Archive for Charlotte

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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Mar
31

Is Charlotte Near the End of the CRE Boom?

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charlotte 2016If Charlotte’s real estate boom were a baseball game, the general consensus seems to be we’d be somewhere between the seventh inning stretch and heading for the stadium exits.

That’s what a panel of experts concluded at the annual Charlotte Commerical Forecast, hosted Wednesday by the North Carolina Chapter of the CCIM Institute at Carmel Country Club. While they agreed that 2016 is likely to be another good year, all kinds of uncertainties – from the presidential election to the state of China’s economy to interest rate hikes in the U.S. – could derail the local real estate market beyond that.

“We’re somewhere between the seventh and the ninth inning,” said Mark Vitner, Charlotte-based economist for Wells Fargo. He was trying to quantify where Charlotte is in the real estate cycle before the next bust hits.

Local economic indicators are mostly positive. Apartments are under construction at a record pace in Charlotte, with about 25,000 either planned or underway. Office buildings are being built from uptown to Ballantyne, and the $284 million sale of One Wells Fargo Center that closed last week set a new record as the most paid for an office building in the state. Home prices are rising, and jobs growth continues in Charlotte.

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Mar
17

Real Data: Charlotte Apartment Vacancy at 6.2%

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real data LogoAccording to the latest issue of the Charlotte Apartment Report published by Real Data, the average vacancy rate for apartments in the Charlotte metro area is now 6.2%. Demand remains strong with nearly 6,000 units absorbed over the past year. Same-unit rents continue to grow and the average rental rate is now $1,011 per month.

Charlotte has one of the most active development pipelines in the country, with nearly 13,000 units currently under construction and another 13,000 units proposed. The Southeast-1 submarket is the most active with close to 2,500 units currently under construction. This submarket includes the South End and Southpark neighborhoods. The average vacancy rate for Southeast-1 is 11.3%, with rents at $1,332 per month or $1.405 per square foot.

As a wave of new supply comes on-line in the next year, the average vacancy rate could approach 8.0%. Rent growth will be hindered as new communities compete for renters.

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Feb
09

Charlotte Apartments Sold for $58,200/Unit

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forest at chasewoodEller Capital Partners and affiliate PEG Capital Management have recently sold a Charlotte multifamily community to an out-of-state investor. The property in question was Forest at Chasewood Apartments, which sold for $12.8 million.

Located at 1600 Chasewood Drive, Forest at Chasewood Apartments features 220 units with studio, one- and two-bedroom apartment floorplans. Community amenities include a resort-style swimming pool, carwash center, two laundry facilities and resident activity program. It was built in 1985.

“The Forest at Chasewood is located in an area of Charlotte that has undergone significant revitalization over the last few years,” said Daniel Eller, president & CEO of Eller Capital Partners. “We acquired the property at a time when its operations were distressed and we were able to very quickly improve and optimize the performance. As return-driven investors, the timing is right for us to sell, but I have no reason to believe that either the property or the Monroe Road corridor will do anything but continue to improve over the next few years.”

This property is the second Charlotte apartment community that Eller Capital Partners has sold in the last few months. In August 2015, it sold Laurel Walk Apartments on Providence Road for $7.38 million to a Los Angeles-based multifamily real estate investor.

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Jan
26

Charlotte’s Accenture Credit Services Building Sold

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8336 forest parkCushman & Wakefield announced today the sale of the Accenture Credit Services Building, a 60,447 square foot, single-tenant building in Charlotte, NC, to a private investor. Rob Cochran and Jared Londry of Cushman & Wakefield’s Charlotte Capital Markets Group represented the seller.

The Accenture Credit Services Building is a Class A, single-story office building that features high-density parking and work areas. The building is located at 8336 Forest Point Boulevard, near the interchange of Interstate 77 and Interstate 485 within the prestigious Forest Park development. Forest Park is comprised of eight attractively designed office buildings and several hotels and restaurants.

“With more than six years of lease term remaining with a top tier tenant, the Accenture Credit Services Building presented investors with the opportunity to acquire a Class A asset with an above-market parking ratio and a secure income stream in a rapidly improving submarket,” said Mr. Cochran.

“This offering attracted significant interest from a broad range of investors who were focused on the term and tenant credit and the quality of the physical asset,” said Mr. Londry. “Investors realized that buildings with high-density features like the Accenture Credit Services Building are in short supply and high demand.”

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Dec
16

Two Charlotte Apartment Communities Sold for $26.9 Million

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Delta-Crossing-ApartmentsEmma Capital Investments Inc. recently announced the addition of two multifamily properties to its portfolio. The company purchased the properties, Delta Crossing Apartments and Cameron at Hickory Grove, for a combined price of $26.9 million. The garden-style apartment communities are within 1 mile of each other.

