Archive for Chapel Hill

Jul
26

North Carolina Apartments Sold for $42 Million

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sold stamp blueA new joint venture real estate investment group has made a $42 million investment in central North Carolina’s growing apartment market.

Kettler, a real estate development and property management firm based in Tysons, Virginia, has teamed with The Stillman Group of Scarsdale, New York, to acquire both the 144-unit Bridges at Chapel Hill apartment community in Carrboro and the 240-unit Waterford Place apartment community in north Greensboro for a combined $42 million.

The Kettler-Stillman partnership paid $15.5 million, or $107,639 per unit for the Carrboro property, according to Orange County records, and it paid $26.5 million, or $110,417 per unit, for the Greensboro property, according to Guilford County records.

In a separate news release about the deal, Kettler Chairman and CEO Robert C. Kettler stated that the investors plan to “enhance” operations at both communities with interior and exterior upgrades. Kettler’s property management arm has also taken over for previous owner and management company, Fairfield Residential.

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Categories : Chapel Hill, Greensboro
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Mar
31

McDonald’s Ground Lease in Chapel Hill Sold

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berkeley mcdonaldsBerkeley Capital Advisors has announced the sale of the McDonald’s Ground Lease in Chapel Hill, NC for $2.15MM, satisfying a 1031 tax exchange. Located at US Highway 15-501 at Plaza Drive, McDonald’s had a new 20 year lease at the time of sale. The restaurant is on a 1.01 acre parcel that is an outparcel of North Chatham Village (formerly Cole Park Plaza), which is currently under renovation. The neighborhood center has a complementary tenant mix in Dollar Tree, Subway, Goodyear, and Chapel Hill Tire among others.

Steve Horvath and Ransome Foose of Berkeley Capital Advisors exclusively represented the seller in the transaction.

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Jan
13

Chapel Hill Apartments Sold

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notting hillARA has brokered the sale of Notting Hill, a 200-unit, Class A apartment community in Chapel Hill. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, a Dallas-based private real estate fund advised by Crow Holdings Capital-Real Estate. Atlanta-based Carroll Organization purchased the apartment community in a joint venture agreement with AIMS Real Estate for an undisclosed price.

Carroll Management Group will manage the apartment property, which was 95 percent occupied at the time of sale. The property’s amenity package includes a swimming pool, business center, fitness center, tennis court, playground, car care center, laundry center and coffee lounge. Built in 2000, the property is comprised of one-, two- and three-bedroom units.

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Aug
28

Harris Teeter Anchored Retail Center Sold

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Berkeley Capital Advisors  has announced the sale of Chatham Downs, an 80,110 SF grocery anchored retail center located at 88 Chatham Downs Drive in Chapel Hill, North Carolina. The Center is anchored by a 48,756 square foot Harris Teeter and a 16,800 square foot Town & Country Hardware store. It is within five miles of Governor’s Club and the planned Booth Mountain residential development. The sales price was not disclosed.

Rob Carter, Alex Quarrier, and David Webb represented the sellers, Shiner Capital Partners and Lat Purser & Associates, in the transaction of the property, which sold to a 1031 exchange buyer.

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Sep
23

Chapel Hill Retail Center Sold

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Berkeley Capital Advisors has announced the sale of Cole Park Plaza, a 82,282 SF Dollar General anchored center located at 11500 US Highway 15-501 in Chapel Hill, North Carolina. According to Loopnet, 7 stores, representing approximately 52% of the center, are currently vacant.

Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.

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