Archive for Durham

Sep
06

Raleigh Durham Apartment Vacancy at 5.4%

Posted by: | Comments Comments Off on Raleigh Durham Apartment Vacancy at 5.4%

real data LogoAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are currently more than 9,000 units under construction or proposed throughout the Triangle.

The average vacancy rate is now 5.4%. Demand remains strong with more than 2,000 units absorbed over the past six months. Over the same time period, there were more than 1,800 new units completed.

The average rental rate for an apartment in the Triangle is now at $1,101 per month, which is up from $1,064 one year ago.

The average vacancy rate is forecast to reach 5.0% in the coming year. Rental rates are expected to grow by 4% over the same time period.

Categories : Durham, Raleigh
Comments Comments Off on Raleigh Durham Apartment Vacancy at 5.4%
Aug
11

NGKF Closes Three NC Deals for Life Science Firms

Posted by: | Comments Comments Off on NGKF Closes Three NC Deals for Life Science Firms

NKF-logoNewmark Grubb Knight Frank (NGKF) has closed three tenant representation transactions in the Raleigh-Durham market in North Carolina, for major life science firms including a headquarters’ relocation and consolidation for Parata Systems; a renewal and expansion that significantly increases the footprint of Laboratory Corporation of America® Holdings (LabCorp®); and SynteractHCR’s move to Research Triangle Park for larger space to accommodate steady growth of its operations to support global clinical trials. Executive Managing Director Brad Armstrong and Director Doug Brock of NGKF represented all three tenants in the deals that combined include more than $25 million and 224,000 square feet.

  • Parata, a pharmacy technology firm, will relocate to a build-to-suit headquarters at Alexander Industrial Park in Durham. The move also consolidates two Durham locations — corporate offices as well as a manufacturing and distribution center — into new one building with two floors totaling 100,000 square feet.
  • LabCorp, the world’s leading healthcare diagnostics company, renews at Eastridge at Perimeter Park in Morrisville in two buildings with a mix of office and laboratories totaling 87,000 square feet.
  • SynteractHCR, a clinical research organization, is relocating to 430 Davis Drive in Durham and expanding from 11,078 square feet to 23,403 square feet. The company will occupy the fifth floor in a prominent location along the Triangle Expressway and Research Triangle Park submarket.

“These facilities maximize efficiencies to support business objectives and future growth for three distinctly different life science leaders. Parata, LabCorp and SynteractHCR each found the ideal space to improve operations, mitigate costs and strengthen culture,” Brock said.

Categories : Durham, Raleigh
Comments Comments Off on NGKF Closes Three NC Deals for Life Science Firms
Jul
26

Durham Industrial Portfolio Sold by HFF

Posted by: | Comments Comments Off on Durham Industrial Portfolio Sold by HFF

hff logoHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has closed the $35 million sale of a two-building, 100-percent-leased, Class A industrial portfolio totaling 448,385 square feet in Durham, North Carolina.

HFF marketed the property on behalf of the seller, Stoltz Real Estate Partners. Principal Real Estate Investors purchased the portfolio.

The portfolio comprises Tech Distribution Center and Tri-Center North V. The 245,000-square-foot Tech Distribution Center is located at 2012 T.W. Alexander Drive and features a two-story glass entrance along with 30’ clear heights, 50’ by 50’ column spacing, 180’ deep truck courts and 24 dock-high doors. Completed in 2001, the facility has approximately 28,000 square feet of office area (11.4 percent of the building). Located at 3500 Tri-Center Boulevard, the 203,385-square-foot Tri-Center North V is situated on 20 acres within Research Tri-Center, a 130-acre master-planned industrial park. Originally constructed as a built-to-suit for IBM, the facility has both a 185’ deep truck court and a 120’-130’ truck court, providing a significant opportunity for on-site trailer storage in addition to almost 20,000 square feet of office space (9.7 percent of the building). The portfolio is home to The Steel Network, Professional Mail, Phoenix Telecom and Iron Mountain (NYSE: IRM). Both properties are within the RTP/I-40 submarket, the largest industrial submarket in the Raleigh-Durham area, and are adjacent to Research Triangle Park with easy access to Interstates 40, 85 and 540.

