The Shops at Winnifred’s expanding tenant mix includes two new-to-market concepts.

Yay Yogurt and Yuca and BeautyWalker Nail Studio are now open at 1425 Winnifred St.

Yay Yogurt is operating out of a 535-square-foot space. It serves fresh frozen yogurt, with flavors such as blackberry, passion fruit, strawberry and naranjilla — a citrus-based offering. There’s also an Ecuadorian gluten-free cheese bread, known as yuca bread, that is served on its own, topped with nutella, and as a waffle.The restaurant also serves empanadas filled with chicken, beef or spinach and feta cheese.

Jose Tapia is the owner. Yay is open Tuesday through Sunday at 1425 Winnifred St., Suite 116.

BeautyWalker is Charlotte’s first Russian manicure studio. Owner Svetlana Dunaeva offers dry manicures and trendy nail art. She’s snapped up Suite 115 for that 878-square-foot studio. Appointments can be made online.

They’ll be joined in the near future by Bright Eyed Coffee, an offering by Bottle Cap Group. The coffee shop will serve La Colombe Coffee from its space on Winona St.

Bottle Cap is also behind Ink N Ivy in uptown and The Rose Honky Tonk in South End.

Thompson Brock with Thrift Commercial Real Estate Services represented the landlord on the lease transactions.

The Shops at Winnifred has 12,500 square feet of retail space, with tenants such as Boba Baba, Jack and Georgia, and The Brown Sugar Collab. It’s also home to Five 13 Studio, Outlaw Hair Co. and Kika Stretch Studios.

Just three spaces are available for lease. Each is 535 square feet.

Charlotte real estate firm Collett Capital acquired The Winnifred and Shops at The Winnifred for $30.2 million in January 2021. In addition to the retail space, there are 91 studio, one- and two-bedroom apartments.

Source: Charlotte Business Journal

The Shoedio and Bulldog Taproom/Social are inching closer to their openings in South End. Both will be at The Winston, at 222 West Blvd.

The Shoedio’s first brick-and-mortar store opens on Aug. 19. The 1,100-square-foot space is focused on custom sneakers, with customizable options down to the laces available. It also will offer DIY workshops.

Bulldog Taproom/Social is in the final stages of building out its 4,000-square-foot taproom and patio. It is moving three blocks from its current space on Winnifred Street to make way for an apartment complex there.

Expect a wide lineup of craft beers — with some of Bulldog’s own offerings as it debuts a brewing system. Owner Rob Johnson has said the space will provide the same look, feel, sounds and even smells as Bulldog’s previous South End location. There will be two bars and a mezzanine, with the familiar half-barrel tables, plenty of TVs, dartboards and plans for music.

It is targeting a September opening. Foard Construction is the general contractor.

Bulldog recently announced it was expanding with a NoDa location. It purchased the assets and lease for Room & Board, a neighborhood restaurant, bar and entertainment venue at 3228 N. Davidson St.

Shoedio and Bulldog Taproom/Social join Beard Papa’s, Urban Sweets and The Coterie Concept at The Winston, on the corner of West Boulevard and South Tryon Street.

Collett Capital purchased the six-story property that includes 132 apartments for $48.5 million in October 2022. It was rebranded as The Winston, from Centro Square.

Source: Charlotte Business Journal

A Charlotte developer recently began construction on Revel Greensboro, a 360-unit apartment community just off the Greensboro Urban Loop and close to Piedmont Triad International Airport.

Collett Capital is the developer of Revel Greensboro, planned at the intersection of Leabourne Road and N.C. 68 in a corridor that includes a new 210,000 square foot industrial building for ProKidney, a Sheetz convenience store and The Retreat at 68 apartments. Cone Health paid $5.1 million for 6.38 acres last year next to Retreat.

Samet Corp. built three 200,000 SF or so industrial specs on the corridor, which includes Cameron Campus of Guilford Technical Community College.

“There is a lot of great energy in the area,” DuBose Williamson, a principal with Collett, told Triad Business Journal.

Revel will have nine, four-story, 40-unit buildings with elevators, varying from the three-story apartment buildings — that do not require elevators — typically built throughout the Triad.

