The Deal Sheet
Arbon Equipment Group purchased the 23k SF 14100 South Lakes Dr in South Point Business Park. Trinity Partners' Terry Brennan repped Arbon, while Colliers International's Rob Speir repped the seller, West End 2976 REO.
"As the market improves and tightens, entrepreneurial users like Arbon are becoming more interested in investing in properties over leasing," Terry tells us. (If they like it then they're gonna put a contract on it.) "Every deal is different, but with fewer space availabilities and Charlotte's compelling market fundamentals, we'll likely see more transactions like this one." The freestanding building was formerly occupied by Sound Choice. The new owner, a distributor of loading dock equipment and high-speed power doors, outgrew its current space at Coffey Creek Business Park, and will renovate the building before occupying it in Q1 2014. The company initially began scouting potential build-to-suit sites, Terry says, but when 14100 South Lakes Dr became available, the company jumped on the opportunity.
SALES
Associated Estates Realty Corp acquired the 295-unit Apartments at Blakeney in Charlotte for an undisclosed price from Northwood Ravin. The property is the first of a seven-asset, Class-A multifamily portfolio of properties in the mid-Atlantic and Southeastern US. HFF's Jason Nettles, Matthew Lawton, and Mark Gibson repped the seller. According to Jason, high-quality assets are in short supply and portfolio transactions offer institutional investors the opportunity to acquire assets that would be difficult to assemble in one-off purchases.
Vision Properties, along with a private family office, acquired the 326k SF Carmel Crossing office park in South Charlotte for more than $37M from Parkway Properties, which originally purchased its interest in the asset in late 2010 for $25M.
DEVELOPMENT
Cambridge Development Group and USAA Real Estate broke ground on a 331-unit apartment project on South Boulevard in Charlotte. The property will feature studios, one-, and two-bedroom units ranging from 577 SF to 1,262 SF. SunTrust is providing construction financing on the project, which will open in late 2014. The property is the second in Charlotte for USAA Real Estate; the first is the 171k SF FBI Charlotte HQ, which was developed with Highwoods Development in 2011.
LEASING
Bar Louie is opening its first North Carolina location in Charlotte tomorrow. Its location will be in University City at the corner of Tryon & Harris, taking about 7,300 SF. Texas-based Bar Louie, which has locations in 22 other states, is an eclectic bar and eatery that also features 32 signature martinis, 20 beers on tap, and 22 wines by the glass.
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Life Systems International (LSI) leased more than 10k SF at the 48k SF 2102 Cambridge Beltway Park Dr. LSI, which makes cardiac monitors, patient monitors, and related devices, is relocating its Charlotte-based sales and support office to the property, which is repped by MPV. Also at the same building, 20/20 Research is expanding to occupy more than 12k SF.
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Monarch Mortgage leased 2,650 SF at Three South Executive Park. Trinity Partners' Leah Bailey repped the landlord, DG Delaware, while the Nichols Co's John Hadley repped the tenant. CBA renewed and expanded into 16k SF in the Roxborough Building. JLL's Chase Monroe and Jim Thorp repped the tenant, while Trinity Partners' Rhea Greene repped the landlord, the Lionstone Group.
FINANCE
Capital Advisors arranged a refi of more than $17M for Atlantic Palms Apartments, a 312-unit garden-style property at 2510 Atlantic Palms Ln in Charleston. Capital Advisors' Cooper Willis in Charlotte obtained the 4.97% fixed-rate loan on behalf of the borrower, BMW of North Charleston, through the John Hancock Life Insurance Co. Located on 18 acres, the property includes one-, two-, and three-bedroom units that range from 830 SF to 1,270 SF.
