Archive for Charlotte

Jul
14

Charlotte Apartments Sold for $24 Million

Posted by: | Comments Comments Off on Charlotte Apartments Sold for $24 Million

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

Categories : Charlotte
Comments Comments Off on Charlotte Apartments Sold for $24 Million
Jun
22

Three Charlotte Self Storage Facilities Sold

Posted by: | Comments Comments Off on Three Charlotte Self Storage Facilities Sold

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.

Categories : Charlotte
Comments Comments Off on Three Charlotte Self Storage Facilities Sold
May
31

Charlotte Harris Teeter Anchored Center Sold

Posted by: | Comments Comments Off on Charlotte Harris Teeter Anchored Center Sold

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.

Categories : Charlotte
Comments Comments Off on Charlotte Harris Teeter Anchored Center Sold
Apr
11

Charlotte Office Buildings Sold for $33.8 Million

Posted by: | Comments Comments Off on Charlotte Office Buildings Sold for $33.8 Million

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.

Categories : Charlotte, Uncategorized
Comments Comments Off on Charlotte Office Buildings Sold for $33.8 Million
Apr
06

Xceligent Brings Commercial Information Platform to Charlotte

Posted by: | Comments Comments Off on Xceligent Brings Commercial Information Platform to Charlotte

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.

Categories : Charlotte
Comments Comments Off on Xceligent Brings Commercial Information Platform to Charlotte
Mar
31

Is Charlotte Near the End of the CRE Boom?

Posted by: | Comments Comments Off on Is Charlotte Near the End of the CRE Boom?

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.

READ MORE HERE

Categories : Charlotte
Comments Comments Off on Is Charlotte Near the End of the CRE Boom?
Mar
17

Real Data: Charlotte Apartment Vacancy at 6.2%

Posted by: | Comments Comments Off on Real Data: Charlotte Apartment Vacancy at 6.2%

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.

Categories : Charlotte
Comments Comments Off on Real Data: Charlotte Apartment Vacancy at 6.2%
Feb
09

Charlotte Apartments Sold for $58,200/Unit

Posted by: | Comments Comments Off on Charlotte Apartments Sold for $58,200/Unit

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.

Categories : Charlotte
Comments Comments Off on Charlotte Apartments Sold for $58,200/Unit
Jan
26

Charlotte’s Accenture Credit Services Building Sold

Posted by: | Comments Comments Off on Charlotte’s Accenture Credit Services Building Sold

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.”

Categories : Charlotte
Comments Comments Off on Charlotte’s Accenture Credit Services Building Sold
Dec
16

Two Charlotte Apartment Communities Sold for $26.9 Million

Posted by: | Comments Comments Off on Two Charlotte Apartment Communities Sold for $26.9 Million

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.

Categories : Charlotte
Comments Comments Off on Two Charlotte Apartment Communities Sold for $26.9 Million
Dec
16

32 Story Charlotte Office Building Sold

Posted by: | Comments Comments Off on 32 Story Charlotte Office Building Sold

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.

 

Categories : Charlotte
Comments Comments Off on 32 Story Charlotte Office Building Sold
Nov
23

Charlotte and Columbia Hampton Inns Sold

Posted by: | Comments Comments Off on Charlotte and Columbia Hampton Inns Sold

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.

Categories : Charlotte, Columbia
Comments Comments Off on Charlotte and Columbia Hampton Inns Sold
Nov
19

Concord FedEx Ground Facility Sold

Posted by: | Comments Comments Off on Concord FedEx Ground Facility Sold

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.”

Categories : Charlotte
Comments Comments Off on Concord FedEx Ground Facility Sold
Nov
05

ReisReports: NC Vacancy Snapshot

Posted by: | Comments Comments Off on ReisReports: NC Vacancy Snapshot

reisreports3

Comments Comments Off on ReisReports: NC Vacancy Snapshot
Oct
14

Charlotte Retail Center Acquired as Part of Portfolio

Posted by: | Comments Comments Off on Charlotte Retail Center Acquired as Part of Portfolio

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.

Categories : Charlotte
Comments Comments Off on Charlotte Retail Center Acquired as Part of Portfolio