, RK Properties.

June 28, 2019

Leasing Activity North Carolina Office Southeast

Duke University, McKinney Renew Leases Within American Tobacco Campus in Durham

by Alex Tostado June 26, 2019

DURHAM, N.C. — Duke University and McKinney have renewed their respective leases totaling 179,000 square feet within the American Tobacco Campus (ATC) mixed-use project in Durham. Duke has been at the campus since 2004 and its new lease will go through April 2030. The school will house some or all of its IT, financial services, university counsel, corporate education, alumni affairs and other resources at ATC, occupying 136,000 square feet of office space. McKinney, an advertising agency based in Durham, has also been at ATC since 2004. It will occupy 43,000 square feet of office space through 2031. D3 Development developed ATC in phases from 2004 to 2006. The campus comprises 720,000 square feet of office space, 80 residential units and two parking decks, as well as the former Lucky Strike tobacco plant, Diamond View, DPAC and the Durham Bulls Athletic Park.

June 26, 2019

Development Multifamily North Carolina Southeast

Northwood Ravin to Break Ground on 354-Unit Multifamily Development in Uptown Charlotte

by Alex Tostado June 24, 2019

CHARLOTTE, N.C. — Northwood Ravin will break ground on 500 West Trade in July. The project will feature 354 apartment units, 8,500 square feet of retail space and a 3,600-square-foot pedestrian courtyard. The apartment units will be situated within a seven-story and a 14-story building connected by the courtyard. Communal amenities will include a business center overlooking Trade Street, a rooftop lounge and outdoor kitchen in the 14th floor, dog spa and two swimming pools. Additionally, there will be a health club with an exercise room, men’s and women’s saunas, fitness room and a massage room. Northwestern Mutual is providing construction financing. Northwood Ravin is the developer and general contractor for 500 West Trade and will serve as the residential property manager when leasing begins. Northwood Ravin expects the first units to open in early 2021.

June 24, 2019

Conference Coverage Features Healthcare North Carolina Southeast Southeast Feature Archive

Medical Office Sales Active in Southeast Despite Slowdown Nationally, Say InterFace Panelists

by Alex Tostado June 20, 2019

CHARLOTTE, N.C. — Medical office buildings (MOBs) were trading at steady increases year over year from 2011 to 2017, says P.J. Camp, principal and co-founder of Atlanta-based healthcare real estate investment firm Hammond Hanlon Camp. In 2018, however, MOB transactions started to dip, a trend that bled into the first part of this year. There were $14 billion worth of MOB transactions in 2017 but $12 billion worth in 2018. The first quarter of 2019 saw $1.7 billion worth of transactions in the sector, down 32 percent from the first quarter of 2018 and the lowest quarterly total in five years, says Camp. Camp was a participant on the investment panel at the ninth annual InterFace Healthcare Real Estate Carolinas conference. The half-day information and networking event was held May 30 in Charlotte and was hosted by Southeast Real Estate Business and Seniors Housing Business. Also participating in the panel were Mervyn Alphonso, senior vice president of Anchor Health Properties; Steven Reedy, managing director of CIT Healthcare Finance; Stephen Pandos, director of finance at Insite Properties; Gerald Quattlebaum, senior vice president of Flagship Healthcare Properties; Jim McMahon, senior director at Capital One Healthcare; and moderator Andy Lawler, healthcare development partner …

June 20, 2019

Development Industrial North Carolina Southeast

Developer Kathy Godley Begins Construction on 1 MSF Spec Industrial Building Near Charlotte

by Alex Tostado June 20, 2019

TROUTMAN, N.C. — Developer Kathy Godley has begun construction on Troutman Industrial Park, a 1 million-square-foot speculative industrial park in Troutman. Kathy Godley expects the building to be complete by the end of the year. The new facility near Lake Norman will feature 36-foot clear heights, 238 dock-high doors and parking for approximately 550 trailers and 667 cars. Troutman Industrial Park is situated less than one mile from Interstate 77, less than 10 miles from Interstate 40 and 35 miles north of downtown Charlotte. Matthew Greer and Brad Cherry of JLL are handling leasing efforts on behalf of the developer. The team will pursue tenants ranging in size from 250,000 square feet to 1 million square feet.

