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Trade Street Residential Acquires Newly Completed, 288-Unit Apt. Property for $37.2M

30 Jan 2014, 8:48 pm







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by Adriana Pop, Associate Editor

Trade Street Residential Inc. of Aventura, Fla. has recently announced the $37.2 million acquisition of The Estates at Wake Forest, a newly constructed 288-unit apartment community at 1524 Woodfield Creek Drive in Wake Forest.  

According to the Triangle Business Journal, the company purchased the property from Woodfield Investments of Arlington, Va.

Completed just last September, the garden-style residential complex offers luxury one-, two-, and three-bedroom pet-friendly apartments with high-end amenities including stainless steel appliances, granite countertops and private patios or balconies. Rents at the property range from $800 to $1,475 per month. Amenities include a fitness center, club house, business center, media room, pool with entertainment area, detached garages, as well as on-site maintenance and management.

In order to fund the acquisition, Trade Street has obtained a mortgage of $18.6 million for seven years with interest-only payments for the full term of the loan at a fixed rate of 3.9 percent. Additional financing came from the company’s recently completed common stock offering and separate private placement transaction, which amounted to $150 million in gross proceeds.

On the same day, the company has also announced the acquisition of Miller Creek at Germantown, a 330-unit apartment community located in Memphis, Tenn.  LIV Development sold the property for approximately $43.8 million.

“These newly constructed apartment communities further reduce the average age of our portfolio and expand our presence in North Carolina and Tennessee, two states with rapidly expanding populations and employment. As we progress throughout 2014, we will continue to look for opportunities to grow our portfolio selectively, acquiring high-quality, well-located communities across the Sunbelt, while continuing to improve operating metrics and increase margins across our portfolio,” Michael Baumann, CEO and chairman of Trade Street Residential, said in a news release.

In another recent transaction, Trade Street sold the 254-unit Beckanna on Glenwood apartment complex in Raleigh. An affiliate of Grubb Properties of Charlotte purchased the 1960s-era property for $8.8 million, or $34,646 per unit.

Photo credits: www.estateswakeforest.com



Highwoods Properties to Develop $15M Build-To-Suit HQ for Biologics in Cary

22 Jan 2014, 9:08 pm







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by Adriana Pop, Associate Editor

Highwoods Properties has been selected to develop a 75,000-square-foot, three-story Class A office building for Biologics Inc. in Cary. The new facility is slated to rise on seven acres of Highwoods -owned land at Weston Parkway.

The Cary-based oncology services company has entirely pre-leased the new development, which entails an investment of $14.9 million. Construction is expected to be complete in the second quarter of 2015.

“We are pleased to have been selected by Biologics to build their new headquarters to accommodate their expansion needs. This new Highwoods customer has a solid business platform and we look forward to working with their team,” Ed Fritsch, president and CEO of Highwoods Properties, said in a news release.

In Weston, Highwoods is currently building an estimated $110 million headquarters for MetLife, which will include two buildings totaling 427,000 square feet. Also in Weston, the Raleigh-based company owns eight buildings encompassing 745,000 square feet, 95 percent of which are occupied, and about 94 acres of land available for development.

With the addition of this project, Highwoods has reached a development pipeline of 1 million square feet representing an investment of approximately $227 million that is 85.6 percent pre-leased.

“Biologics is growing at a rapid pace and we’re excited to partner with Highwoods as we expand into our new headquarters building,” added Stuart Frantz, president and CEO of Biologics. “We believe this is a great location with ample amenities that will provide the best environment for our employees, and continue to support our growth.”

Photo credits: Highwoods Properties



Grubb Properties Acquires Beckanna on Glenwood Multi-Family Community in Raleigh

15 Jan 2014, 9:04 pm







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by Adriana Pop, Associate Editor

An affiliate of Grubb Properties of Charlotte has recently purchased the 254-unit Beckanna on Glenwood apartment complex in Raleigh. According to the Triangle Business Journal, an affiliate of Trade Street Residential of Aventura, Fla. sold the 1960s-era property at 3939 Glenwood Avenue for $8.8 million, or $34,646 per unit.

