Firms Partner To Buy Landfall Center For More Than $30M

Investors, including longtime Wilmington firms, bought a Military Cutoff Road shopping center this week for $30.75 million.

CC Landfall LLC, consisting of a partnership between Cameron Management, Trask Land Co., SHP Acquisitions and Charlotte-based Collett Capital, purchased Landfall Center from a Kenan family trust, according to a news release.

The Food Lion-anchored shopping center at 1319 Military Cutoff Road includes a variety of businesses, from local favorites such as Lovey’s Market to bigger stores like Havertys Furniture and Dollar Tree. Built in the 1980s, decades before Mayfaire Town Center’s first store began welcoming shoppers, Landfall Center sits on about 17 acres.

The Kenan trust was represented by brokers Blake Thomas and John Linderman Jr. at the Raleigh office of commercial real estate company Avison Young, the release stated.

Thomas said in the release, “Having owned the property for nearly three decades, the sellers did an amazing job maintaining and developing portions of the center to the highest standards. It has been kept well-occupied throughout the years, with many tenants that became longstanding, productive fixtures in the community.”

He said the center garnered “an extraordinary level of interest from a wide variety of investors. Given their track record and connections to the local community, we are confident that we found the right custodians to shepherd this asset to meet the needs of the community for many years to come.”

The purchase of Landfall Center isn’t the first joint venture for Cameron Management, SHP Acquisitions and Trask Land Co. They also partnered to acquire, lease back and develop a major expansion for the Mayfaire-area headquarters of banking software firm nCino, the release stated.

According to the release, Landfall Center is the 12th North Carolina property for Collett Capital, a real estate private equity firm with over
$500 million in assets under management and properties across the Southeastern and Southwestern markets.

Raiford Trask III, president of Trask Land Co., said in a statement announcing the purchase, “We are very happy to be a part of the next chapter of Landfall Center and we appreciate the confidence of the Kenan family, who were great trustees of the center for so many years. We enjoyed working with them and Avison Young in this process.”

Leasing for Landfall Center will be done by Cameron Management and Trask Land Co.

CC Landfall officials didn’t mention specific changes they plan for the center in the immediate future, but said in the release, “Landfall Center has been a major influence in Wilmington’s business development towards Wrightsville Beach; the new owners are excited to continue that legacy and are committed to enriching it further.”

Article Link: Wilmington Biz

Rico’s Acai, Newport Academy sign on at Terraces Medical Plaza in Pineville

MPV Properties said this week that it has leased nearly 14,000 square feet of space to two new tenants at Terrace Medical Plaza in Pineville.

Newport Academy, which provides evidence-based healing centers for adolescents, young adults and families struggling with mental health issues, will occupy a 12,078-square-foot space in the Class A retail and medical plaza. Local health-food brand Rico’s Acai will lease 1,888 square feet of retail space there. It will be Rico’s fourth location.

Currently, Rico’s has brick-and-mortar stores in Plaza Midwood and Ballantyne, and a food truck location in the nearby city of Belmont. The business started in 2015, serving breakfast and lunch bowls from a food truck in uptown.

The newly redeveloped Class A plaza is located at 9101 Pineville-Matthews Road, directly across the street from Atrium Health’s Pineville medical campus. Its current tenants include OrthCarolina, Starbucks, Sabor and Corelife – Novant Health, which moved in last September.

Collett Capital, purchased the 81,440-square-foot property from Charlotte-based LLC Terraces SC Property Holdings in 2018 for $12.35 million, according to Mecklenburg County real estate records. The former Bi-Lo grocery store, which moved out of its 44,000-square-foot space that year, was subdivided for OrthoCarolina’s 20,000-square-foot lease.

Two spaces are currently available in the center, 6,240 square feet appropriate for medical office use and 3,898 square feet of medical office or retail space.

Article Link: Charlotte Business Journal

Collett Capital helps launch build-to-rent platform targeting Southeast markets

A real estate private equity firm based in Charlotte is partnering with a longtime residential real estate executive to launch a new business line.

Collett Capital and Creighton Call, formerly of Crescent Communities and Davidson Homes, have teamed up to launch Canvas Residential. The platform will focus on the development of build-to-rent communities throughout the Southeast. The team is already under construction on around 200 units in Charlotte, with plans to begin construction on at least 530 additional units in the Southeast by early 2023.

