Archive for Greensboro

Apr
30

HFF Announces Sale of Industrial Facility in the Triad Region

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saleHFF announces the $6.7 million sale of a 107,480-square-foot, fully occupied, industrial building located at 4160 Mendenhall Oaks Parkway in North Carolina’s Greensboro-Winston Salem-High Point area, which is known as the Piedmont Triad (or Triad).

The HFF team represented the seller, a partnership between a private company and Somerset Properties. Dalfen America Corp. purchased the asset.

The multi-tenant building serves as the headquarters for two of the three tenants. The building was constructed in 1997 and features 24-foot clear heights, 16 dock-high positions, two drive-in doors and the ability to add additional loading via 14 knock-out panels. The 4160 Mendenhall Oaks Parkway building is situated within the master-planned Mendenhall Business Park, which is located near a network of major transportation thoroughfares, including Interstates 40, 73 and 85, which is the industrial backbone of the Southeast. Additionally, the building is centrally positioned within the Airport/West Guilford submarket, the largest and most sought after industrial submarket in the Triad, and less than 10 miles from the Piedmont Triad International Airport.

The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally. HFF is also representing the seller in marketing the remainder of Mendenhall Business Park, which consists of four single-story office buildings and two multi-story office buildings.

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Apr
26

Berkeley Capital Brokers Mattress Firm in Greensboro

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berkeley capBerkeley Capital Advisors has announced the sale of the Mattress Firm in Greensboro, NC for $2.25MM, satisfying a 1031 tax exchange. Located at 2504 Battleground Avenue, Mattress Firm had 8 years remaining on the lease at time of sale. Steve and Ransome exclusively represented the seller in the transaction.

You can review the Loopnet listing HERE

Categories : Greensboro
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Mar
01

Two Student Housing Developments in the Carolinas Sold

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college housingARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro.

The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale.

In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.

Categories : Columbia, Greensboro
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Jul
26

North Carolina Apartments Sold for $42 Million

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sold stamp blueA new joint venture real estate investment group has made a $42 million investment in central North Carolina’s growing apartment market.

Kettler, a real estate development and property management firm based in Tysons, Virginia, has teamed with The Stillman Group of Scarsdale, New York, to acquire both the 144-unit Bridges at Chapel Hill apartment community in Carrboro and the 240-unit Waterford Place apartment community in north Greensboro for a combined $42 million.

The Kettler-Stillman partnership paid $15.5 million, or $107,639 per unit for the Carrboro property, according to Orange County records, and it paid $26.5 million, or $110,417 per unit, for the Greensboro property, according to Guilford County records.

In a separate news release about the deal, Kettler Chairman and CEO Robert C. Kettler stated that the investors plan to “enhance” operations at both communities with interior and exterior upgrades. Kettler’s property management arm has also taken over for previous owner and management company, Fairfield Residential.

READ MORE HERE

 

Categories : Chapel Hill, Greensboro
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Apr
27

Two Apartment Communities in the Triad Area Sold

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sold-signMulti Housing Advisors recently arranged the sale of two apartment communities located in the Triad Region of North Carolina in two separate transactions: 192-unit Spring Forest at Deerfield and 294-unit Chesterfield changed ownership for $27.1 million.

MHA’s Charlotte office team representing the sellers included Marc Robinson, Jordan McCarley and Watson Bryant.

Cottonwood Residential sold Spring Forest at Deerfield to Peak Capital. Located at 100 Willow Brook Court, the community features one-, two- and three-bedroom floorplans. The property features units ranging between 850 and 1,443 square feet and rent prices between $715 and $1,054, according to Yardi Matrix data.

Brown Investments sold Chesterfield to an undisclosed buyer. Located at 3411 Old Vineyard Road, the property features two- and three-bedroom floorplans. According to Yardi Matrix, unit sizes range between 882 and 1,057 square feet with rents between $595 and $810. Community amenities include a swimming pool, two laundry facilities and 610 parking spaces.

“As the Triad continues to expand its economy, embracing industries as diverse as aerospace, bioscience and logistics, the multifamily market remains steady,” said Robinson in a prepared release. “Investment capital has taken notice as Triad job growth remains positive and rent growth healthy.”