In 2011, Trade Street acquired the Beckanna community from Bell Partners of Greensboro for $9.35 million.  

Grubb plans to change the name of the three-building complex to Sterling Glenwood and bring significant improvements to the property’s amenities, including the pool, fitness center, clubhouse area and courtyard area.

“This is a property we hope to own for a very long time,” Grubb executive Todd Williams told the newspaper.

Other residential assets Grubb Properties owns and manages in the Triangle include the Glen Lennox community in Chapel Hill, as well as the Sterling Forest Apartments and Sterling Town Center Apartments, both of which are located in Raleigh.

The company is also planning a spring construction start for The Link at Glenwood South, a 204-unit Link-branded apartment community in downtown Raleigh.

In other news, Wexford Science & Technology, which is part of the San Diego-based real estate investment trust BioMed Realty, has acquired the 360,000-square-foot Chesterfield Building at 701 W. Main St. in downtown Durham for $7.5 million.     

Once part of the Liggett & Myers Tobacco Company complex, the seven-story structure is one of the last remaining historic warehouses available for redevelopment in this part of the city.

With its latest acquisition, BioMed’s portfolio in North Carolina has grown to more than 1.2 million square feet of space. Other properties the company owns in the Triangle include the Patriot Science Center in Durham, the 3500 Paramount Parkway building in Morrisville and the 3000 Weston Parkway building in Cary.

“As a developer of research-based communities for prominent research universities and their health systems around the country, we consider the Durham market, and the Chesterfield Building, an ideal location to continue Wexford Science & Technology’s expansion,” Daniel C. Cramer, Wexford Science & Technology’s senior vice president of development, said in a news release. 

Photo credits: www.beckanna.com



Middle Street Partners Acquires Mebane Multi-Family Community for $21.5M

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by Adriana Pop, Associate Editor

Middle Street Partners LLC of James Island, S.C. has acquired the Carden Place Apartments at 101 Carden Place Drive in Mebane. According to the CoStar Group, Greensboro-based Brown Investment Properties sold the 240-unit community for $21.5 million, or approximately $90,000 per unit.

Hal Kern, Richard Montana, and Phil Brosseau with CBRE’s Carolinas Multi-Housing Group represented Middle Street Partners, while the seller handled the transaction in-house.  

Located about 20 miles northwest of Chapel Hill, the 337,470-square-foot multi-family property spreads across 14.9 acres of land. It was developed in 2011 and offers residents easy access to the Tanger Factory Outlet Centers. Amenities include a clubhouse, a resort style swimming pool, a fitness center, a leash-free dog park, a media room, a car wash center, a fenced playground, free garden plots, as well as 24-hour emergency maintenance.

In other news, the Triangle Business Journal reports that an affiliate of South Coast Commercial LLC of Bluffton, S.C. has paid $3.5 million for the acquisition of the North Market Square retail center in north Raleigh. The seller of the 33,990-square-foot property was Oberlin Endeavors LLC.

The transaction was brokered by Andrew Margulies with the Raleigh office of Marcus & Millichap Real Estate Investment Services.

Developed in the mid-1980s, North Market Square is anchored by Kanki Japanese Steakhouse. Cosmo Prof, The Good Feet Store, Bra Patch and Stringers Tennis are also among the tenants of the property, which was 90 percent leased at the time of sale.

Photo credits: Matkins Photography 2011



Cassidy Turley Arranges $78.7M in Financing for Forum Office Park in Raleigh

19 Dec 2013, 11:24 pm








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by Adriana Pop, Associate Editor

Cassidy Turley has arranged financing totaling $78.7 million for The Forum office park in north Raleigh.

