Gung-Ho for Value-Add Retail

Value-add is all the rage in Charlotte retail right now, NorthState Capital Partners managing member Shane Buckner tells us. He ought to know: he did a successful value-add deal this spring, and is eager to do it again. (Once you pop, you can't stop.)

Recently Shane and BCB Investments owner David Dupree--both based in Denver, NC--led investment group Whitehall Corners Retail Group in the acquisition of a value-add retail property: 7808 S Tryon St in Charlotte, which is only 23% occupied. This spring, Shane and David formed a JV expressly for buying that kind of property, and their first deal was the acquisition of 7520 S Tryon St, which was 72% leased at the time of the acquisition. Now it's 96% leased. (It's not as easy to play hide-and-seek there anymore.) "We hope to replicate the success we've had at Cedar Ridge," he says.

Shane adds that the investors are looking at a number of options to add value to the 7808 S Tryon property. "We're looking at changing the landscaping to improve visibility for the center, and exploring additional signage options at the entrances of both Arrowood Road and South Tryon St," he explains. They're also considering up-fitting one of the shell spaces in order to have a move-in ready space for prospective tenants. "Most importantly, however, we believe our lease terms will be among the most competitive in that market, which will be attractive value proposition for prospective tenants."

Charlotte Lands a Mystery Data Fish

Atlanta-based T5 Data Centers has snagged a big'un at its T5@KingsMountain campus. Company officials say a "global financial services company" (whose identity couldn't be disclosed just yet) inked a 10-year deal at the Charlotte data center power shell. Here's a look at the property.

Hopefully we'll find out more in November when T5 CEO Pete Marin will be a featured panelist at our DICE West event at the Ritz-Carlton in Dallas (tickets here) on Nov. 13. Pete says financial services companies eye its Charlotte facility because it's served by long-haul trunk lines operated by AT&T and Level 3. "We're seeing more financial institutions from the Northeast coming to T5," he says.

Charlotte Multifamily Event Packs 'em In

Over 175 real estate pros got up early yesterday and came out to the Third Annual Charlotte Multifamily Summit, where the panelists said times were pretty good for the sector—with a few caveats. You'll hear from experts from Charter Properties, Ginkgo Residential, Grubb Properties, Terrwilliger Pappas, and WRH Realty Services in our next edition.

Camden Volunteers Help Vet

All 90 of Camden Property Trust's Charlotte-area employees took a day out recently to do landscaping, home repair, and cleaning for a wounded veteran. The multifamily REIT encourages all of its employees to spend at least eight hours in September volunteering for a cause that's either veteran- or housing-focused.