Archive for Charlotte

Aug
04

Concord FedEx Facility Sold

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sold_stamp redMonmouth Real Estate Investment Corporation (NYSE: MNR) today announced the acquisition of a brand new 354,482 square foot industrial building located at 4350 Fortune Avenue, Concord, NC at a purchase price of $40,598,446. The property is net-leased for 15 years to FedEx Ground Packaging System, Inc., a Delaware corporation. The building is situated on approximately 56.6 acres.

Michael P. Landy, President and CEO, commented, “We are very pleased to announce this new addition to our high-quality portfolio. This state-of-the-art facility is immediately adjacent to our recently constructed FedEx SmartPost facility. As the result of this new acquisition, we now own a two property campus in the Charlotte market containing 685,200 total square feet. This 116 total acre campus is situated alongside Interstate 85.”

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Jul
27

Where Does Integra Do Commercial Appraisals?

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While Integra Realty Resources has offices all over the United States and the Caribbean, the market coverage that Integra has in the Carolinas is unmatched. We have offices in Charlotte, Raleigh, Columbia, Greensboro and Charleston. To give you an idea of the markets that we have worked in, check out the map below. These are the appraisal assignments that our Carolinas appraisers have completed…..just so far this year.  Call me if I can assist with your appraisal needs in the Carolinas.

Carolinas assignments

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Jun
28

Charlotte Self Storage Supply to Increase 6.8%

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There are 22 new self storage facilities under construction in the the Charlotte, NC MSA, which would represent a 6.8% increase in total existing supply if all projects were completed. This is the 14th largest increase in the nation according to The Pipeline Report, which is published by STR.

charlotte self storage

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Apr
06

What is the Hottest Area in Charlotte?

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About 1.8 million square feet of office space, more than 1,400 apartments, an expansion to the city’s most prominent gym, uptown’s first full-size grocery store – and that’s just what’s actually under construction in the approximately one mile radius covering Stonewall Street down to the upper part of South End.

charlotte map

Throw in what’s still on the drawing boards and you can add two hotels, another office tower, along with hundreds more apartments, shops and restaurants. In a city that’s booming, the Stonewall Street corridor and the area just south of it in Dilworth and South End makes a strong case for Charlotte’s busiest area.

READ MORE HERE

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Feb
02

HFF Closes Sale of 1 Million SF Industrial Facility Near Charlotte

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RSI smallHolliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of RSI Distribution Center, a one million-square-foot, Class A, state-of-the-art bulk distribution facility in the Charlotte-area community of Lincolnton, North Carolina. HFF marketed the property on behalf of the seller, 838 Lincoln County Parkway LLC. A private investor purchased the asset.

RSI Distribution Center is fully leased on a triple net basis through August 2029 to RSI Home Products, Inc., North America’s leading manufacturer of kitchen, bath and home storage cabinets. Completed in 2004 for RSI, the facility has been expanded three times since 2005, including a 225,000-square-foot addition delivered in 2014. The building features tilt-up concrete exterior panels, 30’ minimum clear height, 130’ truck courts in the front, 180’ truck courts in the rear, 88 dock doors, four overhead drive-in doors, 7,500 square feet of office space and 155 dedicated trailer storage positions on site. The site has an additional 141,000 square feet for a future expansion. Situated on 82 acres at 838 Lincoln County Parkway, RSI Distribution Center is within the 680-acre, master-planned Lincoln County Industrial Park. The park is on the U.S. Highway 321 Inter-Connector, a four-lane thoroughfare that connects Interstate 85 with Interstate 40, in the northern part of the Charlotte MSA. This offers the property direct access to the Southeast and Mid-Atlantic main population centers and primary distribution channels.

The HFF investment sales team representing the seller was led by senior managing director Chris Norvell and associate director Patrick Nally.

