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CNL in Charge of Leasing Landmark Charlotte Office Building

27 Aug 2015, 2:56 pm

By Adelina Osan, Associate Editor

CNL Commercial Real Estate was named the firm in charge of leasing the 121 West Trade building located in upscale location in the Charlotte area, according to the BizJournals. The 330,000-square-foot office tower is currently 73 percent occupied.

121 West Trade

121 West Trade

CNL Commercial Real Estate relocated its office in Charlotte to 121 West Trade earlier this year and has been managing the building since December.

With Chicago Bridge & Iron Co. as the building’s most extended tenant, 121 West Trade leases 117,000 square feet or about a third of the entire building to the conglomerate engineering and construction company .

The 121 West Trade building offers a range of amenities for companies and their employees such as convenient location at the intersection of Trade Street and Tryon Street, the Charlotte City Club located on the top two levels of the building, 260 parking spaces, on-site management and security 24/7.

The 32-story office building was acquired in 2013 by The Dilweg Cos. and Greenfield Partners for $59.6 million. The company in charge of designing the 121 West Trade was New York-based architecture firm Kohn Pedersen Fox Associates.

BRG Pays $45M for Upscale Apartment Community in Charlotte

21 Aug 2015, 2:18 pm

By Adelina Osan, Associate Editor

Bluerock Residential Growth REIT Inc. acquired 322-unit Class A apartment community in Charlotte located on 10320 Grobie Way for nearly $45 million, or approximately $139,000 per unit.

Ashton Reserve Apartments

Ashton Reserve Apartments

Ashton Reserve Apartments is a Northlake-based upscale community in the first phase of a two-phase acquisition. The second phase, for the acquisition of Ashton Reserve II, is slated for early next quarter and will add an additional 151 units. BRG made an equity investment of approximately $13 million to acquire Ashton Reserve I, and assumed the existing $31.9 million mortgage loan.

“This transaction has benefitted tremendously from BRG’s deal sourcing capability as well as our ability to execute complex transactions quickly,” mentioned Ramin Kamfar, chairman and CEO of BRG. “Ashton Reserve I is an upscale and very marketable asset, and we are pleased to be able to add it to our portfolio at a favorable cost basis.

Ashton Reserve Apartments are conveniently located near Interstates 77, 485 and 85, commuting to Uptown Charlotte, Lake Norman, UNC Charlotte, Charlotte-Douglas International Airport. State-of-the-art fitness center, car care center, valet dry cleaning services, business center, swimming pool with oversized deck, recycling centers or private media center are amenities provided by the upscale community.

Featuring high-end one-, two- and three-bedroom apartments, the rents in this community range between $963 and $1876, whereas sizes start at 764 square feet and reach 1541 square feet. Units feature nine foot ceilings, walk-in closets, custom cabinetry with wine racks, ceiling fans and overhead bedroom lightning, as well as private terrace with enclosed storage in select units.

Ashton Reserve I and II are off-market transactions sourced directly with the seller. BRG purchased Ashton Reserve I at a favorable nominal cap rate of 6.0% as compared to local market cap rates of approximately 5.0%. Ashton Reserve II is expected to be acquired at a cap rate of approximately 5.8%.

Image courtesy of Ashton Reserve Apartments

City of Angels Real Estate Firm Acquires Laurel Walk Apartments

18 Aug 2015, 3:23 pm

By Adelina Osan, Associate Editor

The 98-unit complex Laurel Walk Apartments located in south Charlotte was sold to a Los Angeles-based multifamily real estate investor for $7.38 million, according to BizJournals.

Laurel Walk Apartments

Laurel Walk Apartments

Investors Management Group purchased the apartment complex located on 908 Summit Walk Dr. With this acquisition, the company owns nearly 600 units on Providence Road. The previous acquisition was a neighboring 476-unit apartment property. Lynden Square was purchased in April for $37 million.

