SouthPark neighborhood Projects

[Guest]

55 minutes ago, archiham04 said:

I have a coworker that lives there.  The location and price seems to be worth the uncertainty

My friend says they are out by July, they moved in because it was a cheap place to live while they look for a job (moved to Charlotte from up here)

[KJHburg]

Wow I drove through SouthPark area today coming back into town from the coast and could not believe there 6 CRANES in Southpark area!  

2 cranes at the Zom apartment and retail project on Barclay Downs Dr.

1 crane at the AC by Marriott hotel on Rexford  (not pictured) 

2 cranes at the Apex Southpark aka ski slope church project

1 crane at Liberty Southpark senior behind 6100 Fairview  (not pictured)

Photos of the cranes and some of the other corporate headquarters in town including Nucor, Coca Cola Consolidated, Sonic (with a bonus shot of my favorite KK store) 

I will try to get shots of all the major sites in the next few weeks for I am sure I will be in the SouthPark area

 

Edited November 30, 2018 by KJHburg

[J-Rob]

As someone that a) works in SouthPark and b) prefers Publix to Harris Teeter, this is really cool news:

https://www.charlotteobserver.com/news/business/biz-columns-blogs/whats-in-store/article222948560.html

Publix will be the grocery anchor for The Colony redevelopment slated to begin in Q2 2019.  Per the article: "The new shopping center that Publix will anchor, called The Colony, will include 300,000 square feet of retail and restaurant space, 250,000 square feet of office space, a boutique hotel and apartments. Texas-based Schlosser Development is behind the project."

https://www.thecolonyredevelopment.com/

 

[InSouthPark]

Assuming this is stage one of the colony redevelopment?

Looks like J-Rob beat me to this one.   Anyways, not sure this store creates more traffic, just shifting it away from Teeter.  Literally directly across the street from Teeter.  I would not be surprised if that is the last straw for EarthFare.  Never really busy when I have been there.  Typically one cashier unless it is 5pm.  A few people eating.  That's about it. 

Excited for the redevelopment of that plot to finally start!  Between that and the ski slope redo, this area becomes much more dense and a better use of land (IMHO). 

Edited December 11, 2018 by InSouthPark

[SydneyCarton]

Like the Duke tower and 650 South Tryon, this is another huge Christmas present for the Queen.  The Colony is truly disgusting.  I considered living there temporarily when I first moved to Charlotte until I saw how terrible the apartments are.  That location warrants something great.

Edited December 11, 2018 by SydneyCarton

[Cadi40]

This is great to hear, Can't wait to see what other retail tenants join.

[KJHburg]

Okay y'all missed your chances to buy these twin Capitol Towers they are under contract now! https://www.hfflp.com/property-details.html?propId=8023

[KJHburg]

Business Journal is reporting the 2 Capitol Towers have sold for over $200M.

""POP Capitol Towers LP, affiliated with Atlanta-based Preferred Office Properties, acquired Capitol Towers in SouthPark for nearly $208.8 million, according to Mecklenburg County real estate records. Preferred Office Properties, a wholly owned indirect subsidiary of Preferred Apartment Communities Inc. (NYSE: APTS), acquired the mixed-use property from Lincoln Harris, the developer. Capitol Towers includes two 10-story buildings containing 472,500 square feet of office in addition to retail space, a medical office building and parking deck.""

subscriber article  https://www.bizjournals.com/charlotte/news/2018/12/28/capitol-towers-sells-for-200m-plus-making-it-one.html?ana=e_du_prem&s=article_du&ed=2018-12-28&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1546028682&j=85753141

[lancer22]

40 minutes ago, KJHburg said:

Business Journal is reporting the 2 Capitol Towers have sold for over $200M.

""POP Capitol Towers LP, affiliated with Atlanta-based Preferred Office Properties, acquired Capitol Towers in SouthPark for nearly $208.8 million, according to Mecklenburg County real estate records. Preferred Office Properties, a wholly owned indirect subsidiary of Preferred Apartment Communities Inc. (NYSE: APTS), acquired the mixed-use property from Lincoln Harris, the developer. Capitol Towers includes two 10-story buildings containing 472,500 square feet of office in addition to retail space, a medical office building and parking deck.""

 

subscriber article  https://www.bizjournals.com/charlotte/news/2018/12/28/capitol-towers-sells-for-200m-plus-making-it-one.html?ana=e_du_prem&s=article_du&ed=2018-12-28&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1546028682&j=85753141

Very disappointing sale IMO. Think Preferred got a good deal.

 

[J-Rob]

Very disappointing sale IMO. Think Preferred got a good deal.
 

Perhaps the lackluster 90s architecture in part led to lackluster pricing.