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Jan
23

Words Like ‘Cautious’ are Heard in Charlotte CRE Forecasts

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cautionIt’s commercial real estate forecast season in Charlotte – I’ve been to three in the past week – and the general consensus seems to be that 2017 is shaping up to be sort of an “eh” year.

That’s a very precise business term, of course. Experts and real estate professionals seem agreed that while Charlotte’s white-hot pace of growth in everything from rent to new construction might slow down a bit this year, there aren’t any big, flashing signs warning “Crash ahead!”

Put another way, most professionals don’t think we’re sitting on top of another pre-recession bubble here, a la 2006 and 2007. They point to Charlotte’s strong fundamental metrics: A growing number of jobs, influx of new population and major public investments such as the Blue Line light rail extension set to open this year.

READ MORE HERE

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Nov
08

Rivergate KW Residential Acquires NC Apartment Communities

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sold signsRivergate KW Residential, a multifamily property management company based in Miami, is continuing its growth in the Carolinas, recently taking over operations of 621 new multifamily units. The company added four new communities to its portfolio over the last few months.

In September, Rivergate took on the management of Vistas @ 707, a 190-unit property in Charlotte’s Uptown area, consisting of one, two and three bedrooms and amenities like a game lounge, fitness center and saltwater pool.

The acquisitions also include Cedar Flats, a new, 82-unit boutique community, located in Charlotte Center City.

Retreat at the Park, a new 249-unit apartment community in Burlington, N.C., is now under Rivergate’s operation, too.

In Charlotte’s SouthPark neighborhood, the company acquired Mezzo1, a 100-unit boutique community with studio, one- and two-bedroom apartments.

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Sep
28

Inland Acquires Charlotte Apartments

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vanguardInland Real Estate Acquisitions facilitated the acquisition of Vanguard Northlake, a newly developed 204-unit multifamily property located in Charlotte, North Carolina. Terms of the acquisition were not announced.

Vanguard Northlake consists of eight three-story buildings containing 60 one-bedroom, 108 two-bedroom and 36 three-bedroom units. Each unit includes granite countertops, gourmet kitchens, nine-foot ceilings, oversized walk-in closets, a nine-inch television built into the master bathroom mirror, a full-size washer and dryer and a private balcony or patio. The property offers residents a variety of community amenities, including an outdoor saltwater swimming pool, a state-of-the-art fitness center, an outdoor grilling kitchen, a fireside lounge, a sun deck with cabanas, a dog park, bicycle storage and a business center. As of the acquisition date, the property was 95 percent leased.

Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

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Sep
26

Norvell Real Estate Group, LLC Announces Sale Transactions

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norvell logoRaleigh, NC –Frank Norvell, SIOR of Norvell Real Estate Group, LLC and Paul Hartley, SIOR of NAI Avant represented the buyer, REVA Kay Shannon Oaks, LLC in the purchase of Shannon Oaks Office Building , a 57,000 SF 2 story property located at 201 Shannon Oaks Circle, Raleigh, NC for $7,000,000. The seller, Shannon Oaks Holdings, LLC was represented by Avison Young NC, LLC

Greer, SC – Drayton Calmes of Norvell Real Estate Group, LLC represented the buyer, a private investor, in the purchase of a Burger King ground lease located at 6025 Wade Hampton Blvd., for $1,500,000. The seller, Commerce Parkway, LLC was represented by David Hampton of Hampton Investment Properties, LLC.

N. Charleston, SC – Drayton Calmes of Norvell Real Estate Group, LLC represented the buyer, Benbrooke Dorchester Partners, LLC in the purchase of Evanston Plaza, a 70,000SF neighborhood retail center located at 5335 Dorchester Road for $3,025,000.

Charlotte, NC – Frank Norvell, SIOR of Norvell Real Estate Group, LLC represented the buyer, REVA Charlotte Corporate Center, LLC in the purchase of a 20,000 SF REGUS office building located at 6047 Tyvola Glen Circle for $3,975,000.

