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Publix Supermarket Takes Over 63KSF at Cherry Road Crossing

16 Sep 2014, 3:03 pm

By Eliza Theiss, Associate Editor

Los Angeles-based Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of retail properties in the U.S., has announced signing Publix Super Markets as the new anchor tenant at the Cherry Road Crossing retail center.

Publix, one of the fastest growing supermarket chains in the nation, has taken over a former Bi-Lo location in Rock Hill, S.C., which was vacated earlier this year. This newest store marks the seventh Bi-Lo location Publix has taken over in the Charlotte area in the past 12 months.

Publix now occupies the Bi-Lo-vacated 63,241-square-foot retail space at the WFC-owned Cherry Road Crossing retail center. The opening of Publix is expected to re-brand Cherry Road Crossing. “Publix is a grocer that many tenants will want to co-tenant with, thereby improving the value of the asset long-term,” declared Ken Loughran, senior vice president of asset management for WFC.

The 78,890-square-foot Cherry Road Crossing is currently 90 percent leased. Two other units, featuring between 1,200 and 1,549 square feet of space are still available at the center. Other tenants include The Wireless Co., Sally Beauty Supply, Jackson Hewitt Tax Services and Americash. Cherry Road Crossing is located at the center of the high-growth residential area of Rock Hill. The community comprises 100,191 residents with an average household income of $63,626.

Publix, an employee-owned premium supermarket chain, is expected to open three additional stores at former Bi-Lo locations, one of which will be at WFC-owned, 77,301-square-foot, Steele Creek Crossing in Charlotte.

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Image courtesy of Westwood Financial Corp.



CaroMont Regional Medical Center Starts $16.5M Expansion

5 Sep 2014, 9:35 pm

By Eliza Theiss, Associate Editor

CaromoMont Regional Medical Center emergeny department renovation wall breaking ceremony

CaroMont Health kicked off construction on a 10,000-square-foot expansion and renovation of its existing Emergency Department at the 435-bed CaroMont Regional Medical Center.

CaroMont Regional Medical Center’s emergency room had last been renovated in 1999. That redesign was imagined to cater to 60,000 patients a year. In the following years Charlotte’s rapid growth has boosted the annual number of patients to almost 100,000. The enhancements will include a larger waiting area, private triage rooms, a care transition area, as well as a dedicated pediatric care space with its own waiting and treatment areas. The project is expected to complete in 2016 at a cost of $16.5 million.

Earlier this year CaroMont Health had approved a lease amendment proposal with Gaston County for the continued lease for the CaroMont Regional Medical Center building and the land it sits upon. The agreement targeted a 40-year term with an option to renew for an additional 40 years and included a commitment to invest $200 million in campus-based improvements over the course of the following 10 years. A proposal to purchase $20 million in corporate bonds with a 4 percent coupon rate benefiting Gaston County with about $800,000 in interest payments per annum was also made as part of the lease negotiations.

CaromoMont Regional Medical Center Mount Holly August 2014 progress

CaroMont’s free-standing emergency facility in Mount Holly is also moving forward with development at a rapid pace. The $24 million project, which broke ground a year ago, was expected to open in spring 2015, but according to the latest CaroMont update, it will be completed in January 2015. The 38,000-square-foot facility will feature 12 exam rooms, two trauma rooms, a laboratory and a diagnostic imaging suite. It will create 69 new jobs.

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Image courtesy of CaroMont Health



Trinity Partners Leases 176KSF at Shopton Ridge; Trinity Capital Buys Two Office Buildings in Toringdon

29 Aug 2014, 8:53 pm

By Eliza Theiss, Associate Editor

Shopton Ridge 18-B

Southwest Charlotte’s Shopton Ridge Industrial Park has been experiencing an upsurge in occupancy over the past 18 months, going from 53 percent vacant to 93 percent occupied.

Trinity Partners’ Bill Wood has been in charge of doubling the property’s occupancy rate and continues to further market the remaining 28,844 square feet of unoccupied space at a 422,400-square-foot industrial park. Most recently, Woods signed leases for 176,000 square feet, bringing the vacancy down to seven percent.

Among the newly signed tenants is Pinpoint Warehousing Inc., a Charlotte-based third party logistics company. Pinpoint has taken over 102,400 square feet in building 18-B and will move its corporate offices to Shopton in September, while also maintaining its existing warehouse on Granite Street. Pinpoint was represented by Whiteside Industrial Properties.

Represented by Mohr Partners, ScentAir has signed 57,600 square feet in Building 18-D, which it will take over by early 2015. The third newly signed tenant, Norcomp, will relocate its existing Charlotte operations in November to the 16,000-square-feet it contracted in Shopton. Norcomp was represented by Sperry Van Ness Percival Partners.

Offering 422,400 square feet of Class A office/industrial space, Shopton Ridge Industrial Park is owned by a joint venture comprised of Trinity Capital Advisors and PCCP. It consists of four buildings: 18-A, 18-B, 18-C and 18-D. The joint venture also owns 25 acres of undeveloped land at Shopton Ridge and is currently marketing a 125,000 to 300,000-square-foot built-to-suit project for the site.  The partnership purchased its Shopton Ridge holdings between January and August 2013.

Toringdon

Trinity Capital has been busy of late, recently announcing the purchase of the Toringdon 3 and 5 office buildings in a joint venture with Stockbridge Capital.

