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Halle Cos. Plans 300-Acre Mixed-Use Residential Development off Durham Freeway

26 Nov 2014, 9:32 pm

by Adriana Pop, Associate Editor

A new mixed-use residential development could soon rise on a 300-acre site just off the Durham Freeway at the Ellis Road exit.

According to the NewsObserver, the Halle Cos. has recently completed the acquisition of the largely vacant land from 12 different owners for a total of $10 million.

Plans call for 600 single-family houses and townhomes, 600 apartments and about 60 acres of retail space.

To develop the project, the Silver Springs, Md.-based Halle Building Group has once again partnered with Apex First Development. The two companies have also built the Villages of Apex (pictured), a 202-acre residential development consisting of a mix of retail, single-family homes and apartments.

Construction on the residential component of the new project is expected to span over five years. It is scheduled to begin next spring and will initially involve a first batch of apartments.

Work on the retail component will depend on the market, Halle’s vice president, Stephen Fleischman, told the newspaper.

The company’s other projects in the region include the Veterans Affairs outpatient clinic in Charlotte, the Eaton’s Crossing residential community at Lake Gaston, the Ford’s Colony residential development in Rocky Mount and the Foxborough Crossing development in Wendell.

In Raleigh, Halle owns property on Buffaloe Road, where it plans to build several hundred apartments and is also in the process of purchasing a site on Raleigh Beach Road.  Furthermore, its portfolio in Holly Springs includes 336 completed apartments, while another 174 units are in the planning stages.

According to Fleischman, the Triangle and North Carolina markets are particularly attractive because the cost of land in these areas hasn’t risen as much as it has in other parts of the country where Halle has been active.

“In the Washington metropolitan area the price of ground is just so prohibitive that it’s very difficult to buy property and make the numbers work,” he added.

Photo credits: The Halle Companies via www.villagesofapex.com

For our most recent multi-family, office and industrial market snapshot for the Triangle area, click here.

Crescent’s $700M Multi-Family Portfolio Sale Includes Three New Triangle Apartment Communities

13 Nov 2014, 5:33 pm

by Adriana Pop, Associate Editor

Crescent Communities has announced plans to sell a portfolio of nine new apartment communities in North Carolina, Florida and Georgia, for a total of approximately $700 million.

Three of the properties included in the sales transaction are located in the Triangle: the 282-unit Crescent Cameron Village in Raleigh that recently opened; the 303-unit Crescent Ninth Street in Durham that opened in July; and the 208-unit Crescent Main Street in Durham, currently under construction.

According to the Triangle Business Journal, these communities are valued at about $250,000 per unit. The Triangle’s current record-holder is the Park & Market apartment property at North Hills that sold in 2012 for $200,489 per unit.

The buyer of the three Triangle communities is an unnamed private institutional investor. The entity is also purchasing Crescent Dilworth in Charlotte, as well as Crescent Howell Mill and Crescent Terminus in Atlanta.

A fund advised by UBS Global Asset Management is the buyer of the remaining three properties included in the portfolio sale. The entity has already closed on the acquisition of the 367-unit Crescent Bayshore property in Tampa for $111.5 million, or $303,814 per unit, and will also be purchasing Crescent Central Station in Orlando, and Crescent SouthPark in Charlotte.

Upon closing within the next 12 to 18 months, the entire sales agreement, which was finalized prior to completion of property construction, will be the largest transaction to date of a multifamily portfolio within Crescent’s markets in the Sunbelt and Mid-Atlantic area.

A CBRE team led by Malcomb McComb, vice chairman of CBRE’s Investment Properties Group in Atlanta, represented Crescent in the transaction.

“This portfolio was more than four years in the making and entailed thoughtful, deliberate selections of location and design for each community,” Brian Natwick, president of the Crescent Communities Multifamily Group, said in a news release. “As demonstrated by this very successful transaction, investors recognize that our strategic investments in creating superior multifamily properties can provide significant long-term capital growth opportunities.”

