KARNES to Attend the TCREW Champion Awards

Posted on April 30, 2014 by - Commercial Property Exchange, Events, Raleigh, Triangle, Triangle CPE

TCREWBrian Reece, managing partner, will represent KARNES at the 2014 Champion Awards event held by TCREW (Triangle Commercial Real Estate Women) on Thursday, May 1, 2014.

According to the TCREW website, this event will feature awards across a variety of categories and should be well attended.

The event will begin at 11:30AM and will take place at the Cary Embassy Suites.

KARNES To Attend Triangle NAIOP Luncheon

Posted on April 30, 2014 by - Commercial Property Exchange, Events, Raleigh, Triangle, Triangle CPE, Uncategorized

NAIOP Research TriangleBrian Reece, managing partner, will be representing KARNES at the Triangle NAIOP Luncheon being held Wednesday, April 30th.

According to the NAIOP site, this event will host featured speaker Jim Hartmann. Jim, the new Wake County Manager, will discuss what attracted him to the area and how he plans to address the growth issues here, followed by Q&A.

The event, which will take place from 11:30AM-1:00PM at the NC Museum of Art in Raleigh.

I-77/Southwest Office Submarket Highlight for First Quarter 2014

Posted on April 16, 2014 by - Charlotte, Development, KARNES Perspective, Office, SiteIndex

I-77/Southwest Office VacancyPreliminary data for the first quarter of 2014 show that the I-77/Southwest office submarket will lead the region in demand during the first quarter of 2014 with nearly 155,000 square feet of positive net abortion.

Significant leases reported in the I-77/Southwest office submarket during the first quart of 2014 include:

  • Red Classic Services, a transportation division of Coca-Cola, leased 16,250 square feet at Patriot Plaza.
  • Shelco moved into 20,822 square feet at LakePointe’s Corporate Center One.
  • LPL Financial Services signed a temporary lease for 62,795 square feet at Airport Plaza.
  • Carolinas HealthCare System occupied the 66,864-square-foot Arrowpoint One.

Two buildings were removed from the Karnes dataset of multi-tenant for lease office inventory during the first quarter of 2014 in Charlotte’s second largest suburban submarket. The Atrium Corporate Centers  at 4421 Stuart Andrew Blvd. and 4335-4339 Stuart Andrew Blvd. were purchased by Mecklenburg County Schools for $7.5 million and will serve as their headquarters allowing for consolidation of their offices across the region. The buildings which total nearly 150,000 square feet had almost 50,000 square feet marketed vacant when removed.

I-77/Southwest’s office vacancy fell 2.2% points from the end of 2013 to during the first quarter of 2014. At 19.1%, I-77/Southwest’s first quarter of 2014 office vacancy was 8.1% points lower than the 27.2% high reported at the end of 2011.

The U.S. Department of Veterans Affairs chose a site next to LakePointe Corporate Centers Five and Three for a six-story health-care center that will be developed by Childress Klein-Cambridge Healthcare Solutions, designed by RPA Design and constructed by J. E. Dunn Construction Company. The 295,000-square-foot facility will offer out-patient primary care and specialty services and is expected for completion by the third quarter of 2016.

Continued leasing success and pre-leasing could prompt developers to break ground on portions of the 2.4 million square feet of proposed office space in the I-77/Southwest office submarket. One of the largest and most recently announced proposed projects in the I-77/Southwest office submarket is the 400,000-square-foot expansion at Coliseum Centre that could attract current neighboring tenants in the area like The Lash Group and LPL Financial to expand their foot print into new space.

KARNES To Attend State of Downtown Raleigh 2014

Posted on April 16, 2014 by - Commercial Property Exchange, Events, Office, Raleigh, Retail, Subscribers, Triangle CPE

dra_logo_smallBrian Reece, managing partner, will be representing KARNES at the State of Downtown Raleigh (DRA) 2014 being held Thursday, April 17th.

According to the Downtown Raleigh Alliance site, this event will provide a comprehensive market analysis of Raleigh’s Central Business District (CBD) for the purpose of informing – and exploring new partnerships with – the investor and real estate community.   This is the premier event for developers, brokers, and economic developers whose clients would benefit from learning more about Raleigh’s CBD.

David Diaz, President & CEO of the DRA, will moderate the panel discussions at the event.

As Silver Sponsor’s, KARNES is proud to attend this event, which will take place from 8:00AM-10:00AM at the Duke Energy Center for the Performing Arts in Raleigh.

See You At The 2014 CCIM Charlotte Market Forecast

Posted on April 9, 2014 by - Charlotte, Commercial Property Exchange, Events, Office, Retail, SiteIndex, Users

CCIM Market ForecastJoin Managing Partner Andrew Jenkins and Market Analyst Will Harkins, Wednesday, April 9th, as KARNES and local commercial real estate professionals attend the 2014 CCIM Charlotte Market Forecast.  KARNES is pleased to be a Statewide Bronze Sponsor of this event, as well as the Triad and Triangle Market Forecasts held last month.  KARNES will be providing copies of our 3rd annual Tri-City North Carolina Commercial Real Estate Market Report at the event, so be sure to attend in order order to get your copy of this report, which provides provides an overview of the office, industrial, and retail markets in Charlotte, Greensboro/Winston-Salem/High Point, and Raleigh-Durham NC during 2013.

