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Vision Ventures, Mount Vernon Sells EpiCentre to CIM Group for $130.5M

16 May 2014, 9:29 pm

By Eliza Theiss, Associate Editor

HFF announced closing the sale of The EpiCenter a 305,147-square-foot mixed-use entertainment center in Charlotte.

The transit-oriented urban infill project sold for $130.5 million to CIM Group, the owner of the 22-story BB&T Center Class B office tower, reported the Charlotte Business Journal.

According to information released by HFF, the company marketed EpiCentre on behalf of a joint venture led by Vision Ventures and Mount Vernon Asset Management LLC, along with an institutional capital partner identified as The Baupost Group by the Charlotte Business Journal. The joint venture took control of the distressed property in 2012, after purchasing its debt in late 2010. Following the purchase, the partnership worked to stabilize the property, which now boasts a 94 percent rent roll and a highly successful outdoor media program.

Located in Uptown Charlotte, EpiCentre is the Queen City’s premier restaurant and entertainment retail venue. It benefits from a very advantageous location: right across from the Time Warner Cable Arena, on South College Street. The EpiCentre is also part of Charlotte’s Overstreet Mall which connects it to seven office buildings, among them the iconic the Bank of America and the Wells Fargo Headquarters.  Built in 2008, the center is comprised of 255,512 square feet of retail/entertainment space and 49,336 square feet of office space.  Boasting a 94 percent occupancy rate, EpiCentre’s tenant roster includes CVS, Studio Movie Grill, Blackfinn American Saloon, Gold’s Gym and 16 additional restaurants.

Founded in 1998, Vision Ventures is a well-capitalized acquisition, brokerage, construction and development company. Mount Vernon Asset Management is an institutional investor servicer, providing asset management services and strategies for turning ill-performing assets into high-level performers.

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Image courtesy of EpiCentre via Facebook



NorthMarq Brokers $2.7M Acquisition Financing; HFF Arranges Infill Retail Asset Sales

9 May 2014, 9:48 pm

By Eliza Theiss, Associate Editor

Northlake Plaza

NorthMarq Capital’s Charlotte-based regional office vice president, Kevin Jenkins, has arranged $2.17 million for the acquisition of Northlake Plaza, the company announced.

The deal is structured with a 15-year term and a 25-year amortization schedule and has been set up by NorthMarq for the borrower through its relationship with a correspondent life company. Northlake Plaza features 9,600 square feet of retail space.

This isn’t the only deal NorthMarq recently handled in the Charlotte region.  Jenkins also arranged the $2.85 million refinance of the 31,500-square-foot Mallard Professional Center office building. The transaction was arranged by NorthMarq through its relationship with credit Union and was structured with a five-year term and 20-year amortization.

Northmarq also arranged the recent refinance the 208-unit Woodview Apartments in Charlotte. Senior Vice-President/Managing Director of NorthMarq Capital’s Charlotte office Bill Matone structured the $4.128 million refinance with a 10-year term and 30-year amortization schedule. Financing was arranged with Fannie Mae DUS lender.

In other retail news, HFF recently closed on the sale of the 64,901 Specialty Shops on the Park urban infill retail center in Charlotte. A joint venture between a Hill Partners Inc. affiliate and an institutional partner picked up the property for an undisclosed amount free and clear of existing debt, from the previous owner, a family office advised by Aston Properties of Charlotte. Managing director Richard Reid and Jim Hamilton led the HFF sales team representing the seller.

Located in the affluent SouthPark suburb of Charlotte, the 6401 Morrsion Boulevard retail center is located across the street from popular shopping destination SouthPark Mall. Specialty shops tenant roster includes Bricktop’s, Williams-Sonoma and Talbots.

Image via Northmarq



Welcome Hotels Purchases Comfort Inn for $3.35M from Chapter 11 Trustee

2 May 2014, 9:41 pm

By Eliza Theiss, Associate Editor

MBA Hotel Brokers Inc. has announced the sale of the 153-key Comfort Inn Carowinds, located within the Charlotte, N.C. metro area in Fort Mill, S.C. Buyer Welcome Hotels of Fort Mill Inc. paid $3.35 million for the asset.

