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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







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