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Westwood Leases 47K SF Space to Publix at Steele Creek Crossing; Northlake Mall Sold in $1.4B Portfolio

21 Nov 2014, 10:44 pm

By Eliza Theiss, Associate Editor

Steele Creek Crossing

Westwood Financial Corp. (WFC) recently announced the opening of a Publix grocery store at Steele Creek Crossing, a 77,301-sq.-ft. retail center fully owned by WFC.

Publix Super Markets has now brought the 12810 South Tryon Street retail center to full occupancy. Other tenants include Rite Aid, Little Ceasers, Five Guys Burgers and Fries, H&R Block and Nationwide Insurance.

The new 47,000-square-foot Publix location is one of the seven Bi-Lo stores Publix has taken over in Metro Charlotte. It is also the second former Bi-Lo store Publix has taken over in a Westwood-owned Charlotte retail center. The national grocery chain signed up as anchor tenant at WFC’s 78,890-square-foot Cherry Road Crossing in Rock Hill in September.

“With its existing tenant base and ideal location within the community, Steele Creek Crossing is an ideal match for one of our newest Publix locations in Charlotte,” Kim Reynolds, Publix media and community relations manager declared. The deal “only furthers the strong relationship we have with WFC,” she added.

The Los Angeles-based Westwood Financial has not disclosed the financial terms of the lease.

Northlake Mall

Charlotte’s retail market, currently hovering at around a 7 percent vacancy rate, has been doing great. Following the $31.5 million sale of Northlake Commons and the $8.2 million sale of Terraces at University Place, another prized Charlotte retail property changed hands recently.  Northlake Mall, boasting a 1,071,000-sq.-ft. gross leasable area, was sold earlier this fall by developer Taubman Centers to Starwood Capital Group. The premier shopping center was part of a seven-property portfolio that fetched $1.4 billion. Opened in 2005, one of Charlotte’s premier malls is anchored by Dillard’s, Macy’s, Belk, Dick’s Sporting Goods and a 14-screen AMC theater. An additional 150 shops and restaurants are contained within Northlake Mall, including Anthropologie, H&M, Sephora, Apple, J. Crew and Banana Republic.

Click here to read our Q&A with Westwood Financial Corp. Senior Vice President of Asset Management Kenneth Loughran

Click here for further Charlotte market data

Image courtesy of Northlake Mall via Facebook and Westwood Financial 

Pappas Properties Breaks Ground on $60M Berewick Town Center

14 Nov 2014, 10:44 pm

Berewick Town Center groundbreaking

By Eliza Theiss, Associate Editor

Pappas Properties and regional grocery chain Harris Teeter have broken ground on Berewick Town Center, a mixed-use development located in the 1,200-acre Berewick master-planned community in Charlotte’s Steele Creek area.

The center’s launch comes in the midst of rapid residential growth in Charlotte’s Steel Creek area, and it continues the momentum created by the recent opening of nearby Charlotte Premium Outlets.

Expected to be completed by summer 2016, Berewick Town Center’s phase one carries a $60 million price tag. It will include a town square, a hotel, retail and restaurant space, Walgreens drug store and a 53,000-square-foot Harris Teeter along Steele Creek Road, between Dixie River Road and Shopton Road West. The development will be walkable and bikeable.

Phase two will include additional retail space, professional and medical office space, townhomes and apartments, and on-street parking.

Shelco has been appointed general contractor for Berewick Town Center, while Shook Kelley and LandDesign will provide architecture and engineering services. Marketing, outparcel sales and office space interest will be handled by Pappas Properties’ Brian Roth, while CNL’s Gwen Ceaser will represent the development and retail space leasing.

Berewick Town Center

2014 has been a successful year for the the Matthews, N.C.-based Berewick. As previously reported, Pappas Properties, Charlotte, N.C., purchased 68.5 additional acres to expand Berewick’s Village of Aberdeen to accommodate Lennar Corp.’s plans to build 2,200- to 3,500-square-foot single family homes with prices starting in the low $200,000s. Other single-family and townhome developers in Berweick include DR Horton, Eastwood Homes, Mattamy Homes, and Ryan Homes.  1,250 homes have been completed to date.

Click here for additional Charlotte market data

Images courtesy of Pappas Properties

Portman Holdings to Build 370KSF Office Tower in Charlotte, Next to Westin Hotel

7 Nov 2014, 11:01 pm

By Eliza Theiss, Associate Editor

615 South College

Global real estate developer Portman Holdings has announced plans to develop a 370,000-square-foot Class A office building in Uptown Charlotte. Dubbed 615 South College, the project will be developed next to the Westin Hotel, a previous Portman Holdings project.

“The Westin was always intended to be a mixed-use project, bringing the natural synergies of office and hotel together to create an active 24/7 place. This extension relates to the Westin, but takes on its own special image,” Principal and Design Director Gordon Beckman, AIA declared.

