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Brookline Investment Group Acquires 236-Unit Multi-Family Community in Durham for $23.6M; Investcorp Pays $84M for RTP’s Meridian Business Campus20 Aug 2014, 9:54 pm
Brookline Investment Group of Aliso Viejo, Calif. is now the new owner of the just-renovated Yorktown Club apartment community in Durham.
According to the Triangle Business Journal, Starwood Capital Group of Greenwich, Conn. sold the 236-unit property for $23.6 million, or $100,000 per unit.
Located at 2029 Bedford St., Yorktown Club offers two-story, townhouse-style units, with rents ranging from $745 per month for a 1,200-square-foot two-bedroom apartment to $2,550 for a 2,200-square-foot, three-bedroom apartment.
Starwood Capital has recently completed the property’s interior and exterior renovation, including a new HVAC system.
The transaction marks Brookline’s first acquisition in the Triangle. Last June, the company purchased the 220-unit Arbor Village in Charlotte, its first apartment community in the Carolinas.
“We are excited about the growth in the Carolinas,” Will Milligan, a director at Brookline, told the newspaper.
With its latest acquisition, Brookline now owns eight multi-family properties in five states, including Georgia, Texas, Utah and Oregon.
In other real estate transaction news, the Triangle Business Journal reports that New York private equity firm Investcorp paid $84 million for the acquisition of the Meridian Business Campus in Durham.
American Real Estate Partners of Herndon, Va. was the seller of the property, which includes nine office buildings and 18 acres of undeveloped land.
Ben Kilgore and Brad Corsmeier of the CBRE-Raleigh commercial real estate firm represented the company in the marketing and sale of the 613,000-square-foot complex.
According to TBJ’s quarterly Space survey, the business park was 90 percent leased in the second quarter. Chimerix, Parexel International and Health Decisions Inc. are among the property’s tenants.
Another major Triangle deal between the two companies occurred in 2012, when Investcorp acquired three office buildings in Durham’s Keystone Park. American Real Estate Partners sold the properties for $48 million.
Photo credits: Brookline Investment Group
New York Investors Acquire Research Tri-Center Industrial Park in Record $115M Deal13 Aug 2014, 7:03 pm
An institutional real estate investment group represented by Clarion Partners of New York has acquired Durham’s Research Tri-Center industrial park, the largest property of its kind in the region.
According to the Triangle Business Journal, Northwood Investors, also of New York, sold the 10-building complex for $115 million, which is a record for the Triangle so far this year. The Cassidy Turley capital markets team in Raleigh represented the company in the transaction.
Spanning across 130 acres of land, the Research Tri-Center portfolio includes eight warehouse buildings, a two-story office building and a flex building.
GlaxoSmithKline, Cree Inc., Toshiba Global Commerce Solutions and FedEx are among the tenants at the property, which was 86 percent leased at the end of the second quarter, according to the Triangle Business Journal’s quarterly Space survey.
The sale did not include the 203,000-square-foot Research Tri-Center North V warehouse, which was acquired by Stoltz Real Estate Partners in July.
Northwood purchased the Research Tri-Center complex in 2010 for $77 million.
In other news, the Triangle Business Journal reports that Heritage Capital Group of Ridgewood, N.J. has acquired the Six Forks Square office park in north Raleigh.
RP Realty Partners of Los Angeles, Calif. sold the property for $12.4 million. Scot Humphrey, Justin Good, and Chris Norvell of Cushman & Wakefield/Thalhimer’s capital markets group in Raleigh represented the company, along with Greg Sanchez of Tri Properties.
Located at the corner of Six Forks and Millbrook roads, the four-building office park offers a total of 149,373 square feet of space. The property has been fully occupied by the state Department of Health and Human Services since 2004. The organization has recently extended its lease contract through June 2017.
Photo credits: of Cushman & Wakefield
164-Key Hyatt Place Hotel Opens in South Durham; Historic Property Conversion in Mebane to Bring 157 Apartments6 Aug 2014, 9:56 pm
A new limited-service Hyatt Place hotel is now open for business near Southpoint mall in Durham.
According to the Triangle Business Journal, owner and operator Summit Hospitality Group of Raleigh invested $11.6 million in the 164-room property.
Called Hyatt Place Durham/Southpoint, the seven-story lodging facility at 7840 N.C. 751 offers spacious rooms, studios and suites, as well as a 24-hour fitness center and a Gallery Menu, Fresh 24/7 with a Grab ‘n Go service option. The project’s architect was Finley Design of Durham, while J.D. Beam Inc. of Raleigh was the construction contractor.
The new hotel joins three other Hyatt Place-branded properties in the Triangle, which are located in north Raleigh, as well as in the Corporate Center office park in west Raleigh and in Morrisville, near Raleigh-Durham International Airport.
