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Master-Planned Community’s First Homes at Wendell Falls to Open by Next Spring

23 Jul 2014, 10:03 pm

by Adriana Pop, Associate Editor

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



Oak Residential Partners Acquires Multi-Family Property for $33M; Liberty Property Trust Plans Speculative Industrial Park in Durham

16 Jul 2014, 10:46 pm

by Adriana Pop, Associate Editor

Oak Residential Partners LLC of Deerfield, Ill. is the new owner of the Evergreens at Mount Moriah, a 268-unit garden-style apartment community in Durham.

According to the Triangle Business Journal, Evergreens at Mount Moriah LLC, an entity owned by Richard Siegel of New York-based Richmark Corp., sold the property for $33 million. The company has also developed the community, which opened in 2001.

The transaction was brokered by Brookfield Financial and John Daly, a real estate adviser with Trademark Properties in Raleigh.

Located on Mt. Moriah Road, the pet-friendly community offers one, two and three bedroom apartments, with rents ranging from $785 for a one-bedroom to around $1,145 for a three-bedroom unit. Amenities include a swimming pool, fitness center, business center, car care center, playground, two dog parks, as well as tennis and volleyball courts.

In other news, the NewsObserver reports that Liberty Property Trust, the largest owner of multi-tenant warehouse space in the Carolinas, is planning the construction of a speculative multi-tenant industrial park in Durham.

Called Liberty Ridge, the 462,000-square-foot project is slated to rise on a 35-acre site off T.W. Alexander Drive. The Pennsylvania-based company has acquired the land from Summit Church for $4 million.

Bryan Blythe with Liberty Property Trust will work with CBRE’s industrial team of Butch Miller, Ann-Stewart Patterson and Daniel Jackson on marketing and leasing Liberty Ridge.

The timing for the project is right, since the market for Class A warehouse and distribution space is tight in the area. Karnes Research data shows that the vacancy rate for such properties in Durham was under 3 percent in the first quarter.

Massie Flippin, vice president and city manager for Liberty’s Carolinas region, says the new project will complement the company’s recent acquisition of Imperial Center, which includes five completely occupied industrial buildings totaling 705,365 square feet.

Liberty also owns the five industrial buildings at Keystone Business Park totaling 664,000 square feet. Upon Liberty Ridge’s completion, the company’s footprint in the Triangle will total approximately 1,831,365 square feet of space.

Photo credits: www.evergreensnc.com



Bayer CropScience Announces $30M HQ Expansion at Research Triangle Park

11 Jul 2014, 8:35 pm

by Adriana Pop, Associate Editor

Plant science company Bayer CropScience is planning to invest $29.6 million in the expansion of its North American and global Seeds headquarters in the Research Triangle Park.

The project includes a 29,500-square-foot greenhouse research facility known as GH1, as well as infrastructure and land development that would support the site’s future growth. Construction is scheduled to begin towards the end of summer and be complete in late 2015.

Designed by international architecture and engineering firm Clark Nexsen, GH1 will make use of several sustainable and environmentally friendly features, including a rainwater collection system for greenhouse plant irrigation; low-flow, sensored plumbing fixtures; occupant-sensored lighting; daylight harvesting; MERV 13 filters to improve indoor air quality; an HVAC energy-management system; and reflective roofing to reduce the building’s heat intake.

Upon completion, GH1 will replace Greenhouses 3 and 4, which are more than 30 years old. In July 2012, Bayer also completed the $20 million, 60,000-sq.-ft., Greenhouse 5.

The company’s other recent investments in the RTP area include a $2.1 million, 6,000-sq.-ft. North American Bee Care Center, which opened in April this year; a $16.1 million renovation and remodeling of the Development North America facility which brought an additional 40,000 square feet of space dedicated to crop protection and environmental science research; the $33 million renovation of the North American headquarters currently under way; and the purchase of 70 acres of land adjacent to the North American and global Seeds headquarters to accommodate the GH1 project and potential future growth.

“The construction of this greenhouse represents our continued commitment to RTP and to leaving a better world for the industries and communities we serve through advanced agriculture and bioscience research and development,” Jim Blome, president and CEO of Bayer CropScience L.P., said in a news release. “Our new facility will allow our scientists and other researchers to discover innovative solutions to the world’s ever-changing agricultural issues, and will help us feed a growing planet in need of plentiful food sources grown without threat from dangerous insects and other pests.”