According to the Charlotte Business Journal, it paid $11 million for Toringdon 3 and $9 million for Toringdon 5. The acquisition has given the partnership controlling power over all the six buildings that make up the 517,392-square-foot office portfolio, the parking deck and 12 acres of undeveloped land.  Trinity Capital is also marketing 100 Toringdon Way, a 175,000-square-foot Class A office building slated for development.

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Images courtesy of Trinity Partners and Trinity Capital



Crescent Opens Model Home at 83-Site Master-Planned Community

22 Aug 2014, 8:25 pm

By Eliza Theiss, Associate Editor

Chapel Cove, Crescent Communities’ master-planned community on the shores of a Lake Wylie cove, is progressing with development. The project’s 5,000-square-foot amenities center opened in spring. And one of two model homes completed construction in early July, with the second model home expected to be built before the summer is out.

The 83-home site residential project started development in 2007, but Crescent stayed the project until a resurgence in the home buying market allowed for a feasible execution of the master-planned community. “Crescent Communities is a patient land owner, and Standard Pacific Homes has been a great partner throughout the development of the Chapel Cove community,” said James Martin, vice president of Crescent’s residential group.

Standard Pacific, Crescent’s partner in Chapel Cove will be developing single-family homes ranging between from 2,670 to 3,665 square feet, with prices ranging in the $300,000s to $500,000s. Homes will sit on lots 70 or 90 feet wide and feature a range of amenities such as gourmet kitchens, stainless steel appliances, granite countertops, spa-style bath and guest suites.

The community aims to attract residents from a wide variety of market segments. “Chapel Cove wasn’t developed with any one market segment in mind; it’s an ideal community for everyone from young families to empty nesters. That’s part of the beauty of our master-planned developments. They’re designed to encourage connections between residents and foster a sense of community,” James Martin told MHN.

Chapel Cove’s wide range of appeal is also reflected in the community’s recently opened amenities center. The 5,000-square-foot facility blends indoor and outdoor space, featuring a state-of-the-art fitness center, pool deck lounge areas, multi-use clubroom and kitchen, outdoor swimming pool with children’s splash area, and adult gathering area. Other amenities include tennis courts, activity lawn, hard and soft surface trails, a lakeside park, boat storage area and a canoe and kayak launch.

The community also boasts the advantage of being within a short drive of Charlotte and its many employment option, hip neighborhoods such as Ballantyne and SouthPark, Charlotte-Douglas International Airport and a bevy of retail options such as Carolina Place Mall, The Rivergate Shopping Center and Tanger Outlet Center.

“The popularity of multifamily communities may be surging, but we haven’t experienced decreased demand for master-planned communities that offer a balanced lifestyle and easy access to work, school and recreational activities. Chapel Cove is located just outside Charlotte on the edge of a dynamic, growing area,” James Martin said.

At the recently organized 29th Annual Major Achievement in Market Excellence (MAME) Awards presented by the Home Builders Association of Charlotte (HBAC), Crescent Communities received a “silver” award in the community signage-developer category for Chapel Cove. It also took home awards for master-planned community of the year category for its Springfield community in Fort Mill, S.C. and was named developer of the year.

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Images courtesy of Crescent Communities



Adler Kawa Real Estate Buys 224KSF Office Space in Office Park

8 Aug 2014, 9:14 pm

By Eliza Theiss, Associate Editor

One year after purchasing the 223,850-square-foot Carmel Executive Park, Florida-based Adler Kawa Real Estate Advisors (AKREA) has made another acquisition in the Charlotte Metropolitan Area, picking up 249,000 square feet of office space at Oak Hill Business Park.

AKREA purchased the four-building portfolio through the Adler Kawa Real Estate Fund II from an undisclosed private equity group. The latter was represented by CBRE Miami’s First Vice President Patrick Gildea and Vice President Ralph Oldham, while financing for the acquisition was secured by Vice Chairman Charles J. Foschini and First Vice President Christopher A. Apone. According to the Charlotte Business Journal, the acquisition was made at a price of $16.6 million.

“AKREA’s acquisition of Oak Hill Business Park is a text book example of our approach to purchasing assets in growth markets at a favorable cost basis with an eye toward creating value,” said Matthew L. Adler, president and CEO of AKREA.

Located in Charlotte’s I-77 Corridor submarket, the 68 percent-occupied portfolio was in line with AKREA’s acquisition strategy that targets multi-tenant, management-intensive properties with an opportunity for value creation. A series of capital improvements and physical upgrades will follow at the property, such as renovation to building lobbies, the company announced. An aggressive leasing and management strategy will also be implemented, to which purpose AKREA will bring in Trinity Partners as third-party leasing agent. Adler Realty Services, an AKREA affiliate specialized in managing and leasing multi-tenant office and industrial assets, has been appointed onsite property manager.

Initially developed in 1989, the 67-acre Oak Hill Business Park has since emerged as one of the most attractive business parks in Metrolina. Its location in the I-77 submarket offers direct access to Charlotte Douglas International Airport, I-77 and I-485. Average suites at the Class B properties do not exceed 5,000 square feet. The portfolio houses a varied mix of over 30 national and regional tenants, such as Walmart, Paychex and Canon, with no one tenant leasing more than 7.5 percent of the space.

Adler Kawa Real Estate Fund II is focused on purchasing multi-tenant office and industrial assets in the southern and eastern U.S. Since its early 2013 launch, 55 percent of the funds’ $56 million in capital has been deployed, purchasing six properties comprising 950,000 square feet of office and industrial space, valued at nearly $100 million.

Click here for further Charlotte market data

Image courtesy of Adler Kawa Real Estate Advisors







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