Williamson pointed out that four-story buildings at Comet Greensboro, an apartment community developed by Comet Builders’ Seth Coker and Nathan Isner off Guilford College Road near Interstate 40, have proven popular.

“It’s something we’ve done in Raleigh and Charlotte (markets),” Williamson said. “Customers seem to appreciate the elevators. Walking up a few flights of stairs with groceries in August is not a fun experience.”

Williamson said the sale of the 20-acre building site behind Sheetz closed about 10 days ago.

Williamson said he expects ground breaking in the next few days, with an initial phase of the apartments expected to be delivered in the first quarter of 2025 with the entire community completed around summer 2026. He did not reveal the estimated cost of the development.

Revel Greensboro is planned with amenities including pickleball courts, grilling stations, a zero-entry pool, walking/exercising trails, dog parks, and spaces for outdoor lawn games. The clubhouse features a state-of-the-art fitness center and a lounge with workstations and conference rooms to accommodate remote working residents.

Summit Contracting Group of Jacksonville, Florida, is the general contractor. The apartments are the first in the Triad by Collett.

Tyler Covington and Joe Hollmeyer are other principals of Collett Capital. The apartments will be adjacent to an industrial spec building developed by sister company Collett & Associates and Samet Corp.

Williamson said Collett is interested in more multifamily opportunities in the Triad.

“We’re trying,” he said. “We’d like to get more of them.”

Collett Capital is a real estate private equity firm with more than $670 million in assets under management that is focused on acquiring and developing well-located, income-producing real estate assets with durable cash flows and upside potential. 

Since 2020, Collett Capital has acquired or started construction on nine multifamily communities totaling more than 1,400 units. Through its real estate funds, the firm acts as a sponsor, operating partner, and co-investor alongside its institutional and private capital partners.

Collett Capital’s website shows it owns a variety of multifamily housing, retail and industrial developments in North Carolina and eight other states, most on the Atlantic coast.

Source: Triad Business Journal

Charlotte real estate firm Collett Capital has rebranded a South End apartment community following its acquisition last fall.

Centro Square, a six-story, 132-unit property at the corner of West Boulevard and South Tryon Street, is now called The Winston.

Collett purchased the property at 222 West Blvd. from Ascent Real Estate Capital in October for $48.5 million. The building’s more than 8,300 square feet of ground-floor retail space is fully leased. Tenants include Beard Papa’s, Urban Sweets, The Coterie Concept and Mindful Market. Bulldog Beer and Wine anchors the space and is slated to open there this year.

The project, which delivered in early 2022, is part of The Square at South End, a larger mixed-use development led by Beacon Partners.

DuBose Williamson, principal at Collett, said the rebrand was done with the property’s design and location in mind. Williamson said The Winston’s public and private amenities, paired with its view of uptown, is what makes it stand out from other multifamily properties in the neighborhood.

“The Winston is a step up from a lot of South End’s apartment offerings, and we wanted the name, visual identity and branding to reflect that,” he said.

The Winston is “the big sister” to another Collett property, The Winnifred and Shops at The Winnifred. Collett acquired that property at 1425 Winnifred St. in January 2021 for $30.2 million. Known then as Centro Railyard, it underwent a rebrand later that year.

Sarah Prescott, Collett’s asset manager, and The Plaid Penguin led the rebranding efforts for both communities.

Source: Charlotte Business Journal

Centro Square, a new apartment community in Charlotte’s Wilmore neighborhood, traded this week for $48.5 million.

Local commercial real estate firm Collett Capital purchased the property at 222 West Blvd. from Charlotte-based Ascent Real Estate Capital. Newmark arranged the sale, which closed on Oct. 24, according to Jason Kon, the firm’s senior managing director.

Ascent, alongside Centro Cityworks, paid $4 million for a portion of the land, according to Mecklenburg County real estate records. The developers broke ground on the multifamily project in September 2020, and the project delivered earlier this year. The apartment community has 132 units and is about 90% leased. It totals 64,304 square feet, which includes 8,313 square feet of ground-floor retail that will be anchored by Bulldog Beer and Wine.

