Archive for Raleigh

Sep
06

Raleigh Durham Apartment Vacancy at 5.4%

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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
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Jul
27

Where Does Integra Do Commercial Appraisals?

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While Integra Realty Resources has offices all over the United States and the Caribbean, the market coverage that Integra has in the Carolinas is unmatched. We have offices in Charlotte, Raleigh, Columbia, Greensboro and Charleston. To give you an idea of the markets that we have worked in, check out the map below. These are the appraisal assignments that our Carolinas appraisers have completed…..just so far this year.  Call me if I can assist with your appraisal needs in the Carolinas.

Carolinas assignments

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Jul
18

HFF Closes $16.25 Million Sale of Development Site in Raleigh

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hff logoHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has closed the $16.25 million sale of an 18.82-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina. Located at 900 St. Albans Drive, this is the third site closed from the St. Albans at Midtown offering.

HFF marketed the site on behalf of the seller, Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. DeWitt Carolinas Inc. (DeWitt) purchased the site, which is adjacent to DeWitt’s separately owned, 161,000-square-foot One Renaissance Center office building and accompanying land site.

The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has nearly 1.1 million square feet of office space, more than 1,800 multifamily units either completed or underway, and more than one million square feet of retail. The site at 900 St. Albans is located less than a half mile from Interstate 440 and, in addition to North Hills, is proximate to executive housing in North Raleigh, the tech hub of downtown Raleigh and Duke Raleigh Hospital. The new owner successfully rezoned the site in May 2017 to allow for development height between seven and 20 stories.

Categories : Raleigh
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Feb
27

HFF Closes $20.75 Million Sale of Raleigh Apartments

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regency placeHolliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $20.75 million sale of Regency Place Apartments (Regency Place), a 180-unit, garden-style apartment community in the West Raleigh submarket of Raleigh, North Carolina.

HFF marketed the property on behalf of the seller, Covenant Capital Group. Towne Properties (Towne) purchased the asset free and clear of existing debt. Regency Place is Towne’s first acquisition in North Carolina and in the southeastern region of the United States.

Regency Place is located at 6210 St. Regis Circle near the nexus of Interstates 40 and 440. The property’s centralized location within the Raleigh-Cary MSA provides connectivity to downtown Raleigh’s burgeoning tech hub and other high-growth employment centers such as North Carolina State University and Cary’s Weston area, which is home to companies, including SAS, MetLife and Fidelity Investments. Regency Place comprises nine three-story residential buildings with a mix of one- and two-bedroom units averaging 848 square feet each. During the past two years, the property has undergone renovations to upgrade amenity spaces, exterior features and unit interiors. Exterior and common area improvements include clubhouse modernization, fitness center expansion with new equipment, a new dog park, new pool pavilion and deck, landscape enhancement and new exterior paint. Unit upgrades include the addition of stainless steel appliances, granite countertops, new cabinet doors, new hardware and lighting, fresh interior paint and faux-wood flooring.

The HFF investment sales team representing the seller was led by managing director Justin Good, director Allan Lynch, managing director Jeff Glenn and senior managing director Jason Nettles.

Categories : Raleigh
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Dec
21

Mt. Airy Shopping Center Sold at 9.16% Cap Rate

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Sold-Sign8Wheeler Real Estate Investment Trust, Inc. has closed on the acquisition of New Market Crossing, a grocery-anchored shopping center previously announced as an acquisition target.

New Market Crossing is located in Mt. Airy, NC and is a 116,976 square foot center. It is anchored by a 54,838 square foot Lowes Food Store and a 32,000 square foot Roses. Lowes Foods has 9 years remaining on their term. The Center is 93% leased and occupied.

Total acquisition price of the Property was $9.0 million, or $76.93 per leasable square foot, which the Company financed using a combination of cash and the Company’s Key Bank credit facility with an interest rate of 30 day LIBOR plus 250 basis points. The cap rate on New Market Crossing was 9.16%, and the loan-to-value was 65%.

