Monday, July 23, 2012

Charlotte's Circle at South End sells for near-record price

Crescent Resources has sold its Circle at South End complex for $74 million, a near-record price for an N.C. apartment community.

Circle at South End was sold to an undisclosed buyer, according to a press release from the developer.

“This transaction speaks volumes about the results and differentiation of our multifamily developments,” said Brian Natwick, president of multifamily with Crescent Resources. "Like all our apartment communities, we started Circle at South End with an irreplaceable location and infused it with high-quality products and green features as well as innovative programming."

With 360 units and 8,000 square feet of retail space, the Circle’s buyer paid roughly $205,555 per unit.

The highest price paid for an apartment project was $103.375 million, or $223,755 per unit, for the 462-unit Catalyst, which was sold in March 2011, according to research from Real Data.

Investors and developers have become increasingly bullish on the apartment market as the rest of commercial development remains relatively flat. More people are expected to turn to renting as mortgages remain difficult to get. Other people may be scared of a still-soft housing market.

Circle at South End opened in May 2009, the first 100-percent smoke-free Charlotte community. Located less than one mile from uptown, the project has been 100 percent leased since opening, according to the developer.

Sarofim Realty Advisors was Crescent Resources’ capital partner in the project. CBRE Group represented Crescent in the sale.

Wednesday, July 18, 2012

Jetton Medical in Cornelius sells for $10.75 million

Merrifield Patrick Vermillion, LLC has sold two medical office buildings in Cornelius for $10.75 million.

Novant Medical Group anchors the the buildings, known as Jetton Medical and located at 19475 and 19485 Old Jetton Rd. 

The buildings were developed by Merrifield Partners and finished in 2007. Mark Newell represented the seller.

Tuesday, July 17, 2012

Carolinas AGC selling its three buildings in Dilworth

The Carolinas AGC is selling three office buildings in the heart of Dilworth.

The local chapter of the Associated General Contractors of America is selling six parcels bordering Euclid, Lexington and Templeton avenues. The site consists of nearly 40,000 square feet spread over three office buildings on less than 3 acres. The property is one block from Morehead Street and one block from South Boulevard.

Merrifield Patrick Vermillion, LLC has been hired to market the property.

Cynthia Mills, Carolinas AGC President and CEO, said in a statement: "Our association has experienced dramatic changes over the past decade due in particular to advances in technology." 

The group, she said is implementing a new strategic plan that includes disposing of the properties and relocating to a new building in Charlotte.

"As attractive as this site is, it no longer meets our needs," she said.

Bailey Patrick and Stephen Woodard are the lead brokers. Patrick said they are excited about the opportunity the site could present for office users as well as office, institutional and multifamily developers looking for "prime infill real estate."

New apartments planned near Northlake Mall

Developers have announced yet another new apartment complex for the Charlotte area.

Perimeter Lofts, a 246-unit apartment community, is being developed in the Northlake area, about 10 miles north of uptown.

The developer, Wood Partners, is building the complex on 10.6 acres at 10110 Perimeter Parkway. It will consist of two four-story buildings and six carriage buildings and offer a mix of flats, lofts, and what it calls direct access "brownstone" units.

Leasing is expected to start in January and construction will be finished by July 2013.

Wood Partners director Carter Siegel said in a statement the residents will "experience a resort like environment created by the two connected courtyards with multiple pocket parks and lawns" and an oversized pool area.

The apartments will be across the street from Northlake Mall and visible from Interstate 77. Amenities will include a clubhouse, cyber cafe, movie and game room, salt water pool with outdoor cabanas, grilling areas, dog park, pet spa and care center.

A growing number of developers have announced intentions to build new apartments in the Charlotte area. They believe there is a growing number of potential renters as people shy from the weak housing market.