Centro Square is part of a larger mixed-use project, The Square at South End, which was developed by Beacon Partners. In June, USAA bought the 156,401-square-foot building from Beacon for nearly $97 million.

Kon said he began taking offers on the property in mid-summer and eventually determined Collett to be the right fit. Collett acquired a sister property in South End, Centro Railyard, in February 2021 for $30.2 million.

“They’re pretty enamored with the location and runway that South End still has with a lot of office scheduled to deliver over the next 24 to 48 months,” he said. “(Collett) liked the efficiencies of Centro Square, which is the same kind of micro concept as (Centro Railyard).”

Kon said the sale price works out to about $750 per square foot. That per-square-foot price encompasses the multifamily and retail aspects of the property.

Source: Charlotte Business Journal

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

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

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

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

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 December 20, 2021 by Julia Sanders in Acquisitions, Georgia, Retail, Southeast (REBusiness Online)

Article Link: ReBusiness Online

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

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.

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.

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.

MOUNT PLEASANT — Where shoppers once grabbed a gallon of milk, selected a choice cut of meat or picked up fresh vegetables, office workers soon will handle business deals, meet clients virtually or in person or enjoy some fresh air on an outside patio.

A former Bi-Lo supermarket on Shelmore Boulevard has been reworked into a 50,000-square-foot, mixed-use property for office and medical tenants with space available for retail use as well.

Currently a large empty shell with a wide central corridor halfway across the building, the redevelopment is a classic example of adaptive reuse of a former idle property.

From the outside, the reworked structure is totally different from its past life as a Bi-Lo. The former barrel-vaulted roof elements have been removed, and an expansive two-story foyer with a unique circular lighting feature can be seen behind a grid of glass.

An affiliate of Charlotte-based commercial real estate firm Collett Capital paid $12.8 million for the nearly 10-acre site in 2019. The firm redeveloped the property in partnership with Lions Gate Capital LLC, also of the Queen City, and WECCO Development of Charleston at a cost of about $10 million, according to William Cogswell of WECCO.

The renovated former grocery store now features 18-foot ceilings, 10 skylights and the potential for a variety of floor plans starting at 2,400 square feet.

Two tenants have been lined up so far, said Cogswell, who’s also a state lawmaker.

An undisclosed medical office will occupy 7,500 square feet while a technology-related business has signed on for 2,500 square feet. Cogswell said they are now in the permitting stages. He did not have a move-in date for either firm.

The redevelopment involved a complete interior demolition, the cutting of more than 35 openings for new windows and skylights, installation of a new roof, and the addition of six building entrances.

“We opened up all of the exterior walls to bring in more light,” Cogswell said as he walked through the building Feb. 15. “Since it could have been darker, we put in skylights as well.”

He also pointed out that multiple access points allow for flexibility of uses and users. Some of them lead to outside areas that can be used as patios.

The existing retail space surrounding the building received exterior upgrades to match The Shelmore’s new façade. Extensive landscaping and hardscaping around the structure also were added.

Cogswell said he is not worried about workers returning to the office after the pandemic eases.

“We are all in for the long term,” he said. “The macroeconomics for Charleston and the region are very strong. That’s not to say we won’t have any hiccups.”

In three or four years, barring a new economic downturn, Cogswell believes the office market will be back to pre-pandemic levels.

Ladson-based Frampton Construction renovated the building, and project manager Brendan Gilbert called the transformed space “a completely different, innovative use” for the East Cooper office market.

Construction started in February 2020 and was completed in December. LS3P Associates was the project architect. Palmetto Commercial Properties of Charleston is handling the leasing.

Bi-Lo parent Southeastern Grocers of Jacksonville shuttered the supermarket in 2018, along with 93 others across the Southeast as the company entered bankruptcy reorganization to trim its debt load.

Last year, the company announced it would shutter all of the Bi-Lo stores that it could not sell to focus on the Winn-Dixie business, dissolving a chain that was started in the South Carolina Upstate in the early 1960s.

Bi-Lo is down to two supermarkets in the Charleston area. They are expected to close in April unless a buyer comes forward.

