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Research Triangle Foundation Buys 100 Acres for Triangle’s First Mixed-Use Expansion

7 Feb 2014, 9:44 pm







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by Adriana Pop, Associate Editor

The Research Triangle Foundation, the nonprofit that built the Research Triangle Park (RTP) back in the 50s, has recently announced the acquisition of several adjacent properties along I-40, where it intends to add new development.

The organization, which currently manages the nearly 7,000-acre business park, has paid about $17 million for the parcels, which total nearly 100 acres.

“(This is) maybe the biggest news we’ve had to share since the creation of the park itself a little over 50 years ago,” Bob Geolas, RTF’s president and CEO told the Herald Sun.

Known as Park Center, the expansion project would feature RTP’s first area of mixed-use growth, supporting as much as 3 million square feet of new residential, retail, hotel and other types of development, including meeting spaces for entrepreneurs and executives. Construction plans have yet to be finalized.

In the months ahead, a Governor’s Inn hotel and more than a dozen outdated office buildings located on the newly acquired properties will be demolished. The foundation will also work closely with Research Triangle High School, a two-year-old charter school currently operating in converted retail space on one of the properties, to select a new location for the institution within the redevelopment plan.    

In November 2012, Park officials unveiled a new master plan for the future growth of RTP that proposed three new higher-density clusters of development known as the Triangle Commons, Park Center and Kit Creek Center.

The newspaper reports that the foundation had initially planned to start construction on the Triangle Commons, a mixed-use project that called for the development of apartments and commercial space on about 50 acres of land near the corner of Cornwallis Road and Davis Drive. The nonprofit has yet to acquire the property and plans to connect the two clusters with an “innovation corridor.”

According to Geolas, the Triangle Commons and Park Center combined would create the opportunity for 6 million square feet of new development, $2 billion worth of private investment and an estimated 100,000 new jobs within the Research Triangle Park.

Photo credits: www.rtp.org



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

23 Dec 2013, 10:17 pm







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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

13 Dec 2013, 3:06 pm







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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

5 Dec 2013, 10:36 pm







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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

22 Nov 2013, 4:04 pm







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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

9 Nov 2013, 1:39 am







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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



Novare, Beacon Partners to Break Ground on $60M Luxury Apts. in Downtown Raleigh

6 Nov 2013, 4:26 pm







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By Adriana Pop, Associate Editor

Atlanta-based Novare Group and Gregg Sandreuter’s Beacon Partners are about to break ground on SkyHouse Raleigh, a 23-story luxury apartment tower planned for the southwest corner of Martin and Blount streets in the city’s downtown.  

According to the NewsObserver, Batson-Cook and NGI Investments are financing the 320-unit high-rise project, which entails an investment of $60 million.

Plans also call for 5,400 square feet of retail, a pool on the top floor, as well as a 1,224-space parking deck that divides the block where the building is slated to rise.

Upon completion by the end of 2014, the tower will be Novare’s seventh SkyHouse-branded apartment development. A similar project known as SkyHouse Midtown has recently opened in Atlanta (pictured), while a second one is currently under construction. Other SkyHouse apartment high-rises are slated to open in Austin, Orlando, Houston and Dallas.

“This is a demographically driven program targeting younger residents who desire convenient, transit-linked and efficient residences,” Mark Stewart, director of investments for Batson-Cook Development Company, told the newspaper.

SkyHouse Raleigh will be the first phase of the mixed-use Edison development that Sandreuter proposed in 2007. Initial plans called for two office towers, but demand in this segment has remained low in the wake of the recession. The revised version of the project now includes two apartment complexes and a 13-story office building which are expected to occupy an entire block of downtown.

“SkyHouse is aimed at young professionals who want a luxury in-town residential experience in a location where they can walk to restaurants, entertainment and work. It is a luxury high rise product that is intended to be a rental community from the outset and is specifically targeted at those who relish life in the city. We like downtown Raleigh and particularly the Edison location a lot,” Jim Borders, President of Novare Group, said in prepared remarks.  



Newland Buys Foreclosed 1,100-Acre Master-Planned Community in Wake County

24 Oct 2013, 9:54 pm







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by Adriana Pop, Associate Editor

San Diego-based Newland Communities has acquired the long-stalled Wendell Falls residential and commercial project in eastern Wake County. The NewsObserver reports that the developer paid $34 million for more than 1,100 acres of land that Wells Fargo foreclosed upon in 2010.

Mercury Development and Burroughs & Chapin Co. of Myrtle Beach were the original developers of the project, which was suspended in 2008 because of the financial crisis. Initial plans called for the construction of more than 4,000 homes, about 2 million square feet of retail and commercial space, a 160-acre county park and an elementary school. The investors had borrowed $69 million for the project and spent more than $100 million before development stopped. Completed work includes water and sewer lines, a new interchange on U.S. 64/264, as well as the elementary school, which opened in 2009.

