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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.

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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


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

Publix, Whole Foods Expanding in Metro Charlotte

5 Mar 2014, 1:14 am

By Eliza Theiss, Associate Editor

Publix at Ballantyne Town Center

Publix has officially broken into the North Carolina retail market with the opening of Publix at Ballantyne Town Center, its first location in the state. However, the 56,445-square-foot store at West Providence and Johnston roads, isn’t the retailer’s first location in the Charlotte Metropolitan Area. Publix already has two stores in greater Charlotte, both of which are located in the South Carolina. Publix on Gold Hill in Fort Mill and Publix at Cross Creek in Indian Land have been open since late 2012.

Publix at Ballantyne Town Center features a pharmacy, bakery, deli as well as produce, seafood, meat and floral departments. A drive-thru pharmacy and event planning services are also available at the location.

Publix is currently pursuing a rapid expansion in North Carolina, focusing on the greater Charlotte region. The Florida-based retailer will open locations in Charlotte at Shops at Southline and on York Road by late 2014 and on South Tryon by mid-2015. Additionally, by late 2014 it will open stores in Metro Charlotte communities like Cornelius, Mint Hill and Matthews adding further location Huntersville, Lake Wylie and Concord by the end of 2015. Metro Charlotte will also gain two additional stores in Rock Hill, S.C.: Publix at the Villages at Cherry Road Shopping Center set to open in March 2014 and a yet to be named store on Heckle Boulevard, which will open in 2015.

In other retail news, Whole Foods Market recently announced its third Charlotte location. The natural and organic foods retailer has signed a 40,000-square-foot lease in South Charlotte, in the Waverly mixed-use development at Providence and Ardrey Kell Roads. The supermarket should open in late 2016. Whole Foods currently has one operational location in Charlotte’s SouthPark and will be inaugurating its second in Huntersville, N.C.

Image courtesy of Publix via Facebook

Balfour Beatty to Renovate Student Housing High-rise at UNC Charlotte

26 Feb 2014, 4:11 pm

By Eliza Theiss, Associate Editor

Holshouser Hall current look

Balfour Beatty Construction has landed yet another contract at the University of North Carolina at Charlotte (UNC Charlotte), recently announcing being appointed construction manager at-risk for renovations at the university’s 202-bed Holshauer Hall, located in  the South Village area of the campus.   This the company’s third major contract at UNC Charlotte, following the successful completion of the university’s Student Union in 2009 and landing the contract for a newly-built 400-bed freshmen residence hall in 2013 in a joint venture partnership with Metcon Inc.

Balfour Beatty is set to execute renovations throughout the 100,135-square-foot 11-story residence hall, including replacing the mechanical, electrical and plumbing systems, as well as all the windows. A significant component of the renovation will include asbestos abatement at the 1973-built student housing. The elevator system will undergo a major upgrade, as will the building’s façade, which will be clad in brick. Some demolition work is also expected to take place. Upon completion the high-rise dorm will feature single and double rooms, lounge areas, meeting rooms, new patios, walkways and two resident advisor apartments.

Holshouser Hall Rendering

Stewart Engineering, another company with a successful track record at UNC Charlotte, will provide civil engineering services. Award-winning architecture and engineering firm Clark, Nexsen, Owen, Barbieri & Gibson, P.C., also known as Clark Nexsen, PC is another participant in the project.

Construction is set to kick off in May 2014 with a targeted completion for the summer of 2015, in time for the new college semester. The cost of the renovation project has yet to be disclosed.

Rendering courtesy of Balfour Beatty

Photo courtesy of UNC Charlotte 


Beacon Partners Taking Over East Morehead Street; LP Financial Scouting the Suburbs

12 Feb 2014, 7:30 pm

By Eliza Theiss, Associate Editor

1228 East Morehead

Charlotte-based full-service real estate company Beacon Partners has just increased its East Morehead portfolio, buying its fourth office asset on the Midtown street. The property, located at 801 East Morehead, was recently picked up for $2.85 million and is undergoing renovations set to complete by spring, the Charlotte Business Journal reports.

The building has around 7,000 square feet of vacant space leasing at $21.5 per square foot. Leasing will be handled by Beacon Partners. The property was acquired from a limited liability company managed by Jill Newton. According to real estate website PropertyShark.com, the office building was previously owned by 801 East Morehead LLC, an entity featuring a single family residential property address owned by Jill S. Newton.  According to the same source, the 31,545-square-foot, two-story Class B office asset had an estimated market value of $4,389,000.

Beacon Partners’ other East Morehead Street office assets include 500 East Morehead, a 43,904 -square-foot, three-story Class B property with onsite free parking, onsite property management, located within walking distance of a LYNX light rail station and 1228 East Morehead, a 14,000-square-foot, two-story Class B property, renovated in 2013. PropertyShark.com estimated the market values of these properties at $4,979,500 and $1,981,000, respectively. Beacon Partners owns, manages and leases five buildings in Midtown, totaling 185,000 square feet.

In other news, LPL Financial, the largest independent broker-dealer is the U.S. is shifting its focus from Uptown Charlotte to the suburb, the Charlotte Business Journal reported. The company, which already has a 150,000-square-foot at the Coliseum Centre, has been scouting the Queen City for a location that would provide it with an initial 400,000 square feet of office space, as well as the option to expand in the future. An expansion site adjacent to the Coliseum Centre, which could provide 400,000 square feet, Childress Klein Properties’ Lakepointe Corporate Center site as well as proposed built-to-suit facility in Ballantyne Corporate Park courtesy of the Bissell Cos. are reportedly now being considered.

Image courtesy of Beacon Partners

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