MBA Hotel Brokers entered a co-brokerage agreement with South Carolina brokers Hunter Realty Associates Inc. to exclusively represent the seller, a court-appointed Chapter 11 trustee, identified as David Kalik of True Blue Hospitality. The seller received legal counsel from Harrison Penn of McCarthy Law Firm. The hotel was put in receivership by the lender in February 2013. After the borrower filed for bankruptcy, the court-appointed trustee arranged for the sale of the property.

“This transaction required extra effort by MBA Hotel Brokers due to the transitions with the receiver and then the trustee of bankruptcy court. We basically had to sell the hotel twice. Our marketing clearly created competition and drove maximum value for the asset,” Charlie Fritsch, president of MBA Hotel Brokers said.

Located at 3725 Avenue of the Carolinas, less than 12 miles from downtown Charlotte, the four-story hotel benefits from high visibility and easy accessibility from I-77. The property is adjacent to Carowinds Amusement Park, which provides a steady stream of guests throughout the summer months.

Built in 1986, the property underwent renovations while under the management of the receiver. Amenities include an outdoor pool, fitness center, high-speed Wi-Fi and onsite parking, including truck and bus parking.

Maryland-based MBA Hotel Brokers is a member of Hotel Brokers International (HBI), a leader in hotel real estate sales. Founded in 1959, HBI has brokered in excess of 10,000 hotel real estate sales and as of late has been responsible for 48 percent of all select-service and economy hotel sales in the U.S.

Click here for further Charlotte market data

Image courtesy of MBA Hotel Brokers



Metro Charlotte Sees Growth in Spec Developments

25 Apr 2014, 5:29 pm

By Eliza Theiss, Associate Editor

215 International Crossing

Metro Charlotte is experiencing a growing trend of speculative developments of late.  Trinity Capital Advisors recently broke ground on 215 International Crossing, a 277,253-square-foot speculative distribution/manufacturing facility in Concord, N.C. Set to complete in December 2014, the tilt-wall, rear-loading industrial building will feature abundant office space with natural light and expansive truck and auto parking. Located on the corner of International Drive and Poplar Tent Road, minutes away from two I-85 exits as well as Highway 73, the facility boasts both accessibility and exposure. High profile corporate users located in the International Drive area are also expected to be a draw for future clients.

215 International Crossing was designed by Merriman Schmitt Architects and is being built by general contractors Myers & Chapman.  Terry Brennan of Trinity Partners is marketing the property on behalf of the developer.

The development is expected to bring further economic growth to the area. According to Cabarrus Regional Chamber and Economic Development Senior Vice President Margie Bukowski, the project “offers us a unique distribution/manufacturing space that we did not have before to show to potential companies looking at our county.” She adds: “The location of the building is perfect for the demand we are seeing for industrial buildings close to Interstate 85.”

Claremont speculative building groundbreaking

Claremont, N.C. is also getting a new spec building. A public-private partnership comprised of Catawba County, the City of Claremont, Matthews Construction, the Economic Development Corporation (EDC) and Innovate Catawba has recently broken ground on a 51,200-square-foot pre-cast concrete speculative building. The structure is being developed on 9.31 acres owned by the Matthews family and will complete in July 2014. It will feature 28- to 32-foot clear ceiling heights and will be able to be fully built out according to customer specifications within 120 days. If necessary, the structure can be expanded to128,000 square feet.

The City of Claremont, Catawba County and the EDC’s Committee of 100 will market the building both national and internationally and cover its carrying cost for up to three years. The structure is the first development in Building for Jobs, Innovate Catawba’s project aiming to create partnerships between the government and local developers and contractors at costs that will be inviting towards clients.

