Archive for Charlotte
Centennial Holding Co. purchased the Long Creek Club and Longview apartment complexes in the Northlake area as well as The Paddock at Springfield apartment community in Fort Mill. The firm has rebranded the Northlake complexes under its Century brand as Century Northlake, and the Fort Mill community has been renamed Century Springfield Meadows.
John Porter, a partner at Charter, says the company chose to sell the properties because it’s developing three new communities in Charlotte, Fort Mill and Mooresville.
The firm expects to deliver a 250-unit complex near the intersection of Ervin Road and N.C. Highway 150 in Mooresville in the spring, and it plans to break ground in the first quarter for a 300-unit complex near the intersection of North Tryon Street and Pavilion Boulevard in Charlotte. In the second quarter, Charter will kick off a 330-unit complex near the intersection of Dave Gibson Boulevard and S.C. Highway 160 in Fort Mill.
With the third quarter results in, all signs point to continued incremental improvement of the Charlotte office market. Vacancy rates have fallen to a four-year low and investment sales activity continues to strengthen as new capital sources enter the market.
On the economic front, unemployment in Charlotte continues to lag behind some other North Carolina cities at 9.5 percent, but the city is experiencing positive economic movement in other measures, particularly single-family housing and retail sales.
For some long-term perspective, the labor force in Charlotte has grown 22 percent during the past 10 years, nearly three times the national rate. Additionally, in August, the population of Mecklenburg County reached 1 million people. With a population of approximately 2.3 million, Charlotte maintains its position as the largest MSA in the Carolinas.
The firm, headed by Fred Arena, is a spinoff of New Jersey-based Vision Equities that will focus on new office acquisitions along the East Coast, working as an operating partner alongside larger institutional investors.
Vision Properties purchased Carmel Crossing with an unidentified family office.
The Charlotte Business Journal reported this month that Vision was under contract to purchase Carmel Crossing, which totals approximately 326,000 square feet, from Parkway Properties.
Publix Super Markets Inc. looks forward to being your favorite supermarket. The Lakeland, Fla. grocery chain has plans to open 11 locations — a mix of new and remodeled sites — in the Charlotte region by the end of 2015.
The first of the 11 locations slated to open will be its Ballantyne Town Center store in early 2014.
But Publix has already started reaching out to potential customers to raise awareness that the grocer is coming to town. That includes mailing fliers and posting signs at some of its future locations.
“We hope they will come and try us and give us the opportunity to show them what we’re all about,” says Kim Reynolds, spokeswoman.
Berkeley Capital Advisors is pleased to announce the sale of Market Square, a 75,374 SF BI-LO anchored center located at 9815 Rose Commons Drive in Huntersville, North Carolina.
- Anchored by a 46,624 SF Bi-Lo – SOON TO BE CONVERTED TO PUBLIX
- Excellent daytime traffic: 33,000 VPD
- Across Gilead Road from the newly expanded Presbyterian Hospital Huntersville
- Highly visible and accessible location close to I-77 and Exit 23
- Located along affluent corridor of I-77 North with close proximity to Lake Norman
- Situated on Going-Home side of Gilead Road
- Total Land Size: 7.36 AC
- Year Delivered: 2001
- Occupancy: 92%
Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.
Berkeley Capital Advisors has announced the sale of Franklin Square, a 134,299 SF Ashley Furniture and HH Gregg anchored center located in Gastonia, North Carolina. he sales price was not reported. Located west of Charlotte, Gaston County is second largest county within Charlotte MSA.
Rob Carter, Alex Quarrier, and David Webb of Berkeley Capital Advisors arranged the transaction.
The owners of the EpiCentre complex in uptown have purchased the Ballantyne Village development in south Charlotte for $26.1 million.
We told you back in August that Vision Ventures and Mount Vernon Asset Management were actively pursuing the project, which was marketed for sale after its previous owner handed the property over to its lender, a group of commercial mortgage-backed securities holders.
Ballantyne Village consists of 140,000 square feet of retail space and 25,000 square feet of office space and is at the intersection of U.S. Highway 521 and Ballantyne Commons Parkway. The development features a recognizable glass atrium and LED-lit crown.
Ted Hill, vice president of Vision Ventures, says the two firms look for well-located real estate that is impaired but has strong upside potential, and Ballantyne Village met those criteria. When the center was marketed for sale earlier this year, it was about 74% occupied. Hill says the new owners will focus on finding the right long-term tenant mix.