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

Categories : Durham
Comments Comments Off on Durham Industrial Portfolio Sold by HFF
Aug
05

Real Data: Raleigh-Durham Apartment Vacancy Ticks Up

Posted by: | Comments Comments Off on Real Data: Raleigh-Durham Apartment Vacancy Ticks Up

up graphh2According to Real Date, the Raleigh-Durham metro area continues to be an active market for new development. There are currently more than 6,000 units under construction throughout the Triangle. In addition, there are 4,000 units proposed to be built.

The average vacancy rate has risen to 7.4% due to new units coming on line. Demand continues to be strong, with 5,000 units absorbed over the past year.

The average rental rate for an apartment in the Triangle is now at $1,008 per month, which is a significant increase compared to $938 one year ago. The average vacancy rate will continue to climb as new supply enters the market. Vacancies could reach 8% in 2016. Rent growth is expected to slow as new supply enters the market over the next eighteen months.

Categories : Durham, Raleigh
Comments Comments Off on Real Data: Raleigh-Durham Apartment Vacancy Ticks Up
Apr
15

Publix to Buy Two Lowes Foods Stores in NC

Posted by: | Comments Comments Off on Publix to Buy Two Lowes Foods Stores in NC

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
Comments Comments Off on Publix to Buy Two Lowes Foods Stores in NC
Feb
12

Raleigh-Durham Apartment Vacancy Rises

Posted by: | Comments Comments Off on Raleigh-Durham Apartment Vacancy Rises

up trend tiesAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There is currently close to 8,000 units under construction throughout the Triangle. In addition, there are nearly 5,000 units proposed to be built.

The average vacancy rate has risen to 7.3% due to new units coming on line. Demand continues to be strong, with more than 4,000 units absorbed over the past year.

The average rental rate for an apartment in the Triangle is now at $946 per month, which is a significant increase compared to $893 one year ago. The average vacancy rate will continue to climb as new supply enters the market. Vacancies could reach 9-10% in 2015. Rent growth is expected to slow as new supply enters the market over the next eighteen months.

Categories : Durham, Raleigh
Comments Comments Off on Raleigh-Durham Apartment Vacancy Rises
Jan
07

Xceligent and Karnes Team Up in the Carolinas

Posted by: | Comments Comments Off on Xceligent and Karnes Team Up in the Carolinas

xceligent KarnesXceligent, Inc., a leading provider of proactively researched commercial real estate information and marketing solutions, is pleased to announce it has made a strategic investment into Karnes Research Company, a North Carolina-based provider of commercial real estate analytics, information, and marketing solutions.

Xceligent will leverage Karnes’ renowned analytics, in addition to over 25 years of experience in the Carolinas, to both expand its coverage and further enhance its fully researched commercial real estate information. This relationship further enhances Xceligent’s ability to serve clients across the Carolinas.

“We are thrilled to have one of the industry’s best and longest serving providers of analytics join us as we continue to build a strong national alternative for commercial real estate information,” said Doug Curry, Xceligent founder and CEO. “Combining these two extraordinary teams creates a strong foundation for the expansion of our market analytics team and allows us to deliver best of breed information to the industry. Over the years, the Karnes professionals have established the reputation of being the best in the Carolinas market and we are excited to have them join Xceligent,” he added.

The Karnes partnership is yet another step in a series of steps intended to bring best-of-class technology offerings and additional data to accelerate the enhancement of Xceligent’s product offering and expansion of its footprint. In addition to its market reports and analytics services, Karnes offers a property-centric CIE solution and an apartment information solution. The partnership will create a strong footprint in the Carolinas, following last year’s launch in the Raleigh-Durham market.