Click here for further Charlotte market data

Images via Trinity Capital Advisors and Catawba County Economic Development Corporation



Terwilliger Pappas Breaks Ground on 184-Unit Solis Dilworth

18 Apr 2014, 4:05 pm

By Eliza Theiss, Associate Editor

Terwilliger Pappas Multifamily Partners has broken ground on Charlotte’s newest apartment community, the 184-unit Solis Dilworth.

Located on a 2.2-acre lot in Charlotte’s Uptown, Solis Dilworth will feature craftsman style architecture that will harmonize with the neighborhood’s look and feel, while also setting the community apart from other infill projects. The five-story luxury apartment complex will comprise studio, one- and two-bedroom units set around a central courtyard featuring a resort-style saltwater pool and cabana.  Further community amenities include a fitness center with yoga studio, game rooms, lounge and pet grooming and exercise facilities.

Aside from its luxury amenities and finishes, Solis Dilworth’s other major draw is its venue. Located at Morehead Street at Kenilworth Avenue, the community is adjacent to Carolina Medical Center, the largest medical complex in the Carolinas, and is conveniently located to Uptown Charlotte’s major employers, the Little Sugar Creek Greenway and a bevy of retail and entertainment options that will appeal toresidents looking to be close to both work and entertainment.

According to Terwilliger Pappas COO Alan Dean, the neighborhood’s walkability and overall charm is also expected to be a draw.

“Dilworth is a nationally recognized neighborhood with a great blend of amenities including streets lined by large oak trees and the many cafes, shops and recreational amenities that are within walking distance,” he says.

General contractor Adolfson and Peterson, architecture firm Rule Joy Trammell + Rubio and landscape architecture and engineering firm Cole Jenest Stone are part of the Solis Dilworth project team.

Other apartment projects by Terwilliger Pappas Multifamily Partners include the currently leasing 239-unit Solis Sharon Square in South Charlotte and the 280-unit Solis Downwood in Atlanta’s Buckhead District, which recently broke ground (details here).

Click here for further Charlotte market data

Image courtesy of Terwilliger Pappas Multifamily Partners



FelCors Sells Charlotte Hotel for $37M

4 Apr 2014, 5:52 pm

By Eliza Theiss, Associate Editor

FelCor Lodging Trust Incorporated has announced entering into a $37 million sales agreement with an undisclosed buyer for the 208-key Doubletree Suites Hotel Charlotte – SouthPark as part of its portfolio repositioning plan.  The deal is expected to close in May and the buyer has put down a $900,000 non-refundable deposit.

FelCor has sold 26 non-strategic hotels as part of its portfolio repositioning plan and has signed or is currently in negotiations to shed four additional properties for aggregate proceeds of about $80 million, which will be used to refund outstanding debt.

Located in Charlotte’s affluent SouthPark neighborhood, Doubletree Suites Hotel Charlotte is in close proximity to some of Metrolina’s finest shopping, dining and entertainment, such as the SouthPark Mall, Symphony Park, Mint Museum, Carowinds Theme Park and Boomerang Bay Waterpark, as well as the Queen City’s business center and major employers, such as Bank of America, Coca-Cola and Nucor. Amenities include 12,000 square feet of flexible meeting and event space, golf course, pool, fitness center, business center, The Market Café hotel restaurant and the Banker’s Lounge. The hotel offers one- and two-bedroom suites ranging between 700 and 1,000 square feet.

In other news, another Charlotte Hotel traded recently. The 163-key Hyatt House Charlotte / Center City was purchased in March 2014 by affiliates of RLJ Lodging Trust as part of a ten-hotel portfolio acquisition. RLJ paid a total of $313 million for the just-closed acquisition and announced it will engage in $25 million worth of capital expenditures mostly over the next 25 months.  The 1,560-key portfolio will be managed by Hyatt affiliates.

