Commercial Real Estate Roundup – January 2021

Commercial Real Estate Roundup – January 2021

January 2021 report on commercial real estate in University City – Charlotte Centene East Coast HQ leads 2020 business news, says Charlotte Ledger “That’s the huge one,” Ledger Executive Editor Tony Mecia tells WFAE. Total jobs could top 6,000 – biggest jobs announcement in NC history, Mecia says. Centene news also helps NC earn “2020 State of the Year” title from Business Facilities. MORE NOVEL Research Park sells for $69.5 million Charlotte Observer says price is among highest ever for University City apartments. The year-old community, now named Pointe at Research Park, has 280 units on 19.3 acres. Site adjoins property purchased by Centene Corp. for East Coast headquarters. Other recent sales in University City include RUSH student housing for $95.25 million. MORE Work under way or starting soon on 2 apartment communities Spectrum JV is building 325-unit development near University City Blvd LYNX station. MORE ContraVest to start work soon on Addison One15 at W. Harris Blvd and Old Statesville Road. Addison One15 will offer attached garages, cybercafe, private office spaces. MORE I-85 North Bridge update: work starting on utilities relocation in Research Park Work will start soon along David Taylor Drive and Research Drive near Louis Rose Place. Project will begin with tree removal. Utilities will relocate both underground and overhead lines. City will work to maintain safety for workers, surrounding businesses and commuters. Bridge and new roadway will link Research Park to University Place, LYNX, university. Questions: Leslie Bing, project manager, at 704-577-8609 or lbing@charlottenc.gov. MORE Recent building permits in University City Building permits issued from Sept. 7 to Dec. 8 2020 include: Centene East Coast...
Commercial Real Estate Roundup – November 2020

Commercial Real Estate Roundup – November 2020

November 2020 report on commercial real estate in University City – Charlotte Centene Corp. moving quickly on East Coast HQ at University Research Park Work has begun on 770,000 SF building on Gov. Hunt Drive. See slide show Centene leasing additional space at Camp North End. MORE Centene’s thousands of future IT jobs help lift Charlotte’s Tech Town ranking. MORE Centene is hiring. See current Charlotte job listings. See the progress on Escent Research Park office building and campus Short video compares current construction images and finished renderings. Video also offers highlights of University Research Park’s newest office building. Crescent Communities expects to deliver finished building in Q1 of 2021. MORE Apartment market stays hot, with 6 more sales in University City RUSH student housing near campus sells for $95.25 million, Business Journal reports. BJ reports sales of 5 other University City communities. Prices run 150% or more of appraised values: Barrington Place, 2410 Allerton Way, $63 million. Grantee: Greystar. The Commons at University Square, 9201 Glenwater Drive, $37.26 million. Grantee: Affiliate of Cedar Grove Capital. The Maxwell at Highland Creek, 5410 Prosperity Ridge Road, $62 million. Grantee: Knightvest Residential. Wexford Apartment Homes, 1811 Wexford Meadows Lane, $16.5 million. Grantee: Morgan Properties. Crossroads Station Apartments, 6940 Hidden Forest Drive, $12.52 million. Grantee: Peak Capital Partners. Rezonings OK’d on Oct. 19 for Novant Health medical center, new housing Novant Health plans 144,000 SF facility at N. Tryon, Mallard Creek Church Road. Five approved rezonings will allow up to 1,020 townhomes and apartments. City held hearings on 50,000 SF of offices, 130 for-sale townhomes near Mallard Creek Road. MORE 5 more...
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...