Conveniently located in the Six Forks submarket, the 19-acre property encompasses five Class A office buildings totaling 635,380 square feet.

Executive Managing Director John Campanella and Vice President Paul Spellman of Cassidy Turley arranged the financing on behalf of the property’s owner. The financing was provided by a commercial bank.

“Due to the institutional sponsorship and outstanding tenancy, the transaction priced aggressively making it one of the premier finance transactions in the Southeast in 2013,” Campanella said in a news release.

Highwoods-DLF Forum, LLC, a joint venture between Highwoods Properties and DLF, acquired the office park in 2008. Highwoods is leasing and managing the buildings, which have an average occupancy rate of 96 percent.

In other news, NGI Investments LLC has purchased an approximately half-acre parcel of land at the SW corner of S. Blount Street and E. Martin Street in Raleigh, where SkyHouse Raleigh, the city’s first luxury apartment tower is slated to rise. Edison Land LLC sold the property for about $4 million.

James P. Allaire, SIOR of Cushman & Wakefield | Thalhimer brokered the sale on behalf of the buyer.

Upon completion towards the end of 2014, the $60 million residential high-rise will offer 320 apartments, 5,400 square feet of retail space, a pool on the top floor, as well as a 1,224-space parking deck.

Batson-Cook and NGI Investments are financing the project, which is being developed by Atlanta-based Novare Group and Gregg Sandreuter’s Beacon Partners.

Photo credits: Highwoods Properties



Nonprofit FHI 360 Opens New HQ at American Tobacco in Durham

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by Adriana Pop, Associate Editor

International nonprofit organization FHI 360 has opened its new headquarters at the recently completed LEED-certified Diamond View III building within the American Tobacco Campus in downtown Durham.  

Last year, the company signed a 15-year lease to occupy more than half of the 130,000-square-foot, five-story structure, which has been developed by an affiliate of Raleigh-based Capitol Broadcasting Co.  

“We’re thrilled to be the new home to the headquarters of FHI 360, an organization that is driving vital, positive change in the world,” said Michael Goodmon, vice president of real estate for Capitol Broadcasting Co. “We welcome FHI 360’s interest in playing an active part in our development as a community and look forward to supporting them as they grow and succeed here.”

The Diamond View office complex is a landmark in the revitalization of the city’s Historic District, where abandoned tobacco processing facilities have been renovated into office, laboratory and meeting spaces, helping transform Durham from a one-industry city into a center of medical research and innovation. 

In other news, Federal Capital Partners has agreed to provide $10 million in financing for the Stanhope Center 800+ bed student housing development on Hillsborough Street in Raleigh.  

According to the NewsObserver, Kane Realty and its partner, local developer Melton “Val” Valentine, expect to begin construction on the $70 million mixed-use project during the first quarter of 2014. Plans also call for approximately 30,000 square feet of retail space, the newspaper reports.

“We are excited to join Kane and Val Valentine in creating NC State’s premier mixed-use student housing facility at Stanhope Center. Its location adjacent to the NC State University campus is second to none,” E.J. Corwin, FCP senior vice president said in a news release.

Federal Capital Partners will provide an initial $2.7 million senior loan to finalize the community’s vision and design, which will be converted into a $10 million mezzanine loan once construction is under way.

Photo credits: www.americantobaccohistoricdistrict.com



Davis Property to Start Construction on 243-Unit Apartment Project in Raleigh

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by Adriana Pop, Associate Editor

Construction is about to begin on the 243-unit Jones Grant Apartments complex in Raleigh.

According to the NewsObserver, developer Davis Property Group and its equity partner AVR Realty have paid about $4.56 million to acquire the site of the development, a 15-acre parcel of land located inside the Beltline, on the west side of Wake Forest Road.

Previously owned by the family trust of Charles William Gaddy, a real estate investor and former city councilman, the property includes the historic Crabtree Jones House. The structure, which Davis is moving to an adjacent site, will be donated to Preservation North Carolina.

