The Deal Sheet
As long as interest rates remain low, there will be heightened refi activity, according to Capital Advisors VP Clark Jenkins. He recently arranged the $1.5M refi of a 10k SF, freestanding CVS at 4102 Old Buncombe Rd in Greenville, SC.
Refinancing for this kind of property will continue as there are still a lot of lenders interested in well located and moderately leveraged real estate, Clark tells us. He notes that CVS deal, a 20-year, fully amortizing loan, carries a low fixed rate. The loan was arranged through Capital Advisors correspondent lender Southern Farm Bureau Life Insurance Co.
SALES
Slate US Opportunity (No. 2) Realty Trust bought Independence Square, a 190k SF grocery-anchored shopping center in Charlotte, for $22.9M, representing an 8.2% cap rate.The property is anchored by a Walmart Neighborhood Market.Slate is a Toronto-based CRE investor and asset manager.Since 2005, the company has acquired over 50 assets across North America.
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Ginkgo Residential acquired Boundary Village Apartments in Cary for $16M. The 20-acre property contains 186 two-, three- and four-bedroom units. The property also includes a swimming pool with sundeck, gated childrens playground, picnic and grilling areas, and access to Northwoods Greenway.
CONSTRUCTION & DEVELOPMENT
Crescent Communities broke ground (the ground is pictured, and it does look broken) on the first phase of Alexander Village. Located in University Research Park, the first phase--Crescent Alexander Village--includes 320 apartments. Plans ultimately call for a hotel, 75k SF of retail and 250k SF of office space. Pre-leasing for the apartments begins this fall.
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BlackGold Biofuels, a firm that recycles organic fats, oils and greases from commercial wastewater into biofuel, opened of a recycling facility at 4826 Worth Pl in Charlotte. The multi million-dollar facility included numerous site improvements, increasing the utility of the formerly underutilized Brookshire Boulevard Distressed Business Corridor in which it's located.
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Beauty Systems Group LLC, a subsidiary of Sally Beauty Holdings ,inked a deal with Chambers Street Properties to build a 90k SF expansion of its current facility at Chambers Streets Fairforest 4, a warehouse/distribution property in Spartanburg, SC, as well as to extend the term of the lease to the end of 2023. Sally Beauty, a major retailer of professional beauty supplies, currently leases 101k SF at Fairforest 4. The expansion is expected to be delivered in Q2 '13.
LEASING
Smith Moore Leatherwood leased 16k SF at 101 Independence Center in Center City. CBREs John Moore and Rob Hinton repped the tenant, while Trinity Partners Rhea Greene and Jennifer Kurz repped 101s landlord, Gramercy Property Trust.
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Argol America, an Italian-owned provider of integrated logistics services, has located its North American HQ at 201 South College St. The company plans to hire 20 employees in administration, IT and engineering in the next three years.
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Platos Closet is opening a 12k SF mega store at 10215 University City Blvd on Saturday. According to the clothier, which is based in Minneapolis, it will be the largest store in the chain, which totals about 370 stores nationwide.
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Lucianos Ristorante Italiano opened at South Ends Steel Yard. The full-service restaurant serves Italian favorites and its signature brick-oven Neapolitan pizzas for lunch and dinner.
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Also at Steel Yard, Gazelles Systems leased 2,143 SF in the propertys Tompkins Toolworx building (repped by JLLs Louis Stephens), and ReachLocal expanded into 3,404 SF (repped by Percival McGuires Kent Lamm). Trinity Partners Rhea Greene repped the landlord in both deals, Trinity Capital Advisors and Urdang.
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MetLife expanded into the 16k SF recently vacated by the University of Phoenix in the Capital Center building in Raleigh. MetLife has been a tenant in the building since 2003, and is experiencing major growth within the state, with plans to relocate 2,600 jobs to North Carolina.
FINANCE
A client of California-based Sabal Financial Group acquired a real estate and land loan portfolio valued at $75M in unpaid principal balance sold by First Bank in Troy, NC. The portfolio consists of 290 performing and nonperforming residential development and land-based assets in the Southeastern US.
EXECS IN MOTION
The Charlotte office of Colliers International hired Adam Farber an office specialist; previously, he was with Percival McGuire. The company also hired Adam Russ, formerly with Insite Properties, to work on investment sales. Megan Balot joined Colliers as a brokerage assistant.
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