Archive for Raleigh

Apr
15

Publix to Buy Two Lowes Foods Stores in NC

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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
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Mar
23

PRG Real Estate Acquires Apartments in Raleigh

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PRGPRG Real Estate, a leading multifamily real estate investment and management firm, announced the acquisition of The Falls Apartment Homes, located in northwest Raleigh, North Carolina.

The Falls is a 396-unit garden-style apartment community located in what Forbes magazine reported as the second fastest growing city in the United States. The property is about 5 miles north of North Carolina State University, home to 35,000 students and 8,000 full time employees. Constructed in 1987 as The Players Club, a singles community, we look to take The Falls back to its roots as a “hip modern community” suited for today’s young professionals and Millennials. The Falls’ proximity to North Carolina State University’s campus and just a 15 minute commute to Research Triangle Park, downtown Raleigh, and the RDU Airport make it an excellent location for students and post-grads alike.

The Falls will undergo a massive $5.8 million capital improvement plan which will transform both the interior and exterior of the property. At $14,000 per unit, this will be the largest rehab in PRG history. Stainless steel appliances, faux granite counters and brand new 42” espresso colored cabinets will replace the dated euro-style cabinets and laminate counters. Exterior improvements include residing the buildings with Hardi-board, adding a dog park, resurfacing the pool deck and all new property signage. The most thrilling project is redesigning the enormous, outdated clubhouse with a modern lounge area, media room, billiard area and 1,500 square foot state-of-the-art fitness center.

 

Categories : Raleigh
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Feb
24

Raleigh Headquarters Building Sold for $127 Million

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lenovoArzan Wealth Limited, a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, has announced that it has advised a consortium of investors on the $127 million acquisition of the global headquarters building of Lenovo’s Enterprise Server Division at Research Triangle Park, in Raleigh North Carolina, USA.

The 67 acre campus featuring a lake, nature preserve, jogging trails, and recreation area, includes two recently renovated office buildings totaling 445,484 sq ft and a 39,952 sq ft mixed-use office/ laboratory building currently under construction. The major renovations during 2014 involved an investment of more than $100 million by Lenovo and the seller.

The Property was originally developed in 1995 & 1998 for Ericsson, and has functioned as a recognized corporate center for nearly 20 years. The property is 100 per cent leased to Lenovo Inc. the operating entity for Lenovo Group Limited, under a 13 year triple-net lease agreement, with a 2.6 per cent fixed annual rent increase and two five year options to extend the lease.

Categories : Raleigh
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Feb
12

Raleigh-Durham Apartment Vacancy Rises

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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
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Jan
27

Apex NC Apartments Sold to Bell Partners

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apex apartmentsCushman & Wakefield | Thalhimer’s Capital Markets Group is pleased to announce the sale of Village Summit Apartments, a 208-unit apartment community located in Apex, NC. Apex is part of the Raleigh-Durham metro area and benefits from excellent access to local employment centers. The property, developed by The Halle Companies, and 96% leased at the time of sale, was acquired by Bell Partners for an undisclosed price.

Cushman & Wakefield | Thalhimer’s Multifamily Advisory Group of Allan Lynch and Justin Good handled the sale negotiations on behalf of the seller, The Halle Companies.

Categories : Raleigh
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Jan
20

New CRE Data Provider in the Carolinas

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RealMassiverealmassive, the first data provider to deliver open access to the commercial real estate industry, today announces the launch of the Charlotte, Greensboro/Winston-Salem and Raleigh-Durham marketplaces. The addition of these markets brings the current coverage on RealMassive’s platform to over 2.6 billion square feet.

“We are thrilled to provide CRE professionals and tenants seeking commercial space in these three key North Carolina cities with access to RealMassive. Our expansion to North Carolina signifies the intensity of customer need for our products and that we are executing on schedule as we roll out across the country. We continue to improve on our ability to launch markets as we deliver on our mission to give control of CRE data back to the industry,” said RealMassive’s CEO, Joshua McClure.

In addition, the company plans to launch Chicago on Monday, January 26, 2015. The rapid series of market launches is enabled through strong partnerships with leading Commercial Real Estate (CRE) firms augmented by hundreds of researchers spread all over the country, logistically coordinated through a cloud-based framework. The framework was built and tested in the company’s test market of Austin, Texas.

“Transacting business in Charlotte requires a strong team, access to high quality data and the best tools available. RealMassive’s open platform offers a clear advantage over traditional data providers and we look forward to leveraging the technology as we continue to grow throughout Charlotte,” said Daniel Farrar, Managing Partner of Stream Realty Partners.

RealMassive’s platform is packed with innovative technologies in a seamless, beautifully designed interface that is easy to use. In Austin, some of the more popular features include hosted real-time market surveys that enable property owners, brokers and tenants to collaborate throughout the search process; real-time notification when spaces come off the market; custom marketing channels; and CRENow, a service that enables syndication to Twitter and other online channels.

If you would like for them to launch in South Carolina, please contact their communications coordinator at Cassady@blastpr.com.

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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.

READ MORE HERE

Categories : Columbia, Greensboro, Raleigh
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Jan
07

Xceligent and Karnes Team Up in the Carolinas

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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
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Jan
07

Raleigh’s Lexington Farms Apartments Sold

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lexington farmsARA  has announced the sale of Lexington Farms, a 188-unit garden-style community located in Northwest Raleigh between Rex Healthcare and Crabtree Valley Mall near Interstate 440.