Currently available in over 44 markets and expanding into the largest 65 US markets by 2016, Xceligent will next launch the Orlando and Houston markets and will work with Karnes’ subscribers and their local real estate association partners to expand into the Carolinas markets. Xceligent provides fully researched information and marketing tools for companies involved in buying, selling, leasing, developing, appraising or managing commercial real estate. Xceligent’s core research product provides a comprehensive inventory of commercial properties, available spaces, tenants, sales comparables, demographic information and mapping tools. Xceligent works closely with advisory boards comprised of the leading professionals in each market to quarterly review the market conditions by verifying tenant movement and completed transactions.

Categories : Charlotte, Durham, Raleigh
Comments Comments Off on Xceligent and Karnes Team Up in the Carolinas
Nov
13

Mixed Use Development Planned for Durham

Posted by: | Comments Comments Off on Mixed Use Development Planned for Durham

The Halle Cos., one of the most active developers in the state, has acquired a 300-acre site just off the Durham Freeway at Ellis Road where it plans to build a mix of single-family homes, townhomes, apartments and shops. The largely vacant site is expected to eventually be home to 600 single-family houses and townhomes, 600 apartments and about 60 acres of retail, said Stephen Fleischman, a vice president with the Silver Springs, Md.-based company.

The build out of the residential portion of the project is expected to take roughly five years, with work on the first batch of apartments expected to begin in the spring.

Although Halle believes there will be strong demand for retail at the Ellis Road exit of the Durham Freeway, Fleischman said the timing on that portion will depend on market conditions. “If the market’s hot, it goes quickly,” he said. “If the market’s not, it kind of sits there for a while.”

The project is another collaboration between Apex First Development and Halle Building Group, the two entities behind the Villages of Apex, a 202-acre development that also includes a mix of retail, single-family homes and apartments.

READ MORE HERE

Categories : Durham
Comments Comments Off on Mixed Use Development Planned for Durham
Nov
10

High Rise Mixed Use Planned for Durham

Posted by: | Comments Comments Off on High Rise Mixed Use Planned for Durham

A Charlotte real estate development firm is confirming plans to buy the Hendrick Durham Auto Mall property on Roxboro Street with major plans for a high-rise, mixed-use building project – once the dealership moves to its new home in south Durham next spring.

Charles Lindsey McAlpine, managing partner of Charlotte-based CitiSculpt, says he has a “hard” contract with Hendrick Automotive Group to buy the property from the auto company once the property is vacated in 2015. The Hendrick Durham Auto Mall, which sells Chevrolet, Cadillac, GMC and Buick cars and trucks, is relocating to a new dealership site near from The Streets at Southpoint mall.

McAlpine would not disclose terms of the downtown property deal, but the 12.5-acre site at 409 S. Roxboro St. has a tax value of nearly $7 million, according to Durham County records.

“In the meantime, we are actively controlling the property and working on variations of a master plan,” McAlpine says.

READ MORE HERE

Categories : Durham
Comments Comments Off on High Rise Mixed Use Planned for Durham
Aug
11

Real Data: Raleigh Apartment Vacancy Rises to 6.8%

Posted by: | Comments Comments Off on Real Data: Raleigh Apartment Vacancy Rises to 6.8%

The Raleigh-Durham metro area continues to be one of the hottest development markets in the country. Construction starts have exploded over the last two years and there are now more than 8,000 units under construction throughout the Triangle. In addition, there are nearly 5,000 units proposed to be built.

The average vacancy rate has risen to 6.8% as the first wave of new units start to come on line. Demand continues to be strong, with more than 2,400 units absorbed over the past six months. The average rental rate for an apartment in the Triangle is now at $938 per month compared to $893 six months ago.

The average vacancy rate will continue to climb as new supply enters the market. Vacancies could reach 9-10% in 2015. Rent growth is expected to slow as new supply enters the market over the next eighteen months.