Article by Warren Wise, The Post and Courier
Warren Lance Wise covers retail, real estate and Charleston International Airport for The Post and Courier. A graduate of the University of South Carolina, he holds nearly 50 local, state and national awards for journalistic excellence.

A boutique apartment development with ground-floor retail space in red-hot South End has been sold.

Centro Railyard, which includes 91 apartments and 12,991 square feet of retail, was acquired by Collett Capital and equity partner Spaulding & Slye Investments for $30.2 million, according to Mecklenburg County real estate records. The firms purchased Centro Railyard from its developers, a joint venture of Charlotte-based Ascent Real Estate Capital and Centro Cityworks.

Collett is a locally based private equity real estate firm and Spaulding & Slye, headquartered in Boston, is an investment company that’s a subsidiary of JLL (NYSE: JLL).

The Centro Railyard apartments, which are smaller-than-average units for Charlotte, are a mix of studios and one and two bedrooms. The property is at 1425 Winnifred St., behind The RailYard office development, which was acquired in late 2020 by Cousins Properties for $201 million.

Tenants at Centro Railyard’s “micro” retail space include olpr. Leather Goods Co., The Cactus Club, CLT Boutique, Glory Days Apparel, You Got Swank, Five13 Studio and The Brown Sugar Collab. Each retail space measures between 400 and 1,500 square feet.

At the time of the sale, the retail space was 100% leased and the apartments just shy of that, according to JLL, which brokered the deal. Delivery and lease-up occurred during the onset of the Covid-19 pandemic.

Centro Cityworks and Ascent Real Estate Capital are under construction on a similar project in the Wilmore neighborhood, called Centro Square. That project will include 132 apartments and 7,300 square feet of retail space, adjacent to an office building by Beacon Partners.

Allan Lynch, Caylor Mark, Tom Kolarczyk, Andrea Howard, John Currin and Jeff Glenn at JLL represented the seller in the transaction.

By Ashley Fahey – Real Estate Editor, Charlotte Business Journal
Feb 2, 2021, 10:49am EST

Charleston, S.C. – Frampton Construction Company, LLC, a regional full-service construction firm providing planning and design support, preconstruction, and construction services, is underway on demolition and construction at the site of The Shelmore, a Class-A mixed-use property located at 774 South Shelmore Blvd. in Mount Pleasant, S.C. The adaptive reuse project involves the redevelopment of a former BI-LO grocery store into nearly 50,000 square feet of office space.

The new space will feature a spacious lobby with a two-story “jewel box” entry, 18-foot ceilings, and the potential for a variety of floor plans suitable for both small and large office users. The existing retail surrounding the building will also receive exterior upgrades to match the new façade.

Chad Frampton, president and CEO of Frampton Construction, said, “We’re thrilled to have the opportunity to take an underutilized space like this and completely transform it for a new, creative use. With perks like walkable dining and its proximity to downtown, The Shelmore will be a strong addition to the Mount Pleasant office and retail market.”

Complete demolition of the interior is underway to make room for office space, and over 30 windows and 10 sky lights will be added to the building’s exterior to provide abundant natural lighting. Further improvements to the exterior include a new TPO roof, the addition of two new building entrances, and installation of curtainwall plus storefront around the entire building. Extensive landscaping and an outdoor dining patio are also in the scope of work.

Collett Capital partnered with Lions Gate Capital, LLC, and WECCO Development to develop the project. Construction started in February of 2020 and is expected to be complete by the Fall. LS3P Associates is the project architect.

Frampton Construction is a regional full-service construction firm offering planning and design support, preconstruction, and construction services. The dedicated team of professionals takes pride in building strong relationships with clients while providing the highest quality of service. They deliver executive leadership and personal oversight throughout the building process, while working diligently to exceed the expectations of every client. With offices in Charleston, S.C., and Charlotte, N.C., the company is positioned to manage projects in the Southeast and beyond. For more information, please visit http://frampton.construction/ or call 843-572-2400 (Charleston) or 704-900-0511 (Charlotte).

