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Equus Capital Acquires Raleigh Multi-Family Portfolio for $36M; State Denies Raleigh’s $38M Offer for Dorothea Dix Property

16 Apr 2014, 11:29 pm







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by Adriana Pop, Associate Editor

Equus Capital Partners, a private equity firm based in Philadelphia, recently acquired three multi-family properties in Raleigh from a joint venture of Silver Companies and McCann Realty Partners.

According to the Triangle Business Journal, the investor paid a total of $36.3 million for the 180-unit Hunters Glen community, the 164-unit Laurel Oaks community and the 122-unit Laurel Springs community, or the equivalent of $77,900 per apartment, on average. The properties were 96 percent leased at the time of sale, the newspaper reports.

Equus now plans to invest an additional $4 million in the renovation of the Laurel Oaks community and the Laurel Springs community and change the name of the Hunters Glen property to Madison Hunters Glen.

Located in north Raleigh, the pet-friendly Laurel Oaks community offers easy access to RTP, RDU Airport or I-40, as well as 24-hour maintenance services, a swimming pool, and a car care center.  Just a few miles away, Laurel Springs features similar amenities, along with picnic areas, barbeque grills and award-winning landscaping.  The Hunters Glen property in central Raleigh also offers beautiful landscaping and architecture, as well as two tennis courts, a sand volleyball court, a dog park and a pool.

The Silver-McCann joint venture purchased the three multi-family assets in 2005 for a combined $27.5 million.

In regional news, the Triangle Business Journal reports that Gov. Pat McCrory’s administration has rejected Raleigh’s $38 million offer to purchase the 308-acre Dorothea Dix property near downtown.  Local officials’ plan for the site is to turn it into a massive urban park.

The state also denied the request to handle the site’s approximately $23 million environmental cleanup and issued a counteroffer, proposing that the City purchase 244 acres of the former psychiatric hospital campus for $52 million (or about $213,953 per acre). The remaining 64 acres would house the administrative offices of the N.C. Department of Health and Human Services.

Photo credits: www.huntersglenapts.net



Raleigh Offers $38M for State-Owned Dorothea Dix Property Near Downtown

11 Apr 2014, 9:38 pm







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by Adriana Pop, Associate Editor

City leaders have offered the state $38 million for the purchase of the 308-acre Dorothea Dix property near downtown Raleigh. The move would allow local officials to move forward with their plans of turning most of the former psychiatric hospital campus into an urban park.

According to the NewsObserver, the proposed sale price is slightly higher than the city’s most recent appraisal of the property, which amounts to $37.45 million.

Under the agreement, the state would lease back a 40-acre portion of land for $1 a year over the next 15 years and pay between $11 million and $22.7 million for environmental cleanup costs. The property would house the administrative offices of the N.C. Department of Health and Human Services.

A decision from the state is expected fairly soon, according to Bill Peaslee, an attorney for the state Department of Administration.

“The city’s proposal is being given thoughtful deliberation as the state balances the desire for a city park and the state’s fiduciary duty to its citizens,” Peaslee told the newspaper.

Most recently, former Gov. Bev Perdue’s long-term lease for the grounds was rejected by Republican lawmakers.

In regional multi-family news, JDavis Architects has received a 2014 IIDA Carolinas Design Works – Multifamily Residential Category Award for the interior design of the 267-unit Marquee Station apartment development in Fuquay-Varina.

Developed by Blue Heron Real Estate Opportunity Fund I, LLC of Chapel Hill, Marquee Station is located just off Highway 401, on the site of the former Cairo Drive-In Movie Theater. The community opened last year and offers a mix of one-, two- and three-bedroom garden-style apartments, as well as a variety of amenities, including a clubhouse, swimming pool with cabana, detached garage buildings, car wash, maintenance building and trash compactor.

Other design services provided by JDavis for the project included architecture, landscape architecture and procurement management. Clancy & Theys Construction Company of Raleigh was the general contractor.

Photo credits: twbuckner via Flickr



Northchase Office Park in Raleigh Welcomes New Tenant

4 Apr 2014, 9:23 pm







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by Adriana Pop, Associate Editor

Phillips Architecture has recently relocated to the newly renovated Northchase office park on Six Forks Road in Raleigh.

According to the Triangle Business Journal, the firm occupies approximately 9,000 square feet on the ground floor of Northchase II.

Comprised of two low-rise buildings, the Northchase property dates back to the mid-1980s and has been mostly vacant since Genworth Financial moved out in 2009.

Last summer, Principal Global Investors of Des Moines, Iowa purchased the buildings from a California investor for $11.65 million, about 50 percent less than the properties’ $23.2 million tax value.

The company commissioned Tri Properties of Durham to refurbish the buildings, while Phillips Architecture was in charge with the redesign of the spaces.

“We are excited with Phillips Architecture’s move to Northchase at Midtown and their overall involvement with the redevelopment of the two buildings,” Clay Stober, senior vice president and partner at Tri Properties, told the newspaper. “With several other prospects showing interest we are thrilled with the progress at Northchase in reshaping the Six Forks Road submarket.

Phillips Architecture, which has about 25 employees, relocated from a six-story building on Navaho Drive in north Raleigh, where it had been based for the past 23 years.