According to the Triangle Business Journal, the restarted master-planned community could more than double Wendell’s current population of 6,000 residents and add about $1 billion in taxable property to the town.

“This project isn’t just a Wendell project; this is a project that will impact eastern Wake County as a whole,” Wendell Town Manager Teresa Piner told the newspaper. “It’s going to set the tone not only for the community, but for those visiting, whether they’re from eastern Wake County or those coming in from D.C on (Interstate) 95. This is going to be the entranceway into Wake County.”

Newland Communities is currently in the process of finalizing the project’s details, which could be similar to the original plans. Construction is expected to span over more than 10 years.

The company is also the developer of Briar Chapel community (pictured), a 1,589-acre, mixed-use master-planned development in Chapel Hill. The property opened in September 2008 and offers more than 900 acres of open space.

Photo credits: briarchapelnc.com



Aloft Hotels Slated to Open in Raleigh and Durham by Mid-2015

16 Oct 2013, 10:18 pm







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by Adriana Pop, Associate Editor

Starwood Hotels & Resorts has announced it would bring the Aloft brand to the Triangle with the opening of two new properties.

In Raleigh, the company is planning the construction of a 135-room hotel on Hillsborough Street, across the street from North Carolina State University’s iconic bell tower.

Owned by a joint venture between the Bernstein Companies and Bell View Partners, Aloft Raleigh will feature an outdoor pool, more than 1,000 square feet of flexible meeting space, two retail storefronts, as well as an outdoor space on the second floor that extends over the Hillsborough Street sidewalk. The property is scheduled to open in the summer of 2015.

“We are delighted to debut Aloft in Raleigh and expect the hotel will emerge as a hotspot among savvy travelers, area professionals and students in this dynamic university town,” said Brian McGuinness, senior vice president of Specialty Select Brands for Starwood Hotels & Resorts Worldwide Inc. “Just five years since it launched, Aloft recently opened its 75th hotel and is coming online in new markets all the time.”

Earlier in September, the owners of the Aloft hotel chain have also announced plans to develop the 134-room Aloft Durham Downtown in the city’s American Tobacco Historic District. Owned by Davidson & Jones, the property will offer a variety of amenities, including an outdoor pool, a 24-hour gym, and approximately 2,230 square feet of flexible meeting space.  

Aloft Durham Downtown’s location at the intersection of Blackwell and Vivian Streets will offer guests easy access to the Durham Convention Center, Duke University and Medical Center and Research Triangle Park. Construction is expected to begin later this year and be complete by May 2015.

“Since the rebirth of the American Tobacco Campus almost 10 years ago, we have envisioned a complete experience with a full array of services and attractions,” said Michael Goodmon, vice president of real estate for Capitol Broadcasting Company, which owns American Tobacco. “While the vision to develop a one-of-a-kind destination has always been there, we’ve spent countless hours looking for the right plans and partners. By partnering with globally acclaimed Starwood Hotels & Resorts and respected regional powerhouse Davidson & Jones, we’re ready to create an environment worthy of dynamic Durham and the Triangle.”

Starwood’s other Aloft properties in North Carolina are located in Chapel Hill (pictured), Asheville and Charlotte.

Photo credits: www.starwoodhotels.com



Construction to Begin on New GlenLake Office Building in West Raleigh

11 Oct 2013, 10:08 pm








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By Adriana Pop, Associate Editor

Highwoods Properties has announced it would soon break ground on its fourth building at the GlenLake Office Park near Crabtree Valley Mall in west Raleigh. The locally based real estate investment trust expects to invest $35.8 million in the development of the approximately 166,000-square-foot project, which is already 25 percent leased.   

Raleigh law firms Ellis & Winters LLP and Hedrick Gardner Kincheloe & Garofalo LLP are the first to have signed on to occupy the LEED certified, six-story building known as GlenLake V. Construction is expected to begin in the fourth quarter of 2013 and be complete by the first quarter of 2015.

According to the NewsObserver, the company’s decision to move forward with the project reflects the ongoing improvement of the Triangle’s office market, as well as the success Highwoods has had with the other GlenLake office facilities. Called GlenLake One, GlenLake Four and GlenLake Six, the buildings are completely occupied by a tenant mix that includes the headquarters for Pepsi Bottling Ventures.

“Our GlenLake Park, which currently includes three, Class A office buildings encompassing 440,000 square feet, has proven itself as an established and highly desirable infill location and is 100 percent leased. In addition to signed commitments from these new Highwoods customers representing 41,000 square feet we have good interest from others who are actively considering relocating to GlenLake,” Ed Fritsch, president and chief executive officer of Highwoods, said in a prepared statement.

