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DTZ Brokers Over 280K SF of Industrial Sales in Booming Charlotte Market

23 Feb 2015, 5:35 pm

By Eliza Theiss, Associate Editor

2198 and 2130 Wilkinson Boulevard

Quinn Management has sold over 30,000 square feet of industrial property to Titan Electric Co., DTZ announced.

The sale involved two properties: a 25,095-sq.-ft. building at 2198 Wilkinson Boulevard and a 5,032-sq.-ft. property at 2130 Wilkinson Boulevard. The latter is currently occupied by Fastenal, which will stay on as a tenant. Buyer Titan Electric will move into 2198 Wilkinson Boulevard to expand its Charlotte presence.

Ford Realty Co.’s Andy Burch represented the buyer, while seller Quinn Management was represented by Charlie Ripple of DTZ’s Charlotte Industrial team.

DTZ was also involved in the recent sale of 1092 Wilson Business Parkway, a 255,168-sq.-ft. distribution center in Fort Mill, S.C. Buyer Beacon Industrial LLC, a Charlotte-based real estate investment management firm, paid $14,025,000 for the asset. Rob Cochran and Jared Londry of DTZ’s Capital Markets represented the seller, an international institutional investor.

Located in the dynamically growing Southwest Charlotte/Northern York County submarkets, 1092 Wilson Business Parkway is fully leased to Ross Stores Inc. The property is a Class A cross-docked industrial distribution center.

“While the initial investment yield is extremely low, the investor pool recognized the opportunity to achieve much higher returns in the future as the area continues its explosive growth,” Senior Managing Director, DTZ Capital Markets Rob Cochran said.

According to DTZ, Charlotte’s industrial market closed 2014 on a high note, with rents hitting $4.50 per square-foot and trending upwards. Charlotte’s industrial market registered 2.2 million square feet of net absorption, nearly 1 million square feet above historical averages.

Click here for further Charlotte market data

Image credits: Google Maps


Crescent Communities Announces Five-Acre TOD in Uptown Charlotte

16 Feb 2015, 11:04 pm

By Eliza Theiss, Associate Editor

Crescent Communites Whole Foods Market – Stonewall Street view

Uptown Charlotte is finally getting a full-sized grocery store.

Crescent Communities has announced plans to develop a transit-oriented, mixed-use project in Uptown Charlotte that will include a 47,000-square-foot Whole Foods grocery store. The yet-to-be-named project will also include a 450-unit luxury apartment community, a parking deck and up to two hotels.

Set to be developed on 5.4 acres at the intersection of Stonewall and Caldwell streets, the project will be located at the Lynx Right Rail’s Stonewall Station, offering residents, shoppers and hotel guests direct access to Charlotte’s growing public transit system. Stonewall Station provides easy access to Uptown destinations such as the Charlotte Convention Center, the NFL Carolina Panthers’ Bank of America Stadium, Levine Center for the Arts and Uptown’s millions of square feet of Class A office space and Fortune 500 companies. The new project will also complement Crescent Communities’ Tryon Place, a mixed-use development planned for the corner of Stonewall and Tryon streets. Tryon Place will comprise a full-service hotel, Class A office space, retail and restaurants.

The new Stonewall Station development will include a raised, transit-level public plaza, as well as a residents-only outdoor amenities area atop the parking deck, featuring a resort-style pool, outdoor living space and sweeping views of Tryon Street’s skyline. The project’s residential component will comprise of a mid-rise and high-rise structure. Apartments will provide generous, high-end living space.

The development team also includes Land Design as civil engineer. Lord Aeck Sargent and Preston Partnership LLC have provided site planning and design services.  Moseley Real Estate Advisors represented Whole Foods Market.

The Stonewall Street community will break ground before the year is out and open in 2017. The Uptown Whole Foods location is part of the retail chain’s recently announced eight-store U.S. expansion

Click here for further Charlotte market data

Image courtesy of Crescent Communities

Dilweg Cos. Pays $25M for 172KSF Midtown Plaza

10 Feb 2015, 10:05 pm

By Eliza Theiss, Associate Editor

The Johnston Building

One of Charlotte’s oldest skyscrapers, the 17-story Midtown Plaza has traded hands. Formerly known as the Johnston Building, the 172,000-square-foot office tower was picked up by The Dilweg Cos. for $25.3 million, reported The Charlotte Observer. Durham-based Dilweg acquired the Uptown property from limited liability partnership 212 South Tryon. CBRE represented the seller.

