Commercial Real Estate Roundup – October 2020

Commercial Real Estate Roundup – October 2020

October 2020 report on commercial real estate in University City – Charlotte Novant Health medical center among 9 developments proposed for University City City Council heard or approved 10 University City rezoning petitions at Sept. 22 meeting Novant Health plans 144,000 SF medical facility at N. Tryon and Mallard Creek Church Rd 8 other petitions would add nearly 2,000 housing units, 30,000 SF office/retail The owners of the closed Gray’s Bookstore near campus are requesting broader retail uses MORE Recent building permits point to $125+ million in new construction Permits issued since June include three residential projects near LYNX, campus Lidl has started work on store on W. Mallard Creek Church Road Casto gets permits for two retail/office buildings at The Pointe at University Place MORE Apartment sales in CLT and University City strong, Business Journal reports Journal credits better-than-expected rent collections, rebound in debt markets Increasing migration to Charlotte also buoying sales activity University City sales in 2020 include: Addison Park Apartments – $75.5 million; 426 units; 6225 Hackberry Creek Trail; Aug. 17 The Hamptons – $31.7 million; 180 units; 8415 University Station Circle; Aug. 17 Magnolia Terrace – $40.7 million; 264 units; 8301 Paces Oaks Blvd. Sept. 1 Greenway at Mallard Creek – $49.55 milion; 266 units; 8230 Greenway Village Drive; Sept. 16 MORE Insurance and financial-services companies helping University City prosper Centene Corp’s East Coast HQ is the latest coup for University Research Park Business Journal says sector has grown this year while most others have shrunk TIAA and four other insurance, financial-services firms have major offices in park MORE University City Partners events helping draw...
Medical center among 9 new developments proposed in University City

Medical center among 9 new developments proposed in University City

A major Novant Health medical center was among 9 proposed developments in University City reviewed or approved by Charlotte City Council at its Sept. 21 rezoning meeting. Altogether, the nine proposals would add nearly 2,000 housing units, 30,000 square feet of retail and offices, and Novant Health’s planned 144,000 square-foot medical center near UNC Charlotte. Rezoning petitions approved on Sept. 21 The council unanimously approved all four of these petitions. Click here to watch a video of the entire 4-hour-long City Council meeting. 1. Mixed-use residential community on NC 49 Location: University City Boulevard, north side, just west of the Mecklenburg-Cabarrus County line. Zoning change approved: 93.9 acres from MX-1 mixed residential to MX-2 mixed residential. This will allow more than half of the dwelling units to be multifamily. Petitioner: K Sade Ventures, LLC. Petition 2020-092 details Proposed uses: 250 single-family detached homes and 288 multifamily units. Other details: 8-ft planting strip and 12-ft multi-use path along University City Blvd frontage. 2. Retail center on NC 49 Location: University City Boulevard, north side, just west of the Mecklenburg-Cabarrus County line. Zoning change approved: 4.56 acres from neighborhood business to general business, conditional. Petitioner: K Sade Ventures, LLC. Petition 2020-021 details Proposed uses: Up to 20,000 square feet of general business uses. Other details. Adjoins 92 acres also being rezoned for residential uses. 3. Mixed-use development on Mallard Creek Church Road near I-85 Location: East side of John Adams Road, north of Mallard Creek Church Road and east of I-85 Zoning change approved: 24.6 acres from neighborhood business and office to Mixed-Use Development (optional) Petitioner: Flournoy Development Group. Petition 2020-048...
University City Welcomes Centene Corporation

University City Welcomes Centene Corporation

University City Partners is excited to announce the addition of Centene Corporation to its market. Earlier today (July 1, 2020), Centene announced that it will establish an East Coast headquarters in University City, Charlotte, after completing a comprehensive evaluation process. The company will begin construction in August on its new campus along Governor Hunt Road in University Research Park and plans to create 6,000 new jobs and invest $1 billion in the Charlotte community over time. “Charlotte has great talent, excellent infrastructure and a real commitment to sustainable development,” said Michael F. Neidorff, Chairman, President and CEO of Centene. “We are pleased to expand our partnership with the city of Charlotte, the county of Mecklenburg, and the state of North Carolina. We look forward to many years of collective growth and innovation.” The company’s $1 billion investment will provide over 1 million square feet of office and meeting space, a corporate boardroom, a childcare and early education center, a variety of dining venues, auditorium, fitness center, and a stand-alone building housing a corporate learning and development center named Centene Tech University. The campus buildings will be designed to preserve and take advantage of the campus’ environment with an emphasis on providing open spaces, natural light, and embracing the site’s natural features. The second largest employment center in Charlotte, University City accommodates and attracts a variety of businesses including major financial, healthcare and insurance companies including Wells Fargo, TIAA, Allstate and now Centene Corporation. The edge city is anchored by UNC Charlotte with nearly 30,000 students, and a community hospital, Atrium Health University City, which is the highest ranked hospital...
Major employer leases half of office building near LYNX