The first units of the new apartment complex are expected to be ready for occupancy towards the end of 2014.

The complex, which does not require a parking deck, is expected to offer residents more affordable rents than projects at North Hills and elsewhere in the city. Jones Grant Apartments will also offer easy access to the Holly Park Shopping Center and the Duke Raleigh Hospital.

“What we believe is, what matters to the customer, what they pay money for, is walkability,” Russ Davis, Davis Property Group’s owner, told the newspaper. “And from this site it’s an amazing ability to walk to the retail amenities you can use every day.”

According to the semi-annual Triangle Apartment Market Report by the Karnes research firm and Triangle Apartment Association, 15 new apartment communities totaling 2,899 units have opened in the Triangle region in recent months. Another 9,336 units are scheduled to open by early 2015, the highest level reported since 1997.

In other news, the Triangle Business Journal reports that the new Hilton Garden Inn hotel has recently opened near Duke University Hospital in Durham.

Called Hilton Garden Inn Durham/University Medical Center, the 128-room hotel at 2102 W. Main St. is managed by Olympia Hotel Management and jointly owned by The Olympia Companies of Portland, Maine, and Smart Hotels of Shaker Heights, Ohio.

The property has earned the highest level of recognition from the North Carolina Green Lodging Initiative and also aims to achieve LEED certification.

Photo credits: www.hoteldurhamnc.com



Associated Estates Purchases Apt. Portfolio from Northwood Ravin for $329.9M

27 Nov 2013, 9:15 pm







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by Adriana Pop, Associate Editor

In a $323.9 million portfolio deal, Charlotte-based developer Northwood Ravin has agreed to sell seven apartment communities totaling 1,606 units to Ohio real estate investment trust Associated Estates Realty Corp.  

Two of the properties are located in the Triangle (in Raleigh and in Cary); three are in Charlotte; one in Atlanta; and one in Tampa.

According to the NewsObserver, Associated Estates paid $27.325 million or nearly $204,000 per unit for St. Mary’s Square, a 134-unit multi-family property in downtown Raleigh. The community opened just a few months ago and is already 90 percent leased.

The acquisition price sets a new Triangle record, previously attained in the spring of 2012, when Dallas-based Crow Holdings Capital Partners purchased the 409-unit residential component of the Park & Market Apartments at North Hills East in Raleigh. Kane Realty Corp. sold the property for $82 million or $200,489 per unit.

In Cary, Northwood Ravin has acquired the 215-unit Lofts at Weston for $38.3 million, or $178,000 per unit. The property, a joint venture between Northwood Ravin and Highwoods Properties, opened on Weston Parkway in March and is 80 percent occupied.

Four of the remaining five properties included in the transaction are currently under construction and should open in the next few months.

The sale represents a shift in strategy for Northwood Ravin, which usually develops communities with the intent of operating them on the long haul.

“You can’t always stay with one strategy because the marketplace is always changing, and multifamily in particular has been changing rapidly,” the company’s president and CEO, David Ravin, told the newspaper. “We saw an opportunity to recycle some capital, to return investments to our investors at a good rate and thought it was an opportune time to reposition ourselves.”

Ravin also said he expected the pace of apartment sales to slow in the near-term, as investors observe the way the new inventory performs.   

The Triangle Business Journal reports that, according to the semi-annual Triangle Apartment Market Report by the Karnes research firm and Triangle Apartment Association, 15 new apartment communities totaling 2,899 units have opened in the region in recent months. Another 9,336 units currently under construction in the Triangle are scheduled to open by early 2015.  

Northwood Ravin has three other properties in the Triangle, including The Bradford in Cary, The Apartments at Palladian Place in Durham and The Edge in Chapel Hill.