Jon S. Wheeler, Chairman and Chief Executive Officer of Wheeler, stated, “I am pleased to announce that New Market Crossing will be our twenty second acquisition for 2016. I am very familiar with this asset, as well as the Mt. Airy market, and feel this center will enhance our portfolio nicely. We add a new grocer to the portfolio, Lowes Foods, thereby lessening our exposure to any one specific tenant and further diversifying our tenant base. We still believe that we are on the cusp of reaching our goal of covering our $0.21 dividend and feel that the addition of this acquisition pushes us closer to obtaining that goal by year end.”

Categories : Raleigh
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Sep
26

Norvell Real Estate Group, LLC Announces Sale Transactions

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norvell logoRaleigh, NC –Frank Norvell, SIOR of Norvell Real Estate Group, LLC and Paul Hartley, SIOR of NAI Avant represented the buyer, REVA Kay Shannon Oaks, LLC in the purchase of Shannon Oaks Office Building , a 57,000 SF 2 story property located at 201 Shannon Oaks Circle, Raleigh, NC for $7,000,000. The seller, Shannon Oaks Holdings, LLC was represented by Avison Young NC, LLC

Greer, SC – Drayton Calmes of Norvell Real Estate Group, LLC represented the buyer, a private investor, in the purchase of a Burger King ground lease located at 6025 Wade Hampton Blvd., for $1,500,000. The seller, Commerce Parkway, LLC was represented by David Hampton of Hampton Investment Properties, LLC.

N. Charleston, SC – Drayton Calmes of Norvell Real Estate Group, LLC represented the buyer, Benbrooke Dorchester Partners, LLC in the purchase of Evanston Plaza, a 70,000SF neighborhood retail center located at 5335 Dorchester Road for $3,025,000.

Charlotte, NC – Frank Norvell, SIOR of Norvell Real Estate Group, LLC represented the buyer, REVA Charlotte Corporate Center, LLC in the purchase of a 20,000 SF REGUS office building located at 6047 Tyvola Glen Circle for $3,975,000.

Austin, TX – Drayton Calmes and Frank Norvell, SIOR of Norvell Real Estate Group, LLC represented a private investor in the purchase of a newly developed $3,200,000, 10,000 SF Learning Experience Daycare facility located in the Brushy Creek area. The developer, Wytex BTS, was self-represented.

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Aug
11

NGKF Closes Three NC Deals for Life Science Firms

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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
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Aug
03

Real Data: Raleigh Apartment Vacancy at 6.1%

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raleighThe Raleigh-Durham metro area continues to be an active market for new development. There are currently almost 7,000 units under construction throughout the Triangle. In addition, there are 5,000 units proposed to be built. The average vacancy rate has improved to 6.1% due to strong demand over the past year; nearly 4,000 units were absorbed by the market over the same time period.

The average rental rate for an apartment in the Triangle is now at $1,064 per month, which is up from $1,008 one year ago. The average vacancy rate should hold around 7% in the coming year. Rental rates are expected to grow by 3% over the same time period.

Categories : Raleigh
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Mar
15

HFF Closes $10.65 Million Industrial Sale in Raleigh

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Eaton Distribution Center EmailHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has closed the $10.65 million sale of Eaton Distribution Center, a 185,000-square-foot, fully-leased, Class A industrial facility in Raleigh, North Carolina.

HFF marketed the property on behalf of the seller, Chris Woody & Associates. Stoltz Real Estate Partners purchased the asset free and clear of existing debt.

Eaton Distribution Center is triple net leased to Eaton Corporation, one of the largest industrial manufacturers of power management producers in the world, as an office, distribution and repairs center. The air conditioned facility contains 163,971 square feet of warehouse space with a 24’ minimum clear height, 120’-170’ deep concrete truck courts, 23 dock-high doors and one drive-in door. Additionally, the facility has 21,029 square feet of office space. Eaton Distribution Center is situated on 23.4 acres at 8380 Capital Boulevard in the North Raleigh submarket proximate to the U.S. Highway 1/Capital Boulevard interchange, one of Raleigh’s primary transportation arteries. The facility also has immediate access to Interstate 540, providing routes to Interstates 85, 40 and 440; Raleigh-Durham International Airport and Research Triangle Park.

