Thursday, July 17, 2025
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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

ATCO Obtains $66M Refinancing for Kinship Apartments in North Charlotte

by John Nelson

CHARLOTTE, N.C. — ATCO Properties & Management has obtained a $66 million loan for the refinancing of Kinship, a newly built, 301-unit apartment community in Charlotte. The property is the first multifamily component to come on line at Camp North End, a 76-acre adaptive reuse development on the north end of Charlotte. Mark Gallinaro of WelcomeLend arranged the three-year bridge loan from Benefit Street Partners. Kinship was 35 percent occupied at the time of the loan closing. The property features studio, one- and two-bedroom apartments with some live-work floorplans and fully furnished corporate housing options. Amenities include work-from-home office spaces, an outdoor pool and lounge area, gas grills and fire pits, fitness center, communal kitchen, conference room, bike storage, rideshare spots, a parking garage and a shared rooftop space. Greystar operates Kinship on behalf of ATCO.

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AlabamaDevelopmentLeasing ActivityRetailSoutheast

Willow Capital Adds Target, Academy Sports to Shopping Center Roster in Albertville, Alabama

by John Nelson

ALBERTVILLE, ALA. — Willow Capital Partners has landed anchor tenants to join Sand Mountain Marketplace, a 250,000-square-foot shopping center under construction at 10722 U.S. Route 431 in Albertville, about 47 miles south of Huntsville. The 30-acre property will be anchored by the first ground-up Target in Alabama since 2007, according to JLL’s Hugo Isom, who is handling the leasing assignment at Sand Mountain Marketplace with colleague Clint Isom. Other tenants that have signed on at the center include Academy Sports + Outdoors, Burlington and HomeGoods. There is 20,000 square feet of inline shop space available for lease, as well as three outparcels. Willow Capital Partners plans to deliver the development in spring 2027.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Kimley-Horn to Occupy 40,000 SF at Weston I Office Building in Cary, North Carolina

by John Nelson

CARY, N.C. — Engineering and consulting firm Kimley-Horn has signed a nearly 40,000-square-foot lease at Weston I, a 212,000-square-foot office building located at 1001 Winstead Drive in Cary, a suburb of Raleigh. Tucker Shade and Ben Onderdonk of Savills represented the tenant in the lease negotiations. Brian Carr and Brad Corsmeier of CBRE represented the landlord, Accesso. Weston I is situated within the Weston Parkway master-planned business park and recently underwent a $6.5 million capital improvement program, including a new outdoor patio, tenant lounge and fitness center. Other renovations include overhauls to commons areas and the lobby.

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Leasing ActivityMarylandOfficeSoutheast

CBRE Signs 16,000 SF Office Lease at Harbor East in Baltimore

by John Nelson

BALTIMORE — CBRE has signed a 16,000-square-foot lease at 1001 Fleet St., a Class A office building in Baltimore’s Harbor East district. Delivered in 2000, the nine-story office building is owned by Harbor East Management Group. CBRE is relocating its Baltimore office from 100 E. Pratt St. to the eighth floor of 1001 Fleet, with occupancy to occur in January. David Fields, Jonathan Hall and Jordana Pollack represented CBRE in the lease negotiations on an internal basis. The new CBRE office is part of the commercial real estate services firm’s Workplace360 program, which has 100 locations nationwide.

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AcquisitionsGeorgiaMultifamilySoutheast

Sherman Residential Acquires 233-Unit Skye Suwanee Town Center Apartments in Metro Atlanta

by John Nelson

SUWANEE, GA. — Illinois-based Sherman Residential has acquired Skye Suwanee Town Center, a 233-unit apartment community in the northeast Atlanta suburb of Suwanee in Gwinnett County. The seller and sales price were not disclosed. Built in 2020, Skye Suwanee Town Center offers studio, one-, two- and three-bedroom apartments. Amenities include a 24/7 wine cellar, two-story fitness center and a rooftop terrace with a retrofitted Airstream lounge. The property also features retail space on the ground level leased to Thrive Coworking and Warm Waves, a coffee shop. Skye Suwanee Town Center is located at 500 Buford Highway, about one north of the city’s town square and about a quarter-mile south of Suwanee Town Center, a mixed-use district anchored by the 10-acre Town Center Park.

