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SREE Hotels Acquires Embassy Suites Charlotte for $32M, Plans Multimillion Dollar Renovations

18 May 2015, 3:57 pm

By Eliza Theiss, Associate Editor

Embassy Suites Charlotte

Charlotte-based SREE Hotels LLC has purchased the 274-suite Embassy Suites Charlotte for $32 million from Texas-based publicly traded hotel REIT Felcor Lodging Trust. The buyer announced $8 million worth of comprehensive renovations and upgrades to the property.

Embassy Suites Charlotte’s amenities currently include 8,597 square feet of meetings and events space with the largest meeting room offering 5,148 square feet capable of accommodating up to 400 people; a business center; a 24-hour fitness center; an indoor swimming pool, whirlpool and spa; and the onsite Omaha Steakhouse restaurant. Suites feature two rooms, with separate living area, private bedroom, Wi-Fi, 32-inch LCD televisions and wet bar.

Renovations will target both the exterior and interior of the hotel, aiming to create a contemporary design unique to the Charlotte market. All guest suites will be upgraded, along with the meetings and events space, lobby and atrium, including a new F & B Outlet in the atrium space.

Located at 4800 South St., Embassy Suites Charlotte is proximate to Uptown Charlotte’s millions of square feet of Class A office space and Fortune 500 companies, as well the area’s business parks, home to Bank of America, Wells Fargo, NASCAR teams, Belk, Piedmont Natural Gas, Coca Cola, Siemens Energy, Belk  and Compass Group. The hotel is also conveniently located to Charlotte Douglas International Airport and entertainment destinations such as the Charlotte Motor Speedway, Carowinds Amusement Park and the U.S. National Whitewater Center.

Charlotte-based SREE Hotels is a fully integrated hotel development management company with a portfolio of 26 hotels located in the Eastern United States, valued at $120 million. SREE is currently expanding its portfolio, having added five new assets in 2015.

Find further Charlotte market data here

Image credits: Embassy Suites Charlotte 

Multi Housing Advisors Represents Sellers in $40M Deals

13 May 2015, 9:30 pm

By Eliza Theiss, Associate Editor

Tryon Park at Rivergate

Multi Housing Advisors, 2014’s most active brokerage firm in the Southeast, recently represented the sellers of two multifamily properties that netted close to $40 million in separate transactions, reported the Charlotte Business Journal.

The first transaction involved the sale of Tryon Park at Rivergate, a 202-unit apartment complex on the corner of South Tryon Street and Steele Creek Road.  According to the Charlotte Business Journal, buyer White Point Partners, a Charlotte-based real estate investment firm, paid $27.7 million for the property. Multi Housing Advisors’’ Charlotte office represented the seller, an affiliate of Meridia Development, based out of Greenville, S.C. Completed in 2014, the apartment community was about two-thirds occupied at the time of sale.

Tryon Park at Rivergate features one- and two-bedroom luxury apartments ranging between 764 square feet and 1,281 square feet. Rents range from $895 to $1,320. Community amenities include an electric car charging station, 24-hour fitness center, yoga and Pilates studio, salt-water swimming pool, grilling station, outdoor fire pit, dog park, business center, clubroom with flat screen TVs, car care center, detached garage and storage units.

Multi Housing Advisors also advised the seller of Wellington Farms, a 254-unit apartment community purchased by JEM Holdings for $12.1 million, reported the Charlotte Business Journal. The seller was a company managed by Miami-based Monument Real Estate Services president Stuart Zook.

Wellington Farms is a 254-unit garden-style apartment community located in East Charlotte, seven miles from downtown Charlotte. Wellington represents the sixth community acquired by JEM in the Queen City. JEM broke into the Charlotte apartment market in January 2014 and has since added over 1,522 units to its portfolio with the acquisition of the 250-unit Bella Vista, the 176-unit The Highlands, the 196-unit Windgate,  the 192-unit Hanover Landing, the 454-unit Country Club and the 254-unit Wellington Farms.

Click here for further Charlotte apartment market data

Image credits: Tryon Park at Rivergate

EDENS Expands Holdings in Charlotte with 75K SF Shopping Center

4 May 2015, 9:12 pm

By Eliza Theiss, Associate Editor

Myers Park Center

EDENS, a developer, owner and operator of community-oriented shopping centers, has expanded its Charlotte presence by the addition of Myers Park Center to its portfolio.

Located in Charlotte’s exclusive Myers park neighborhood, the Myers park Center is located only a few miles from Charlotte’s CBD, Uptown Charlotte, Queens College and Levine Children’s Hospital.

Located at 1015 Providence Rd., Myers Park Center offers 75,075 square feet of space anchored by a recently redeveloped 42,000-square-foot, two-level Harris Teeter. Established retailers include Lumiere, Splurge, Charlotte Ultra Running, Charlotte Rug House, Fancy pants, Tootsies Too and Myers Park Nails & Spa, Alexander Scott and Allstate Insurance. According to EDENS information, Myers Park currently has 1,737 square feet of space available. The property’s parking ratio is 4 spaces per 1,000 square feet.