According to The State, the property is currently 84 percent leased. Its tenant roster includes arlisle & Gallagher Consulting Group, Office of the Comptroller of the Currency, Montreat College and Fifth Third Bank. Trinity Partners previously handled leasing.

Originally opened in 1924 at a height of 15 stories, the Johnston Building was at the time Charlotte’s tallest building. Designed by William Lee Stoddart, the historic property was developed by Hunkin-Conkey Construction. Two more floors were added in the late 1920s.

The Johnston Building is not Dilweg’s first Charlotte asset. Its local office portfolio includes the 32-story, 329,930-square-foot 121 West Trade (formerly knowns as the Interstate Tower) office tower in Uptown Charlotte and the 110,000-square-foot Park Abbey office building on Park Road. Dilweg also owns One and Two SouthPark Center. The 10-story One SouthPark  features 143,025 square feet of space, while the five-story Two SouthPark Center comprises 94,993 square feet.

Charlotte’s office market enjoyed heightened interested from investors in 2014, reaching $1.1 billion in sales, notably higher than 2013’s $875 million, reported the Charlotte Business Journal.

Click here for further Charlotte market data

Image via thejohnstonbuilding.com

JLB Partners Open 350-Unit Allure Luxury Apartment Community

30 Jan 2015, 10:52 pm

By Eliza Theiss, Associate Editor


JLB Partners LP has held a ribbon cutting ceremony for the 350-unit Allure, Charlotte’s newest luxury apartment community. Located in Charlotte’s upscale SouthPark neighborhood, the Class A+ apartment community broke ground in May 2013. Allure was developed by Dallas-headquartered JLB Partners LP, a national developer, builder and manager of Class A multifamily assets with JLB Builders LLC onboard as general contractor.

Allure comprises 350 one-and two-bedroom units ranging between 686 square feet and 1,531 square feet. Unit features include private balconies, walk-in closets, 10-foot ceilings, hardwood floors, granite countertops, stainless steel, Energy Star appliances, designer lighting, full-size washer and dryer, built-in wine rack and studies.  Community amenities include a multi-level parking facility, pool with an in-water tanning deck, grilling areas complete with high-end outdoor cooking equipment, outdoor fire pit, outdoor lounge with fire place and TV, landscaped courtyard with splashpad as well as a relaxation courtyard. Indoor community amenities include a 24-hour wellness center, business center featuring Macs and PCs, entertainment lounge complete with bar, Wi-Fi café and TV gallery, elevators and controlled access.

JLB’s previous Charlotte projects include the 366-unit Venue, which was sold in early 2015 to a joint venture formed by TriBridge Residential and Stockbridge Capital. According to the Charlotte Business Journal, JLB cashed in $88 million for that sale, about one year after selling Junction 1504 for $59 million. As previously reported, the 281-unit South End community was picked up by Invesco Real Estate.

 Click here for further Charlotte market data

Image via Allure Charlotte

Parkway Properties Sells 525 North Tryon for $60M

15 Jan 2015, 10:19 pm

By Eliza Theiss, Associate Editor

525 North Tryon

525 North Tryon, one of the iconic high-rises of the Charlotte CBD, has traded hands, selling for $60 million or about $147 per square-foot, the Charlotte Business Journal reported.

The 406,000-square-foot tower was purchased by Grubb Properties and New York Life Real Estate Investors, the real estate investment branch of New York Life Insurance Co. subsidiary NYL Investors. Parkway Properties listed the 19-story office tower in October and was represented by HFF in the sale.

Located on the corner of North Tryon and Ninth streets, the tower sits in Charlotte’s Uptown. According to the Charlotte Business Journal, the tower is currently 64 percent occupied. With 195,000 square feet leased, Bank of America is the property’s anchor tenant. The building also comprises a below-grade parking garage with over 600 parking spaces.  Designed by Odell Associates, the office tower, also known as Odell Plaza, opened in 1998.

Parkway Properties picked 525 North Tryon in December 2012 for $47.4 million from a joint venture formed by Gramercy Capital Corp. and an affiliate of Garrison Investment Group, the Charlotte Business Journal reported.  As previously reported, Parkway Properties also purchased the 970,000-square-foot Hearst Tower for $250 million and the 395,000-square-foot NASCAR Plaza for $100 million around the same time. Parkway still owns the Hearst Tower and NASCAR Plaza.

Click here for further Charlotte market data

Image credits: James Willamor via Wikimedia Commons


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