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AcquisitionsGeorgiaRetailSoutheast

Matthews Real Estate Negotiates Sale of Kroger-Anchored Shopping Center in Canton, Georgia

by John Nelson

CANTON, GA. — Matthews Real Estate Investment Services has negotiated the sale of Woodmont Village, an 85,639-square-foot shopping center located in Canton, approximately 40 miles north of Atlanta. Kroger anchors the center, which was 75 percent leased at the time of sale. Other tenants at the property include The UPS Store, Anytime Fitness, Pizza Hut, Ace Hardware, Advance Auto Parts, Fabricare Cleaners and Las Palmas Mexican restaurant. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews brokered the transaction. The buyer, Aubuchon Realty Co., purchased Woodmont Village for an undisclosed price. The seller was also not released.

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AcquisitionsIndustrialLeasing ActivitySoutheastTennessee

Cushman & Wakefield Commercial Advisors Arranges Sale-Leaseback of Two Memphis Industrial Facilities

by John Nelson

MEMPHIS, TENN. — Cushman & Wakefield Commercial Advisors has arranged the sale-leaseback of two industrial facilities in Memphis totaling 250,000 square feet. AIC purchased the facilities, located at 2149 Harbor Ave. and 2172 Wharf St., from the tenant, Red Dot Corp. Red Dot designs and manufactures HVAC systems for commercial and military vehicles. Landon Williams and Katie Hargett of Cushman & Wakefield Commercial Advisors, along with Frank Maldonado and Dan Johnsen of Cushman & Wakefield, represented Red Dot in the sale and long-term lease of the two facilities. Terms of the transaction were not released.

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AcquisitionsFloridaIndustrialSoutheast

Granite REIT Purchases 124,500 SF Industrial Property in Coral Springs, Florida

by John Nelson

CORAL SPRINGS, FLA. — Granite REIT has purchased Coral Springs Logistics Center, a 124,500-square-foot industrial property located at 3850-3872 N.W. 126th St. in Coral Springs, a city in South Florida’s Broward County. A joint venture between Barings Real Estate and Arkadia Property Group sold the property to Granite REIT for an undisclosed price. Luis Castillo, Cody Brais, Taylor Osborne and David Orta Jr. of JLL represented the seller in the transaction. Built in 2021, Coral Springs Logistics Center comprises two rear-load buildings that were fully leased at the time of sale to building materials wholesaler Exclusive Trim Inc. and commercial refrigerator manufacturer Marc Refrigeration.

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AcquisitionsAffordable HousingDevelopmentMultifamilyNorth CarolinaSoutheast

Coldwell Banker Brokers $3.4M Sale of Multifamily Development Site in Charlotte

by John Nelson

CHARLOTTE, N.C. — Coldwell Banker Commercial Realty has brokered the $3.4 million sale of a 3.4-acre, multifamily-zoned parcel at 5703-5707 N. Tryon St. in Charlotte. The buyer, The Annex Group, plans to develop a 200-unit affordable housing community on the site. Capital partners for the project include City of Charlotte, Bank of America and the North Carolina Housing Financing Authority (NCHFA). The construction timeline was not released. Ryan Pilsy of Coldwell Banker represented the land seller, an entity doing business as Kilbros3 LLC, in the transaction. Annex Group was represented internally by Joy Skidmore and Ryan Clark.

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Market ReportsNorth CarolinaRestaurantRetailSoutheastSoutheast Market Reports

Charlotte Reigns Supreme as the ‘Queen of Retail’ in the Carolinas

by John Nelson

Charlotte: “The Queen City” named after Queen Charlotte, wife of George III, has been on a tear post-COVID with new and expanding retail concepts. Vacancy rates have hovered under 4 percent the last few years, with little signs of changing , according to research from Institutional Property Advisors (IPA). Much of that vacancy has occurred in less desirable markets, or in junior and big-box bankruptcies (JOANN, Big Lots, Party City, etc.) that are being snatched up as quickly as they become vacant. Tenants are desperate and clamoring for new locations to keep up with the strong residential growth (24,000+ new residents in the city limits in 2024 and 46,000 in the CSA), making charlotte the 14th largest city in the country, and 19th-largest CSA in terms of overall population. This factor combined with unemployment hovering in the low 4 percent range, plus household income growth has called for desperate measures to ID new space or weakness in the market. We as local experts have seen a slight uptick, over the past 12 months, in some “shadow inventory.” This occurring when an existing retailer or restaurant might be struggling with sales, or in partial default, and the landlord has the opportunity …

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