Image courtesy of DoubleTree Suites by Hilton Charlotte-SouthPark



1,200-acre Berewick Expands with Single Family and Retail

1 Apr 2014, 4:02 pm

By Eliza Theiss, Associate Editor

Pappas Properties, the company behind the 1,200-acre master-planned Berewick community has teamed up with Lennar Corporation for a 68-acre expansion to the Southwest Charlotte community. Per the terms of the agreement, Lennar will build single-family homes in the Village of Aberdeen component of Berewick as well as a pool, open for all Berewick residents. Lennar’s homes, priced from the low $200,000s, will range between 2,200 and 3,500 square feet and feature four to six bedrooms.  Lennar homes developed in the Village of Abernathy neighborhood of Berewick featured lofts, bonus rooms, and designer upgrades such as granite countertops, ceramic tile, hardwood floors and staggered cabinetry.

Pappas Properties VP, Marketing, Brian Roth managed the marketing of the site acquired by Lennar. According to The Charlotte Business Journal, a Pappas affiliate acquired the site from a partnership controlled by Sarah Belk Gambrell, one of the largest Metrolina landowners, paying $2.4 million in February 2014. The targeted groundbreaking at the moment was touted as the third quarter of 2014.

Berewick Town Center

Lennar’s single family homes aren’t the only new development kicking off at Berewick. Developer Pappas Properties intends to break ground by the end of the year on Berewick Town Center, a Harris Teeter-anchored shopping complex also featuring neighborhood shops, restaurants, services and on-street parking. Located at the corner of Steel Creek and Shopton West roads, the development will feature a design reminiscent of the area’s Scottish heritage. Town Center’s future phases also include townhomes, apartments and professional and medical office space.

Upon completion, pedestrian- and bike-friendly Berewick will comprise multiple single family neighborhoods, an employment campus with an office and business park, a town center with retail and multifamily housing, over 300 acres of green space , Mecklenburg County’s largest district park, offering 195 acres of sports fields and trails and the 6-acre, 5,200 Manor House containing community amenities such as a fitness room, swimming pools and meeting space.

Image courtesy of Pappas properties via Berewick.com



Crescent Communities HQ Goes LEED Silver ; Cassidy Turley Brokers Office Lease and M-U Sale

24 Mar 2014, 5:33 am

By Eliza Theiss, Associate Editor

Crescent Communities CEO Todd Mansfield receives USGBC LEED Silver certification plaque

Crescent Communities, a diversified real estate investment, development and operating company focused on creating sustainable communities has announced the LEED Silver certification for its renovated corporate headquarters in Charlotte.  The certification was awarded for the implementation of water and energy efficiency, use of recycled content and materials, indoor environment quality, including focus on natural daylight and views with floor-to-ceiling windows. The new corporate headquarters also includes an Innovations Lab, which encourages collaboration among employees.

Our new space reflects our commitment to innovation and place making, and inherent in that practice is environmental responsibility,” says Crescent CEO Todd Mansfield when accepting the USGBC plaque in a presentation ceremony at Crescent’s Charlotte office.

In other office news, leading commercial real estate services provider Cassidy Turley announced that Andritz Hydro Corp. renewed its 17,135-square-foot lease in University Research Park. Andritz Hydro, a global supplier of electro-mechanical systems and services for hydropower plants and a major player in the global hydraulic power generation market occupies more than half of the fifth floor of the 151,916-square-foot Class A Four Resource Square office building.  While the lender was represented in-house, Cassidy Turley represented landlord RAIT Financial Trust, an internally managed real estate investment trust.

Cassidy Turley also announced the sale of Edison Square, a 36,433 square foot mixed-use retail and office development in Concord, NC. TCA Edison, LLC, an ownership group lead by Trinity Capital Advisors and represented by Cassidy Turley in the transaction, sold Edison Square to Florida-based HCC-Edison Square, LLC for $8.65 million.

Located on 9.1 acres at Harris Road and Edison Square Drive NW, the 94 percent-leased asset consists of three buildings and additional land for further office and retail development.