June 20, 2019

Acquisitions North Carolina Office Southeast

Crescent Communities, Nuveen Acquire 546,878 SF Office Tower in Uptown Charlotte

by Alex Tostado June 18, 2019

CHARLOTTE, N.C. — A joint venture between Crescent Communities and Nuveen Real Estate has acquired 101 North Tryon, a 20-story office building in Uptown Charlotte that was renovated in 2018. HFF arranged the sale of the 546,878-square-foot office building, which was 81 percent leased at the time of sale to tenants including Bank of America, Robinson Bradshaw & Hinson PA, Spaces, Sunlight Financial and Northeastern University. The property is situated near more than 100 restaurants and retailers; Bank of America Stadium, which is home to the NFL’s Carolina Panthers; Spectrum Center, which is home to the NBA’s Charlotte Hornets; and several of Charlotte’s major transportation hubs. BBVA and US Bank provided acquisition financing to the buyer. Barry Fabyan and Charley Leavitt of JLL will lead leasing efforts on behalf of the new owners. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF represented the seller, Barings LLC, in the transaction. Patterson Real Estate Advisory Group represented the buyers. The sales price was not disclosed.

June 18, 2019

Acquisitions Multifamily North Carolina Southeast

Berkadia Negotiates $24.4M Sale of Apartment Complex in Burlington, North Carolina

by Alex Tostado June 14, 2019

BURLINGTON, N.C. — Berkadia has negotiated the $24.4 million sale of Hawthorne at Forestdale, a 234-unit apartment complex in Burlington. The community offers studio, one-, two- and three-bedroom floor plans. Communal amenities include a saltwater swimming pool, sundeck, playground, cyber café, community pond, 24-hour fitness center and a dog park. Mark Boyce and Blake Coffey of Berkadia represented the undisclosed, Alabama-based seller in the transaction. Berkadia provided the undisclosed Texas-based buyer with a Fannie Mae acquisition loan.

June 14, 2019

Leasing Activity North Carolina Office Southeast Top Stories

BB&T-SunTrust Pick Charlotte’s Hearst Tower as Corporate Headquarters Location

by Alex Tostado June 13, 2019

CHARLOTTE, N.C. — The 965,000-square-foot Hearst Tower in Charlotte, which is owned by Cousins Properties, will be the new corporate headquarters for BB&T Corp. and SunTrust Banks Inc. once the merger between the two banks is complete. BB&T-SunTrust confirmed in a press release that the combined bank is expected to begin occupying 651,000 square feet of office space in phases from August 2019 to June 2021. Up to 2,000 employees of the proposed new company will be housed in the space. The lease term is for 15 years. The space is currently occupied by Bank of America and other tenants, all of which will move out to make room for BB&T-SunTrust. Bank of America has signed a 550,000-square-foot lease within Lincoln Harris’ Legacy Union in Uptown Charlotte. Winston-Salem, N.C.-based BB&T agreed to acquire Atlanta-based SunTrust in a $66 billion deal announced in early February. Details have not yet been released on future plans for the banks’ existing corporate offices. BB&T-SunTrust will have the option to purchase the 47-story building from Cousins Properties for $455.5 million through the fourth quarter of this year. If the company exercises that option, the sale will close in the first quarter of 2020. On Wednesday, …

June 13, 2019

Development North Carolina Office Southeast

Equator Capital to Convert Vacant Shopping Mall to Office Space in Raleigh-Durham

by Alex Tostado June 12, 2019

MORRISVILLE, N.C. — Equator Capital Management will redevelop the vacant Morrisville Outlet Mall in Morrisville into a 245,000-square-foot office campus. Knighthead Funding LLC provided the developer with a $34 million construction loan that features a 24-month non-recourse period. Gensler designed the office campus to include extensive use of glass walls, some as high as 30 feet. Common area upgrades will include a new surfaced parking lot, landscaped courtyards with outdoor seating, turf yoga lawn, bocce court and new signage. Lighting and drainage around the 25-acre property will also be improved. Situated at 1001 Airport Blvd., the new office campus is located two miles from the Raleigh-Durham International Airport, 12 miles southeast of downtown Durham and 13 miles west of downtown Raleigh. Construction is expected to begin immediately, with delivery slated for spring 2020.

June 12, 2019

Acquisitions Multifamily North Carolina Southeast

HFF Arranges $57.3M Sale of Multifamily Community in Charlotte

by Alex Tostado June 12, 2019

CHARLOTTE, N.C. — HFF has arranged the $57.3 million sale of Solis Berewick, a 275-unit multifamily community completed in 2017 in Charlotte. The property is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte. Solis Berewick offers one-, two- and three-bedroom floor plans averaging 1,016 square feet per unit. Communal amenities include a saltwater swimming pool, outdoor grilling area with fire pit, gaming and entertainment lounge, fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail, and a playground. Allan Lynch, Justin Good, Caylor Mark and Jeff Glenn of HFF represented the seller, Terwilliger Pappas, in the transaction. The team also procured the buyer, RK Properties.

June 12, 2019

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