“Crescent Communities’ landmark transaction is a reflection of the company’s position as an industry leader in developing world-class communities that capture the housing and lifestyle preferences of today’s consumers,” added CBRE Vice-Chairman Malcolm McComb. “Buyers have found that the opportunity to invest in quality properties in some of the nation’s highest growth markets makes Crescent’s properties especially appealing.”

Photo credits: Crescent Communities

For our most recent multi-family, office and industrial market snapshot for the Triangle area, click here.

Weinstein Properties Buys 260-Unit Apartment Complex in Morrisville for $53M; Greystone Property Management Acquires Raleigh Multi-Family Portfolio for $18.4M

30 Oct 2014, 12:53 am

by Adriana Pop, Associate Editor

The newly built Bristol multi-family community within Morrisville’s 100-acre Park West Village retail and commercial center has a new owner.

According to the Triangle Business Journal, Virginia investor Weinstein Properties paid $53.4 million for the acquisition of the 260-unit property from apartment developer Wood Partners. The company completed the project in early 2014.

Renamed Bexley at Park West Village to match Weinstein’s other apartment properties, the complex comprises eight buildings of three, four and five stories with a mix of townhomes, loft units and two-story carriage units. It was 92 percent leased at the time of sale.

Amenities include a saltwater pool with sundeck, a fitness center, business center, dog park, media room, playground, picnic area and 24-hour emergency maintenance.

Brokers ARA Carolinas, including principals Blake Okland and Dean Smith and partners John Heimburger and Sean Wood represented the seller in the transaction.

Weinstein owns seven other apartment communities in the Triangle, including Bexley Panther Creek, Bexley at Preston and Bexley at Heritage.

In other news, Greystone Property Management Corp. of New York has announced the acquisition of two apartment complexes in midtown Raleigh from Atlantic Pacific Companies.

The company paid a total of $18.2 million for Atlantic Millbrook, which has 117 units, and Atlantic Lynn Lake, which has 101 units. Built in 1986, both communities offer a wide range of amenities, including a fitness center, clubhouse, playground and swimming pool. Atlantic Millbrook also offers tennis courts, bike and jogging trails and picnic areas.

Greystone plans to immediately begin the renovation of its newly purchased assets.

As part of its active acquisitions strategy, the company targets 1980’s vintage – or newer – apartment communities situated in the Southeast, mid-Atlantic and Midwest, which it renovates and improves.

“The Midtown Raleigh area offers economic growth potential for a growing influx of residents, and also complements our value-add owner / operator strategy as we look to expand our multifamily portfolio,” Bill Guessford, senior vice president, Multifamily Property Management and Acquisitions, said in a news release.

Photo credits: www.bexleyatparkwestvillage.com

Argos Therapeutics Celebrates Groundbreaking of $57M Manufacturing Facility in Durham

23 Oct 2014, 11:16 pm

From left, William “Bill” Bell, Mayor of Durham, Michael Page, Chairman of Durham County Board of Commissioners, Randall Goller, Director of Facilities with Argos Therapeutics, Bill Brian, Chairman Elect of the Greater Durham Chamber of Commerce, Jeff Abbey, President & CEO of Argos Therapeutics, Bill Bullock, Vice President, Bioscience Industrial Development with the N.C. Biotechnology Center, Sue Back, Senior Vice President with Thalhimer, and Kenneth Beuley, CFO with The Keith Corporation, participate in a groundbreaking ceremony for Argos Therapeutics’ new state-of-the-art biomanufacturing facility in Durham.

by Adriana Pop, Associate Editor

Durham’s biopharmaceutical company Argos Therapeutics, Inc. held a groundbreaking ceremony for its new 100,000-sq.-ft. drug manufacturing plant in Durham.

The company, which currently employs about 100 people, plans to create another 236 high-paying jobs, once the new facility becomes operational towards the end of 2018.