Plans for GlenLake V also include a 4,300-square-foot fitness center and a new general-use space for the building’s tenants. The architect of the project is Rule Joy Trammell + Rubio, which is also designing the $110 million campus Highwoods is developing for MetLife in Cary.

Within GlenLake Park, Highwoods has approvals to develop up to seven office buildings totaling 985,000 square feet.

With the addition of GlenLake V, the company’s development pipeline has grown to 1.1 million square feet of wholly-owned projects and 215 multi-family units in a 50 percent-owned joint venture, representing an investment of approximately $275 million that is 86 percent pre-leased.

Photo credits: www.highwoods.com



LexisNexis Chooses 120,000-Sq.-Ft. in Centennial Campus for Expansion

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by Adriana Pop, Associate Editor

Legal research firm LexisNexis has announced it would relocate its software division from Cary to Raleigh to accommodate the company’s growth. According to the Triangle Business Journal, LexisNexis will occupy the 120,000-square-foot office building on Centennial Campus that technology firm Red Hat had vacated earlier this year when it relocated to downtown Raleigh.

The new location at 1801 Varsity Drive (pictured) will more than double the space LexisNexis currently occupies in Cary and provide room for up to 650 employees. The expansion will enable the company to fulfill its commitment made to the state in February 2012 to develop a “Software Center of Excellence” in North Carolina and create 350 new jobs by 2017.  

 “Our new office location, centered in the midst of one of the most vibrant and dynamic learning institutions for engineering in the country, is inherently beneficial to employees and customers alike,” Michael Lipps, vice president and managing director for the LexisNexis BLSS business, said in a statement. “Centennial Campus is brimming with passion, enthusiasm and ideas for technology innovation; the university location literally represents the intersection of theoretical research with practical application.”

If it meets its hiring and investment requirements, LexisNexis will receive a Job Development Investment Grant of nearly $9 million from the North Carolina Department of Commerce. The company currently employs 247 people at 2000 Regency Parkway in Cary and expects to complete its relocation by the end of 2014.

In other news, the NewsObserver reports that Greystar Real Estate Partners of Charleston, S.C. has acquired a 2-acre site on the north side of downtown Raleigh, where it plans to develop a new apartment community.  LNR Property Corp., the lead developer behind the Blount Street Commons project, sold the property for $4.7 million.

Photo credits: www.loopnet.com



Crecent Signs up 6 Tenants for Property’s 17,900 SF Retail Component

26 Sep 2013, 9:11 pm







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by Adriana Pop, Associate Editor

Six new tenants have recently committed to occupy the entire 17,900-square-foot street-level retail component at Crescent Cameron Village, a mixed-use 282-unit residential community currently under construction in Raleigh’s historic Cameron Village.

The project, which is being developed by Crescent Communities of Charlotte, will include a Faire restaurant by Eschelon Group, a Brixx Wood Fired Pizza, a Benelux Coffee, Raleigh’s first Flywheel Sports, which offers high-energy indoor cycling classes, a Hand & Stone Massage and Facial Spa, as well as Raleigh’s first blow dry bar.

“We continue to have a strong focus in bringing new concepts and best-in-class retailers and restaurants to our communities,” Ben Collins, vice president of the Carolinas and Tennessee for Crescent Communities multifamily group, said in a news release. “Our retail partners ensure that residents of Crescent Cameron Village can enjoy fantastic new restaurants, high-intensity fitness, and plenty of pampering just steps from their front door – it’s a combination they won’t find anywhere else in Raleigh.”

Hill Partners Inc. is handling leasing and tenant coordination services for the project’s commercial component, while York Management is the retail property manager.  

Scheduled to open this winter, the new smoke-free, pet-friendly community will feature studio, one- and two-bedroom luxury apartments. Amenities will include a resort-style saltwater pool with sun deck, outdoor kitchen and grilling areas, a health and wellness facility, as well as a conditioned wine cellar with private lockers.

Crescent’s other multi-family projects in the Triangle include the 303-unit Crescent Ninth Street luxury apartment community, as well as the 208-unit Crescent Main Street complex, both of which are located in Durham.

In Hillsborough, the company has recently purchased 116 acres of land, where it plans to develop a 233-home master-planned community. The Triangle Business Journal reports that Crescent Communities has acquired the property along Business Highway 70 for $3 million. New home building is expected to begin next spring with prices ranging from the $200,000 to $500,000 range, the developer announced.

Photo credits: www.crescentcameronvillage.com



Highwoods to Develop MetLife’s Global Technology and Operations Hub in Cary

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by Adriana Pop, Associate Editor

Raleigh-based Highwoods Properties has unveiled its plans to develop a $110 million office park for MetLife on Weston Parkway in Cary.