 By CRBJ Biz Wire

Collett Capital, LLC along with its partners Lions Gate Capital, LLC and WECCO Development, LLC have announced the start of construction on the redevelopment of 774 South Shelmore Blvd. in Mount Pleasant into The Shelmore, a Class-A mixed use property. The Shelmore adaptive reuse will offer almost 50,000 square feet of creative office space and feature an expansive lobby with a two-story jewel box entry, a comprehensive building amenity package, abundant green space and activated open outdoor gathering areas. In addition, The Shelmore will feature approximately 12,000 square feet of complimentary retail space anchored by local tenants Langdon’s, Second State Coffee and Top Shape.

Located in the heart of Mount Pleasant and only a few minutes from downtown Charleston and I-26 / I-526, The Shelmore will offer prospective tenants Class A amenities, ample free parking and creative office aesthetics including 18-foot ceilings, abundant natural light and potential for open floor plans and collaborative common areas. On-site amenities will include an outdoor covered seating area and dog park, gym, nature trails, lakeside seating and high end to casual dining options. The Shelmore will be able to accommodate small to large office users with delivery scheduled for Fall 2020.

Collett Capital and Lions Gate Capital have assembled an experienced local team to help execute on the redevelopment. WECCO Development, LLC, a Charleston-based development firm best known for its work on The Cigar Factory and GARCo Mill, is lead development partner on the project. LS3P Associates is the project architect and Frampton Construction is the general contractor. Richard Morse and Trad Dyches with Palmetto Commercial Properties are leading the office leasing.

Article by: The Moultrie News

Collett Capital and Long Warf Capital purchased the 321,000-square-foot retail asset. HFF arranged acquisition financing on behalf of the borrower, which plans to upgrade the property.

Collett Capital and Long Warf Capital have partnered again to the purchase Beaver Creek Crossing, a 321,000-square-foot power center in Apex, N.C. According to Wake County records, the joint venture paid $52.8 million for the retail property.

The retail center spans across 52 acres at 1479 Beaver Creek Commons Drive, near U.S. highways 64 and 540. Downtown Raleigh is 17.5 miles east, while Raleigh-Durham International Airport is 15 miles northeast from the property.

Built in 2005, Beaver Creek Crossing is currently 96 percent occupied by national and regional tenants, including T.J. Maxx/HomeGoods, Regal Beaver Creek, Dick’s Sporting Goods, Old Navy, Five Below and Ulta Beauty. The center is an important retail hub for the surrounding communities, serving more than 109,000 residents living within a 5-mile radius, with an average annual household income of $132,000 living.

Article By:
Adriana Marinescu, Associate Editor, Commercial Property Executive

ADRIANA.MARINESCU@CPE-MHN.COM

https://www.cpexecutive.com/post/jv-acquires-raleigh-area-power-center-for-53m/

CHARLOTTE, NC – HFF announces that it has arranged $37.5 million in acquisition and renovation financing for Beaver Creek Crossing, a 320,629-square-foot retail power center in the Raleigh-area community of Apex, North Carolina.

HFF worked on behalf of the borrower, a partnership between Collett Capital and Long Warf Capital, to place the five-year, floating-rate loan with MetLife Real Estate Investments.

Completed in 2005, Beaver Creek Crossing is 96.3% leased to a strong line-up of national and regional tenants, including T.J.Maxx/HomeGoods, Regal Beaver Creek, Dick’s Sporting Goods, Old Navy, Five Below, and Ulta Beauty. The center is situated on 51.6 acres at 1479 Beaver Creek Commons Drive proximate to Highway 64 and Highway 540 (Triangle Expressway) in Apex, a rapidly growing Wake County community located southwest of Raleigh and known for its favorable, affluent demographics and high levels of home ownership  The center serves as the premier retail hub for the surrounding residential communities and has a back entrance connecting the center to the dense residential population to the south.  More than 109,000 residents earning an average annual household income of $132,000 live within a five-mile radius of the center.

The HFF debt placemen team representing the borrower was led by senior managing director Travis Anderson and senior director Cory Fowler.

Apex, NC — Collett Capital has acquired Beaver Creek Crossings, a 320,629-square-foot power center anchored by Regal Beaver Creek 12, Dick’s, Five Below, and TJ Maxx.  David Webb, Will Walton and Laura Hensler of Berkeley Capital Advisors represented the seller.