The HFF investment sales team representing the seller was led by senior managing director Chris Norvell, managing director Justin Good and director Scot Humphrey.

Categories : Raleigh
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Feb
09

Real Data: Raleigh Apartment Vacancy at 6.5%

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real data LogoAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are now more than 7,000 units under construction and another 5,000 units proposed throughout the Triangle.

The most active submarket is Wake-Central, where more than 2,400 new units are under construction. This submarket also has the highest vacancy rate at 9.8%. Vacancies are expected to remain relatively high in Wake-Central as new development projects continue to come on line.

The overall vacancy rate has improved to 6.5%. Demand was strong with over the last six months. Supply growth slowed over the same time period, due in part to the demolition of three older communities where new developments are now planned.

The average rental rate for an apartment in the Triangle is now at $1,007 per month or $1.048 per square foot.

Categories : Raleigh
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Jan
27

Raleigh Distribution Center Sold for $16 Million

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Holliday Fenoglio Fowler, L.P. (HFF) announced today that its Carolinas investment sales team has closed the $16 million sale of North 540 Distribution Center, a 235,308-square-foot, Class A, fully-occupied distribution center in Raleigh, North Carolina.gresham lake

HFF senior managing director Chris Norvell, formerly of Cushman & Wakefield Thalhimer, represented the seller, a partnership between Meridian Development Group and Singerman Real Estate, LLC, in the sale of the facility to Chicago-based Hamilton Partners.

North 540 Distribution Center is located at 3401 Gresham Lake Road in the North Raleigh submarket. The facility is situated on 13.3 acres near the interchange of U.S. Highway 1/Capital Boulevard and Interstate 540, which provides direct access to Interstates 95, 40 and 85, all major distribution corridors in the Southeast. The facility features 30’ clear heights, 40’ by 40’ column spacing, 23 dock-high doors, 170’-180’ truck court depths and approximately 23,000 square feet of office space. Substantially renovated in 2014, North 540 Distribution Center is 100 percent leased to DHL, Express Foods, Ranpak Corp. and Tiger Direct.

Categories : Raleigh
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Jan
27

Marcus and Millichap Sells Two Retail Centers

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two soldBen Yelm and Andrew Margulies, with Marcus and Millichap, recently closed two retail centers in the Carolinas.

1. Clayton Village in Clayton NC: Closed 1/15/16 for $5,493,629 at a 7.84% cap rate. The property was anchored by Food Lion and Family Dollar. It is 61,620 square foot, and 92% leased. It sold to an out of state investor.

2. Corner Shoppes of Parklane in Columbia, SC: Closed 1/14/16 for $1,050,000 at a 8.69% cap rate. The property was unanchored, and tenants include Cricket Wireless, Kabato Japanese Restaurant, and Hair Quality. It is 10,908 square feet, and was 89% leased. It sold to an out of state investor.

Categories : Columbia, Raleigh
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Nov
05

ReisReports: NC Vacancy Snapshot

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reisreports3

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Aug
05

Real Data: Raleigh-Durham Apartment Vacancy Ticks Up

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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
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May
07

Cary Apartments Sold for $136,300/Unit

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cary prestonOhio-based The Connor Group bought the Cary Greens at Preston property, a 292-unit apartment community in Cary, for $39.8 million, according to Wake County records.

“The location is as good as it gets in the Raleigh area,” said Larry Connor, a managing partner in the Dayton-area firm. “It is a great opportunity that really fits our management style.”

The property includes 10 different floorplans with one-, two- and three-bedroom units, a business center, fitness center, dog park and pool. This is the Connor Group’s second major acquisition this year, after it bought a Dayton, Ohio-area community that it had owned and sold previously. The similar sized Dayton community sold for about a quarter of the price of the Cary apartments, which feature more amenities in a much higher-growth market.

SOURCE

Categories : Raleigh
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