Bayer CropScience, the subgroup of Bayer AG, is one of the world’s leading innovative crop science companies in the areas of seeds, crop protection and non-agricultural pest control. The company has a global workforce of 22,400 and is represented in more than 120 countries. Approximately 700 Bayer employees are based in the greater Research Triangle Park area.

Photo credits: Bayer CropScience



Developers Top Off $60M SkyHouse Apartment High-Rise in Downtown Raleigh

25 Jun 2014, 10:06 pm

by Adriana Pop, Associate Editor

Construction is moving forward for the 23-story SkyHouse apartment tower at the corner of Martin and Blount streets in downtown Raleigh.

According to the Triangle Business Journal, Novare Group, Batson-Cook Development Co. and Beacon Partners held a topping off event on the building’s 23rd floor to celebrate the halfway mark of the $60 million project. The owners of the 320-unit SkyHouse Raleigh luxury apartment tower also launched the pre-leasing process for the residences at the newly set up leasing office near City Market on Wolfe Street.

The developers broke ground on the project last November and expect to have the building ready for occupancy in early 2015. Plans also call for 5,400 square feet of retail, a swimming pool on the top floor, a clubroom and a fitness area.

The new residential tower in Raleigh is one of Novare’s 11 SkyHouse-branded apartment developments open or currently under construction. Similar projects are located in Atlanta, Dallas, Houston, Austin, Orlando, Tampa and Charlotte.

SkyHouse Raleigh is considered the first phase of the mixed-use Edison development, which local developer Gregg Sandreuter, managing director of Beacon Partners, proposed in 2007.

According to the NewsObserver, the next, second phase of the development calls for a new 223-unit, six-story apartment complex slated to rise on a 1.4-acre parcel bounded by Martin, Wilmington, Blount and Davie streets. In a joint venture with Beacon Partners, the NRP Group of Cleveland acquired the site of the new development for $6.1 million. The companies expect to complete the project by the end of 2015.

The third and final phase of the Edison development includes a 315,000-square-foot office building planned for the southeast corner of Wilmington and Martin streets. Construction could begin during the first quarter of 2015, Sandreuder told the newspaper.

Other recently announced residential projects slated to rise in downtown Raleigh include The Lincoln, a 224-unit apartment complex to be built on a 2-acre block just east of Moore Square, and Greystar Real Estate Partners’ complex at the corner of Wilmington and Polk streets.

Photo credits: Novare Group



Martin Fein Interests Develops 335-Unit Luxury Apartment Complex Near Crabtree Valley Mall in Raleigh

18 Jun 2014, 9:06 pm







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By Adriana Pop, Associate Editor

Martin Fein Interests is planning to break ground on a 335-unit luxury apartment complex in Raleigh in the next few weeks.

According to the NewsObserver, the Houston-based apartment developer has acquired the 7-acre site, located on the Kidd’s Hill Plaza property behind Crabtree Valley Mall, from Weingarten Realty Investors for $7 million. Also of Houston, Weingarten still owns about 3 acres of the larger piece of property, which it purchased in 2007 for $18.8 million.

Upon completion in the first quarter of 2016, the new Creekside at Crabtree multi-family community will offer a mix of 301 one-, two- and three-bedroom units of an average size of 870 square feet, as well as 34 three-story townhomes of an average 1,486 square feet.

Steinberg Design Collaborative of Houston and Moore Design Group of Dallas are the project’s architects, the Triangle Business Journal reports. The general contractor is Westchase Construction, an affiliate of Martin Fein Interests. Eagle Realty Group is providing equity financing, while BBVA Compass Bank is providing construction financing.

The new development will be located at the opposite end of Crabtree Valley Avenue from the mixed-use Crabtree Village project, which includes a 293-unit luxury apartment complex scheduled to open in July. Developer Terwilliger Pappas of Charlotte is also planning to add 200,000 square feet of office space at the site and either more apartments or a hotel.

According to Karnes Research and the Triangle Apartment Association, the vacancy rate for apartments in Northwest Wake, which includes the Crabtree area, is rising with the completion of new units, but so are rents.

In March, the vacancy rate for this section of the market rose from 4.8 percent last year to 7.2 percent, while average rent for a two-bedroom unit reached $967, a 3 percent increase from the same period in 2013.

Other projects planned or under way near the Crabtree Valley Mall area include the 384-unit Marshall Park developed by Woodfield Investments on Blue Ridge Road and the 533-unit Crabtree North and Carolina Row at Crabtree projects on Lead Mine Road.

Photo credits: Steinberg Design Collaborative LLP







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