FelCor Sells Three Hotels to Repay Outstanding Debt23 Jul 2015, 2:25 pm
By Anca Gagiuc, Associate Editor
Hospitality REIT FelCor Lodging Trust Inc. has sold three non-strategic assets to three separate buyers.
The company sold the 216-key Embassy Suites San Antonio-Northwest I-10, the 260-key Embassy Suites Austin Central, and the 274-key Embassy Suites Charlotte (50 percent JV). The Embassy Suites Austin Central became the property of Stonebridge Cos., as previously reported by Commercial Property Executive.
The price tag for the three assets was of $90 million, and proceeds will be used by FelCor to repay outstanding debt.
The sale is part of FelCor’s portfolio repositioning plan. To date, the company has sold 38 non-strategic hotels with gross proceeds of $884 million. Two remaining non-strategic hotels are expected to change hands in the third quarter.
Image courtesy of Embassy Suites by Hilton
DAC Grabs Fully Leased Portfolio at FedEx Ship Center16 Jul 2015, 1:27 pm
An industrial real estate investment manager and operator with offices in Dallas, Orlando and Montreal just added a Charlotte-area light industrial park to its national portfolio. The Northfield Industrial Portfolio is located on Eagleton Downs Drive across from the FedEx Ship Center. Dalfen America Corp. acquired the four buildings totaling 122,283 square feet; commercial terms of the deal were not disclosed.
The buildings were constructed between 1997 and 2002 and the property was 100 percent leased at the time of closing. The assets are located in the southwest submarket, one of Charlotte’s premier industrial corridors.
With this acquisition, DAC closed on over 1 million square feet of industrial properties in three states over the past month. The company owns two other industrial properties in Charlotte: the 20,000-square-foot, single story Eagleton Downs Center, and the two-building Stuart Andrew Business Center that totals 91,320 square feet. According to President & Chief Investment Officer Sean Dalfen, the company intends to significantly expand its holdings in Charlotte as well as other key markets in the Carolinas over the next two years. Dalfen expects that Charlotte, the Raleigh/Durham and Greenville/Spartanburg areas will continue to support the firm’s strategy as “some of the nation’s top tier locations from a business and population growth standpoint”.
Photo courtesy of Dalfen America Corp.
Nutec Wraps Up Industrial Deal in Metrolina13 Jul 2015, 12:43 pm
By Balazs Szekely, Associate Editor
A manufacturer of high temperature insulation fibers is expanding its business in the Charlotte metropolitan area. Monterrey, Mexico-based Nutec Group will develop a $19.2 million advanced industrial insulation manufacturing facility in the town of Huntersville. The 62,500-square-foot plant should create 61 positions in production, warehouse, maintenance and quality control departments, with an annual payroll of approximately $2.5 million, according to an announcement made by Governor Pat McCrory, N.C. Commerce Secretary John E. Skvarla III and the Economic Development Partnership of North Carolina.
Nutec Group operates plants in Ramos Arizpe, Mexico; Berriz, Spain; and San Paulo, Brazil. The company’s products are used in the fire protection, metal, glass, automotive and petroleum industries.
The developer is expected to receive an incentive of up to $100,000 from the One North Carolina Fund, provided that the project meets the job creation requirements and the investment performance standards to qualify. Nutec also expects a Business Investment Program grant from the Mecklenburg Board of County Commissioners and an Economic Development Incentive grant from the Huntersville Town Board of Commissioners. According to the Charlotte Business Journal, the grants coming from the county and the city would reach $216,466 and $86,391, respectively.
Photo credits: Nutec Group
Conn’s Expands in Tar Heel State7 Jul 2015, 1:20 pm
By Ioana Neamt, Associate Editor
A popular Lone Star State retailer celebrated Independence Day in style with the opening of two new locations in North Carolina.
July 4thmarked the official debut of two Conn’s HomePlus home goods stores in Charlotte and Gastonia. The Woodlands-based retailer currently has more than 90 stores across 12 states, and plans to open 15 to 18 new ones by February 2016.
“Opening these new stores in Charlotte and Gastonia reflects the positive reception we’ve received in the area, and we are excited to deepen our roots in these great North Carolina communities,” said David Trahan, president of Conn’s Retail Division, in a statement. The company intends to open four more stores in the state by the end of the year.
The new Conn’s HomePlus in Charlotte is located at 8709 JW Clay Blvd. and encompasses 46,000 square feet of retail space. The store, which is expected to create 30 new jobs, marks the company’s second location in the Queen City. The other Conn’s HomePlus in Charlotte is located at 9567 South Blvd.
The 43,000-square-foot Conn’s store in Gastonia is located at 197 New Hope Drive and has already led to the creation of 28 jobs. Plans call for more new hires in the following months.
According to a news release, the opening of the new stores was celebrated with gift card giveaways, promotions, and the opportunity for local customers to win a $10,000 Conn’s shopping spree. The Texas retailer offers high-quality and affordable home products, including mattresses, consumer electronics, home office products and appliances.
Image courtesy of Conn’s Inc.
Charlotte Seals Job Deals30 Jun 2015, 8:55 pm
By Eliza Theiss, Associate Editor
Charlotte continues to be fertile ground for job creation, with corporate relocations and expansion bringing thousands of jobs to the Queen City. Arguably one of the biggest recent job creators to move to the Queen City, Sealed Air Corp. has just celebrated breaking ground on its new global corporate headquarters with Gov. Pat McRory in attendance.
Relocating from New Jersey to Metrolina, the Fortune 500 company will be bringing 1,300 jobs to Charlotte by 2017. Moreover Sealed Air’s jobs will pay an annual average of $119,482, more than double the Mecklenburg County average salary, which clocks in at $59,046.
Sealed Air will invest $58 million through a long-term lease with a third-party developer who will construct a state-of-the-art facility in LakePointe Corporate Center. Sealed Air named Childress Klein as its development partner for the project. Global design and architecture firm HOK will handle engineering and design, while Stantec will handle project management services.
Allegheny Technologies Inc. is also bringing high-paying jobs to Metro Charlotte with a 70-job expansion. Allegheny’s jobs, created over the next three years, will pay on average $60,000, significantly higher than Union County’s $38,730 average salary. The company will invest $69.8 million and develop a new manufacturing facility next to its existing Union County location.
Image credits: Gov. Pat McRory via Facebook