In other news, Northridge Capital LLC of Washington, D.C. has acquired a Class A office building located in the 270-acre master-planned Meridian Corporate Center in Durham.

According to the Triangle Business Journal, an investor group represented by HDG Mansur of Indianapolis sold the 61,763-square-foot property at 2635 Meridian Parkway for $6.4 million.

Scot Humphrey, Chris Norvell, SIOR and Bill Simerville of Cushman & Wakefield | Thalhimer’s Capital Markets Group brokered the transaction on behalf of the seller.

The building, which is anchored by Virtual Computing Environment Co., a joint venture of Cisco Systems and EMC Corp., was 69 percent leased at the time of sale.

Photo credits: www.loopnet.com



DeWitt Carolinas Announces $50M Luxury Multi-Family Project in Wilmington

28 Mar 2014, 10:33 pm







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by Adriana Pop, Associate Editor

DeWitt Carolinas Inc. of Raleigh has announced plans to develop a $50 million luxury apartment community along Port City Marina in downtown Wilmington. Construction is expected to begin this fall and be complete in about 16 months.

Designed by J. Davis Architects, the six-story complex known as Pier 33 Apartments will feature a mix of 300 studios, one-, two- and three-bedroom apartment homes and 32,000 square feet of ground floor retail space. Amenities will include a saltwater swimming pool, heated indoor lap pool, gourmet coffee bar, modern fitness center, conference room, clubroom, business center, dog washing station and yoga room. 

The parking garage, which will have the capacity to house 700 parking spaces for residential and retail use, will be accessible at each residential floor. 

“We are excited about the opportunity to bring life back to the pier along the new extension of the Riverwalk.  This project, known as Pier 33, will allow us a wonderful opportunity to provide a new style of living to Downtown Wilmington. Our team looks forward to continuing to advance Wilmington’s well deserved revitalization,” Todd Saieed, president and CEO of DeWitt Carolinas, said in a news release.

Over the last 40 years, DeWitt Carolinas has developed over 2,500 multi-family units throughout the Carolinas, including Raleigh, Wilmington, Columbia, Charlotte and Cary.

In other news, a Cincinnati real estate investment trust has recently acquired two Triangle-area retail centers, one in Cary and one in Chapel Hill.

According to the Triangle Business Journal, Phillips Edison–ARC Shopping Center REIT paid a combined $38.8 million for the properties, which are both anchored by Harris Teeter.

In Cary, the company purchased the 127,000-square-foot Harrison Pointe shopping center at the corner of Harrison Avenue and Maynard Road. The property was 94 percent occupied at the time of sale. Weingarten Realty Investors of Houston sold the center for $22.7 million and was represented by Berkely Capital Advisors of Charlotte.

In Chapel Hill, the REIT acquired the 96,336-square-foot Chapel Hill North shopping center at 1800 Martin Luther King Jr. Blvd., which was 97 occupied at the time of sale. Roane Cross Jr. of Winston-Salem sold the property for $16.1 million.

Since the beginning of the year, Phillips Edison–ARC Shopping Center REIT has acquired 15 shopping centers in eight states for a total of $261 million. The company owns five properties in North Carolina.

Photo credits: DeWitt Carolinas, Inc.



Officials Negotiate Incentives for Major Mixed-Use Project in Downtown Durham

21 Mar 2014, 9:57 pm







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by Adriana Pop, Associate Editor

Austin Lawrence Partners of Colorado is planning to redevelop the Jack Tar Motel on Corcoran Street in downtown Durham and build a 26-story mixed-use tower at the site of the former Woolworth store across the street.

According to The Durham News, city and county officials have agreed to enter negotiations for a 50-50 business-incentive deal with the developer to support the project.

Under the agreement, Austin Lawrence would receive a combined $8 million over 15 years, the equivalent of $6 million in present-day dollars, once the inflation adjustment is taken into account.

Slated to rise at the corner of West Parrish and North Corcoran streets, the new high-rise would include 100,000 square feet of office space and over 100 apartments.

Austin Lawrence is planning to refurbish the early 1960s Jack Tar vintage hotel, while preserving the turquoise-and-gray façade, an iconic example of mid-century modern architecture. The property is also known as the Oprah building because of its big “We want Oprah” sign displayed in the windows for many years.

Construction on the high-rise is expected to begin in June and be complete in the summer of 2016.

In other news, the Triangle Business Journal reports that Longfellow Real Estate Partners of Boston has recently paid $23.6 million to acquire four research laboratory buildings within the Imperial Center business park in Durham.

The portfolio, which includes the Exchange Place building and the three Royal Center buildings on Emperor Boulevard, offers a total of 187,758 square feet of space.

Pearl Therapeutics, Astadia and Novan Therapeutics are among the properties’ tenants. The property was 76 percent occupied in the fourth quarter, according to TBJ’s Space survey.

Crown Realty & Development of southern California was the seller of the buildings. Chris Norvell and Scot Humphrey of Cushman & Wakefield/Thalhimer’s office in Raleigh represented the company in the sale negotiations.

Crown Realty owns another 11 office and industrial assets at the Imperial Center business park, and plans to sell at least another three properties, the newspaper reports.

Photo credits: www.opendurham.org







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