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[nicholas]

Starting to make an impact from (somewhat) afar...

Edited December 29, 2018 by nicholas

[KJHburg]

^^^^ Me thinks AC by Marriott wants to open by summer of 2020 too.    That is going up fast too.  If it looks like the mock up it will look pretty good. 

[pgsinger]

On 12/28/2018 at 3:28 PM, KJHburg said:

Business Journal is reporting the 2 Capitol Towers have sold for over $200M.

""POP Capitol Towers LP, affiliated with Atlanta-based Preferred Office Properties, acquired Capitol Towers in SouthPark for nearly $208.8 million, according to Mecklenburg County real estate records. Preferred Office Properties, a wholly owned indirect subsidiary of Preferred Apartment Communities Inc. (NYSE: APTS), acquired the mixed-use property from Lincoln Harris, the developer. Capitol Towers includes two 10-story buildings containing 472,500 square feet of office in addition to retail space, a medical office building and parking deck.""

subscriber article  https://www.bizjournals.com/charlotte/news/2018/12/28/capitol-towers-sells-for-200m-plus-making-it-one.html?ana=e_du_prem&s=article_du&ed=2018-12-28&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1546028682&j=85753141

Does anyone know the cap rate or NOI?  Kind of hard to judge the sale without it.

[KJHburg]

1 minute ago, pgsinger said:

Does anyone know the cap rate or NOI?  Kind of hard to judge the sale without it.

Not off hand it is over $400 a square foot and both towers together are about 90% leased. 

[pgsinger]

9 minutes ago, KJHburg said:

Not off hand it is over $400 a square foot and both towers together are about 90% leased. 

A 5% cap rate should put the NOI around $10,440,000 or an average rent of  $24.55 (using 425,250 leased sq feet).

A 6% cap rate should put the NOI around $12,528,000 or an average rent of $29.46 (same as above).

Here is the OM...no mention of NOI, but it does look like your numbers were pretty close.  https://my.hfflp.com/GetDocument.aspx?DT=DealDocument&ID=193084

I agree...seems like a low price for such a prime location.  Maybe the tenant make up is not great?

[KJHburg]

The tenant make up is great in the Capitol Towers and I bet the average rent is close $30 a sq ft. Albemarle Corp HQ is the largest tenant, but accounting firms, JP Morgan Bank. Insurance companies pretty diversified list of tenants.  

[pgsinger]

Then definitely seems like a low price.

[SydneyCarton]

But what price per square foot does it yield?

[KJHburg]

Check out this leasing video of Apex Southpark aka the ski slope church redevelopment.  This is going to be very nice!  I bet new to market retailers will land here too

https://www.apexsouthpark.com/leasing/

[NCMike1990]

A drone vid over SouthPark on Christmas Day. Look at the cranes. I love this city.

Source

[Trickbot]

9 hours ago, KJHburg said:

Check out this leasing video of Apex Southpark aka the ski slope church redevelopment.  This is going to be very nice!  I bet new to market retailers will land here too

https://www.apexsouthpark.com/leasing/

If it looks as cool as it does in that video, I might actually drag myself out to Southpark to see it and drive under the building tunnel thing

[KJHburg]

19 hours ago, KJHburg said:

Check out this leasing video of Apex Southpark aka the ski slope church redevelopment.  This is going to be very nice!  I bet new to market retailers will land here too

https://www.apexsouthpark.com/leasing/

Replying to my own post.  Hyatt Centric is the hotel brand for the 175 room hotel new flag for Charlotte.  From a subscriber article   With a rooftop restaurant too! 

"""(Hyatt Centric) is a unique product that we think fits really well into SouthPark because it (will be) so localized," said Nish Patel, president of Beacon IMG. "The interior design, food offerings ... we think it’ll fit really well in SouthPark."  The hotel flag is still being finalized, Patel said. Beacon IMG expects to begin to lay the foundation for the $50 million hotel by August of this year, with anticipated completion in early 2021, he added.""

https://www.bizjournals.com/charlotte/news/2019/01/07/southpark-site-to-include-hotel-with-upscale-flag.html?ana=e_du_prem&s=article_du&ed=2019-01-07&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1546892548&j=85897951

https://www.hyatt.com/en-US/brands/hyatt-centric?src=vanity_hyattcentric.com

 

Edited January 7, 2019 by KJHburg

[Hushpuppy321]

Southpark is really bursting at the seams!  I love all the growth but their traffic is gonna to be off the wall.  Already is...

[NCMike1990]

A new gallery from Clear Sky on 2101 Rexford Rd in SouthPark.

https://photos.clearskyimages.com/2019-01-2101-rexford-charlotte-nc-aerials

[J-Rob]

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