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City Approves Incentives for Mixed-Use High-Rise, Motel Conversion in Downtown Durham

30 Apr 2014, 10:34 pm







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by Adriana Pop, Associate Editor

Austin Lawrence Partners of Aspen, Colo. is planning the construction of a 26-story mixed-use tower in the heart of downtown Durham, as well as the renovation of the Jack Tar motel and parking garage on the next block.

The Durham News reports that the City Council has approved a $3.97-million incentive package for the two projects, which entail a total investment of more than $89 million. Under the agreement, the payments would be made over 15 years, once construction is complete.

The new tower will rise on the site of the 117 W. Parrish St. building which burned in 2001. Plans call for a two-level underground parking garage, street-level retail, four floors of office space and 133 apartments.

Construction on the project is expected to begin in October and be complete by the fall of 2016.

Meanwhile, the rehabilitation of the long-closed Jack Tar motel property would bring a 74-room hotel and a parking deck which would be available to the tower’s occupants and the general public.

In other news, a seven-story student apartment building could soon rise on Hillsborough Street in Raleigh.

According to the NewsObserver, the city’s planning commission has recently approved developer Cary Joshi’s plan to convert the Two Guys Pizza restaurant into a mixed-use building with 24 housing units for up to 96 students, and ground-floor retail space.

Opponents of the project, which is scheduled to go before the Raleigh City Council on May 6, argue that the building is too tall and that neighbors would support a five-story structure, as city guidelines recommend for the area.

On the other hand, as architect Steve Schuster pointed out, the corresponding building height for the five-story limit is 75 feet. And 75 feet is in fact the height of the seven-story building proposed by Joshi.

Photo credits: Google Maps



Equus Capital Acquires Raleigh Multi-Family Portfolio for $36M; State Denies Raleigh’s $38M Offer for Dorothea Dix Property

16 Apr 2014, 11:29 pm







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by Adriana Pop, Associate Editor

Equus Capital Partners, a private equity firm based in Philadelphia, recently acquired three multi-family properties in Raleigh from a joint venture of Silver Companies and McCann Realty Partners.

According to the Triangle Business Journal, the investor paid a total of $36.3 million for the 180-unit Hunters Glen community, the 164-unit Laurel Oaks community and the 122-unit Laurel Springs community, or the equivalent of $77,900 per apartment, on average. The properties were 96 percent leased at the time of sale, the newspaper reports.

Equus now plans to invest an additional $4 million in the renovation of the Laurel Oaks community and the Laurel Springs community and change the name of the Hunters Glen property to Madison Hunters Glen.

Located in north Raleigh, the pet-friendly Laurel Oaks community offers easy access to RTP, RDU Airport or I-40, as well as 24-hour maintenance services, a swimming pool, and a car care center.  Just a few miles away, Laurel Springs features similar amenities, along with picnic areas, barbeque grills and award-winning landscaping.  The Hunters Glen property in central Raleigh also offers beautiful landscaping and architecture, as well as two tennis courts, a sand volleyball court, a dog park and a pool.

The Silver-McCann joint venture purchased the three multi-family assets in 2005 for a combined $27.5 million.

In regional news, the Triangle Business Journal reports that Gov. Pat McCrory’s administration has rejected Raleigh’s $38 million offer to purchase the 308-acre Dorothea Dix property near downtown.  Local officials’ plan for the site is to turn it into a massive urban park.

The state also denied the request to handle the site’s approximately $23 million environmental cleanup and issued a counteroffer, proposing that the City purchase 244 acres of the former psychiatric hospital campus for $52 million (or about $213,953 per acre). The remaining 64 acres would house the administrative offices of the N.C. Department of Health and Human Services.

Photo credits: www.huntersglenapts.net



Raleigh Offers $38M for State-Owned Dorothea Dix Property Near Downtown

11 Apr 2014, 9:38 pm







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by Adriana Pop, Associate Editor

City leaders have offered the state $38 million for the purchase of the 308-acre Dorothea Dix property near downtown Raleigh. The move would allow local officials to move forward with their plans of turning most of the former psychiatric hospital campus into an urban park.

According to the NewsObserver, the proposed sale price is slightly higher than the city’s most recent appraisal of the property, which amounts to $37.45 million.

Under the agreement, the state would lease back a 40-acre portion of land for $1 a year over the next 15 years and pay between $11 million and $22.7 million for environmental cleanup costs. The property would house the administrative offices of the N.C. Department of Health and Human Services.

A decision from the state is expected fairly soon, according to Bill Peaslee, an attorney for the state Department of Administration.

“The city’s proposal is being given thoughtful deliberation as the state balances the desire for a city park and the state’s fiduciary duty to its citizens,” Peaslee told the newspaper.

Most recently, former Gov. Bev Perdue’s long-term lease for the grounds was rejected by Republican lawmakers.