Canvas Residential is focused on developing communities with between 60 and 250 homes and a mix of floorplans with two to four bedrooms.

The housing supply shortage helped spur the formation of Canvas Residential, Call said, with Charlotte and the Southeast being among the areas with a big need for more housing. Call and DuBose Williamson, a principal at Collett Capital and Call’s former colleague at Crescent, decided to join forces to try to meet that need.

“We believe firmly, in particular, that there is a lack of high-quality residential neighborhoods that appeal to renters,” Call said. “We feel that the fundamentals for purpose-built residential communities have never been stronger, in particular in Charlotte.”

Canvas Residential is underway on two local townhome projects. One includes 58 units in southwest Charlotte, Williamson said, while the other is in the Mountain Island Lake area and includes around 140 units. Williamson said the company hopes to break ground in August on a 224-unit project in the Atlanta area.

Canvas Residential will pursue projects throughout the Southeast but will likely have a focus on the Carolinas and Atlanta markets, Call said. It is currently pursuing opportunities in Charlotte, the Triangle, the coastal Carolinas area and Atlanta.

With the two active Charlotte projects and others that are soon to break ground, Canvas Residential hopes to grow quickly.

“That’ll take us close to 1,000 units by the time we’re sitting down here a year from now,” Williamson said of the first projects for Canvas Residential. “We want to continue to grow that, leveraging the best-in-class relationships we have to find well-located sites and continue to grow.”

Call will serve as Canvas Residential’s managing partner. He most recently led EverGreen Living, a build-to-rent division of Davidson Homes, after spending a decade as a vice president at Crescent.

Collett Capital is headquartered in Charlotte and has over $500 million in assets.

Article Link: Charlotte Business Journal

Partner Link: Canvas Residential

New tenants coming to Terraces Medical Plaza in Pineville

PINEVILLE – MPV Properties and Collett Capital announced the newest tenants at the Terraces Medical Plaza in Pineville.

Newport Academy provides evidence-based healing centers for adolescents, young adults and families struggling with mental health issues. The academy will occupy 12,078 square feet adjacent to CoreLife  Novant Health and OrthoCarolina.

Additionally, Rico’s Açaí will be moving into Space H, a 1,888-square-foot space adjacent to OrthoCarolina. Rico’s has two brick-and-mortar spaces in Plaza Midwood and Ballantyne, and one food truck in Belmont.

“We are incredibly excited to bring this Charlotte restaurant to another corner of our city” said  Robbie Adams of MPV Properties.

The ownership group, Collett Capital, purchased the property in 2018 shortly after Bi-Lo vacated 44,000 square feet. The former grocery store was subdivided for OrthoCarolina’s  20,000-square-foot lease. There are two available spaces in the center: a 6,240-square-foot speculative medical office suite and a 3,898-square-foot space appropriate for either medical office or retail use.

Article Link: The Charlotte Weekly

Bridge33 Capital Disposes of Retail Center in Metro Atlanta

GAINESVILLE, GA. — Bridge33 Capital has sold Westbrook Plaza, a 49,364-square-foot retail center in the Atlanta suburb of Gainesville. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. Charlotte-based Collett Capital purchased the property for $8.7 million.

Constructed in 2006 and anchored by Best Buy, Westbrook Plaza was fully leased at the time of sale to tenants including Burn Boot Camp, Mattress Firm, WNB Factory, Pazzi’s Pizza, Paris Nails and Pet Pleasers Bakery. Located at 668 Dawsonville Highway, the center is situated less than one mile from Lake Lanier, which provides an annual economic impact of over $5.5 billion.

Posted on  by  in AcquisitionsGeorgiaRetailSoutheast (REBusiness Online)

Article Link: ReBusiness Online

The Shelmore Signs Three New Office Leases

Mt. Pleasant, SC (December 9, 2021) The ownership of The Shelmore, an adaptive reuse of a former grocery store in the heart of Mt. Pleasant, today announced it has executed three new office leases in recent weeks. This latest round of leasing increases the overall occupancy of the 50,000 square foot office development to over 50 percent, with approximately 25,000 square feet of office space remaining.

Stanley Martin Homes, an award-winning national home builder, leased 9,600 square feet. US Club Soccer, an organization that works to develop and support soccer clubs in the United States, leased 5,502 square feet. Berkshire Hathaway Home Services, a residential real estate brokerage firm, leased 3,032 square feet.