Major employer leases half of office building near LYNX

One of University City’s first office buildings has officially been reborn with the announcement on Jan. 14 that Principal Financial Group will occupy more than half of Proximity Park, at 401 McCullough Drive. Built in 1973 and renovated over the past year by new owner Tempus Realty Partners, the three-story office building holds about 205,000 square feet of space. Principal Financial Group, a major investment management and insurance company, will occupy the full third floor and part of the second floor, the Charlotte Business Journal reports. The company plans to begin moving in next summer. Based on industry averages, the 106,000 square feet of office space leased by Principal could accommodate roughly 600 people. Principal acquired Wells Fargo’s Institutional retirement and trust business last summer, including an employment center in Charlotte, The Business Journal reports. Read the full article   About Proximity Park Proximity Park is situated on a 32-acre campus beside I-85. Allstate had its Charlotte offices there until relocating to Innovation Park, the former IBM facility that now houses several major Charlotte employers. Tempus Realty Partners bought the property in 2017 and has spent more than $8 million on renovations. Colliers International is handling leasing. A big selling point is the property’s easy access to Uptown Charlotte via both I-85 and the LYNX light-rail line. Marketing materials say that the McCullough Drive LYNX Station on North Tryon Street is just a 7-minute, half-mile walk away. The property also has abundant parking and room for a second building. Jamie Boast, Chris Schaaf and Olivia Matthews with JLL represented Principal in leasing Proximity Park, and Brad Grow, Chandler Knox...
Joint UNC Charlotte/UCP program explores the future of our workforce

Joint UNC Charlotte/UCP program explores the future of our workforce

What will our future workforce look like? And how can Charlotte prepare our workers for the skills they’ll need? To help provide answers, UNC Charlotte’s Research and Economic Development and University City Partners recently hosted a talk by Dr. Jennifer Gresham, founder of Work for Humanity, on “Rising Tides: Rethinking Education in an Age of Uncertainty.” In her keynote presentation on Dec. 5 at the university’s PORTAL Building, Gresham discussed future workforces as a combination of specialists and “agilists,” a term she uses to identify individuals who have a breadth of experience, enjoy complexity and prefer working across disciplines. She noted that in order to create more agilists, there must be a designed shift in educational programming and workforce preparedness. Additionally, Gresham believes that employers will need to rethink hiring practices and performance criteria for agilists. University City Partners co-presented Gresham’s talk in conjunction with the university’s Division of Academic Affairs, College of Liberal Arts & Sciences, College of Health and Human Services, Lee College of Engineering and the Graduate School. The talk was part of an annual celebration of UNC Charlotte’s Research and Community Partners. Hilton Charlotte University Place, Turner, Atrium Health, Foundation for the Carolinas, GOM, and the city of Charlotte co-sponsored the celebration. More about Dr. Jennifer Gresham Gresham is the founder of Work for Humanity, a nonprofit dedicated to helping individuals develop the self-confidence, independence and technical skill to teach themselves nearly anything and demonstrate their capacity for more valuable and meaningful work. A research scientist for the Florida Institute for Human and Machine Cognition, Gresham previously served 16 years in the United States Air...
Tech firms are reshaping University City

Tech firms are reshaping University City

Charlotte has become a hot location for technology-based businesses, and many of these new, emerging or expanding companies are helping transform University City, as well. Check out these recent news stories: “Charlotte’s growing tech sector contributing to surge in office rental rates” The Charlotte Business Journal reports that rental rates are surging in Charlotte and nationwide, with growth in tech industries a major reason. CBRE, a national company that manages and leases commercial real estate, has designated Charlotte’s northeast submarket, which includes University City and University Research Park, as a prolific technology submarket here. Innovation Park, the former IBM manufacturing plant turned office park, is among several University City office buildings that have been sold, leased out, or announced for construction in the last few months.  MORE “Data analytics firm launched at UNC Charlotte (plans) to expand, add 200 jobs” UNC Charlotte reports that Stratifyd, a tech startup founded at UNC Charlotte, will expand its operations and add at least 200 jobs. The firm, launched in 2015 by former UNC Charlotte professor Derek Wang and two students, Li Yu and Thomas Kraft, grew out of research on the ways augmented intelligence could ingest, analyze and visualize structured and unstructured data. MORE “When the kitchen table just won’t do: 18 coworking spaces in the Charlotte area” CharlotteFive recently offered a look at this rapidly growing segment of the office market, where small businesses can find flexible space and, often, like-minded entrepreneurs. Making the list is Office Evolution Charlotte, located in the Two Resource Square building at University Research Park....