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Cushman & Wakefield | Thalhimer Completes Sale of 123KSF Industrial HQ

31 Mar 2015, 8:56 pm

By Eliza Theiss, Associate Editor

South Point Business Center

Cushman & Wakefield | Talhimer has announced completing the sale of South Point Business Center, a 123,200-square-foot single-tenant industrial headquarters facility in Charlotte’s Southwest submarket.

Buyer Founders Properties paid $9.25 million for the industrial warehouse and light manufacturing complex located on South Ridge Drive. The state-of-the-art facility serves as a mission-critical headquarters and manufacturing location for Specialty Manufacturing Inc., a top manufacturer of safety equipment and related products to the transportation industry.

Specialty Manufacturing has a new 10-year triple-net lease on the facility. South Point Business Center is located in Charlotte’s Southwest submarket, which boasts a 96 percent occupancy rate. According to Chris Norvell, SIOR of Thalhimer’s Capital Markets Group, there is “extremely strong demand for well-positioned industrial assets throughout the Carolinas.”

Buyer Founders Properties purchased South Point Business Center from Dalfen America Corp. The latter was represented by Cushman & Wakefield | Thalhimer’s Capital Markets Group. The sale was completed by Chris Norvell, SIOR and Bill Simerville of Cushman & Wakefield | Thalhimer’s Capital Markets Group, and aided by Eric Ridlehoover, Lane Holbert, CCIM, SIOR and Fermin DeOca of Cushman & Wakefield | Thalhimer’s Charlotte Office.

CBRE Capital Markets’ Debt & Structured Finance (DSF) team arranged a $5.5 million acquisition financing for the buyer earlier in March. Founders Properties was represented by Doug Seylar, Murray Kornberg, Scott Larson and Ben Bastian in the CBRE Debt & Structured Finance Minneapolis, and Steve Heffner and Nate Sittema of the CBRE Debt & Structured Finance Charlotte office.

Image courtesy of Cushman & Wakefield | Thalhimer

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Charlotte Ranks Among 20 Cities with Highest Rent Increases

23 Mar 2015, 9:57 pm

By Eliza Theiss, Associate Editor

Lofts at Music Factory location

The National Association of Realtors (NAR) has named Charlotte among the top-20 cities with the highest rent growth over the past five years, the Charlotte Business Journal reported.

According to the NAR , Charlotte’s apartment industry saw rents expand by 15.6 percent between 2009 and 2004, landing the Queen City on the 20th spot on the list.

As a result it should come as no surprise that Charlotte is experiencing a veritable apartment boom. One company that seems to be on a development roll is local developer DPJ Residential. The company, which is also developing the 77-unit Asbury Flats on Freedom Drive, has recently filed papers to rezone a 2-acre site on Central Avenue, the Charlotte Observer reported. DPJ plans to develop a boutique apartment community consisting of one three-story and one four-story structure as well as a swimming pool. DPJ is also developing Lofts at the Music Factory on a 1.29-acre parcel abutting the popular 175,000-square-foot entertainment and nightlife hub of the N.C. Music Factory. According to Charlotte Business Journal, the 100-unit Music Factory project might be followed by a 120-unit project in Wilmington, N.C.

Triange Town Place – Dominion Realty Partners, Raleigh,N.C.

Dominion Realty Partners LLC from neighboring Raleigh, N.C. is looking to get a piece of Charlotte’s apartment pie as well. According to the Charlotte Business Journal, the full-service real estate organization is under contract to acquire 3.3 acres in Uptown across Irwin Avenue from Gateway Village from Bank of America Corp. Dominion plans to start construction by mid-summer on the 300-unit project. The complex will consist of a parking deck bounded by a five-story structure.  The yet-to-be-named project will be Dominion’s first ground-up development in Charlotte. Dominion has been in active in the multifamily market of Southeastern cities such as Richmond, Virginia and Raleigh, N.C.

Click here for further Charlotte market data

Image credits: DPJ Residential and Dominion Realty Partners

Novanth Health Joins 90-acre Waverly as Medical Office Anchor

17 Mar 2015, 8:33 pm

By Eliza Theiss, Associate Editor

Peter B. Pappas, Crosland Southeast

Novant Health will be the anchor for developers Crosland Southeast and Childress Klein’s 90-acre mixed-use, master-planned development Waverly.

Novant Health, a regional medical provider, will relocate an existing facility from Providence Road to Waverly, expanding by 8,000 square feet. The healthcare provider will occupy 23,000 square feet of the first 33,000-square-foot building.

Set to open in fall 2015, Novant Health’s Waverly location will include urgent care, physical therapy, family healthcare, including pediatrics, as well as other services.

Novant Health was represented by Mike Wiles, CCIM of NAI Southern Real Estate. The owners were represented by Crosland Southeast and Childress Klein. Childress Klein is working on pre-leasing the remaining medical office space. CNL Commercial Real Estate has also been involved with the leasing process.

Waverly’s has also signed a number of retail tenants, among them Whole Foods, which will open a 40,000-square-foot location in mid-2016. Other tenants include a 6,073-square-foot Novanta Pizzeria Napoletana, a 4,300-square-foot Bad Daddy’s Burger Bar, a 2,500-square-foot Modern Salon & Spa, a 2,500-square-foot Polished Nail Bar, 1,498-square-foot Menchie’s Frozen Yogurt and a 938-square-foot Quail Dry Cleaners. Waverly’s leasing team is working on further additions and expects to make three additional announcements within a month, involving local and national sit-down restaurants.