Austin, TX – Drayton Calmes and Frank Norvell, SIOR of Norvell Real Estate Group, LLC represented a private investor in the purchase of a newly developed $3,200,000, 10,000 SF Learning Experience Daycare facility located in the Brushy Creek area. The developer, Wytex BTS, was self-represented.

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Aug
19

Indianapolis Developer Eyes South Carolina

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milhaus carolinasMilhaus, an award-winning developer that specializes in Class A urban infill, mixed-use and multifamily residential buildings, announces it is expanding its footprint to the Carolinas market. To lead the company’s new development efforts in the Southeast region, Milhaus hired Rachel Russell to serve as vice president of development for the Carolinas.

With the company’s goal to develop and acquire properties with a market value exceeding $4 billion by 2020, Milhaus identified the Carolinas as an extremely desirable market for expansion due to the region’s strong job growth and high demand for multifamily and mixed-use properties in urban neighborhoods. Milhaus currently has a site under contract in Asheville, North Carolina, and Russell will be actively looking for other sites within the Carolinas.

Based in Charlotte, North Carolina, Russell will be responsible for managing the development lifecycle of each project in this new market, including land acquisition, financial analysis, market research, product visioning, construction management and transitioning to operations. She brings extensive multifamily and mixed-use property development experience in the Carolinas to her new role at Milhaus. Prior to joining the company, she served as vice president, real estate development at Charlotte, North Carolina-based multifamily and mixed-use developer Grubb Properties.

News of the company’s recent Asheville, North Carolina site under contract follows other recent site acquisitions in Nashville, Tennessee and Tampa, Florida. With 11,400 apartment units under management and in development this year, the company is pursuing strategic growth opportunities in new and existing markets to reach its goal of having 20,000 units in 10 markets by 2020.

 

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Jul
14

Charlotte Apartments Sold for $24 Million

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money countingAn Atlanta-based firm has purchased Oak Pointe Apartments in University City for $24 million.

The property, renamed Magnolia Terrace, is a 264-unit, B-class community at 8301 Paces Oaks Blvd. It will be managed by RADCO Residential, the proprietary management platform of The RADCO Cos. Magnolia Terrace is RADCO’s first North Carolina community.

RADCO plans to spend at least $3.2 million on capital improvements to modernize and upgrade the community, according to a company statement. RADCO financed the acquisition and forthcoming improvements using private capital and by assuming fixed-rate Fannie Mae debt from the seller, Coheritage Oak Pointe LLC.

Magnolia Terrace is within Charlotte’s University City submarket. Construction is currently underway to extend the Lynx Blue Line light rail within a mile from the community, putting residents within walking distance to the Charlotte Area Transit System. The light-rail buildout is expected to spur economic growth in the area.

“Charlotte’s rapid-fire economic growth and strong governance have made it one of the most attractive regions in the country for job growth,” said Norman Radow, founder and CEO of The RADCO Cos., in a statement. Magnolia Terrace is a “textbook-great real estate” because of its location and the value-added opportunity, he added.

READ MORE HERE

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Jun
22

Three Charlotte Self Storage Facilities Sold

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sold stamp blueMarcus & Millichap has arranged the sale of a three-property, 881-unit self-storage portfolio located in metro Charlotte, N.C. The buyer, a hedge fund, was also secured by the group.

The properties included in the portfolio are:

  • Highway 70 Self Storage, 344 units in Newton, N.C.
  • North Cannon Self Storage, 302 units in Kannapolis, N.C.
  • Shelby Self Storage, 235 units in Shelby, N.C.

All three facilities are located in Greater Charlotte, within a short distance from each other. With an estimated population of 2,500,000 residents, the Charlotte metro area is the most populous in North Carolina and the sixth largest MSA in the Southeast United States. By 2020, the metro is expected to have a 58.6 percent population growth from 2000.