In addition to the new office building located at 774 S. Shelmore Blvd., the campus also contains two retail centers occupied by several established restaurants such as Second State Coffee as well as three concepts operated by restaurateur Patrick Owens, popular salons and a convenient gym. Playa Bowls, another new addition to the center, will be opening in the coming weeks. The property is centrally located in Mt. Pleasant just outside of I’On and is less than 10 minutes of driving distance to Downtown and the East Islands.

“The Shelmore is an ideal setting for any business,” remarks Richard Morse, who along with Trad Dyches of Palmetto Commercial Properties is brokering the leases on behalf of ownership. “Its unmatched location in the heart of Mt. Pleasant makes it very accessible to all parts of the Tri-County region. Best of all – you never have to leave the campus during the day as you can get coffee, sneak in a workout, have lunch and then join colleagues for happy hour by taking just a few steps. Additionally, there are multiple places to relax: the covered pavilion, walking trails surrounding the secluded pond as well as several sunny patios. The office building itself is beautiful with 18-foot ceilings, abundant natural light and spacious layouts. Finally, both employers and employees alike will love that the surface parking is free and plentiful.”

The Shelmore is owned by a partnership consisting of Collett Capital and Lions Gate Capital from Charlotte, North Carolina. Other notable projects by the partnership include Dorchester Village Shopping Center in Summerville, the 71-unit Haddon Hall Apartments in West Ashley and the recent acquisition of the 7-acre Regal Cinebarre in Mt. Pleasant, a redevelopment project in the early planning stages.

Leasing activity remains strong and additional tenant announcements are anticipated to be made soon. For more information, please contact Richard Morse or Trad Dyches with Palmetto Commercial Properties at (843) 577-2550.

Article Link: Charleston Regional Business Journal

Article Link: Post & Courier

Popular Apex shopping center sold for $70.5 million

A well-known Apex shopping center has been sold to a Florida real estate investment trust.

Beaver Creek Crossing, which was built in 2005 and sits on more than 51 acres, sold for $70.5 million, according to Wake County property records.

An LLC affiliated with Charlotte’s Collett Capital sold it to CTO21 Apex LLC, an affiliate of Florida’s CTO Realty Growth, Inc (NYSE: CTO).

The sale included four undeveloped outparcels.

Located at 1479 Beaver Creek Commons Drive in Apex, Beaver Creek Crossing tenants include Dick’s Sporting Goods, Regal Cinemas, and TJ-Maxx.

The site is located near the Western Wake Freeway along I-540. It’s currently 97 percent occupied, and demographics in the surrounding three miles shows an average household income of close to $115,000.

CTO Realty is a publicly traded real estate investment trust, and also owns an approximate 16 percent interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

The property was purchased through a 1031 like-kind exchange using $66.7 million of restricted cash from previous sales, available cash, and draws from the CTO Realty’s unsecured revolving credit facility, a press release stated.

Collett Capital acquired the land in 2019 for $52.75 million, according to Wake County property records.

It’s CTO Realty’s only North Carolina holding, and rounds its portfolio out to 20 assets.

“Raleigh has experienced explosive growth in recent years as it benefits from unprecedented corporate investment, an abundance of well-performing technology and life science companies, a high quality of life, and a highly educated workforce,” John P. Albright, president and CEO of CTO Realty Growth, said. “Coupled with these market dynamics, the property’s strong tenant lineup, centralized location in one of the area’s most trafficked retail corridors, and future outparcel development upside makes Beaver Creek Crossings a high-quality addition to our growing portfolio.”

Both Collett Capital and CTO Realty did not respond to requests for comment on the deal.

By   –  Staff Writer, Triangle Business Journal

Mount Pleasant movie theater closes after being sold to Charlotte firm

MOUNT PLEASANT — The screens at Regal Cinebarre are now dark after a Charlotte-based company that owns several commercial properties in the Charleston area bought the movie theater in one of the town’s designated redevelopment centers.

Collett Capital, with Charleston-based partner Buxton Development Group, paid $14.25 million for the 7-acre theater property on Houston Northcutt Boulevard on Nov. 16, according to Charleston County land records.