Located at 5625 Keyway Blvd., Delta Crossing Apartments was constructed in 1989 and offers 178 units, while the second asset, the 202-unit Cameron at Hickory Grove, is located at 5625 Keyway Blvd. and was constructed in 1987.

Both properties are in the heart of East Charlotte, a strong performer apartment submarket experiencing healthy public and private development. Charlotte leads the Southeast in terms of population growth and emerging industries, and its job growth is outpacing that of the U.S., according to MultiFamilyBiz.com. Demand for the East Charlotte area is also driven by its close proximity to the employment hubs of Uptown and University City. Rental prices at the Delta Crossing Apartments range from $745 to $1,021, and at the Cameron at Hickory Grove rental prices start at $602 and reach $822.

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Dec
16

32 Story Charlotte Office Building Sold

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121-west-trade-ext-3868 emailHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has closed the sale of 121 West Trade Street, a 32-story, 330,483-square-foot, Class A office building in Charlotte, North Carolina.

HFF marketed the property on behalf of the seller, a partnership controlled by The Dilweg Companies. LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, in conjunction with their local affiliate Lincoln Harris, purchased the asset on behalf of a pension fund client.

121 West Trade Street is situated in the heart of Charlotte’s downtown, within walking distance of nearly all of the city’s amenities and attractions including The EpiCentre, Spirit Square Center for the Arts, Discovery Space Center, Time Warner Cable Arena, the Levine Center for the Arts, and the new Gold Line streetcar system, connecting to the entire light rail system. The property has efficient connectivity to Interstates 277, 77 and 85, and is within 20 minutes of the Charlotte Douglas International Airport and 15 minutes from SouthPark, a popular Charlotte shopping destination. 121 West Trade Street’s largest tenant is Chicago Bridge & Iron. Additional tenants include SAS Institute, Caudle & Spears and Brookwood Associates. The property also features the Charlotte City Club on the top two levels and parking on levels two through nine.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter.

 

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Nov
23

Charlotte and Columbia Hampton Inns Sold

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two soldLowe Enterprises Investors (“LEI”), in joint venture with a foreign investment client, has acquired the Hampton Inn & Suites Charlotte-Arrowood Road, located at 9110 Southern Pine Boulevard in Charlotte, NC and the 110-room Hampton Inn Columbia Northeast-Fort Jackson, located at 1551 Barbara Dive in Columbia, SC.

Hampton Inn & Suites Charlotte-Arrowood Road – The 100-room Hampton Inn & Suites Charlotte-Arrowood Road is located in the growing I-77 corridor area of Charlotte and near the Charlotte Beltway as well as Interstate 77. The property enjoys proximity to many of the area’s major employers, including Microsoft, Xerox, Siemens, GE, Walmart, Novant Health and Rockwell Automation, as well as the popular Carowinds Amusement Park. Built in 2000, the property features a fitness center, business center, onsite convenience store, complimentary shuttle, complimentary breakfast and pool.

Hampton Inn Columbia Northeast/Fort Jackson – The 110-room Hampton Inn Columbia Northeast-Fort Jackson is located near both Interstate 77 and Interstate 20 in Columbia approximately four miles from Fort Jackson, the U.S. Army’s largest training base. The property is also near several of the area’s major employers including Security Finance, Blue Cross and Blue Shield of South Carolina and Life Care Center of Columbia. The hotel features a fitness center, business center, complimentary breakfast and pool.

LEI will invest $3.6 million in capital improvements to the properties, including upgrades to building exteriors, public spaces and guestrooms. Terrapin Investments and Management will continue to operate both properties.

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Nov
19

Concord FedEx Ground Facility Sold

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fedex ground logoMonmouth Real Estate Investment Corporation has announced the acquisition of a new 330,717 square foot industrial building located at 4690 Global Avenue NW, Concord, North Carolina. The property was acquired on Friday, November 13, 2015, at a purchase price of $31,975,897 and is net-leased for 10 years to FedEx Ground Package System, Inc., a Delaware corporation. The building is situated on approximately 59.4 acres.  The cap rate was not reported.

Michael P. Landy, President and CEO, commented, “We are very pleased to add this brand new Class A built-to-suit FedEx distribution center to our portfolio. This large 59.4 acre property is ideally situated right off of Interstate 85. The Charlotte MSA is a prime center for logistics and distribution facilities as well as the second largest banking center in the U.S. FedEx continues to experience substantial growth as a result of the on-going migration to e-Commerce.”