Categories : Durham, Raleigh
Comments Comments Off on Real Data: Raleigh Apartment Vacancy Rises to 6.8%
Jul
07

Raleigh-Durham’s Office Vacancy Rate at 12.4%

Posted by: | Comments Comments Off on Raleigh-Durham’s Office Vacancy Rate at 12.4%

Nationwide, employers remain frugal in reoccupying office space. But Raleigh’s office market is expanding at a reasonable pace, local real estate experts say.

Employers have only reoccupied about 52 percent of the 142 million square feet of office space that went vacant amid the recession, with occupancy in the second quarter growing by 2.8 million square feet, according to data from real estate data firm Reis Inc.

A Kiplinger letter published July 3 indicates the recovery in the office market industry varies sharply according to the region, and regions hit hardest by the housing slump, such as Phoenix, Detroit and Las Vegas, will continue to see sluggish growth in the office real estate market. On the other hand, cities in the South may have bright futures. The rise in office vacancies caused by the recession is ebbing, making it a bit easier to raise rents. Additionally, hiring for jobs in business and health care — jobs that necessitate office spaces — is also gaining steam, Kiplinger’s letter states.

Raleigh-Durham’s office vacancy rate was 12.4 percent for the first quarter, down from 13.4 percent a year earlier.

READ MORE HERE

Categories : Durham, Raleigh
Comments Comments Off on Raleigh-Durham’s Office Vacancy Rate at 12.4%
Jun
17

Durham Industrial Portfolio Sold

Posted by: | Comments Comments Off on Durham Industrial Portfolio Sold

Cushman & Wakefield | Thalhimer’s Capital Markets Group represented Crown Realty & Development in the sale of a five-building class A industrial portfolio in Durham, NC. The five-building portfolio, located within Imperial Center Business Park, consists of 705,365 square feet and is 94% leased to a quality tenant roster. The properties are located within five miles of the Raleigh-Durham International Aiport and offer superior access throughout the market. Liberty Property Trust purchased the portfolio as an investment for $44,250,000.

Categories : Durham
Comments Comments Off on Durham Industrial Portfolio Sold
Mar
24

RTP Office Building Sold for $51/SF

Posted by: | Comments Comments Off on RTP Office Building Sold for $51/SF

The owners of the sprawling former Reichhold headquarters building at 2400 Ellis Road in Durham took a big hit when the property went to foreclosure auction last month.

According to Durham County records, the now-empty 332,000-square-foot building has been sold for $17 million to the highest bidder, an real estate investor group from Texas that was also carrying the note on the building loan, Orix USA.

The $17 million auction bid, the highest amount offered, was 69 percent less than the $55 million that RTP LLC paid for the building in 2007, according to county records. RTP LLC is an affiliate of the Michigan real estate firm Redico.

Categories : Durham, Raleigh
Comments Comments Off on RTP Office Building Sold for $51/SF
May
28

Hillsborough, NC Retail Center Sold

Posted by: | Comments Comments Off on Hillsborough, NC Retail Center Sold

Ziff Properties, Inc.  has purchased the 38,253 square foot small-shop retail portion of the Hampton Pointe development located at 525 Hampton Pointe Blvd in Hillsborough, NC. The purchase price for this 81% occupied asset was $6 million and the sale also included a pad for up to 35,000 sf future retail development. The class A retail shops are shadow-anchored by both Walmart Supercenter and Home Depot. Tribek Properties, the seller and master developer of Hampton Pointe, began incrementally developing the property in 2004. Hampton Pointe is located directly off the I-85 and Highway 86 and boasts an impressive list of national tenants including Sally Beauty Supply, Great Clips, Papa John’s Pizza, Verizon Wireless, Boost Mobile, and Subway.

Ziff Properties was self-represented by Christian Chamblee and Michael Pigg with Andrew Margulies of Marcus & Millichap representing the seller.

 

Categories : Durham
Comments Comments Off on Hillsborough, NC Retail Center Sold