Categories : Greensboro
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Apr
07

875 Acres Under Contract for $14,850/acre

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RandolphBackers of the Greensboro-Randolph Megasite reached significant milestones this week in their plans to attract a major automotive manufacturer or other heavy industry.

The Greensboro-Randolph Megasite Foundation has signed a contract with Duke Energy to begin engineering studies to bring power to the site and another contract with an engineering firm that will design a large interchange to connect with U.S. 421.

In an exclusive interview Wednesday, Jim Melvin, the president of that foundation, said his group has signed Zapata-LJB, a preconstruction firm based in Charlotte, to conduct the environmental impact study for the interchange design. The foundation is an arm of the Joseph M. Bryan Foundation. The megasite foundation is using its private funds to pay for the power and road studies.

Just this week, North Carolina Railroad Co. said it soon would close on more than 800 acres it is buying to complete this nearly 1,400-acre site. Melvin also said that, within this quarter, his group would earn megasite certification with private consultant KPMG and the state of North Carolina.

READ MORE HERE

Categories : Greensboro
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Mar
02

Triad Brokers Bullish on Commercial Real Estate Market

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CCIM_logoLed by growth in the industrial and multifamily sectors, the Triad real estate market continues its rebound from the dark days of the recession, a panel of local brokers said Wednesday.
“We’re finally at the point in the market where landlords are having a choice as to who their tenants are,” said Tom Townes, partner with Triad Commercial Properties, talking about the industrial sector.

They shared their insights across the commercial real estate spectrum with hundreds of members of the Triad real estate industry during CCIM North Carolina’s Triad Market Forecast at the Greensboro Marriott Downtown.
In general, vacancies are down and the number of new construction projects is picking up to keep up with demand, with some upward pressure on lease rates across the sectors.

Chester Brown, president of Brown Investment Properties, said improvements in employment numbers are a key driver in the multifamily residential market in the Triad, which has about 63,000 units and a vacancy rate of about 6.7 percent.
Last year, the Triad absorbed about 1,900 new units, ahead of the annual average for the previous five years of about 1,500 units.

READ MORE HERE

 

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Jan
27

Greensboro Self Storage Facility Sold

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greensboro self storageFort Knox Self Storage, a 118,986-square-foot facility in Greensboro, N.C., was recently sold. The property at 1900 E. Bessemer Ave. sits on nearly 8 acres. It has 865 interior units, 107 of which are climate-controlled, 51 interior parking spaces and 38 outdoor parking spaces.

Brett R. Hatcher, an investment specialist in the Marcus & Millichap Columbus, Ohio, office, represented the buyer and seller with assistance from Raj Ravi, regional manager for the company’s North Carolina, South Carolina and South Virginia offices.

Categories : Greensboro
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Nov
05

ReisReports: NC Vacancy Snapshot

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reisreports3

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Oct
22

Real Data: Triad Apartment Vacancy at 6.7%

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real data LogoAccording to the latest report published by Real Data, the average vacancy rate for apartments in the Triad has improved to 6.7% in the last six months. Over the last two years the vacancy rate has remained below 7% in this market, despite an uptick in new construction. The development pipeline remains active with more than 3,000 units under construction and another 3,000 units proposed. Alamance County is the most active submarket with more than 800 units under construction.

The vacancy rate in Alamance County is currently 5.4%, but will likely rise as new supply enters the market. Apartments in the Triad now rent for $760 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at $1,079 per month.

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May
14

Triad Apartment Vacancy at 6.9%

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real data LogoThe average vacancy rate for apartments in the Triad is now 6.9%, according to the latest report published by Real Data. The development pipeline remains active with more than 3,000 units under construction throughout the region and another 2,000 units proposed.

Downtown Greensboro is the most active submarket, having more than 500 units currently under construction. Apartments in the Triad now rent for $741 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at $995 per month.

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Apr
21

Greensboro/Winston Salem Apartment Vacancy at 6.9%

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greensboro apt chartThe average vacancy rate for apartments in the Triad is now 6.9%, according to the latest report published by Real Data.

The development pipeline remains active with more than 3,000 units under construction throughout the region and another 2,000 units proposed. Downtown Greensboro is the most active submarket, having more than 500 units currently under construction.

