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East Charlotte Could See Development of $65M Sports Complex

13 Jun 2014, 10:37 pm

By Eliza Theiss, Associate Editor

Bojangles Coliseum

Bojangles Coliseum and its surrounding area could be redeveloped into a $65 million amateur sports complex, pending city council approval, reported wcnc.com.

If approved, the developer GoodSports would break ground to build a big field house, a 150-key hotel and a renovation of Bojangles Coliseum before the year is out and finish by 2016.

GoodSports would invest $40 million, while $25 million would be covered by the City of Charlotte, a significant portion of which would fund the construction of the field house and parking. Around $12 million, sourced from hospitality taxes, would be used to renovate Bonjangles Stadium, including new seating, scoreboard, electrical systems and roof repairs.

The redevelopment of Bojangles into an indoor amateur sports complex was approved by Charlotte City Council a year ago, with $25 million being the reported cost. According to wsoctv.com’s coverage at the time, planned work on Bojangles included scaling back seating from 11,000 to 7,000 spots, which would be enough to cater to graduation and various entertainment events, as well as sports such as volleyball, basketball and indoor track. The $25 million project was reported to incorporate adjacent Ovens Auditorium, which would also be renovated and would include banquet halls and a smaller auditorium.

According to a recent report by The Charlotte Observer, the city could provide the project with $18 million in upfront money, a sum that was included in 2013’s $816 million capital spending program. The city could also lease a parking lot adjacent to Ovens Audtorium to GoodSports for nominal fee of $1 per year.  The city recently also purchased the Econo Lodge hotel adjacent to Ovens Auditorium for $3.5 million. Although not considered a problem-property, the hotel is slated for demolition to make way for parking for GoodSport’s future hotel.

According to The Charlotte Observer, Sarasota, Fla.-based GoodSports, whose parent company is hotel developer Focus, is pursuing similar projects in Columbus, Ohio, St. Louis, Missouri and Wichita, Kansas, where it will also benefit from city funding.

Click here for further Charlotte market data

Image courtesy of James Willamor via Wikimedia Commons

 



Vyne on Central Completes Second Phase; Creekside Apartments Refinanced

13 Jun 2014, 10:25 pm

By Eliza Theiss, Associate Editor

Vyne on Central

759 Ventures has completed the 65-unit second phase of Vyne on Central, a condo-turned-apartment project in Charlotte’s Plaza-Midwood neighborhood, reports the Charlotte Business Journal.

The company, which consist of the Mizzi family from Toronto and a team of real estate and investment professionals from across the U.S., purchased the formerly 33-unit project for $2.37 million in 2012 and bought out the 10 units that had sold as condos and proceeded to convert the entire asset to apartment, according to previous coverage by the Charlotte Business Journal. 759 Ventures broke ground on the two-building, 65-unit expansion in 2013. To date over a third of the new units have been leased.

The Central Avenue apartment community offers amenities such as a tropical pool, community garden, grilling stations, fire pit, outdoor lounge, grassy pet area and the TreeHouse community room boasting a kitchen, lounge areas, wide screen TV, WiFi and the onsite leasing center.  Vyne on Central comprises one- and two-bedroom apartments ranging between 650 and 1,040 square feet in size. Rents start at $900 and go over $1,395. Apartment features include Energy Star appliances, energy-efficient windows and spacious balconies. The community is located three miles from Uptown Charlotte.

Creekside Apartments

In other multifamily news, Brett Mason, vice president of NorthMarq Capital’s Raleigh regional office, arranged a $6.1 million financing for the 118-unit Creekside Apartments in Hickory, N.C. NorthMarq arranged financing for the borrower through its Fannie Mae DUS platform. The loan is structured on a 10-year term and 30-year amortization schedule.

Creekside Apartments features one-, two- and three-bedroom apartments ranging between 780 and 1,200 square feet, renting between $613 and over $858 per month. Community amenities include a fitness center, resort-style pool and gazebo, picnic and grill areas, lighted sports court, and mature landscaping throughout the community’s 10-acre site.