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Nov
05

ReisReports: NC Vacancy Snapshot

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Oct
14

Charlotte Retail Center Acquired as Part of Portfolio

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matthews cornersViking Partners Fund III, LLC , a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets in the Midwest and Southeast United States, announced the acquisition of three retail shopping centers for an aggregate purchase price of $59.0 million. The addition of these properties to Fund III’s portfolio expands the company’s presence in Illinois and represents the first acquisitions for Fund III in Florida and North Carolina.

Matthews Corners, located in Matthews, North Carolina is a 167,459 square foot shopping center anchored by national tenants including Marshalls, Hobby Lobby and Jersey Mikes. The property is located 11 miles south of Charlotte and benefits from a strong and growing population with approximately 158,000 people within 5 miles of the shopping center. Matthews Corners was 76 percent occupied at the time of acquisition, providing upside potential through the leasing of 40,000 square feet of vacant retail space.  The allocated purchase price was not provided.

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Sep
21

Charlotte Industrial Building Sold for $56/sf

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sold_sign65A 160,000-square-foot industrial building located in Monroe, owned by Monmouth Real Estate Investment Corp., was recently sold for $9 million. The property’s buyer is Charlotte Pipe and Foundry Co., the tenant of the industrial building.

“We are pleased to announce the sale of our Monroe, North Carolina facility to our Tenant, Charlotte Pipe and Foundry. Our net sales proceeds of $8.8 million less our current carrying book value of $3.8 million will result in a realized gain of $5.0 million representing a 57 percent gain over our original cost basis and a 132 percent gain over our current depreciated GAAP basis,” said Michael P. Landy, president & CEO of Monmouth.

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Aug
27

Ziff Acquires Matthews Festival Shopping Center

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ziff-properties-logoZiff Properties, Inc. today announced the acquisition of Matthews Festival Shopping Center, a 127,817-square-foot retail center ideally located at the corner of E. Independence Boulevard and Matthews Township Parkway in Matthews, NC. The property was acquired for $8.150 million. National and regional tenants include Big Lots, Miracle Ear, Springleaf Financial, Merle Norman Cosmetics, Tequilerias and Tamarind Fine Cuisine of India. Ziff Properties plans to renovate the center and is in various stages of discussion with several new tenants. Bryan Wyker of The Providence Group represented Ziff Properties in the acquisition and will continue to work on repositioning efforts along with Alex Kelly of Tribek Properties.

Director of Acquisitions and Chief Operating Officer, Christian Chamblee says, “Our business revolves around neighborhoods and furthering the importance of each of our shopping centers to the community. With its current occupancy levels and opportunities for enhancement, Matthews Festival is an ideal fit.”

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Jun
10

John Street Market Sold by Berkeley Capital

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john street marketBerkeley Capital Advisors has announced the sale of John Street Market, a 13,888 SF retail center located in Matthews (Charlotte MSA), North Carolina. Located in attractive Matthews, NC, a submarket of Charlotte, the center benefits from strong demographics of 56K people within 3 miles and an average household income of $99K. Located 11 miles south of uptown Charlotte.

The center is situated on 1.61 acres and was built in 2008. According to Loopnet, the net operating income is $224,457, and the asking cap rate was 8.5%.

Rob Carter, Alex Quarrier, David Webb, and Rad von Werssowetz represented the seller.

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Apr
15

Publix to Buy Two Lowes Foods Stores in NC

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publix over lowesPublix Super Markets Inc. and Lowes Foods, LLC, have announced the companies have entered into an agreement under which Publix is expected to purchase two closed and vacant Lowes Foods stores in North Carolina:

  • 1949 Hoffman Road, Gastonia and
  • 3480 Kildaire Farm Road, Cary.

The transaction is projected to close later this month and includes two leased store locations and one leased fuel station. Financial terms of the transaction were not disclosed.

“We’ve opened eight stores in North Carolina within the past year, solidifying our commitment to growth within the state,” said Publix CEO Ed Crenshaw. “Our associates continue to provide customers with premier service, quality products and an enjoyable shopping experience. As the largest employee-owned supermarket in the nation, our associates are passionate about serving customers, and meeting and exceeding their expectations. Our service-oriented culture is continuing to foster a loyal customer following in North Carolina and across all our market areas.”
“As a homegrown grocer serving our guests in the Carolinas since 1954, we continue to be excited about the future of Lowes Foods,” said Lowes Foods President Tim Lowe. “The sale of these closed and vacant store locations is part of our comprehensive growth strategy that includes accelerating investment in rebranding existing stores, building new stores, and evaluating strategic marketplace opportunities.”

Grand opening dates for the two locations will depend on the scope of the remodels. Publix does not intend to operate the fuel station.

Categories : Charlotte, Durham, Raleigh
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