North Carolina is experiencing an increase in the level of investors flocking into all counties of the state. Domestic and foreign monies are ready to be spent in the Tar Heel state due to the strong economic impact of commerce, industrial, and tourism. Also, the lower retail vacancy compared to the rest of the nation has catapulted the Tar Heel state at the forefront of North American Economies. 1031 domestic and cash foreign investors are taking advantage of the unparalleled economic growth in cities such as Charlotte, Raleigh, Greensboro, Winston-Salem, Ashville, Carrboro/Chapel Hill and Wilmington.
Just to name a few investors in the thriving North Carolina cities, the following are recent transactions:
- Cedar Grove Capital, a New York-based property investment firm, purchased the 86 North Apartments complex in Chapel Hill, North Carolina, for $17.2 million, or about $178,000 per unit.
- A real estate investment group based in Southern California closed on its purchase of an apartment community in North Carolina’s Research Triangle area, home to the nation’s largest research park. Brookline Investment Group bought the Phillips Research Park, a 292-unit apartment community at 1533 Ellis Road in Durham, according to a statement from Capstone Apartment Partners, which represented the seller in the deal. Brookline paid about $46 million for the complex, according to CoStar data, and bought the property from Tampa, Florida-based Phillips Development.
- Longfellow Real Estate Partners bought out its equity partner in a nearly 1.34 million-square-foot portfolio in North Carolina’s red hot Research Triangle for about $303 per square foot. Boston-based Bain Capital Real Estate sold its stake in the 18-property portfolio in a transaction valued at about $405 million, according to a statement from JLL, which represented the seller in the deal. The deal was being marketed by HFF prior to the company being acquired by JLL on July 1.
- The Chicago-based company bought the 184,244-square-foot The Shoppes at Midway Plantation and the 138,756-square-foot Midtown Commons Shopping Center for $43.6 million, according to CoStar data. The Shoppes at Midway Plantation is home to Target, Ross Dress For Less and Petco, among other tenants. Midtown Commons’ tenants include Dick’s Sporting Goods, T.J. Maxx and Kohl’s, according to Kimco’s website. Kimco Realty acquired those shopping centers in late 2010 for $23.4 million, according to CoStar data.
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