CHARLOTTE – The Queen City won’t remember 2013 as a year in which commercial development ran riot, as little was built in the large-scale office and industrial markets.
But several notable properties changed hands and leasing companies often were able to fill large tracts of vacant space without letting those spaces languish.
Apartment developers also came out blazing this year, starting construction on thousands of units across the city, with many more still in the planning stages.
Combine the new rooftops with the confidence buyers have shown in Charlotte, along with rising rents and falling vacancies in the office and industrial markets, and it appears the city may be heading toward some large-scale commercial development in the future.
Here are some of the biggest deals and construction projects that will be remembered in the 2013 edition of the Charlotte real estate narrative:
January 2013 – Childress Klein Properties breaks ground on a 22-story, 352-unit luxury apartment tower at South Mint Street and Martin Luther King Boulevard.
March 2013 – Schidler Group buys the five-story, 460,000-square-foot Wake Forest University Charlotte Center from Bank of America in a $72 million leaseback deal.
May 2013 – Vision Equities and CarVal Investors sold the 199,000-square-foot Four Coliseum Centre building for $39.18 million to a company managed by Griffin Capital Corp. Vision and CarVal had purchased the entire six-building Coliseum office park in April 2012 for $103 million. In December 2012, the companies sold two buildings to Cole Real Estate Investments for about $42 million.
April 2013- Starwood Capital Group and Vision Equities buy One Wells Fargo Center for $245 million from an affiliate of Childress Klein Properties. As the fifth tallest building in Charlotte, the 42-story office tower has 981,678 rentable square feet.
June 2013 – Spectrum Properties to build seven-story, 177-unit luxury apartment complex at West Trade and South Graham streets in the Third Ward that will back up to new BB&T Ballpark. The apartment complex is tentatively called The Mint, as a former branch of the U.S. Mint was located on the same the block.
September 2013 – Simon Property Group Inc. and Tanger Factory Outlet Centers Inc. broke ground on the 400,000-square-foot Charlotte Premium Outlets, off Steele Creek Road in southwest Charlotte. The outlet is slated to have about 90 stores.
October 2013 – Dilweg Cos. buys 121 West Trade for $59.6 million from Cornerstone Real Estate Advisers. Formerly known as the Interstate Tower, the 32-story office building has 300,000 square feet.
Nov. 2103- Vision Equities purchases three buildings at Carmel Crossing for $37.5 million from Parkway Properties. The office complex has a combined 326,000 square feet.
Nov. 2013 – LRC Opportunity Fund and New York Life Investment Management purchase Continental Tire’s former North American headquarters from Patriot Equities for $50.5 million. The deal included 1.35 million square feet of industrial space and 115,000 square feet of office space.
Nov. 2013 – UBS Realty Investors lists 400 S. Tryon building for sale. (Duke occupies 90 percent of 33-story building)
Significant lease transactions:
Wells Fargo occupies 196,613 square feet of Building 201 at Innovation Park.
Charlotte School of Law leases 243,000 square feet at Charlotte Plaza.
AXA Financial Advisors releases 152, 000 square feet at Ballantyne–Rushmore and moves into 141,000 square feet at Innovation Park
SPX vacated 104,368 square feet at Ballantyne Three
MetLife plans to occupy 276,120 square feet at Ballantyne’s Gragg Building.
AllFit Inc. moves into 165,808 square feet at Long Creek Business Park.
Ingersoll Rand occupies 260,000 square feet at 10000 Twin Lakes Parkway.
CMS Schools vacates 101,400 square feet at Chemway Industrial Park.
Snyder’s-Lance occupies 253,464 square feet at Patriot Plaza.
Britax Child Safety Inc. vacates 129,600 square feet at Lakemont West VI.
Amsino International vacates 106,065 square feet at SilverLake Distribution Center IV.
Polygal Inc. moves into 101,400 square feet at Chemway Industrial Park.
Undisclosed tenant moves into 151,672 square foot building at Sykes Industrial Park.
Conn’s Inc. takes possession of 85,000 square feet at Ridge Creek and will assume remaining 215,000 square feet in Q4.
Michelin Group leases 346,545-square-foot building at Twin Lakes Business Park vacated by Ingersoll Rand during first quarter.