“Plans for the site have not been finalized,” said Tyler Covington, a principal at Collett Capital. “The team looks forward to working with the town of Mount Pleasant and other local stakeholders to revitalize the property.”

A representative of the Knoxville, Tenn.-based entertainment company did not respond for comment, but a theater worker on the site who was helping to tie up loose ends said the business closed about two weeks ago.

A sign at the 33,000-square-foot, shuttered theater directs movie-goers to Regal’s nearby screens in Palmetto Grande about five miles north at Mount Pleasant Towne Centre.

Whatever is developed at the site. It will not be another movie theater for the foreseeable future. The sales agreement restricts Collett Capital or a future property owner from selling or leasing the site for a commercial movie theater for the next 20 years.

The theater is in a 175-acre area designated as a redevelopment center along Houston Northcutt Boulevard near Town Hall. Collett’s website refers to the site as “Houston Northcutt Redevelopment.”

Under the town’s 10-year comprehensive plan, the site could be redeveloped for commercial uses such as stores and offices.

The plan also limits residential construction to one house per acre in redeveloped areas, but the theater site most likely would not be redeveloped for housing since the town’s elected leaders have little appetite for more homes or apartments in the sprawling Charleston-area suburb.

Regal Cinemas bought the property in 2005 for $3.09 million, land records show.

COVID-19 hit the movie industry hard, forcing the theater to be closed for all but a couple of months last year after the outbreak in March 2020. It reopened earlier this year in May.

Regal also owns one other venue in the Charleston area at Azalea Square in Summerville.

Collett Capital is no stranger to the Lowcountry real estate market. In the Charleston area, in addition to the theater site, the company owns Dorchester Village Shopping Center on Dorchester Road in Summerville, the 71-unit Haddon Hall Apartments in West Ashley, and The Shelmore, a former Bi-Lo grocery store redeveloped into office space in Mount Pleasant.

Covington pointed out a separate entity called Collett shares the same address as Collett Capital, but they are different companies. In the Charleston area, Collett manages Fairfax retail center on St. James Avenue in Goose Creek and is developing Cedar Grove Shopping Center on Dorchester Road in North Charleston.

Full Article: ThePostandCourier

Apartment and ‘micro’ retail development in South End undergoes rebranding

A South End boutique apartment development that houses a “micro” retail component has been rebranded to The Winnifred.

Charlotte-based Collett Capital acquired the nearly 0.74-acre property — known then as Centro Railyard — for $30.2 million in January, according to Mecklenburg County real estate records. Collett Capital worked with equity partner Spaulding & Slye Investment, a subsidiary of JLL (NYSE: JLL), to purchase the development.

The property at 1425 Winnifred St. is next to The RailYard office development.

Collett Capital worked with Charlotte marketing agency The Plaid Penguin to create the new branding for the development. The Winnifred name was chosen to encapsulate the overall nature of the development and its location.

“We are excited to reveal this new name for our unique living and shopping destination in South End,” DuBose Williamson, principal of Collett Capital, said in a press release. “We believe it represents the location, taking up a full city block on Winnifred Street, and showcases the personality of the property and the residents and the shop owners who call it home.”

The Winnifred includes a mix of studio, one- and two-bedroom apartments. The 91 units range from 396 to 1,073 square feet. It was 100% leased at the time of the rebranding.

There are 15 ground-level “micro” retail stores that wrap around the building. Each retail space measures between 400 and 1,500 square feet, and every shop has its own garage-door entrance.

Fourteen of the 15 spaces are currently occupied. The retailers include Boba Baba, Brown Sugar Collab, BW Sweets Bakery, Cactus Club Co., Derby City Skates, Five13 Studio, eBike Central, Glory Days Apparel, Jack & Georgia, Kika Stretch Studios, OLPR Leather Goods, Outlaw Hair Co., Paletas Morelia and Perfect Screen.

“As a business owner, it is so exciting to be a part of the emerging retail destination, Shops at The Winnifred,” DeAnna Allen, owner of Brown Sugar Collab, said in the release. “We are a family of niche, boutique-style retailers and we cater to shoppers who want to support local makers, curators and entrepreneurs.”

Collett Capital’s Charlotte portfolio also includes Twin Lakes Business Park, Terraces Medical Plaza and South End Street Retail. The firm has acquired over $325 million in gross asset value since 2016.

By   –  Staff Writer, Charlotte Business Journal