Archive for Fayetteville
Berkadia Sells Nine Apartment Communities in the Carolinas and Georgia
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Berkadia has announced the closing of four separate multifamily transactions in May throughout the Carolinas and coastal Georgia, totaling more than $115 million and 1,900 units. Senior Director Mark Boyce of the Charleston office led the sales.
“Market fundamentals are solid in the Carolinas, which have been reflected by overall investor appetite,” said Boyce. “The region’s sustained employment growth has paved the way for strong apartment performance, and it’s a trend that we expect to continue.”
Highlights include a six-property portfolio located in Columbia, South Carolina, and Fayetteville, North Carolina. Managing Director Cole Whitaker of the Orlando office and Senior Director Paul Vetter of the Atlanta office worked closely with Boyce to successfully sell the 1,520-unit portfolio, which was purchased by Charleston-based Middle Street Partners, LLC. Properties included:
- Hampton Greene, Saint Andrews Commons, The Waterford at Columbia, Gable Hill and Forestbrook located in Columbia; and
- Chason Ridge located in Fayetteville.
In three different transactions, Boyce, alongside Associate Blake Coffey of the Charleston office, facilitated the sale of:
- Serenity Apartments at Greenville located in Greenville, South Carolina – Sold by Elevation Financial Group to a New York-based limited liability company.
- The Reserve at Altama located in Brunswick, Georgia – Sold by Intersouth Realty Inc. to a Georgia-based LLC.
- Woodland Apartments located in Spartanburg, South Carolina – Sold by GHC Housing Partners to Upstate Property Rentals, LLC.
1.4 Million SF Industrial Property Sold
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Cushman & Wakefield | Thalhimer has announced the sale of a 1.4 million square foot industrial property known as WestPoint Home located at 19320 Airbase Road in Wagram, North Carolina. The Scotland County site included a warehouse and production facility, an active water and wastewater treatment plant, a modern four boiler steam plant, and timberland.
Cascades Tissue Group purchased the 1,438,571 sq.ft. property, situated on nearly 1,000 acres, and will immediately begin to upfit the facilities for a tissue plant. As a North American leader in the recovery, manufacturing and converting of green packaging and tissue paper products, the company will make a $55 million investment and create 68 new jobs. The total annual capacity for the new converting plant will be approximately 10 million cases on six converting lines, with the capacity to produce various tissue products including bathroom tissue, kitchen towels, paper napkins and hand towels for both the away-from-home and consumer products markets
Warren M. Snowdon, SIOR of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller, WP Properties Wagram, LLC.
Fayetteville Walgreens Sold
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Marcus & Millichap has brokered the sale of a 14,490-square-foot Walgreens store at 1600 Skibo Road in Fayetteville. The property, which sold for approximately $5.6 million, operates 24 hours a day and features a drive-thru pharmacy. The free-standing Walgreens unit was constructed in 2002 and a 60 year net lease established with the Walgreens Company. There is currently over nine years remaining prior to the first termination option for the tenant, which then continues every five years through the entire base term.
Michael Early of Marcus & Millichap’s southern Virginia office represented the seller, an individual trust, in the transaction. Ned Zivkovic and Alvin Mansour of The Mansour Group in Marcus & Millichap’s San Diego office secured and represented the buyer, a private investor. James Allen Smith of Marcus & Millichap assisted in the transaction.
Fayetteville Shopping Center Sold
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Berkeley Capital Advisors is pleased to announce the sale of Traemoor Village, a 76,325 SF retail center located in Hope Mills (Fayetteville MSA), North Carolina. The Center is anchored by Harris Teeter. Rob Carter, Alex Quarrier and David Webb of Berkeley Capital Advisors arranged the transaction.
Built in 2012, the center was 92% occupied at the time of sale. Harris Teeter occupies 53,365 square feet.
Todd Crouse, senior vice president and senior director of NorthMarq’s Raleigh regional office, arranged the acquisition financing based on a 10-year term and a 20-year amortization schedule. The loan was arranged for the borrower by NorthMarq through its relationship with a correspondent life company lender.