Myers Park’s one-mile catchment area has a population of 11,474 with an average household income of $159,625. Its 15-mile catchment area holds 1,111,393 people with and average household income of $80,180.

The historic property has been a destination since 1938 when A&P first opened on the site. The site, as well as the center, was previously owned by the Huntington family, which held the assets for over 100 years.

EDENS’ other Charlotte holdings include the 98,392-square-foot Atherton Mill in the South End neighborhood, the 425,408-square-foot pedestrian-friendly Park Road Shopping Center, and the 83,777-square-foot Kenilworth Commons in the Dilworth  neighborhood. EDENS North Carolina holdings also include the newly redeveloped, 130,306-square-foot Asheville Market in Asheville, N.C.

Click here for further Charlotte market data

Image credits: EDENS

Adler Kawa Real Estate Advisors Picks Up Shopton Ridge for $33M

23 Apr 2015, 6:34 pm

By Eliza Theiss, Associate Editor

Shopton Ridge

While Charlotte’s apartment and office market garner all the attention, the Queen City’s industrial market is also experiencing a growing interest from national investors.

Adler Kawa Real Estate Advisors’ (AKREA) purchase of the 422,400-square-foot Shopton Ridge industrial/office complex comes hot on the heels of two other high-profile transactions: the 123,200-square-foot South Point Business Center’s sale and the $55 million disposition of  one-million-square-foot RSI Distribution Center.

According to The Charlotte Observer, the Florida-based real estate firm paid $33 million for the property, which it acquired from Trinity Capital Advisors and PCCP LLC. CBRE’s Charlotte office represented the seller. AKREA’s previous Charlotte acquisitions include the 223,850-square-foot Carmel Executive Park, purchased for $25 million in August 2013, and the 249,000-square-foot Oak Hill Business Park, purchased in August 2014 for $16.6 million.

AKREA purchased the property with a group of co-investors through Adler Kawa Acquisitions LLC for Adler Kawa Real Estate Fund II. Targeting office and industrial acquisitions, the fund has to date deployed about 90 percent of its $56 million capital by purchasing properties totaling two million square feet of space.  The assets purchased through Adler Kawa Real Estate Fund II are valued at close to $200 million, while its precursor Adler Real Estate Fund amassed 4.5 million square feet of assets valued at over $460 million. AKREA is organizing a third fund.

Located in Charlotte’s Southwest industrial submarket, Shopton Ridge features 422,400 square feet of Class A space with easy access to I-85, the Southeast’s primary industrial route, I-485 and I-77, and Charlotte Douglas International Airport. The property was built between 2005 and 2008 and is currently 90.77 percent leased. Its tenant roster includes Cardinal Health, ScentAir, Pinpoint Warehousing, Linde Gas and Rent-a-Center.  Trinity Partners’ Bill Wood has been contracted as third-party leasing agent, while Adler Realty Services, an AKREA affiliate, will act as property manager.

The Southwest submarket absorbed 600,000 square feet in 2014, registering the highest rate within Charlotte. The Southwest submarket also boasts a 9 percent year-over-year rent growth.

Click here for further Charlotte industrial market data

Image courtesy of Adler Kawa Real Estate Advisors

Hartz Mountain Drops $55M on Charlotte Industrial Asset

23 Apr 2015, 6:25 pm

By Eliza Theiss, Associate Editor

RSI Distribution Center aerial view

New Jersey-based Hartz Mountain Industries Inc. has acquired the one-million-square-foot RSI Distribution Center in Metro Charlotte, paying $55.7 million. Cushman & Wakefield | Talhimer’s Capital Markets Group represented seller The Keith Corp. in the property’s sale, aided by the company’s Charlotte office.

The Class A industrial facility, located on 82 acres of the 680-acre Lincoln County Industrial Park, is fully leased to RSI Home Products, the world’s largest manufacturer of laminate kitchen and bath cabinetry. The tenant has a new 15-year triple-net lease on the property through August 2029.  The lease structure includes a 1.4 percent annual escalation between years one and five, followed by an annual increase of 1.5 percent through year 15. The property’s net operating income will clock in at $3,349,769 in commercial year 2015.

RSI Distribution Center ground view

The tenant’s revenues have more than quadrupled since 2004, when it opened its first location in Lincoln County Industrial Park, reaching $500 million in fiscal year 2013. As a result, RSI Distribution Center has expanded three times. The most recent expansion, executed in 2014, added 225,000 square feet. According to Cushman & Wakefield | Talhimer, RSI is considering an additional 100,000-square-foot expansion.

As a result of its multi-phase development, the distribution facility is suited for future multi-tenant use. Individual phases range between 200,000 square feet and 350,000 square feet.  Strategically located within the 4.4-million-square-foot Lincoln County Industrial Park, the facility has optimal access to I-85, the Southeast’s primary industrial route and I-40, the Southern United States’ most important east-west distribution corridor via the US Highway 321 Inter-Connector.

Click here for further Charlotte market data

Images courtesy of Cushman & Wakefield | Talhimer

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