North Carolina

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Investment salesNewsNorth Carolina

Marcus & Millichap Arranges Sale of 210,482-Square-Foot Retail Center in Rocky Mount, North Carolina

by Hayden Spiess

Rocky Mount, N.C. — Marcus & Millichap has arranged $11.8 million sale of Sutter’s Creek Plaza, a 210,482-square-foot retail center located in Rocky Mount. Tenants at the property include Big Lots, Tractor Supply Co., Jo-Ann Fabrics and Harbor Freight Tools. French Traver and Kodi Traver of Marcus & Millichap represented the seller, a Florida-based private investor, in the transaction. Ben Yelm assisted in closing the sale as the North Carolina broker of record. A New York-based private investor acquired the center. 

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Northpond Partners Purchases Adaptive Reuse Development in Charlotte for $12.5 Million

by Hayden Spiess

Charlotte, N.C. — Northpond Partners has purchased Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill in Charlotte. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software …

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Legacy Brokers $8.3 Million Sale of Retail Center in Hillsborough, North Carolina

by Hayden Spiess

Hillsborough, N.C. — Legacy Realty Group Advisors has brokered the $8.3 million sale of Churton Grove Center, a 64,136-square-foot retail center located in Hillsborough, roughly 15 miles northwest of Durham. Food Lion anchors the property. Jacob Baruch and Jonah Warshaw of Legacy arranged the transaction with Will Choate of New South Properties and Arthur Whedon of Investment Properties of the Carolinas. 

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Investment salesNewsNorth Carolina

Divaris Brokers $14.8 Million Sale of Shopping Center in Waynesville, North Carolina

by Hayden Spiess

Waynesville, N.C. — Divaris Real Estate has brokered the $14.8 million sale of Russ Avenue Plaza, a shopping center located in Raleigh. Situated on 17 acres, the property formerly housed a Kmart. Jessica Johnson of Divaris represented the seller, an entity doing business as Russ Avenue Plaza LLC, in the transaction. 

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Investment salesNewsNorth Carolina

Providence Acquires Two Retail Parcels in Charlotte, North Carolina

by Hayden Spiess

Charlotte, N.C. — Providence Group Capital (PGC) has acquired two properties located at 2429 and 2511 South Tryon St. in Charlotte’s South End neighborhood. Totaling roughly 1.3 acres, the properties feature three existing buildings comprising more than 17,500 square feet. Tenants at the buildings include Euro Cars South End, A&T Auto Body Shop and Paws Whiskers & Wags. PGC has purchased 15 properties in the same section of South End over the past 18 months. Hayes Faulkenberry of Land Advisors represented PGC in the acquisition of 2429 South Tryon St. …

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Nuveen Acquires Two Retail Centers Totaling 139,732 Square Feet

by Hayden Spiess

Atlanta and Charlotte, N.C. — Nuveen Real Estate has acquired two retail centers totaling 139,732 square feet in separate transactions. Roswell Wieuca in Atlanta was originally constructed in 1954 and comprises 73,370 square feet. The property is grocery-anchored and was 98 percent occupied at the time of sale. The second property, Specialty Shops SouthPark in Charlotte, was purchased in partnership with Hill Partners, which has managed and leased the property since 2014. Specialty Shops features 65,362 square feet and was fully leased at the time of sale.

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Matthews Brokers $20.1 Million Sale of Napa Auto Parts Portfolio

by Hayden Spiess

Los Angeles — Matthews Real Estate Investment Services has brokered the $20.1 million sale of a portfolio comprising 12 single-tenant retail properties. Located in Alabama, California, Florida, Georgia, Illinois, Mississippi, New York, North Carolina, Texas, Virginia and Washington, the properties are all occupied by Napa Auto Parts on a net-lease basis. Brandon Perez and Bill Pedersen of Matthews arranged the sale on behalf of the undisclosed limited liability company. A publicly traded REIT purchased the portfolio.

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DevelopmentMixed-useNewsNorth Carolina

Crescent Communities Plans River District Master-Planned Community in Charlotte

by Hayden Spiess

Charlotte, N.C. — Crescent Communities plans to break ground Wednesday on The River District, a master-planned community on Charlotte’s west side. The development will span 1,400 acres between the Catawba River and Charlotte Douglas International Airport, including 500 acres of preserved land. Upon completion, The River District will feature 5,000 residences (single-family homes and apartments), 8 million square feet of commercial space, hotels and retirement homes. Crescent expects the development to generate more than $5.6 billion of gross annual economic impact for the region and state. “The River District’s location …

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