By Evan Hoopfer – Staff Writer, Triangle Business Journal September 9, 2021 The Chatham Park medical office building that’s home to UNC Health traded hands for over $10 million last week. Montecito Medical, based in Nashville, Tennessee, bought the property at 75 Freedom Parkway in Pittsboro for $11.37 million, according to a deed dated Sept. 2. The seller is listed as Privato, an LLC which lists Preston Development founders Tim Smith and Julian “Bubba” Rawl…
Raleigh developer plans 850 new homes in Johnston County after big land purchase
By Evan Hoopfer – Staff Writer, Triangle Business Journal August 12, 2021 A Raleigh developer purchased over 200 acres in the middle of Johnston County this week with plans for a development that will one day include 850 homes. Greenfield Communities bought a 230-acre parcel for $1.62 million, according to county records dated Tuesday. The development, being called Crescent Mills, sits along Strickland Road near the town of Wilson’s Mills. Matt Brubaker, president of Greenfield…
Pre-leasing begins for first flex industrial space at Chatham Park
By Evan Hoopfer – Staff Writer, Triangle Business Journal August 6, 2021 The first flex industrial space within the massive Chatham Park development is scheduled to come online next year. Chatham Park Commerce Center, which will sit near the U.S. Highway 64/64 Business split at Eubanks Road in Pittsboro, is now pre-leasing. Project plans call for five buildings initially, according to marketing materials. The first phases include a 71,000-square-foot flex space and a 35,000-square-foot warehouse/flex…
Q2 2021 ECONOMIC REPORTS
GDP GROWTH The U.S. economy rose at an annual rate of 6.5% in the second quarter, slightly more than in Q1 but disappointing to economists expecting even healthier growth. Nevertheless, it was a clear signal that U.S. growth has broken free of the pandemic’s suffocating economic effects as the expansion pushed GDP beyond pre-pandemic levels. A year ago, second-quarter GDP plunged 31.4% before rebounding 33.4% in the third quarter with subsequent quarterly gains. The Bureau…
Texas developer buys defunct Chapel Hill hotel for major redevelopment
By Caleb Harshberger – Staff Writer, Triangle Business Journal July 8, 2021 Last year, plans for a massive redevelopment of the University Inn in Chapel Hill fell into doubt after the developers pulled out of the project amid the pandemic. Now a new group has stepped up to claim the site and this week closed on the land. Houston developer The Dinerstein Companies is making its entrance into North Carolina with the $10.6 million acquisition…
Strong housing demand fuels $18 million sale of Raleigh area property
RALEIGH, N.C., June 24, 2021 – Lee & Associates Raleigh-Durham, the regional office of the national commercial real estate firm Lee & Associates, announced today that its Land Team has completed the $18 million sale of a 290.27-acre, nine-parcel land assemblage in Garner. The sellers were represented by Lee & Associates Raleigh-Durham, led by Vice President Russell Stewart, J.D.. CEO & Principal Moss Withers, SIOR, MBA also supported the sale. “I have really enjoyed working…
Lee & Associates Raleigh-Durham client expands mission and footprint in Downtown Raleigh
June 15, 2021 (Raleigh, NC) – Designed For Joy, a Raleigh-based non-profit, is expanding to a 5,000-square-foot flagship design studio at 517-A West Cabarrus Street in Downtown Raleigh. The organization was represented by Christina Coffey, Vice President at Lee & Associates Raleigh-Durham. Designed For Joy helps secure transitional work experience for women emerging from trafficking, homelessness, time in prison, overcoming addiction, and other vulnerable situations. The non-profit provides living wage work hours and helps women…
What to Expect from the U.S. Industrial Sector for the Remainder of 2021
Whereas the trajectories of other commercial real estate sectors have experienced significant periods of decline, or have been topsy turvy, the story of industrial real estate has been one of success and triumph. Even during 2020, one of the most challenging years for the global economy on record, industrial real estate has not merely survived, it has excelled and thrived. These trends will continue throughout the remainder of 2021 and beyond. This report will analyze…