Set to break ground in June 2015 in Charlotte’s CBD, Portman has already started the permitting process for 615 South College.  The 19-story office tower will rise above the Westin Hotel’s 1,650-space underground parking deck. This will contribute towards a fast completion, scheduled for Q4 of 2016. 615 South College will feature a conference facility, floor-to-ceiling windows, attractive signage opportunities facing I-277, two-story corner balconies, a fitness center with locker rooms and an elevated green plaza.  The project is targeting LEED Gold certification and will provide direct access to the Charlotte LYNX light rail system. Tenants of 615 South College will also enjoy the amenities of the adjacent Westin Hotel. These include 44,000 square feet of meeting space, FedEx, Starbucks, full-service restaurant and bar, indoor heated pool and sauna.

Portman Holdings’ Travis Garland and Charlotte-based Trinity Partners will handle marketing and leasing services. 615 South College will be designed by John Portman & Associates, the same architecture firm that designed the adjacent 700-key Westin Hotel.

Click here for further Charlotte market data

Rendering courtesy of John Portman & Associates

Crescent Announces Sale of 2 Charlotte Apt. Communities Under Construction

4 Nov 2014, 10:55 pm

By Eliza Theiss, Associate Editor

Crescent SouthPark

Crescent Communities will be selling two Charlotte properties as part of a portfolio valued at close to $700 million. The portfolio comprises nine properties located in Florida, Georgia and North Carolina. The buyers are an unnamed private institutional entity and a fund advised by USB Global Asset Management.

The first property to trade hands was the 367-unit Crescent Bayshore in Tampa that recently sold for $111.5 million, or over $300,000 per unit. From its Charlotte properties, Crescent will be selling the 296-unit Crescent Dilworth and the 321-unit Crescent SouthPark, both still under construction.

“This portfolio was more than four years in the making and entailed thoughtful, deliberate selections of location and design for each community,” said Brian J. Natwick, president, Multifamily, Crescent Communities. “Investors recognize that our strategic investments in creating superior multifamily properties can provide significant long-term capital growth opportunities,” he added.

Located in SouthPark, one of Charlotte’s most desirable neighborhoods, Crescent SouthPark is set to become a sought-after Charlotte residence. The community will feature a resort-style saltwater pool, two-story fitness center complete with yoga/barre studio, an outdoor kitchen and a two-acre wooded dog park. It will feature studio, one- and two-bedroom apartments, with preleasing set to kick off in late 2014.

Crescent Dilworth

Crescent Dilworth is currently under construction in one of Charlotte’s historic neighborhoods.  Amenities will include an infinity saltwater pool, large roof terrace, high-end fitness center, fire pits, grilling areas and multiple bike-friendly features, such as indoor and outdoor bike storage and a bike repair center.

Sitting across from the Carolina’s Medical Center, the development is expected to cater to many health care professionals. To serve this particular market, features such as blackout shades and acoustic dampening between floors will be added.  The 19-mile Little Sugracreek Greenway is also accessible from Crescent Dilworth, providing ample outdoor space.

Click here for further Charlotte market data

Images courtesy of Crescent Communities 

Trinity Capital Advisors and DRA Advisors JV Acquires 584 KSF 400 South Tryon

17 Oct 2014, 10:20 pm

By Eliza Theiss, Associate Editor

400 South Tryon

Trinity Capital Advisors has been heating up the Charlotte commercial real estate market of late.  The company recently announced the sale of the 313,000-square-foot Permiter Woods Business Park and the development of 1000 South Tryon, a new 300,000-sq.-ft. Class A office building set to rise in Charlotte’s South End. In the latest news, it now purchases 400 South Tryon Street for an undisclosed amount.

The 584,315-square-foot office tower was bought in a joint venture with DRA Advisors, LLC. According to the Charlotte Business Journal, the partnership acquired the 33-story tower from an affiliate of UBS Realty Investors. The seller was represented by Cassidy Turley.

A prized skyscraper of Charlotte’s downtown core, 400 South Tryon is located between the city center and downtown Charlotte’s popular cultural district, offering swift access to the BB&T Ballpark, Bank of America Stadium and the Romare Bearden Park.  The Class B office building is 92 percent occupied, with Duke Energus as anchor tenant. Trinity partners has been contracted to handle leasing and property management.  400 South Tryon features an attached 526-car attached garage and a full-service restaurant.

The acquisition is in line with DRA’s office asset investment criteria that targets Class A and B properties with over 70 percent occupancy rates. It is also in line with Trinity;s investment strategy that focuses on acquiring and developing office, industrial and mixed-use assets in the Southeastern U.S. Trinity’s recent activity also includes rounding out its ownership of the 517,392-sq.-ft., six-building Toringdon office park. It snapped up the last two properties, and announced the development of Toringdon Way, a new 175,000-square-foot office property in the park.

Click here for further Charlotte market data

Image courtesy of Trinity Capital Advisors

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