Laurel Walk’s previous owner was an affiliate of Eller Capital Partners and it bought the property in 2012 for $6 million.

Laurel Walk Apartments features one- and two-bedroom apartments with rent prices ranging between $650 and $925. Apartments’ sizes start at 870 square feet and reach 1355. Community amenities include a pet park, swimming pool, business center, fitness center, grilling area and storage units.

Investors Management Group specializes in value-add and opportunistic real estate investments in major metropolitan markets in need of recapitalization, repositioning, or significant renovation. Company’s portfolio includes 24 properties and a total of 6,638 units in seven states. Madison At River Sound in Atlanta, Eastport in Jacksonville, Briarwood in Denver, Captiva Club in Tampa and Sunset View Apartments in Seattle are just a few of IMG’s multifamily properties.

Since its inception in 1993, IMG’s multifaceted platform has encompassed ownership, investment sponsorship, financing, asset management, and advisory services to multiple investment partners including financial institutions, private equity funds, family offices, and high net worth individuals.

Image courtesy of IMG

Terwilliger Pappas & Federal Capital Partners Start Construction in Ballantyne Area

18 Aug 2015, 3:16 pm

By Adelina Osan, Associate Editor

The 194-unit apartment complex situated in the Ballantyne area of south Charlotte is ready to start construction. Apartment developer firm Terwilliger Pappas Multifamily Partners and real estate investment firm Federal Capital Partners team up for the project.

Solis Ballantyne, Charlotte

Solis Ballantyne, Charlotte

Solis Ballantyne is an apartment community located nearby nationally recognized corporate campus Ballantyne Corporate Center, Morrison Family YMCA, with easy access to major highways and the airport.

Community amenities range from central courtyard with a resort style pool and grilling stations to an expansive fitness center with a yoga room, pet walk and grooming station and clubrooms for gatherings, media and entertainment or detached garages.

Terwilliger Pappas Multifamily Partners won a rezoning for the property back in January, and Terwilliger Pappas and the Maryland-based leading real estate investment company Federal Capital Partners acquired 7.8 acres at the site earlier this month for $3.4 million from Harris Teeter and an affiliate of The Harris Land Co., according to BizJournal.

The two developing firms partnered up on another Solis-brand project, a 375-unit apartment community at the Waverly mixed-use project in South Charlotte, after purchasing 17.5 acres for $7.65 million.

Solis Ballantyne’s general contractor is Fortune Johnson and the design team includes Rule Joy Trammell Rubio and ColeJenest & Stone. The apartment complex is expected to deliver its first apartments for occupancy in August 2016.

Rendering courtesy of Terwilliger Pappas

Velocis Acquired Communications Hub in Charlotte for $10M

18 Aug 2015, 2:45 pm

By Adelina Osan, Associate Editor

Private equity real estate company Velocis acquired a telecom carrier hotel and data center located on 701 E. Trade St. Company’s latest acquisition is the second asset purchased in North Carolina after medical office complex, Sunset I & II.

701 E. Trade St. Building, Charlotte

701 E. Trade St. Building, Charlotte

The two-story building constructed in 1968 was sold to the Dallas-based company for $10 million and is currently 80 percent leased. The building has 26,036 square feet and it offers expansion opportunities. Lincoln Harris is in charge of leasing and managing the center.

Velocis capitalized on a unique opportunity to secure this property for its important location at the cross roads of Charlotte’s colocation and connectivity network,” mentioned Jim Yoder, Velocis principal. “The asset’s status as a prime fiber optic hub combined with the abundant power and security the building offers tenants, creates a significant untapped opportunity.”

Significant long-haul fiber routes originate from all directions through the building and it draws a wide array of telecommunications and colocation data center users. The property is ideally located close to multiple data centers and telecommunication companies including the area’s main AT&T switch.

Alexander Street Investors LLC, property’s former owner, acquired the building back in 1998 for the amount of $2.9 million.

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