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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

1 Mar 2014, 2:07 am







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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



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







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