7/3 - CBRE Secures $120 Million for Fifth Third Center

JULY 3, 2012

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CBRE SECURES $120 MILLION FOR FIFTH THIRD CENTER IN CHARLOTTE

Fifth Third Center was built in 1997.
Photo courtesy of CBRE

CHARLOTTE, N.C. --CBRE has secured nearly $120 million in financing for the acquisition of the 678,715-square-foot Fifth Third Center in Charlotte. The Class A office building is located at 201 N. Tyron St. The property is 98 percent leased and includes tenants such as Bank of America, McGuire Woods, Fifth Third Bank and Carousel Capital. The two-part financing includes a three-year loan with interest-only amortization through SunTrust, and a mezzanine loan provided by Redwood Commercial Mortgage Corp. Charles Foschini, Christian Lee and Christopher Apone of CBRE represented the borrower, Miami-based Parmenter Realty Partners. Foschini also represented the seller in the transaction.

N.C. APARTMENT DEVELOPMENT RECEIVES $26.7 MILLION LOAN

Construction on Phillips Research Park Apartments began June 19.

DURHAM, N.C. -- Phillips Development & Realty (PDR) has secured $26.7 million in financing for the 292-unit Phillips Research Park Apartments in Durham. The project will offer one-, two-, and three-bedroom units. Features include stainless steel appliances and granite countertops. Amenities include a clubhouse with a 24/7 fitness center, business center, media room and resort-style pool. Phillips Research Park Apartments will be completed by September 2013. CBRE HMF Inc. used the U.S. Department of Housing and Urban Development's Section 221(d)(4) financing program to fund the 40-year loan with a fixed interest rate of 3.17 percent. Jacksonville, Fla.-based LandSouth Construction will serve as the general contractor on the project and will work with Tampa, Fla.-based Spartan Construction LLC, an affiliate of PDR.

BERKELEY BROKERS SALE OF SHOPPING CENTER PORTFOLIO

Davidson Commons in Davidson, N.C. is anchored by Harris Teeter.

CHARLOTTE, N.C. -- Kimco Realty has acquired a 367,696-square-foot portfolio of four shopping centers located throughout North Carolina and South Carolina. Davidson Commons, located in Davidson, N.C., spans 88,955 square feet and is anchored by Harris Teeter. The Fresh Market-anchored Forest Park in Greenville, S.C. is 51,691 square feet. Charlotte's Mountain Island Marketplace is 73,320 square feet and is anchored by Harris Teeter and Rite Aid. The 153,820-square-foot Overlook Village is the largest of the centers sold by Columbia, S.C.-based Edens and is located in Asheville, N.C. Tenants for the power center include hhgregg, T.J. Maxx, Jo-Ann Fabrics & Crafts and Ross Dress for Less. Berkeley Capital Advisors represented the seller in the transaction.

M*MODAL SIGNS 18,350-SQUARE-FOOT LEASE IN MORRISVILLE

M*Modal offers clinical transcription services.

MORRISVILLE, N.C. -- M*Modal has leased 18,350 square feet of space at RDU Center III, located at 2121 RDU Center Drive in Morrisville. The 114,518-square-foot RDU Center III is a Class A, LEED-certified building. Drew Eller and Jim Harris of Coldwell Banker Commercial TradeMark Properties represented the tenant. J.D. McNeill and Kent Honeycutt of Cushman & Wakefield Thalhimer represented the landlord, RDU Center III LLC, in the transaction.

DUKE REALTY OPENS DIAGNOSTIC CENTER IN RALEIGH

MORRISVILLE, N.C. -- The 87,000-square-foot WakeMed Health & Hospitals' Diagnostic Center, located at the corner of New Bern Avenue and Sunnybrook Road in Raleigh at the WakeMed Raleigh Medical Park, has opened. Duke Realty owns and developed the property and will also lease and manage the medical park. The three-story building offers outpatient imaging, lab services and pre-anesthesia testing. It is the first of several healthcare services to be offered in the medical park. Perkins+Will was the architect for the project, and Brasfield & Gorrie was the general contractor.

$17 MILLION CHARLESTON OFFICE BUILDING BREAKS GROUND

CHARLESTON, S.C. -- Holder Properties has broken ground on the $17 million, 52,000-square-foot 174 Meeting Street, a Class A office building located in Charleston. The four-story building will include a CertusBank branch, ATM and parking. Additionally, CertusBank has signed a lease to occupy the second floor. McMillian Pazdan Smith Architecture designed the property, which Trident Construction is building. Completion is slated for April 2013.

BROOKDALE SHOPPING CENTER FEATURES FOUR NEW TENANTS

Brookdale Shopping Center is approximately 86,000 square feet.

HARRISURG, N.C. -- The Harris-Teeter anchored Brookdale Shopping Center, located in Harrisburg, has secured four new tenants. Cotswold Medical Clinic will open its third location at the center. The Novant Medical Group will occupy a former Blockbuster building with 3,089 square feet. Brookdale Animal Hospital, owned by Dr. James Pressley, will occupy the remainder of the building with 2,777 square feet. Also, Brookdale Pediatric Dentistry will occupy 3,235 square feet. All of the tenants will open this fall. Keely Simmerville with Merrifield Patrick Vermillion represented the landlord in these transactions. Mike Wiles of NAI Southern Real Estate represented Novant Medical Group. Bob Vande Weghe of Evergreen Commercial represented Brookdale Animal Hospital. Ken Heiliger of Heiliger Associates represented Brookdale Pediatric Dentistry. Hawthorne Retail Properties manages the center.