JUNE 24, 2014

Liberty Property Trust has acquired a  five-building industrial portfolio for $44.3 million in Durham, N.C.

DURHAM, N.C. -- Crown Realty & Development has sold a five-building, Class A industrial portfolio totaling 705,365 square feet in Durham. Liberty Property Trust purchased the portfolio, located within Imperial Business Park, for approximately $44.3 million. Chris Norvell, Bill Simerville and David Meline of Cushman & Wakefield represented the seller in the transaction.

DURHAM, N.C. -- Terwilliger Pappas Multifamily Partners has broken ground on Solis Ninth Street, a mixed-use development located adjacent to Duke University's East Campus. The project, situated in Durham's Ninth Street District, will feature 229 apartment units and 10,000 square feet of restaurant/retail space. Solis Ninth Street will be a five-story wrap building that encloses a central courtyard with a saltwater pool, outdoor kitchen and cabana. The property will include an 8,000-square-foot clubhouse that features a lounge and 24-hour fitness center. The development team includes general contractor Balfour Beatty, architect J Davis Architects and Blue Ridge Realty. Cornerstone Real Estate Advisers LLC and Fifth Third Bank provided project financing. The project team expects to deliver the first units in September 2015 and the entire project in early 2016. Terwilliger Pappas is partnering with the Dickson family, which had previously owned the site for several years.

COLUMBIA, S.C. -- Harbert Realty Services, a Birmingham, Ala.-based commercial real estate services firm, has brokered the $3.8 million sale of a 129,000-square-foot office building in downtown Columbia. The property, the former AgFirst Farm Credit headquarters, will be redeveloped into a mixed-use property featuring upscale apartment residences. James Proctor and Dean Nix of Harbert Realty Services represented the buyer, Memphis, Tenn.-based Heritage Land & Development, in the transaction. Tripp Bradley of Colliers International represented the seller.

Mike Lucier

CHARLOTTE -- The Charlotte market is emerging from the sluggish economy of the last several years and is booming with economic and commercial activity. In fact, Forbes magazine recently recognized Charlotte as the fourth fastest growing city since the recession.

The retail market is no exception and is continuing to improve with tenant activity increasing and vacancy rates dropping. From desirable South Charlotte to Independence Boulevard, new projects are coming out of the ground in an effort to meet the needs of tenants struggling to find locations in the market. 

The suburban markets are seeing increased growth as people continue to move to Charlotte. South Charlotte continues to be the most desirable market for tenants, but limited availability has been a problem.  

The new Waverly project, a joint venture between Crosland Southeast and Childress Klein, will help to provide some options for tenants looking to expand into South Charlotte.  

Waverly will be located at the intersection of Providence Road and I-485 and is a 90-acre, master-planned development anchored by Whole Foods. The project will deliver in 2016 and consists of more than 230,000 square feet of retail space, in addition to 330,000 square feet of office and medical space, a 150-room hotel and 561 apartments and single-family homes. Response from tenants has been strong and focused on high-quality restaurants and retailers.

Waverly is not the only large joint venture project in Charlotte. A joint venture between Tanger Factory Outlet Centers and Simon Property Group will bring a 400,000-square-foot outlet mall to southwest Charlotte with more than 100 stores including Saks Fifth Avenue OFF 5TH. This project will be a regional shopping destination and has acted as a catalyst for new development in the surrounding market.

The core markets of Charlotte have remained strong and continue to improve. New infill projects are providing retail opportunities in tight submarkets where there was previously little or no vacancy. The implementation of the LYNX light rail system has created high-density development along the South Boulevard corridor and multifamily development is thriving with more than 3,500 units being developed. This activity has breathed life into a transitional corridor and created new demand for retail space.  

A new Publix is under construction and several restaurants, breweries and service-oriented retailers have landed in South End. Harris Teeter is responding to Publix's entry into South End with a planned 53,000-square-foot store anchoring the $190 million mixed-use redevelopment of Sedgefield Shopping Center by Marsh Properties and Aston Properties.

To read the full report, click here.

This article originally appeared in the June 2014 issue of Southeast Real Estate Business.

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