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Mixed use project in Charlotte
DevelopmentNewsNorth Carolina

Stream Realty, Durban Group to Develop 325,000-Square-Foot Mixed-Use Project in Charlotte’s South End

by Julia Sanders

Charlotte, N.C. — Stream Realty Partners and joint venture partner The Durban Group will develop a mixed-use project located at 2833 and 2905 Griffith St. in Charlotte. The 325,000-square-foot development will be situated on 1.7 acres adjacent to Suffolk Punch Brewing in the city’s South End submarket. Construction will start during the second quarter of 2022. The development will be a high-rise tower with office and retail space, according to the Charlotte Business Journal. Located on the Lynx New Bern station, the development will have its retail component anchored by …

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Investment salesNewsNorth Carolina

Thompson Thrift Retail Group Sells 11,000-Square-Foot Retail Building in Metro Charlotte

by Julia Sanders

Concord, N.C. — Thompson Thrift Retail Group has sold an 11,000-square-foot, multi-tenant retail building in Concord to an undisclosed private buyer from California. The building, which is located at 3050 Derita Road, is the second of four lots to be developed within Thompson Thrift’s 7.5-acre Shops on Derita retail development. The building was fully leased at the time of sale to tenants including Supercuts, Smoothie King, Chicago’s Pizza with a Twist, Wingstop and Cinnaholic. Thompson Thrift expects the two remaining lots to be sold during the third quarter. David Hoppe …

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LeasingNewsNorth Carolina

Crate & Barrel to Open at Asheville Outlets in North Carolina

by Julia Sanders

Asheville, N.C. — Home furnishings retailer Crate & Barrel is set to open a new outlet store at Asheville Outlets in North Carolina. Crate & Barrel Outlet offers contemporary and modern furniture, housewares, décor, entertaining items and kitchen accessories. This new location, set to open during the summer, will be one of 18 Crate & Barrel Outlet stores in the country. Developed by New England Development, Asheville Outlets offers over 70 retailers and restaurants at the intersection of I-40 and I-26 at Brevard Road in Asheville.

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Midtown Exchange
DevelopmentFinanceNewsNorth Carolina

Avison Young Secures $40 Million Financing for Midtown Exchange Project in Raleigh

by Julia Sanders

Raleigh, N.C. — Avison Young has secured a $40 million senior loan to fund the pre-development activities and horizontal infrastructure construction for Midtown Exchange, a $1 billion mixed-use development underway in Raleigh. The developer of Midtown Exchange, Dewitt Carolinas, received the funding for the 353,000-square-foot office tower. Wes Boatwright, Mike Yavinsky and Jon Goldstein of Avison Young led the financing transaction through an undisclosed lender. At full buildout, Midtown Exchange will include 790,000 square feet of Class A office space, 1,275 residential units, 300 seniors housing units, 300 hotel rooms, …

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Food Lion
Grocery-anchoredInvestment salesNewsNorth Carolina

Marcus & Millichap Brokers $7.2 Million Sale of Food Lion-Anchored Shopping Center in Henderson, North Carolina

by Julia Sanders

Henderson, N.C. — Marcus & Millichap has brokered the $7.2 million sale of a Food Lion-anchored, 182,646-square-foot shopping center located in Henderson. David Gant and Lori Schneider of Marcus & Millichap represented the seller, a limited liability company. The duo also represented the buyer, a limited liability company.

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Lowe's
Investment salesNewsNorth Carolina

Marcus & Millichap Brokers $7.6 Million Sale of Lowe’s Property in Rockingham, North Carolina

by Julia Sanders

Rockingham, N.C. — Marcus & Millichap has brokered the $7.6 million sale of a 129,529-square-foot retail store leased to Lowe’s Home Improvement in Rockingham. Realty Income, a net-lease REIT based in San Diego, purchased the property from the seller, an entity doing business as Tri City Rockingham LLC. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group brokered the transaction. The Lowe’s Home Improvement property is located at 1300-A E Broad Ave. “This transaction illustrates the demand for essential net-lease retail,” says McMinn. “Home improvement was one of the …

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Mayberry Mall
LeasingNewsNorth Carolina

WRS Signs Bin City Bargains to 20,243-Square-Foot Lease at Mayberry Mall in Mount Airy, North Carolina

by Julia Sanders

Mount Airy, N.C. — WRS Inc. Real Estate Investments has leased 20,243 square feet of retail space at The Mayberry Mall in Mount Airy to Bin City Bargains. The retailer is a family-owned liquidation company featuring products from major online retailers, as well as big box department stores. Originally opened in 1968, The Mayberry Mall is located at 388 Frederick St. and is currently leased to tenants such as Hobby Lobby, Belk, Hallmark, Shoe Dept., Enmar Accessories, L.A. Nails and Good Fudge. The mall is named after the fictional town …

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FloridaGrocery-anchoredInvestment salesNewsNorth Carolina

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders

Highland Creek, N.C. and Ocoee, Fla. — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the centers in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor …

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Raleigh-Iron-Works_Raleigh
DevelopmentNewsNorth Carolina

Jamestown, Grubb Ventures Break Ground on $150 Million Raleigh Iron Works Mixed-Use Project in Raleigh

by Katie Sloan

Raleigh, N.C. — Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a new mixed-use development with nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail and 220 new residential units. The property will be located in Raleigh’s Five Points, Person Street and Mordecai neighborhoods. Brasfield & Gorrie is part of the construction team. Located at 2200 Atlantic Ave., Raleigh Iron Works was designed with a mix of shopping, dining, wellness, event and outdoor spaces. The first phase of the project includes the …

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Avent-Ferry_Raleigh
Investment salesNewsNorth Carolina

Broad Reach Retail Partners Acquires Avent Ferry Shopping Center in Raleigh for $15.8 Million

by Katie Sloan

Raleigh, N.C. — Broad Reach Retail Partners LLC, a value-add owner and operator of retail centers, has acquired Avent Ferry Shopping Center in Raleigh. The sales price and seller were not disclosed, but Triangle Business Journal reports Weingarten Realty Investors sold the asset for $15.8 million after nearly 20 years of ownership. Anchored by Food Lion, the 119,652-square-foot shopping center is located within walking distance to North Carolina State University and just three miles from downtown Raleigh. Avent Ferry was 87 percent leased at the time of sale to tenants such …

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