ORLANDO, FL – November 20, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $26.156 million sale of and $18.915 million acquisition financing for International Drive Value Center, a 186,000-square-foot power center in Orlando, Florida.

The HFF team marketed the property on behalf of the seller, Retail Value Inc. (RVI).  A partnership between Collett Capital and Long Wharf Capital purchased the asset.  Additionally, working on behalf of the new owner, the HFF team placed the five-year, floating-rate acquisition loan with TD Bank.  Loan proceeds will be used for the acquisition and to fund future capital improvements.

International Drive Value Center is 95 percent leased and anchored by multiple national and regional tenants, including Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNTS, Five Below and Dollar Tree.  The center spans 23 acres and is at 5295 International Drive.  Located at the epicenter of central Florida, International Drive Value Center is approximately six miles from downtown Orlando, 8.5 miles northeast of Walt Disney World® and less than one mile southeast from Universal Studios.  Additionally, the center is in the nation’s No. 1 retail submarket, the International Drive Retail submarket.

The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and associate Michael Brewster.

The HFF debt placement team representing the new owner consisted of senior managing director Travis Anderson, senior director Cory Fowler and managing director Rebecca Van Reken.

“Orlando is one of the most highly sought-after retail investment markets in the U.S. in 2018,” Peterson said.  “We have the No. 4 fastest-growing population and No. 2 fastest-growing workforce in the U.S., which is squarely on the radar of investors.  So far in 2018, our team has priced 12 retail centers totaling more than $360 million in value in Orlando, and investor enthusiasm has been very robust.”

International Drive Value Center is one of the premier retail centers in central Florida, and, given its prime location in the heart Orlando’s dynamic and thriving tourist corridor, many of the tenants achieve sales volumes far in excess of chain averages,” Leonhardt added.  “The future of the asset looks even brighter given the continued success of the nearby Orlando International Premium Outlets combined with the new nearby mixed-use developments.”

Source: https://www.hfflp.com/media-center/press-releases/press-release-details.html?docID=198306

OrthoCarolina, a Charlotte-based orthopedic practice, will have some new digs in Pineville come 2019.

The practice is moving its location on Park Road to a new, 20,000-square-foot space in the former Terraces at Park Place shopping center, previously anchored by Bi-Lo, at the corner of Pineville-Matthews Road and Interstate 485.

Collett Capital acquired all 81,440 square feet of the shopping center for $12.35 million as of Aug. 8. Collett, along with partners Lions Gate Capital and OrthoCarolina, plans to transform the location into Terraces Medical Plaza. Starbucks and Sabor Latin Street Grill will also occupy space there.

“The new OrthoCarolina Pineville location will be both accessible and modern, and provide superior access for our patients near where they live,” says Dr. Bruce Cohen, chief executive of OrthoCarolina.

OrthoCarolina also opened a 16,000-square-foot, revamped office space in SouthPark in November of last year. That office includes a new, more modern design and 30 patient rooms. Employees there are also utilizing a technological system to get patients in and out faster.

Cathie McDonald, chief operating officer, told the Charlotte Business Journal the SouthPark office is part of a pilot to improve efficiency and access to care. Plans for the Terraces Medical Plaza project appear to fall under this model as well.

Flagship Healthcare Properties is leasing out the Pineville property. Spaces ranging from 5,000 square feet up to 25,000 square feet are available.

Flagship hopes to turn over the new space to OrthoCarolina in March, but the medical practice will continue to see patients at the office on Park Road until it moves into the new space next June.

OrthoCarolina employs about 1,700 people here. Its 32 orthopedic offices span from Boone to Kernersville, with nearly half of those concentrated in the Charlotte region. Other services include physical therapy, MRI and urgent care.

By: Caroline Hudson, Staff Writer
Charlotte Business Journal

Charlotte, NC — Collett Capital has acquired Terraces at Park Place, an 81,440-square-foot shopping center located at I-485 and Pineville- Matthews Road near Carolina Place Mall in Pineville, NC.  Alex Quarrier, Rob Carter, David Webb and Rad von Werssowetz of Berkeley Capital Advisors arranged the transaction on behalf of the seller. Collett Capital plans to convert this former grocery-anchored shopping center into a medical plaza, with lead tenant Ortho Carolina anchoring the redevelopment.