Click here for further Charlotte market data

Image credits Vyne on Central via Facebook and NorthMarq



Ferncroft Capital Pays $45M for SouthPark Retail Asset

30 May 2014, 8:56 pm

By Eliza Theiss, Associated Editor

Charlotte-headquartered private real estate firm Ferncroft Capital recently acquired the 131,000-square-foot Morrison retail property in Charlotte’s affluent SouthPark submarket for $44.9 million.

Located at the intersection of Sharon Road and Colony Road, a significant commercial artery of SouthPark and overall Charlotte and the Southeast, the property boasts a 100 percent occupancy rate. Its tenants include organic grocer Earth Fare, Capitol, Barnes and Noble, Firebirds, TrySports and many more high-end retail and restaurant outlets.  The retail asset is part of the Morrison mixed-use development which features a 314-luxury apartment component and a 119-unit condo component.

Berkley Capital represented the seller, identified by the Charlotte Business Journal as Washington, D.C.-based real estate firm Madison Marquette and Ohio-based real estate firm Casto. The latter co-developed the 2006-opened asset with Grubb Properties.  Medalist Capital’s Bryan Brooks arranged debt for the purchase. According to the new owners, Madison Marquette will continue to handle management and leasing at Morrison.

The acquisition of Morrison is consistent with Ferncroft’s approach of targeting quality assets in infill locations with attractive yields,” commented Jeff Thomas, a principal at Ferncroft Capital. “We are excited to establish a solid footprint in the SouthPark retail market during this period of retail and office growth,” he added.

Ferncroft Capital acquires, sources and manages commercial real estate asset in the Southeastern US, with a special focus on the Carolinas. The company usually targets assets located in superior long-term locations, in medium to large markets that are fairly-valued on a risk-adjusted basis in deals ranging between $10 million and $100 million. It usually holds assets for three to seven years. The firm has been one of the top buyers in the Southeast, purchasing over one million square feet of real estate worth over $175 million in the past six years.

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Image via Facebook



Spectrum Properties to Build LEED Gold Office Tower in Uptown Charlotte

23 May 2014, 8:20 pm

By Eliza Theiss, Associate Editor

Charlotte’s Uptown is getting a new office high-rise, announced Cornerstone Real Estate Advisers.  The new structure will rise 25-stories high at the corner of Tryon and Third Street and bear the name 300 South Tryon Street. Designed by LS3P, the Class A office tower is set to break ground in the fall of 2014 and complete in the spring of 2017.

The office tower will feature about 620,000 rentable square feet of Class A office space on floors two through 25 with 25,000-square-foot average floor plates. Amenities will include a two-story lobby on the corner of Third and  Tryon streets; Club 300, a 10,000-square foot fitness center; street-level commercial space including a coffee shop just off the lobby; a tavern restaurant facing the adjacent Romare Bearden linear park; and an upscale two-story restaurant with terrace seating overlooking Tryon Street. Primary parking will be provided in 408-space four-level underground parking facility. A 320-car above-ground deck owned by the building across Third Street will provide additional parking.

Developer Spectrum Properties is targeting a LEED Gold certification. In order to achieve the coveted certification, features such as a state-of-the-art water-management system and an energy-efficient use of natural daylight will be implemented. Further sustainable features include expansive use of sustainable materials during construction, preferred parking and charging stations for low emission vehicles, secure bicycle racks and recycling areas within the building.

The office high-rise will benefit from excellent location, sitting between the Duke Energy, Wells Fargo and Bank of America campuses as well as adjacent to the new BB&T Ballpark.

Babson Capital Management has been announced as the anchor tenant of the property, leasing 200,000 square feet of the building’s overall total of 632,385 square feet, reported the Charlotte Business Journal. According to the same source, the 1.6-acre building site is owned by a Cornerstone Real Estate Advisers affiliate.  Spectrum Properties is also planning to develop a 208-key upscale boutique hotel at the corner of Third and Church streets, adjacent to the office high-rise. The future hotel will reportedly be connected to the office building via escalators from the main lobby.

Click here for further Charlotte market data

Image credits: Spectrum Properties 



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.

Click here for further Charlotte market data

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







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