Jan 22

North Carolina Commercial Real Estate Wrap Up 2021

2021 North Carolina Commercial Real Estate Review APG Advisors

APG Advisors gratefully celebrates 2021, one of the most successful years in the company’s 34-year history.  Congratulations to CEO and Founder  Jim Anthony, and each of the brokerage team members who facilitated some of the most notable transactions in the regionWe share with you a few highlights from the last 12 months.

Student Housing 

Q321 Costar Powerbroker Award winners Geoff Loftin and Jim Anthony, represented the buyer, Chicago-based Core Spaces, in the largest student housing sale to date in North Carolina.  The Stanhope Apartments, a 300-unit, 810-bed student housing and retail project in downtown Raleigh sold for $131 million in July 2021, a price of $436,670 per unit or $161,728 per bed.   

Industrial Leasing 

Q221 Costar Powerbroker Award winner David Stroud provided landlord representation in two prominent industrial leases.  In Knightdale, FedEx Ground signed for 188,000 square feet in the East Point building on Knightdale Blvd.  FedEx Ground expects to be fully operational at the distribution center in early-to-mid 2022. In Fayetteville, the United States Postal Service leased the entirety of the first spec building in the master-planned Liberty Point Industrial Park . When completed, Liberty Point will contain four industrial buildings with a combined 1.15 million square feet; pre-leasing is underway for Buildings 2 and 3.   

Land Sales in North Carolina

Geoff Loftin and David Divine represented the seller in one of the largest land sale transactions in Wake County in 2021.  Commonly known as the Edge of Auburn, the 329-acre assemblage was entitled for 900 homesites and sold to Lennar Homes in July 2021 for $17.3 million.  

Frank Quinn represented the seller of a 14.5-acre parcel in Davis Park East, located adjacent to Research Triangle Park in Durham.  The land, which is being developed for a 350-unit luxury apartment community, sold for $6.36 million in November, or $440,180 per acre.  Davis Park East, which spans 93 acres, was acquired nearly ten years ago fully entitled and zoned for over 1,800 multifamily and residential units.  Frank Quinn has represented the owners in the sale of multiple land Pods within the community, as for example, to Pulte Homes, Lee Property Group and Davis Development. Total representation, including acquisition and sales volume to date, approaches $30 million.

Annette Montgomery represented the buyer, Austin Lawrence Partners-East, in the purchase of 115 No. Duke Street in Durham, one of the properties tragically destroyed along No. Duke Street in a gas explosion in 2019.  In June 2021, the .39-acre site sold for its land value, $3.25M.  Formerly the home of the 1925 building known as the Studebaker Building, the property remained an auto-related business into the 1980s.  The building underwent many transformations over recent decades, including the Weeping Radish, followed by Old Heidelberg Village, Ogilvy ad agency, Respite Cafe and ReverbNation.  Once again new opportunity and uses will be coming.

In May 2021, Philip W. Matthews represented the buyer, national homebuilder LGI Homes, in the purchase of 128+ acres on W Old Glencoe Road in Burlington, NC.   Preliminary plans are to develop the property into 300 single-family homes.

Site Selection

David Batten, Vice President and Broker in Charge, was a part of the site selection team for Chick-fil-A’s distribution center now under construction in Mebane.  The 79-acre site was purchased in February 2021 for $3.9M, or $49,406/acre.  

Retail Sales in North Carolina

David Divine, and APG’s President of Management Services, Richard Polley, represented the seller of BB&T Plaza, a 48,000 SF office and retail center located on University Drive in Durham.  The property closed in August 2021 for $7.6 million, or approximately $205/SF for the 21,490 square feet of retail space and $120/SF for the 26,700 square feet of office space.


Bo McHugh represented the seller of Pinecroft Place in Greensboro, NC.  The urban, garden apartment community was originally built in 1974, and underwent a full renovation in 2016 and 2021.  The 224-unit property sold for $20.6 million, or $91,964 per unit, in December.

Office Sales

As we close out 2021, we extend a well-deserved congratulations to David Divine, Director of Investment Sales, for being APG’s Top Producer for 2021, representing his clients in over $61 million in acquisition and disposition transactions.  Of note was David’s representation of the sellers of two long standing office buildings.  On Spring Forest Road in North Raleigh, the 64,500 square foot office building known as Campus North sold for $8 million in November, or $124 per square foot.  In December, the 59,000 square-foot office building at 702 Oberlin Road next to historic Cameron Village in West Raleigh, sold for $12.75 million, or $216 per square foot.  The sellers, each an investor group affiliated with APG, acquired the buildings for $3 million in 1991 and $3.9 million in 1994, respectively.   

Congratulations to the entire APG team for a job well done.    

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