This week, the Centerville-based company purchased its third apartment community in Charlotte, buying The Retreat at McAlpine Creek from Professional Accomodator Inc. for an undisclosed sum, according to the company.
The Retreat, a 400-unit community in South Charlotte, is located near shopping, dining, entertainment and the Quail Hollow Club, site of the 2017 PGA Championship. It has two pools, 24-hour fitness center, as well as tennis and basketball facilities.
The Connor Group entered the Charlotte market in 2011. The Retreat is its third acquisition there.
According to the latest report by Real Data, more than 8,000 new apartment units are under construction right now in the Charlotte metro area. More than 2,000 of these units are located in the Southeast-1 submarket, with includes SouthEnd and SouthPark. Developers have plans for close to 12,000 additional units throughout the area. Once again, the areas in and around Downtown including SouthEnd, Midtown, NoDa and SouthPark are the most active.
Consumers continue to show a strong preference for apartments versus buying a home. Currently, the average vacancy rate at an apartment community in the Charlotte area is 5.0%. The average rental rate is $868 per month. Same-unit rent growth, which measures the growth in rents at existing communities, has grown 2.4% in the last year or nearly $20 per month.
The Dilweg Companies, a commercial real estate investment and management firm based in Durham, has purchased 121 West Trade, formerly known as the Interstate Tower, in the heart of Uptown Charlotte for $59.6 million.
121 West Trade is a 32-story class A office building located on “The Square” at Trade and Tryon streets, Charlotte’s signature intersection. The property totals nearly 330,000 square feet and has a 267-space parking deck. Currently more than 72 percent occupied, the building’s major tenants include the Charlotte City Club, an exclusive dining/meeting club, as well as CB&I, Faison Enterprises, and SAS.
“We are very pleased to acquire this iconic building and to have a presence right in the heart of Charlotte’s central business district,” said Anthony Dilweg, CEO of the Dilweg Companies. “This is our largest acquisition to date, and we are excited about the opportunity to reposition this landmark office property and add to its value.”
A joint venture between Simon Property Group Inc. and Tanger Factory Outlet Centers Inc. has closed on 42 acres of land in the Steele Creek area in southwest Charlotte, where the companies plan to develop a 350,000-square-foot retail outlet that is slated to open next year.
Charlotte Outlets, a limited liability company managed by Simon and Tanger, purchased the land at the Interstate 485 interchange at Steele Creek Road for $8.7 million.
Simon and Tanger announced they were teaming up on the project, previously a Tanger project, in late November.
The building at 4500 Cameron Valley Parkway, known as Morrocroft Building One, was sold by three companies. The majority owner was a company controlled by George Dewey IV, president of Charlotte real estate firm Aston Properties. The minority ownership entities were companies managed by Andrew Boukidis and Brenda Wellmon.
The property is leased to tenants that include Merrill Lynch, Grubb Properties, Yadkin Valley Bank and Trust, Lincoln National Life Insurance Co. and Scott & Stringfellow.
The Lakeland, Fla.-based retailer will open a 49,000-square-foot store in the Mint Hill Commons shopping center, at the intersection of Matthews Mint Hill Road and Lawyers Road.
The opening is tentatively planned for late 2014.
“The excitement of our associates continues to grow as we look forward to sharing the Publix spirit with our new North Carolina family,” says Maria Brous, Publix media and community relations director. “As company owners, our associates are passionately focused on delivering the highest level of service and award-winning private label products in all of our stores.”
The Dilweg Cos., a commercial real estate investment and development company based in Durham, has purchased two office buildings in Charlotte’s SouthPark area for $33.5 million.
Dilweg purchased the One and Two SouthPark Center buildings from an affiliate of Trammell Crow Co.
One SouthPark Center is a 10-story, 143,025-square-foot office building at 6060 Piedmont Row Drive South. It is 95.79% leased to a variety of tenants that include engineering construction company Fluor, which occupies half of the building.
An affiliate of Adler Group is scheduled to close on the purchase of Carmel Executive Park before Sept. 1, and representatives of the Miami-based real estate firm were expected to visit the property and meet with tenants this week as part of their due-diligence efforts, according to a letter sent to tenants by Pizzagalli Properties earlier this month.
Fred Johnston, a senior vice president with Pizzagalli, confirms the agreement with Adler but declines to discuss the negotiated sales price for the park, which is at the intersection of Carmel and Pineville-Matthews roads.