Called Weston Lakefront, the 100 percent pre-leased build-to-suit campus along the shores of Lake Crabtree will initially include two, 213,500-square-foot, LEED-certified office buildings with structured parking. The facilities will be located on 26.5 acres of a 40-acre site Highwoods owns near the Raleigh-Durham International Airport. The remaining 13.5 acres of waterfront land will be pre-graded to accommodate a third potential building, the company announced.

“We are very pleased to have been selected by MetLife to build a campus for their new southeastern-based, global technology hub, which will initially house 1,200 new MetLife employees. This represents entirely new absorption for the market and is a true testament to the strong technology-oriented employment pool that continues to attract companies to migrate to the greater Triangle area. MetLife has been a long-term, highly regarded Highwoods customer in a number of our other markets, and we genuinely appreciate their continued confidence in our team and brand,” Ed Fritsch, president and CEO of Highwoods Properties said in a news release.

In March, MetLife announced it would be opening two new hub campuses in Cary and Charlotte that would create 2,600 new jobs in North Carolina.

Construction on the Weston Lakefront project is expected to begin this fall and be complete in 2015. Meanwhile, the New York-based life insurance giant is using the 116,300-square-foot Danbury Building at the Imperial Center office park in Durham to accommodate its growth.

Photo credits: wikimapia.org



Lawmakers Back Controversial 167-Acre Mega Development South of Durham

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by Adriana Pop, Associate Editor

751 South, a residential and business mega development along the Durham-Chatham county line can finally move forward.

According to the Triangle Business Journal, Gov. Pat McCrory has recently signed legislation that requires the municipality to offer utilities to the 167-acre project, which falls outside Durham’s city limits.

The proposed development located off of Highway 751 had been stuck in regulatory limbo since the City of Durham refused to annex the land into the city limits and provide water and sewer to the site.

Local firm Southern Durham Development is behind the project, which is slated to bring 600,000 square feet of office and retail space and as many as 1,300 residences. Plans also call for markets, cafes, restaurants, one or two schools, as well as park settings, open spaces and civic sites. NAI Carolantic Realty in Raleigh is already marketing the land to potential builders, the newspaper reports.

Southern Durham Development’s founders are Alex Mitchell and Tyler Morris. Both are partners in The Landing at Southpoint located on Hwy 751, the first “LEED for Homes” multi-family project with more than 50 units in the United States.

It is estimated that the economic impact of 751 South will reach $8 million in new taxes for the City of Durham and Durham County. The project is also expected to create about 3,000 new jobs.  

 “We assembled an internationally-renowned team of urban planners and designers with the goal of creating a very livable, sustainable development that would attract national attention. The commercial core of 751 South is designed to accentuate a live, work and play community with retail that can stand on its own,” Mitchell said in a prepared statement.

Under the new legislation, the city will also be required to annex the 751 South properties, as well as the Colvard Farm residential neighborhood, into Durham’s limits by 2023.

Photo credits: www.751south.com



Capitol Broadcasting Acquires Old Bull and Noell Buildings at American Tobacco

6 Sep 2013, 10:17 pm








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by Adriana Pop, Associate Editor

Two historic apartment and retail buildings at the American Tobacco Campus in Durham have recently been purchased by the original developers of the 16-acre site.

According to the Triangle Business Journal, an affiliate of Capitol Broadcasting Company known as ATC North Residential LLC has acquired the Old Bull and Noell buildings at 300 and 312 Blackwell Street for a combined $9.5 million.

The properties had been under the ownership of American Tobacco HH LLC, an entity managed by Capmark Financial Group of Horsham, Pa. The bank took possession of the buildings in 2011, as former owner, Struever Bros. Eccles & Rouse of Baltimore went bankrupt during the recession.  

The Noell building has been converted into 17 apartment units, while the Old Bull Building has been redeveloped into 57 apartments, ground-floor offices and retail space.

According to Michael Goodmon, vice president of real estate for Capitol Broadcasting, renovation work on some of the residences will continue until early next year.

“The change in ownership will be seamless for current residential and commercial tenants. We look forward to completing unfinished apartments in the buildings … and to the positive impact this work will have on American Tobacco’s renaissance and on Durham,” Goodmon told the newspaper.

In other news, the Herald Sun reports that the Durham City Council has approved $1.7 million in city/county incentives to support the reconversion of the former McPherson Hospital off West Main Street into a 143-room hotel. The city will contribute $1.3 million to the project, while the county’s share will amount to $400,000.

Developed by Concord Hospitality Enterprises Co., the approximately $29.4 million project is expected to create 31 full- and 14 part-time jobs.

In the past year, Durham’s city council and county have helped finance two other hotel developments in the city. One of the projects involves the conversion of the former Mutual Community Savings Bank on East Chapel Hill Street into the Holland Hotel, while the other involves the 21c Museum Hotels’ redevelopment of the former SunTrust tower.

Photo credits: www.opendurham.org







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