A franchisee of Marriott, Hilton and Hyatt, Summit Hospitality owns and operates 18 properties in the Triangle area, Charlotte, Pinehurst and Wilmington.
The company’s other hotels in Durham include the Hilton Garden Inn Durham Southpoint and the Fairfield Inn & Suites Durham/Southpoint.
In other news, the Burlington Times-News reports that the town of Mebane has approved the conversion of the historic White Furniture building downtown into a 157-unit multifamily apartment complex.
White Furniture Partners, under the management of D3 Development, will be renovating the property. Plans call for studio, one-, two- , and three-bedroom apartments, 240 parking spaces, a pool, fitness room, game room, business center and on-site leasing office. Monthly rents are expected to range between $750 and $1,300.
The new apartments will be managed by Multifamily Select. Construction is expected to begin in November or December and be complete by the end of 2015.
D3 Development’s other partners in the project include architect JDavis, general contractor Rehab Builders and Fleming Engineering.
Photo credits: Summit Hospitality Group
Highwoods Properties Sells RTP Office Complex for $58.7M30 Jul 2014, 10:01 pm
In its second quarter earnings report, Highwoods Properties has announced the sale of the Research Commons Office complex in Research Triangle Park. The property, which consists of five buildings and a 13-acre future development site, sold to an undisclosed buyer for $58.7 million.
According to the Triangle Business Journal, the facilities at 79 T.W. Alexander Dr. were built between 1985 and 1999 and offer a total of 422,000 square feet of office space.
NC FAST program, Grifols, CSC Systems, Electronic Consulting Services, Entegrion, Triumfant and Nephrogrenex are among the property’s tenants, which was 82.7 percent leased at the time of sale.
In a statement, Highwoods’ president and CEO, Ed Fritsch, said that the company would record an $11.7 million third quarter gain from the sale of the office park.
During the second quarter, the company recorded 1.5 million square feet of office space lease renewals and expansions across its portfolio, a significant increase from its five-quarter average of 1 million square feet of leased space per quarter. The occupancy rate for the company’s properties was 90.8 percent in the second quarter, up from 89.2 percent in Q1 2014.
In the same report, Highwoods has raised the company’s forecast for the lower end of its 2014 occupancy, which it expects to reach between 91.8 percent and 92.5 percent by the end of the year, up from 91.3 percent to 92.5 percent last year.
The company’s funds from operations are also projected to rise from between $ 2.86 to $2.94 per share to $2.88 and $2.94 per share this year.
In other news, the Triangle Business Journal reports that a subsidiary of Family Video Movie Club of Glenview, Ill., the owners of the Family Video movie store chain, has acquired a three-story office building at 5811 Glenwood Ave. in Raleigh for $4.8 million.
The seller, EOR 5811 Glenwood Avenue LLC, was represented by Ben Kilgore and Jeff Glenn of CBRE-Raleigh and Ashton Williamson of CBRE-Hampton Roads.
At the time of the sale, the 37,257-square-foot property was 96 percent leased.
Photo credits: loopnet.com
Master-Planned Community’s First Homes at Wendell Falls to Open by Next Spring23 Jul 2014, 10:03 pm
The first homes at Wendell Falls, Newland Communities’ 1,115-acre master-planned development in eastern Wake County, are scheduled for completion by next spring.
According to the Triangle Business Journal, site work is already under way for the community’s swimming pool and clubhouse.
“We feel it’s important to bring in the amenity from day one,” Keith Hurand of Newland Communities told the newspaper. “We want to have the phase one amenity center 100 percent complete so buyers can begin using it.”
Designed by LS3P Associates, the 8,000-sq.-ft. clubhouse building will feature a café and serve as an information center for potential buyers. By the time they move in, residents will also have access to a play area for children, a fishing pier on an existing 1.5-acre pond and a trail system that will eventually connect Wendell Falls into the Wake County greenway trails system.
When fully complete, the new development is planned to include more than 3,000 single-family and multi-family homes, approximately two million square feet of commercial-retail space, along with open spaces, public parks, and other community amenities. Construction is expected to span over more than 10 years.
Wendell Falls is owned in a joint venture between North America Sekisui House, LLC (NASH), the US business unit and full subsidiary of Sekisui House, Ltd., Japan’s largest homebuilder, and American Newland Communities, LLC, whose development business, Newland Communities, is the master developer of the project.
In a $34 million deal, the group purchased the massive Wendell Falls property out of foreclosure from Wells Fargo bank in 2013.
Mercury Development and Burroughs & Chapin Co. of Myrtle Beach were the original investors of the project, which was suspended in 2008 because of the financial crisis. Before construction stopped, the companies spent more than $100 million in infrastructure work, which included water and sewer lines, a new interchange on U.S. 64/264, and an elementary school, which opened in 2009.
Wendell Falls is now one of more than 30 assets the NASH-Newland partnership owns or manages together, in 11 states across the US.
Photo credits: Town of Wendell