Apartments in the Triad now rent for $741 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at $995 per month.

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Feb
11

Berkeley Sells FastMed Facility in Greensboro

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fastmedBerkeley Capital Advisors has announced the sale of the FastMed Urgent Care in Greensboro, NC for $2.264MM, satisfying a 1031 tax exchange. Located at 5402 West Market Street, FastMed had 14 years remaining on the net lease at time of sale. Steve Horvath and Ransome Foose exclusively represented the seller.

The following notes were  taken from the Loopnet listing:

  • Absolute Net Lease. Landlord has no responsibilities or obligations.
  • Strong Operator. FastMed is a rapidly growing company with two year revenue growth of 203%, with very little debt or long term obligations.
  • Rapidly Growing Operator. As the sixth largest urgent care provider in the United States with 81 locations in NC and AZ, FastMed recently acquired Advanced Urgent Care.
  • First Mover Advantage. FastMed has already established a presence in the market, therefore most likely keeping other competition out.
  • Significant Tenant Investment. Tenant spent an estimated $20/square foot in addition to the $30/square foot tenant improvement allowance built into their lease.
  • Outside Equity Investment. In 2012, Blue Cross Blue Shield made an investment with the purchase of more than $19MM in preferred stock of FastMed.

Categories : Greensboro
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Feb
09

NC Industrial Portfolio Sold at 8% Cap Rate

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piretPure Industrial Real Estate Trust announced that it has entered into a definitive agreement to acquire a 51% interest in a 1.33 million square feet portfolio of bulk distribution and warehouse facilities in the Greensboro/Winston-Salem markets of North Carolina.  The North Carolina Portfolio is leased to three credit-rated tenants and has an average weighted remaining lease term of 3.5 years.  All tenants are listed on the NYSE, including Proctor & Gamble, Sonoco Display and MWI Veterinarian Supply (to be acquired by Amerisource Bergen Corp.).  Proctor & Gamble is the largest tenant, occupying 861,000 square feet at 6104 & 6105 Corporate Park Drive.  The two locations are strategically located within one kilometre of their Browns Summit manufacturing facility, where they recently announced a US$100 million expansion and a commitment to increased employment levels in the region.

The North Carolina Portfolio is being acquired for US$57 million (US$43 per square foot), with US$29.1 million for PIRET’s interest, at a going-in cap rate of 8.0%.  The NOI yield on the North Carolina Portfolio will decrease to 7.7% if Proctor & Gamble exercises its renewal option at 6104 Corporate Park Drive in March 2016.  In addition, PIRET will asset manage the North Carolina Portfolio and receive market fees from the co-ownership for its services.

This functional warehouse and distribution product complements PIRET’s U.S. strategy in one of its target growth markets and the transaction is highly accretive to its existing portfolio, providing adequate protection against the currency exchange risk.  The acquisition will be funded from US$29 million in mortgage financing and existing working capital.  PIRET’s interest is expected to generate approximately US$0.012 in NOI per unit upon closing of the acquisition, which is expected by the end of February 2015.

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Jan
29

Six Self Storage Facilities in the Carolinas Sold

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self storageExtra Space Storage Inc., a self-storage real estate investment trust, recently acquired a seven-property portfolio for nearly $57 million from FCA Partners, a real estate investment management firm. The properties are in North and South Carolina as well as Texas. They comprise approximately 5,000 units.

Extra Space managed the Carolina properties prior to the sale, according to “The SpareFoot Storage Beat,” a blog produced by self-storage online marketplace SpareFoot. Those facilities have been operating under the Extra Space brand name. The properties in the Carolinas are:

2910 Lawndale Drive, Greensboro, N.C.
4514 High Point Road, Greensboro, N.C.
733 10th Ave. S.E., Hickory, N.C.
550 Peters Creek Parkway, Winston-Salem, N.C.
2720 University Parkway, Winston-Salem, N.C.
3600 Wade Hampton Blvd., Taylors, S.C.

FCA Managing Partner Al Lindemann told the source the self-storage market is “heating up.” “There’s a lot of investor appetite for it, and there’s very little that has been built over the last four years,” he said.

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