Image courtesy of Crescent Communities



Canyon and NRP Partner Up for 298-Unit Apartment Project in South End

24 Mar 2014, 4:51 am

By Eliza Theiss, Associate Editor

Beacon430

Canyon Capital Realty Advisors LLC (Canyon Realty), the real estate direct investing arm of Canyon Partners LLC, has teamed up with NRP Group LLC in the development of a 298-unit apartment project in Charlotte’s South End, providing $12 million in preferred equity for the project.

The Class A mid-rise apartment project, dubbed Presidio, is set to break ground in the first quarter of 2014 on a 2.4-acre site at the corner of South Church Street and West Morehead Street. The location puts Presidio within the South End/Uptown submarket, the fastest growing apartment submarket within the city. Moreover, South End/Uptown experienced a five percent year-over-year rent increase in mid-rise apartments and closed 2013’s fourth quarter with a 95 percent occupancy rate. Presidio’s location also means swift access to Uptown’s employment and entertainment opportunities, thus promoting the live-work-play lifestyle that appeals to young professionals.

Presidio will start delivering units in the fourth quarter of 2015, all of which will feature high-end finishes such as granite and quartz countertops, top-of-the-line appliances, ten-foot ceilings and full walk-out balconies. Apartments will have one to three bedrooms, comprised in five residential stories atop a structured parking deck. Community amenities will include a fitness center, club lounge, swimming pool, garden courtyard and landscaped outdoor areas. It

Presidio represents the second partnership between Canyon Realty and NRP. Canyon provided NRP preferred equity in late 2012 for the development of the 326-unit Beacon430, a Class A multifamily project in downtown St. Petersburg, Fl.

NRP Group is a fully integrated multifamily developer, general contractor and full-service property management company It has developed and constructed over 28,000 residential units and currently manages over 15,000 units in more than 100 properties. Presidio will be its first Charlotte apartment community.

Image courtesy of Beacon430    



Liberty Property Trust Renews 196KSF Industrial Leases in Charlotte

7 Mar 2014, 7:13 pm

By Eliza Theiss, Associate Editor

Crosspoint V

Liberty Property Trust, an $8.4 billion office and industrial property REIT, has announced renewing multiple leases across its Charlotte portfolio, keeping its occupancy steady 99 percent. The four renewals total 195,800 square feet and regard spaces in the Crosspoint Center and Perimeter West industrial parks. Bryan Blythe, senior leasing representative, Carolinas Office, Liberty Property Trust represented the REIT in all four deals.

Rooms to Go Inc., a Florida-based furniture store chain, signed the largest lease, renewing for 117,000 square feet at the Crosspoint Center – Crosspoint III building at 3000 Crosspoint Center Lane. The retailer was represented by Warren Snowdon of Cushman & Wakefield | Thalhimer. Snowdon also represented Novitex Enterprise Solutions Inc. in its lease renewal for 16,000 square feet at 2701 Hutchinson McDonald Road, at a building known as Crosspoint V. According to Liberty Property Trust’s website, the 81.3 percent occupied Crosspoint V rents for an annual fee of $4.5 per square foot.

Clark Tire & Auto Inc., d/b/a Tires Now also renewed at the Crosspoint Center business park. Represented by Lester Osborn of Piedmont Properties, the auto parts retailer signed 38,400 square feet in the Crosspoint II building. Wheel Pros was also represented by Lester Osborn of Piedmont Properties in its 24,000-square-foot lease renewal in the Perimeter West business park, in Charlotte’s Airport/West industrial submarket.

According to Colliers International, the Airport/West industrial submarket ended the fourth quarter of 2013 with a $4.36 average rental rate and a 6.07 percent vacancy rate, experiencing a 1.25 percent quarter-to-quarter vacancy drop. The North industrial submarket, where the Crosspoint Center is located, had an average rental rate of $5.25. Vacancy was at 5.62 percents, boasting a 162 basis point decrease compared to the third quarter.

Image via Google Maps

Chart courtesy of Colliers International







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