The ARA Carolinas team of Sean Wood, Blake Okland, Dean Smith and John Heimburger represented the seller, Church Street Partners LLC, a Raleigh, North Carolina-based private real estate investment company that invests in high-quality properties in prime locations throughout the Southeast. The property was acquired by Chicago-based, Redwood Capital Group, LLC.

Church Street Partners LLC renovated approximately 70% of unit interiors with stainless steel appliances, faux wood flooring, cabinets, faux granite countertops, lighting, doors, fixtures and hardware before the sale. Redwood plans to continue the renovations to the unit interiors in addition to enhancing the clubhouse and fitness center. In total, Redwood anticipates spending $800,000 on property improvements. Lexington Farms was built in 1988, is situated on 21.9 acres, and is comprised of 64% of one-bedroom units and 36% of two-bedroom units, averaging 914 square feet. Occupancy at the time of sale was 96%.

Lexington Farms is just over one mile from Rex Healthcare, (3,500 employees with 665 beds), the largest and most prominent employer in the immediate submarket, and one mile from Crabtree Valley Mall. Within a one-mile radius of the property the estimated current average family household income is over $90,000 while the estimated median home price within 3 miles is almost $310,000.

 

Categories : Raleigh
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Oct
30

Self Storage Portfolio Sold

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Storage 2000 and Storage Central, a four property storage and RV portfolio, with over 383,000 rentable square feet and over 2,540 self storage units, has commanded a sales price of over $100 per RSF. Multiple offers were received for this institutional grade portfolio which sold in early October.

Dale C. Eisenman, CCIM of Midcoast Properties, Inc. a leading self storage broker in the Southeast had the listing to market the portfolio.

Storage 2000 opened in 2000 and continuously expanded through the early 2000s. Storage Central located in Raleigh, NC opened in 2010 as an RV and Boat Storage Center. It offers fully enclosed boat and RV storage along with other amenities attractive to RV owners. Additionally, traditional climate and non-climate self storage units are offered and the facility was recently expanded.

This portfolio was comprised of 30 buildings on over 30 acres with Storage Central and Storage 2000 (Cayce) offering additional expansion opportunities. Amenities include drive-up and climate controlled units, enclosed RV and Boat Storage, security cameras, computerized gate entrance, rental office with retail office and onsite move in trucks. Two additional facilities, located in Fredericksburg, VA and  Stafford, VA were sold in the sale.

Categories : Columbia, Raleigh
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Oct
23

Two Raleigh Apartment Complexes Sold

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Greystone, a real estate investment and development group, has announced the acquisition of two Midtown Raleigh apartment communities, Atlantic Lynn Lake and Atlantic Millbrook, for $18.4 million.

Located approximately two and a half miles apart, Atlantic Lynn Lake and Atlantic Millbrook were constructed in 1986 and consist of 101 units and 117 units, respectively. Atlantic Lynn Lake provides amenities such as a fitness center, clubhouse, playground and pool, while Atlantic Millbrook offers the same, as well as tennis courts, bike/jogging trails, and BBQ/picnic area.

The properties were purchased from Atlantic Pacific Companies and transitioned to new property management by Greystone Property Management Corporation, which manages thousands of residential real estate units in Florida, Indiana, Louisiana, North Carolina and South Carolina.

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

 

Categories : Raleigh
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Sep
04

Cary’s Parkway Point Retail Center Sold

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Berkeley Capital Advisors has announced the sale of Parkway Pointe, a 80,061 SF grocery anchored retail center located in Cary (Raleigh MSA), North Carolina. The Center is anchored by Food Lion, Towne & Country, and Rite Aid. It is situated on a 10.53 acre site. The sales price was not disclosed.

Rob Carter, Alex Quarrier, and David Webb arranged the transaction.

Categories : Raleigh
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Aug
27

CRE Over-Building or Under-Building?

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Cassidy Turley has released a report with evidence that development activity is picking up across the country. Growth in the value of construction underway has been in the double digits for almost 30 consecutive months and, in some sectors, has topped 65%. This report details activity by market and industry type, and from a local perspective, includes data on Charlotte and Raleigh.  Click on the report below to download the PDF of the 42 page report.

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Aug
15

Apex, NC Verizon Anchored Strip Center Sold

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The Boulder Group, a net leased investment brokerage firm, has completed the sale of a two-tenant strip center located at 720 West Williams Street in Apex, North Carolina for $2,300,000.

The two-tenant property is fully occupied by a corporately guaranteed Verizon Wireless store and Yong-In Martial Arts. The strip center is benefitted from its’ location adjacent to a Harris Teeter grocery anchored development and across the street from a Lowes Foods anchored development. There are five years remaining on both the corporately guaranteed Verizon Wireless lease and the Yong-In Martial Arts lease.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was a North Carolina based partnership and the purchaser was an East Coast based private investment firm.

There are five years remaining on both the corporately guaranteed Verizon Wireless lease and the Yong-In Martial Arts lease. There is a 10% rental escalation in the renewal option for Verizon Wireless. Verizon Wireless is an investment grade tenant (S&P: BBB+) and is publicly traded (NYSE: VZ) with a market capitalization in excess of $205 billion.

Categories : Raleigh
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Aug
11

Real Data: Raleigh Apartment Vacancy Rises to 6.8%

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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
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