ATLANTA, GA – April 30, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Cherokee Commons, a 103,711-square-foot, Kroger-anchored shopping center in the Atlanta suburb of Acworth, Georgia.

The HFF team marketed the property on behalf of the seller, PMAT Companies.  Collett Capital purchased the asset free and clear of existing debt.

The 89-percent-leased Cherokee Commons is anchored by Kroger, the No. 1 grocer in Georgia, and is home to a variety of shop tenants.  Situated at 6199 Highway 92 in Acworth, which is less than 30 miles north of downtown Atlanta, the center is in Cherokee County, the fastest-growing county in the Atlanta MSA.  More than 1,400 homes are planned or under construction in the area immediately surrounding the property, and more than 69,000 residents earning an average annual household income of $89,000 live within a three-mile radius of Cherokee Commons.

The HFF investment advisory team representing the seller included senior managing director Jim Hamilton, directors Brad Buchanan and Michael Allison and real estate analyst Ryan Stoffer.

About PMAT Companies
The PMAT Companies is a real estate development firm focused on value-add shopping center investments across the Southeast, Sunbelt, Mid-West, and Mid-Atlantic regions.  The PMAT Companies have acquired and renovated thirty-five primarily grocery anchored shopping centers with an aggregate value of approximately $700 Million dollars consisting of nearly five million square feet.  PMAT’s investment strategy is to acquire value-add shopping centers and create long term value through redevelopment and re-tenanting of the assets. For more information, visit pmat.net.

About Collett Capital
Collett Capital is a privately owned acquisition platform that focuses on acquiring undervalued community shopping centers in the southeast, southwest and Midwest, and southeastern real estate assets with existing cash flow and the potential for long-term capital appreciation.  For more information, visit collettcapital.com.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

Source:  https://www.hfflp.com/media-center/press-releases/press-release-details.html?docID=181969

By Rhett Morgan Tulsa World
Posted: Friday, January 27, 2017

WinCo Foods’ decision to locate a new store in Tulsa is part of an expansion of its footprint in Oklahoma and north Texas.

“Clearly, there’s a need for WinCo Foods in Tulsa because we offer incredibly low prices and a really good shopping experience,” a spokesman said Thursday in a telephone interview. “The people of Oklahoma, as we’ve seen so far in the stores that we’re about to open, people are incredibly hungry for it and very, very receptive. That’s incredibly encouraging to us.”

WinCo Foods, a 24-hour store whose corporate headquarters are in Boise, Idaho, this month signed a lease with Crossing Oaks Shopping Center owner Crossing Oaks Investment LLC, for a seven-acre parcel at 7136 S. Memorial Drive, Tulsa County Clerk records indicate.

The roughly 85,000-square-foot store in Tulsa is scheduled to employ about 180 full- and part-time workers and could open sometime in 2018, the spokesman said. It will join WinCo facilities in Moore (set to open in May), Midwest City (August) and Oklahoma City (September), the company representative said.

Although WinCo is new to Tulsa, one company executive has ties to the city. Rich Charrier, executive vice president and chief operating officer, grew up in Tulsa and graduated from Memorial High School in the 1970s.

The chain has scheduled a grand opening for its $135 million distribution center in Denton, Texas, in late February. The Lone Star State has nine WinCo stores of the more than 100 company locations nationwide.

“It’s about our commitment to the area,” the WinCo rep said. “What that allows us to do is cut out the middleman. We’re able to deal directly with producers and vendors. We can buy in huge quantities because of the size of our warehouse. Then we can pass the savings on to the customers based on that.”

WinCo, which doesn’t accept credit cards and has no baggers, positions itself as a “low-price leader” that provides a “world-class customer experience,” the spokesman said. It also operates on an Employee Stock Ownership Plan, meaning employees are partial owners of the company.

“That’s a very big part of our perception of ourselves,” he said. “We want this experience to be good because we work for ourselves.”

WinCo is part of the redevelopment planned at Crossing Oaks Shopping Center, which counts Sunshine Furniture and Ross Dress for Less among its biggest retailers.