In regional multi-family news, JDavis Architects has received a 2014 IIDA Carolinas Design Works – Multifamily Residential Category Award for the interior design of the 267-unit Marquee Station apartment development in Fuquay-Varina.

Developed by Blue Heron Real Estate Opportunity Fund I, LLC of Chapel Hill, Marquee Station is located just off Highway 401, on the site of the former Cairo Drive-In Movie Theater. The community opened last year and offers a mix of one-, two- and three-bedroom garden-style apartments, as well as a variety of amenities, including a clubhouse, swimming pool with cabana, detached garage buildings, car wash, maintenance building and trash compactor.

Other design services provided by JDavis for the project included architecture, landscape architecture and procurement management. Clancy & Theys Construction Company of Raleigh was the general contractor.

Photo credits: twbuckner via Flickr



Northchase Office Park in Raleigh Welcomes New Tenant

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by Adriana Pop, Associate Editor

Phillips Architecture has recently relocated to the newly renovated Northchase office park on Six Forks Road in Raleigh.

According to the Triangle Business Journal, the firm occupies approximately 9,000 square feet on the ground floor of Northchase II.

Comprised of two low-rise buildings, the Northchase property dates back to the mid-1980s and has been mostly vacant since Genworth Financial moved out in 2009.

Last summer, Principal Global Investors of Des Moines, Iowa purchased the buildings from a California investor for $11.65 million, about 50 percent less than the properties’ $23.2 million tax value.

The company commissioned Tri Properties of Durham to refurbish the buildings, while Phillips Architecture was in charge with the redesign of the spaces.

“We are excited with Phillips Architecture’s move to Northchase at Midtown and their overall involvement with the redevelopment of the two buildings,” Clay Stober, senior vice president and partner at Tri Properties, told the newspaper. “With several other prospects showing interest we are thrilled with the progress at Northchase in reshaping the Six Forks Road submarket.

Phillips Architecture, which has about 25 employees, relocated from a six-story building on Navaho Drive in north Raleigh, where it had been based for the past 23 years.

In other news, Northridge Capital LLC of Washington, D.C. has acquired a Class A office building located in the 270-acre master-planned Meridian Corporate Center in Durham.

According to the Triangle Business Journal, an investor group represented by HDG Mansur of Indianapolis sold the 61,763-square-foot property at 2635 Meridian Parkway for $6.4 million.

Scot Humphrey, Chris Norvell, SIOR and Bill Simerville of Cushman & Wakefield | Thalhimer’s Capital Markets Group brokered the transaction on behalf of the seller.

The building, which is anchored by Virtual Computing Environment Co., a joint venture of Cisco Systems and EMC Corp., was 69 percent leased at the time of sale.

Photo credits: www.loopnet.com



DeWitt Carolinas Announces $50M Luxury Multi-Family Project in Wilmington

28 Mar 2014, 10:33 pm







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by Adriana Pop, Associate Editor

DeWitt Carolinas Inc. of Raleigh has announced plans to develop a $50 million luxury apartment community along Port City Marina in downtown Wilmington. Construction is expected to begin this fall and be complete in about 16 months.

Designed by J. Davis Architects, the six-story complex known as Pier 33 Apartments will feature a mix of 300 studios, one-, two- and three-bedroom apartment homes and 32,000 square feet of ground floor retail space. Amenities will include a saltwater swimming pool, heated indoor lap pool, gourmet coffee bar, modern fitness center, conference room, clubroom, business center, dog washing station and yoga room. 

The parking garage, which will have the capacity to house 700 parking spaces for residential and retail use, will be accessible at each residential floor. 

“We are excited about the opportunity to bring life back to the pier along the new extension of the Riverwalk.  This project, known as Pier 33, will allow us a wonderful opportunity to provide a new style of living to Downtown Wilmington. Our team looks forward to continuing to advance Wilmington’s well deserved revitalization,” Todd Saieed, president and CEO of DeWitt Carolinas, said in a news release.

Over the last 40 years, DeWitt Carolinas has developed over 2,500 multi-family units throughout the Carolinas, including Raleigh, Wilmington, Columbia, Charlotte and Cary.

In other news, a Cincinnati real estate investment trust has recently acquired two Triangle-area retail centers, one in Cary and one in Chapel Hill.

According to the Triangle Business Journal, Phillips Edison–ARC Shopping Center REIT paid a combined $38.8 million for the properties, which are both anchored by Harris Teeter.

In Cary, the company purchased the 127,000-square-foot Harrison Pointe shopping center at the corner of Harrison Avenue and Maynard Road. The property was 94 percent occupied at the time of sale. Weingarten Realty Investors of Houston sold the center for $22.7 million and was represented by Berkely Capital Advisors of Charlotte.