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May
31

Charlotte Harris Teeter Anchored Center Sold

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mintworth commonsBerkeley Capital Advisors has announced the sale of Mintworth Commons in Charlotte, NC. The 64,080 SF shopping center is anchored by Harris Teeter. Mintworth Commons is an attractive neighborhood center in southeast Charlotte, bordered by Margaret Wallace Rd. and Idlewild Road. The center was built in 2006, and has close proximity to Mint Hill and Matthews with easy access to I-485. Small shop space and outparcels are available.

Rob Carter, David Webb, Alex Quarrier, and Rad von Werssowetz of Berkeley Capital Advisors represented the seller in this transaction.

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Apr
11

Charlotte Office Buildings Sold for $33.8 Million

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Fairview Corporate Center_01Two office buildings in SouthPark have sold for $33.8 million.

Beacon Partners sold Fairview Center One and Two to ROC III Fairlead Fairview Center Owner LLC, a subsidiary of Marietta, Ga.-based Fairlead Commercial, in a deal that closed Friday, according to real estate records. Fairview Center One is a seven-story, 118,867-square-foot Class-A office building constructed in 1984. Fairview Center Two is a four-story, 62,781-square-foot Class-B office building completed in 1968.

CBRE represented Beacon in the transaction. Beacon listed the property late last year with CBRE after purchasing the buildings, located at 6302 and 6230 Fairview Road, for $26.2 million in 2014 from Metlife Inc.

The purchase of Fairview Center One and Two marks Fairlead Commercial’s first foray into North Carolina real estate. The company owns office buildings throughout Georgia and Florida. Its business includes investment management and advisory services, as well as property management, leasing and development.

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Apr
06

Xceligent Brings Commercial Information Platform to Charlotte

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logo_xceligent_hiresXceligent, a leading provider of commercial real estate information and technology, has signed an agreement with the Charlotte Region Commercial Board of REALTORS® (CRCBR) to launch its proactively researched platform in the market. Xceligent has successfully brought its service to over 45 US markets and is launching its research product into the top 65 markets by 2018.

“We’re currently on an accelerated launch timeline to bring a viable competitor across the US for commercial real estate professionals,” said Doug Curry, CEO of Xceligent. “We’re excited to work with the CRCBR, as they have been the recognized voice of commercial real estate in Charlotte for over 20 years and Charlotte has always been a cornerstone to our plans to bring our product to the Carolinas.”

CRCBR members have been relying on a broker-loaded system for their technology and information needs, provided by Karnes, for over a decade. Xceligent acquired Karnes in January 2015 and converted the Raleigh-Durham market over to its proactive research platform later that year. Now Charlotte’s commercial professionals will have access to Xceligent’s expanded universe of property & listing information, verified sales comps, verified tenant information, lease comps, National access, and more.

Xceligent has already driven the entire market area, acquired a tax-base of data for the region, physically site-inspected over 36,000 properties, researched 12-months of sales transactions, and begun the tenant verification process for all office, industrial, and retail buildings over 10,000 square feet. Xceligent’s market analysts will then call every listing agent to update their listing information and gather any new listings not identified during the market drive. Xceligent’s team of market analysts will continue to contact every agent or firm on a monthly basis, utilizing custom data strategies, to maintain listing information.

Andrew Jenkins, EVP of Xceligent (and Managing Partner of KARNES) said, “The new Xceligent platform, combined with KARNES’ 25 years of analytic research in the Charlotte region, will provide area commercial real estate brokers with access to information never before seen in the Charlotte region. Our combined efforts and the continued relationship with CRCBR and its industry-leading members ensure that subscribers have access to the most comprehensive and accurate solution in the marketplace.”

Xceligent will create peer-nominated Top Producer Advisory Boards for each building type (office, industrial, and retail), who will certify each transaction in the market every quarter. These local boards will also make decisions on submarket boundaries, tracked set inventory, definitions of specific uses, and more that will allow Xceligent to provide industry-aligned market reports and analytics. Xceligent’s Advisory Boards are a key differentiator that have generated a reputation for the company of superior data quality in each of its markets.

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