According to the Triangle Business Journal, annual salaries for the new jobs will average around $79,000, which is higher than Durham County’s annual average wage of $65,746.

Upon completion, the new plant will be used to support the automated production of the company’s Arcelis-based personalized immunotherapy product candidates, beginning with AGS-003, the company’s lead oncology product candidate.

In support of the new development, Argos will receive approximately $9.5 million in incentives as well as logistical and planning support from the state, Durham county and city, and the N.C. Biotechnology Center.

In August, the company reached a 10-year lease agreement with Charlotte-based The Keith Corp., which will finance and build the biomanufacturing facility on Argos’ behalf.

The company’s initial rent for its new space at 1733 T.W. Alexander Dr., which will also include a new headquarters office, will be about $61,750 per month.

“Argos’ cutting edge work in personalized immunotherapy may lead to new treatments for people living with cancer, HIV and other serious illnesses,” Pat McCrory, Governor of the State of North Carolina, said in a news release. “It is exciting to see this biopharma company continue to grow in North Carolina. We want to help more companies like Argos bring innovative new therapies and technologies to the commercial market.”

“Durham, known as ‘The City of Medicine,” prides itself on being on the cutting edge of personalized medical treatment and technology. Argos Therapeutics is one of the many forward-thinking companies that maintain Durham’s position as a leader in medicine,” added Bill Bell, Mayor of Durham.

According to N.C. Commerce Department documents, competition for the site selection also included Orlando, Fla.; College Station, Texas; and Quebec, Canada.

Photo credits: DeShelia Spann Photography via GlobeNewswire

For our most recent multi-family, office and industrial market snapshot for the Triangle area, click here.

Citrix Celebrates Opening of 170,000-Sq.-Ft. HQ in Downtown Raleigh

15 Oct 2014, 9:54 pm

by Adriana Pop, Associate Editor

Citrix Systems held a ribbon cutting event for its new office building in the city’s downtown Warehouse District.

The company has redeveloped an abandoned warehouse into a 170,000-square-foot modern workplace designed to stimulate creativity, collaboration, productivity and employee engagement.

According to the Triangle Business Journal, the project will completely revitalize this area of the city located between the heart of downtown and Glenwood South.

The building currently houses 600 Citrix employees and has the capacity to accommodate another 300.

Amenities include a rooftop garden, a storage facility for 80 bicycles, along with a bicycle exchange program that offers employees the chance to ride to lunch or run errands during the day, as well as a game room full of activities chosen by employee vote, including a racquetball court, basketball court, fitness center, yoga studio and bocce ball courts.

Designed by Alliance Architecture, this adaptive reuse project also incorporates environmentally-friendly features, including a 55-foot-long living wall covered in vegetation, a two-story ceiling with shades that adjust to natural light and numerous other elements supporting LEED Gold certification.

One of the building’s highlights is the fact that conference areas are made out of retrofitted transatlantic shipping containers, a true design challenge that pays homage to the property’s industrial legacy.

Citrix began its business in Raleigh three years ago, with the acquisition of the company’s secure file sync and sharing solution, ShareFile. Since then, ShareFile revenue has quadrupled and has become a core element of the company’s overall solution.

Citrix now plans to expand its presence in Raleigh to include all its teams, and be a central hub for local customers, partners and the entire Citrix ecosystem.

“The decision by Citrix leadership to make Raleigh a ‘Tier 1’ location will help us both retain top local talent and attract top talent from elsewhere, which is good for people and great for our company. One of our core cultural beliefs is to be an incubator and a driver of innovation. We love being first – so being first into a neighborhood that is being reborn is a perfect fit for us. Having a workplace like this will ensure that we attract and retain the very best people and that innovation, and the resulting business growth, will continue to thrive and prosper here in Raleigh,” says Jesse Lipson, who was founder and CEO of ShareFile and is now vice president of Citrix’s cloud documents business.

Photo credits: Citrix via Business Wire

For our most recent multi-family, office and industrial market snapshot for the Triangle area, click here.

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