In Chapel Hill, the REIT acquired the 96,336-square-foot Chapel Hill North shopping center at 1800 Martin Luther King Jr. Blvd., which was 97 occupied at the time of sale. Roane Cross Jr. of Winston-Salem sold the property for $16.1 million.

Since the beginning of the year, Phillips Edison–ARC Shopping Center REIT has acquired 15 shopping centers in eight states for a total of $261 million. The company owns five properties in North Carolina.

Photo credits: DeWitt Carolinas, Inc.



Officials Negotiate Incentives for Major Mixed-Use Project in Downtown Durham

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by Adriana Pop, Associate Editor

Austin Lawrence Partners of Colorado is planning to redevelop the Jack Tar Motel on Corcoran Street in downtown Durham and build a 26-story mixed-use tower at the site of the former Woolworth store across the street.

According to The Durham News, city and county officials have agreed to enter negotiations for a 50-50 business-incentive deal with the developer to support the project.

Under the agreement, Austin Lawrence would receive a combined $8 million over 15 years, the equivalent of $6 million in present-day dollars, once the inflation adjustment is taken into account.

Slated to rise at the corner of West Parrish and North Corcoran streets, the new high-rise would include 100,000 square feet of office space and over 100 apartments.

Austin Lawrence is planning to refurbish the early 1960s Jack Tar vintage hotel, while preserving the turquoise-and-gray façade, an iconic example of mid-century modern architecture. The property is also known as the Oprah building because of its big “We want Oprah” sign displayed in the windows for many years.

Construction on the high-rise is expected to begin in June and be complete in the summer of 2016.

In other news, the Triangle Business Journal reports that Longfellow Real Estate Partners of Boston has recently paid $23.6 million to acquire four research laboratory buildings within the Imperial Center business park in Durham.

The portfolio, which includes the Exchange Place building and the three Royal Center buildings on Emperor Boulevard, offers a total of 187,758 square feet of space.

Pearl Therapeutics, Astadia and Novan Therapeutics are among the properties’ tenants. The property was 76 percent occupied in the fourth quarter, according to TBJ’s Space survey.

Crown Realty & Development of southern California was the seller of the buildings. Chris Norvell and Scot Humphrey of Cushman & Wakefield/Thalhimer’s office in Raleigh represented the company in the sale negotiations.

Crown Realty owns another 11 office and industrial assets at the Imperial Center business park, and plans to sell at least another three properties, the newspaper reports.

Photo credits: www.opendurham.org



Kisco Senior Living, Health Care REIT to Begin Construction on New CCRC in Raleigh

8 Mar 2014, 12:10 am







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by Adriana Pop, Associate Editor

Plans are moving forward for The Cardinal at North Hills, a long-delayed Continuing Care Retirement Community (CCRC) in Raleigh.

According to the NewsObserver, Kisco Senior Living of California will soon begin construction on the project, which calls for 165 independent living units and 60 assisted living, nursing care and memory care units. The development will be the second CCRC in North Carolina since 2008, the newspaper reports.

Slated to rise at the East end of the North Hills neighborhood, The Cardinal is a joint venture between Kisco and Health Care REIT, an Ohio-based real estate investment trust.

The 5.9-acre community will offer a variety of amenities, including multiple dining venues, a lounge and a gathering area connected to a large outdoor terrace overlooking the gardens, a fitness center, spa and wellness areas, an indoor pool, family room, art studio and card room.

CCRCs, which offer a combination of independent living communities, assisted living facilities and skilled nursing, are becoming more and more popular. Residents of such properties benefit from “continuum of care”, meaning that if their needs change over time, they can simply move to the next level of care, without relocating geographically.

By the end of this month, about 100 people are expected to put down preconstruction deposits to become residents of The Cardinal, which will be a rental CCRC. The average deposit includes two months of rent and service fees, which is between $9,000 and $10,000.

 “The strength of the housing market is a big indicator for us as well as the job market because a lot of adult children participate in this decision,” Mitch Brown, Kisco’s chief development officer, told the newspaper. “Those two things in Raleigh are both doing really well – a lot better than other parts of the country and some other markets we’re in. Raleigh is one of our best markets.”

In order to secure a residency at a CCRC, many residents finance their move by selling their homes.

Photo credits: www.northhillsraleigh.com



New Hyatt Place Hotel Planned at Southern Village in Chapel Hill

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by Adriana Pop, Associate Editor

A new five-story Hyatt Place hotel will soon rise at the Southern Village community in Chapel Hill. According to the Triangle Business Journal, Bryan Properties and its development partner, Beacon ING of Charlotte, have recently finalized a management agreement with the Hyatt Hotels Corp.

Construction on the 110-room hotel, which was approved by the Chapel Hill Town Council in October, should begin this summer and be complete in 12 to 15 months. The property will be located on a parcel of land on Highway 15/501 South, between the two entrances to Southern Village, and adjoining the existing Southern Village Apartments district.