Photo credits: www.homefinder.com



Bell Partners Acquires Apartments in Raleigh for $46.8M, Sells in Chapel Hill

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by Adriana Pop, Associate Editor

Apartment investment and management company Bell Partners Inc. of Greensboro recently purchased The Woodlands at Wakefield Plantation, a 360-unit multi-family community in north Raleigh, which it renamed Bell Wakefield. According to the Triangle Business Journal, an entity managed by Altman Development Corp. of Boca Raton, Fla. sold the property for $46.8 million.

Open since 1999, the garden-style apartment complex is conveniently located near the Falls River Shopping Center. The property offers a variety of amenities, including a clubhouse, fitness center, business center, resort-style pool with Wi-Fi access and poolside gazebo, as well as an indoor basketball court.   

The Triangle Business Journal also reports that, in another recent transaction, Bell Partners has sold its share in the 258-unit Bell Meadowmont apartment community in Chapel Hill for $49 million or approximately $189,922 per unit.

As part of the transaction, the buyer, an affiliate of the Nicol Investment Co., will assume a $28.5 million loan on the property. Bell Partners acquired the property in 2010 for $37 million.

Open since 2001, Bell Meadowmont offers easy access to Duke University, Research Triangle Park, or The Streets at Southpoint. Amenities include a swimming pool with sun deck, fitness center, business center, an outdoor grilling area, as well as a pet park. Rents range from $1,290 for a one-bedroom unit to $1,935 for a three-bedroom unit.

Founded more than 35 years ago, Bell Partners is one of the country’s leading apartment investment and management companies. It now owns or operates 248 apartment properties, with over 69,000 apartments, located generally along the East coast and Southwest. According to the National Multi-Housing Council, the company ranks as the 7th largest apartment operator in the United States.

Bell Partners has also been named one of the Triad region’s best workplaces.

MHN interview with Kevin Thompson, the company’s senior vice president of marketing.

Photo credits: www.bellapartmentliving.com



Highwoods Breaks Ground on $110M Build-to-Suit Technology Hub for MetLife

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by Adriana Pop, Associate Editor

MetLife has recently celebrated the groundbreaking of its new build-to-suit global technology hub in Cary.

Developed by Highwoods Properties, the $110 million Weston Lakefront office campus will be situated on 26.5 acres fronting the 520-acre Lake Crabtree, which is adjacent to I-40 and the nearby Raleigh-Durham International Airport. Expected to achieve LEED Gold certification or higher, the complex will feature two 213,500-square-foot buildings with structured parking. Construction is scheduled to be complete in 2015.

Rule Joy Trammell + Rubio of Atlanta and Studios Architecture of Washington, D.C. are the project’s architects. Piedmont Land Design of Raleigh is the lead civil engineer, while Brasfield & Gorrie will manage construction.

Over the next 18 months, MetLife is also planning to fill more than 1,000 new positions in the Research Triangle across various functions including engineering, development, app maintenance, IT risk & security and tech support. Coupled with its new U.S. retail headquarters in Charlotte, the company’s entry in the region will bring a total of 2,600 new jobs in North Carolina by the end of 2015.

“Today’s ceremony underscores MetLife’s belief that technology will play a significant role in transforming the customer experience,” said Marty Lippert, EVP and Head of GTO, MetLife. “We are committed to establishing a best-in-class technology hub grounded in collaboration, talent and innovation, and strive to be the employer of choice for the dynamic, forward-thinking workforce in the Triangle area.”

In multi-family transaction news, the Triangle Business Journal reports that Federal Capital Partners (FCP) of Chevy Chase, Md. has paid $10.5 million to acquire the 206-unit Tree Top Apartments community in north Raleigh from an affiliate of PRG Real Estate of Philadelphia.  

FCP Vice President Bryan Kane represented the buyer in the transaction, while Brandon Whitesell and Alex Brown of Cushman & Wakefield represented the seller.

The property features 13 two-story garden apartment buildings, a clubhouse with a club room and fitness center, a playground, volleyball court, lighted tennis court and community pool.

Photo credits: MetLife







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