“We put a great deal of time into hand selecting best-in-class restaurateurs and operators (…) at a variety of price points to join Waverly,” said Peter B. Pappas, lead developer from Crosland Southeast. “The next dimension is to design, along with Shook Kelley, a synergistic layout that intentionally organizes most of the restaurants around the primary public space, which we are calling The Terrace. These restaurants activate The Terrace, creating an environment where people want to come and stay.”

Waverly medical office

A joint venture between Childress Klein, Crosland Southeast and the Matthews family, Waverly will feature 250,000 square feet of retail space, anchored by Whole Foods, two five- to six-story Class A office buildings and medical office buildings. Waverly will also include 275-unit high-end Solis Waverly apartment project developed by Pappas Multifamily Partners, as well as 150 single family homes developed by David Weekley Homes.

Click here for further Charlotte market data

Images courtesy of Childress Klein and Crosland Southeast


Cortland Partners Buys 3,265 Charlotte Apartments for $274M

10 Mar 2015, 7:38 pm

By Eliza Theiss, Associate Editor

Waterford Lakes

Atlanta-based real estate investment firm Cortland Partners has made quite the splash in Charlotte’s apartment market, picking up nine communities totaling over 3,200 units for $273.9 million, reported the Charlotte Business Journal.

Cortland purchased one community from Chicago-based Laramar Group and eight from Dallas-based McDowell Properties.

The newly acquired properties include the 694-unit Waterford Lakes, the 420-unit Sardis Place at Matthews, the 384-unit Aspen Peak, the 384-unit Village Lakes, the 340-unit The Pointe, the 318-unit The Oaks, the 300-unit Hunt Club, the 247-unit Steeplechase  and the 178-unit The Regency, reported the Charlotte Business Journal.

Hunt Club

Cortland’s new communities come in one- and two-bedroom or one-, two- and three-bedroom configurations. All communities offer extensive amenity packages, with many unique features. Waterford Lakes for example features a hi-tech multimedia theater, two resort-style swimming pools, indoor children’s play area and extra storage units. Sardis Place at Matthews’ resort-style amenities package also includes two swimming pools, as well as a 24-hour fitness center and two lighted tennis courts.

Aspen Peak’s competitive advantage is its walking distance to light rail, along with a volleyball court, business center and swimming pool.  Village Lakes pampers its residents with a java bar and two swimming pools with Wi-Fi and apartment fireplaces, while The Pointe boasts a car care center and an indoor basketball court. The Oaks also features an indoor basketball court, along with tennis courts, a sand volleyball court and oversized soaking tubs. The Hunt features poolside gas grills and indoor racquetball court, Steeplechase offers a swimming pool, sundeck and recreational areas, while The Regency also includes a cyber café and coffee center, regulation tennis court and gas grill area.

Click here for further Charlotte market data

Images via Cortland Partners

DPJ Residential to Develop $10M, 77-Unit Boutique Apartment Community

2 Mar 2015, 11:03 pm

By Eliza Theiss, Associate Editor

Asbury Flats

Charlotte-based boutique apartment developer DPJ Residential is gearing up to break ground on a 77-unit multifamily project on Freedom Drive, near Charlotte’s Uptown.

Dubbed Asbury Flats, the $10 million project will be developed in partnership with real estate investment firm Chaucer Creek Capital, reported the Charlotte Business Journal.  Raleigh, N.C.-based Chaucer Creek Capital is an owner of garden apartment communities across the Southeast.

DPJ has paid $900,000 for the 1.7-acre site where Asbury Flats will rise, according to the Charlotte Business Journal. Set to open in March 2016, units will rent at around $950 for a studio apartment, $1,000 for a one-bedroom apartment and $1,450 for a two-bedroom residence.

Asbury flats will offer unobstructed views of Charlotte’s skyline and easy access to the city’s major thoroughfares. Asbury Flats will be less than a mile away from Charlotte’s CBD and the newly-built BB&T Ballpark. The project will also be walkable to varied retail and specialty office locations. Abutting the 2.9 mile Irwin-Stewart Greenway, Asbury Flats will offers residents quick access to biking and walking trails and easy access to Frazier Park’s sizeable dog park.

According to the Charlotte Business Journal, the development team includes Cline Design as architect, Design Resource Group as civil engineer, Concorde Construction as general contractor, with NewBridge Bank providing construction financing. Headquartered in Greensboro, N.C., NewBridge Bank is a full-service, state-chartered community bank.  Local architecture firm Cline Design  has extensive multifamily experience, having been part of high-profile developments such as Crescent Cameron Village, Crescent Ninth Street and Perimeter Station.

Charlotte-based Concorde Construction has developed over 11 million square feet of projects worth more than $600 million throughout the Southeast. Among its contracts were multiple boutique apartment projects, such as the 51-unit The Lofts at Charleston Row-South and the 46-unit The Lofts at Charleston Row North. Charlotte-based Design Resource Group has been involved in numerous multifamily projects throughout the Carolinas, such as the 320-unit Camden Overlook in Raleigh, N.C., the 280-unit Courtney Oaks in Charlotte and the 240-unit Alta Crescent in Greer, S.C.

Click here for further Charlotte market data

Image courtesy of DPJ Residential

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