“We are looking at it as the third anchor for the Village Center,” D.R. Bryan, president of Bryan Properties, told the newspaper. The Weaver Street Market and the Lumina Theater movie cinema are also located in this area of the neighborhood.

Established in 1994, Southern Village spans across 312 acres of land. It was developed by Bryan Properties and includes 550 single-family homes, 375 townhomes and condominiums, 250 apartments, and 350,000 square feet of retail, office, and civic space.  

Other Hyatt Place properties in the Triangle are located on Corporate Center Drive in west Raleigh, on Airgate Drive near the Raleigh-Durham International Airport and on Navaho Drive in north Raleigh. A similar property could soon be developed at the N.C. State University’s Centennial Campus.

In other news, the Triangle Business Journal reports that Greystone Quinvest Properties of New York has acquired a 360-unit apartment community in Cary. C-III Capital Partners of Irving, Texas sold the 20-year old property known as Cary Brook Apartments for $24.3 million.

Located near the intersection of Walnut Street and Buck Jones Road, the pet-friendly community offers one- and two-bedroom apartments, along with a variety of amenities, including a swimming pool, lighted tennis courts, 24-hour maintenance and a 24-hour fitness center.  

Photo credits: Bryan Properties



Award-Winning Heritage Community in Wake Forest Adds 61-Lot Neighborhood

21 Feb 2014, 5:31 pm







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by Adriana Pop, Associate Editor

Ammons Development has opened 61 private, wooded, lots at the Heritage Enclave neighborhood in Wake Forest to the public for pre-sales. The Heritage Custom Builder team will begin construction on the new luxury community this spring.

Upon completion, the new homes will be priced at more than $500,000. Coldwell Banker Howard Perry & Walston Builder Services is handling sales for the new community, while Martin Communications is marketing the property.

Heritage Enclave will be the final neighborhood of the 2,500-acre Heritage master-planned community, which currently comprises 37 individual neighborhoods, with townhomes and single-family homes priced from the $160,000s to the $600,000s.

Amenities include golf, tennis, two swimming complexes, miles of walking and biking trails, greenways, playgrounds, soccer fields, an amphitheater and a fully stocked fishing pond. Residents also have easy access to three public schools, a private school, a charter school, five separate pre-school and day-care facilities, and multiple retail and office facilities.

“Releasing lots in the Enclave is an important day for our team,” Andy Ammons, president of Ammons Development Group, said in a news release. “The neighborhood will consist mainly of cul-de-sacs with some of the most private, wooded and peaceful lots available in the community. It’s a price point and product offering that will nicely round out the landscape of our current new home options.”

Ammons Development began construction on the Heritage community more than 13 years ago. So far, the Home Builder’s Association has named the project Master Planned Community of the Year three times. Heritage was also recognized as Best of the Best Neighborhood and Golf Course by Wake Forest Weekly in 2011, 2012 and 2013. This year, the community was named Top Residential Development by the Triangle Business Journal.

Photo credits: www.heritagewakeforest.com



Ares Management Fund Acquires 33-Acre Warehouse in Morrisville for $26.9M

13 Feb 2014, 5:34 pm







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by Adriana Pop, Associate Editor

A real estate fund affiliated with Ares Management in Los Angeles has recently purchased the largest warehouse in Wake County, the 33-acre 900 Aviation property in Morrisville.

According to the Triangle Business Journal, Chicago real estate firm Pearlmark Real Estate Partners, formerly known as Transwestern Investment Corp., sold the 580,000-square-foot facility for $26.85 million.

Chris Norvell, Scot Humphrey and Bill Simerville of Cushman & Wakefield/Thalhimer represented the seller in the transaction, the newspaper reports.

Located about one mile from Interstate 40 and about two miles from the Raleigh-Durham International Airport, the property was 93 percent leased at the time of sale.

Durham-based Burt’s Bees skin care products company occupies more than half of the building’s space. Home Comfort Furniture, Recall Total Information Management and McCollister’s Transportation Group are also among the property’s tenants.

In other news, technology company ePlus Inc. has announced it would expand its managed services operations with the opening of a new center in Morrisville. The 12,000 square-foot facility, which is expected to eventually employ 50 new engineers, will be the company’s third managed services center in the U.S. and its largest overall.

“Raleigh is a strategic location for ePlus and holds a tremendous pool of technical talent in the Research Triangle Park area, from which we can grow our staff and broaden our service offering.  In addition, the new Managed Services Center has proximity to many of our key partners, including Cisco and NetApp, which will enable us to expand our service capabilities to joint customers.”

Founded in 1990, the Herndon, Va.-based company has more than 900 employees serving federal, state, municipal and commercial customers nationally. Its other offices are located in Charlotte and Wilmington.

Photo credits: www.loopnet.com







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