Archive for Greensboro

Jan
13

Three Hyatt Place Hotels in the Carolinas Sold

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hyatt place soldHigh Point-based real estate developer BPR Properties has purchased three Hyatt Place hotels — including one in Greensboro — from an affiliate of Hyatt Corp. for $30 million, with plans to renovate the holdings this year.

BPR’s purchase from Hyatt Corp. included the Hyatt Place hotel on Stanley Road in Greensboro, as well as the Hyatt Place Columbia/Harbison in South Carolina and the Hyatt Place North Raleigh/Midtown. The properties have 378 rooms in all.

BPR’s Hyatt deal, which closed in late December, is part of a plan by the company’s president, Birju Patel, to capitalize on hotel acquisitions through a new hospitality capital management company called Piedmont Summit Capital. Patel teamed up with Winston-Salem real estate investors Andy Dreyfuss and Malay Shah to form Piedmont Summit Capital in July 2014. Piedmont Summit Capital holds a minority stake in BPR’s three Hyatt Place properties and intends to buy three or four hotels before the end of this year.

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Categories : Columbia, Greensboro, Raleigh
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Aug
25

MHA Brokers Two NC Apartment Complexes

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Multi Housing Advisors (MHA) has brokered the $11.4 million sale of Brannon Park, a 299-unit apartment community in Greensboro, North Carolina, and the $8.39 million sale of The Brittany, a 214-unit community in Burlington, North Carolina. Marc Robinson, Jordan McCarley, and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions.

“The Triad region continues to attract investment capital with its stable economic base and growing population,” Robinson said.
Blue Valley Apartments, Inc., an affiliate of Ocwen Financial, sold The Brittany, located at 706 Huffman Mill Road, to Harvest Investments, a Connecticut-based investment partnership. The community, built in 1973, includes a playground, swimming pool, tennis and basketball courts, a dog park, laundry facility, and fitness and business centers.

San Diego-based Pacifica Cos. purchased Brannon Park, located at 3822 Mizell Road, from VTT Management, a Boston-based private investment firm. The property, built in 1984, includes a playground, swimming pool, fitness and business centers, and basketball and tennis courts.

Categories : Greensboro
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Jul
02

Lomax Properties Plans 288 Unit Apartment Complex

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Lomax Properties is planning up to 288 apartments at North Elm Street and Bell Orchard Drive in north Greensboro.

Through an entity named North Elm Associates LLC, Lomax Properties requested to rezone 9.37 acres at 4108, 4110, 4112 and 4114 Bell Orchard Drive and 3619 N. Elm St. to a planned unit development. The PUD designation allows for a maximum of 288 apartments with a six-foot tall opaque fence between the apartments and adjacent property, and the rezoning request was approved on June 9, said Mike Kirkman with the city’s planning department.

Lomax Properties has the property under option and is “excited about that project,” said Patrick Woods, vice president of development. Other developers have considered that acreage for a variety of uses in the past, Woods said.

“We were fortunate enough to be able to assemble a little bit more land than the previous developers who evaluated it,” he said. “It makes a little more sense with a little bit more land there.”

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Categories : Greensboro
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May
27

520,000 SF Distribution Center Sold

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Charlotte-based Beacon Partners has purchased a 520,000-square-foot, fully leased distribution center in Whitsett, about seven miles from Greensboro. The property is located at 6550 Judge Adams Road, within Rock Creek Center. The distribution center sits on a 30-acre parcel located less than one mile from I-85 and with immediate proximity to the I-40 and I-85 interchange. The property features 28-foot clear heights, a truck court with dock-high and drive-in loading and a ESFR sprinkler system. Beacon Partners’ industrial portfolio in the Carolinas spans 5.5 million square feet.

Gregg Copps and Lawrence Shaw of Colliers International represented Beacon Partners in the transaction. Dodson Schenck and Greg Wilson of CBRE represented the seller.

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May
15

Allerton Place Apartments Sold

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Greystone, a real estate investment and development group, today announced the acquisition of Allerton Place Apartments, a 228-unit multifamily property located in Greensboro, NC. The complex is located in the largest city of North Carolina’s robust Piedmont Triad region. The price was not disclosed.

As part of its active acquisitions strategy, Greystone seeks out multifamily assets for its growing owner / operator model, investing in renovation and improved property management to increase value. The ideal real estate acquisition targets for this strategy are of 1980’s vintage – or newer – and over 200 units in size situated in the Southeast, mid-Atlantic and Midwest.

Allerton Place, constructed in 1997, comprises 14 garden-style apartment buildings with an accompanying clubhouse and leasing center. The Greensboro, NC property, purchased from Summit Equities, will transition to new property management provided by Greystone Property Management Corporation. Summit Equities acquired the complex in May 2012 in a sale in conjunction with Auction.com for $16.32 million.

 

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Apr
30

Greensboro/Winston-Salem Apartment Vacancy at 6.9%

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The average vacancy rate for apartments in the Triad is now 6.9%, which is the lowest rate reported in more than a decade, according to the latest report published by Real Data. Demand for apartments remains strong as the individuals continue to choose renting over buying a home.

New development has stepped up, with construction starting on more than 1,300 units in the last six months. Currently, there are nearly 2,000 units under construction throughout the region and another 2,500 units proposed. Even so, demand is expected to continue exceeding supply over the next 12-18 months.

Apartments in the Triad now rent for $710 per month on average. The Guilford-Central submarket, which includes downtown Greensboro, has the highest average rent at more than $1,000 per month.

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Apr
28

Greensboro Mattress Firm Sold

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Berkeley Capital Advisors is pleased to announce the sale of the Mattress Firm in Greensboro, NC for $2.37MM, completing a 1031 tax exchange. There were 10 years remaining on the lease at the time of sale. The property is located at 1220 Bridford Parkway. The 5,145 square foot building was built in 2012 and sits on a 1.12 acre outparcel. Surrounding retailers include Target, Kohl’ s, Old Navy, Michaels, Ross, PetSmart, Chipotle, Mc Donald’ s, Home Depot, Sam’ s Club & Walmart Supercenter.

Terms were all equity directed from the qualified intermediary account. Steve Horvath represented the buyer.

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May
28

Harris Teeter Center in Greensboro Sold

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Berkeley Capital Advisors is pleased to announce the sale of The Shoppes at Battleground North, a 66,486 SF retail center located in Greensboro, North Carolina. The  retail center is 86% occupied and is anchored by Harris Teeter. It was built in 2007

The Shoppes at Battleground North is a well established retail property located in Greensboro, North Carolina on the heavily trafficked Battleground Avenue. The property’s desirable location along the Battleground retail corridor serves Greensboro and several surrounding affluent residential communities. The shopping center is approximately 6.5 miles northwest of downtown Greensboro, and it sits in a growing area with attractive demographics. The estimated household income within a 5-mile radius is approximately $82,000. According to LoopNet, the asking rent for the vacanct space is $21/sf.

Rob Carter, Alex Quarrier and David Webb of Berkeley Capital Advisors arranged the transaction.

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