Speakers at the Charlotte Market Forecast will include discussions with NC Governor Pat McCrory and NC Secretary of Commerce Sharon Decker and will be moderated by Jim Rodgers.

The event will be held at the Carmel Country Club in Charlotte. Registration and networking will begin at 11:10am, and the program luncheon will begin at 12pm.

Renovations Underway at Greensboro’s Golden Gate Shopping Center

Posted on April 7, 2014 by - Development, Greensboro/Winston-Salem/High Point, In the News, Retail, Triad CIE


An Alabama-based investor has purchased the Golden Gate Shopping Center, located at 2208 Golden Gate Drive in Greensboro, and has begun renovations on the property. The center was built in 1960 and purchased from DDR Corp. for a little over $7 million in March of 2014. The new owners expect to spend around $4 million dollars on the redevelopment project, which could be completed by the 3rd quarter of 2014. The center, which is currently around 70% occupied, will also be renamed to The Village at Golden Gate. A 32,565-square-foot Food Lion and a 24,038-square-foot Staples anchor the 151,371-square-foot center, with new leases announced that include an antique shop and The Green Bean.  In an effort to reduce competition, Food Lion also leased (but does not occupy) the 30,248-square-foot space vacated by Harris Teeter, but a new tenant is still being sought for the space.

The Village at Golden Gate is located in the Guilford – Northwest submarket, where the KARNES retail vacancy rate totaled 10.3% as of the fourth quarter of 2013.  The vacancy rate in the submarket has decreased 2.9% points since the end of 2011 as net demand totaling 187,210 square feet outpaced 16,219 square feet of new supply. Retail rental rates in the submarket averaged $22.12 per square foot at the end of 2013.

KARNES “Springing” with New Subscribers

Posted on April 4, 2014 by - Asheville, Charlotte, Commercial Property Exchange, Durham, Greensboro/Winston-Salem/High Point, Industrial, New Users, Office, Raleigh, Retail, SiteIndex, Subscribers, Triad CIE, Triangle, Triangle CPE, Users, WNC CPE

KARNES Springing with New SubscribersWith Spring in the air, we are excited to welcome the following organizations and subscribers who will be utilizing the power of a KARNES-powered commercial property exchange to spring forward in 2014!

Welcome New Members
  • Scott Farmer at Scott Farmer Properties, Inc.
  • Lee Burgess at Amicus Commercial Real Estate
  • David Krug at David Krug & Associates
  • John Salisbury at Capstone Real Estate Services
  • Brian Smith at CIP Real Estate Property Services
  • Phil Begany at Lat Purser & Associates
  • Marlane Klintworth at Lat Purser & Associates
  • Stephen Woodard at JLL
  • John Christenbury at Cassidy Turley
  • Karen Mankowski at Newmark Grubb Knight Frank

Not a subscriber? Contact our sales team today!

Lincoln Harris Takes Over Leasing of Recently Purchased Medical Offices

Posted on April 4, 2014 by - Office, Raleigh, Triangle CPE

Velocis Sunset, L. P. purchased Sunset One and Sunset Two from JDL Investments LLC for $4,937,500 on March 30, 2014.

Sunset One

Sunset One was purchased 3/10/14 for $1,988,500 by Velocis Sunset, L. P.
Lincoln Harris is marketing 4,316 square feet available for $21.00 per square foot.

The medical buildings within walking distance to Rex Hospital in West Wake were 85% occupied when marketed by Avison Young at the point of sale to Velocis. At 9.6%, the West Wake submarket reported the lowest vacancy rate of the suburban submarkets at the end of 2013 with only the urban submarkets Cameron Village (2.7%), Downtown Raleigh (5.3%) and Downtown Durham (8.8%) reporting lower vacancy rates.

Lincoln Harris took over leasing and management of the buildings at the beginning of the second quarter of 2014.

Sunset Two

Sunset Two was purchased 3/10/14 for $2,949,000 by Velocis Sunset, L. P.
Lincoln Harris is marketing 2,049 square feet available for $21.00 per square foot.

The 16,000-square-foot Sunset One only has one first floor suite available totaling 4,316 square feet.

The 28,000-square-foot Sunset Two has a 2,049-square-foot space available on the third floor.

The full service asking rental rate of $21.00 per square foot marketed for the two buildings was $1.15 per square-foot lower than the average rate reported in West Wake ($22.15 psf) at the end of 2013 which should allow Lincoln Harris to succeed in quickly filling remaining space in the newly acquired properties for Velocis.



Airport Distribution Center sells for $19.2 Million

Posted on April 3, 2014 by - Greensboro/Winston-Salem/High Point, Industrial, Investment, Triad CIE

Airport Distribution Center

CIP Real Estate sold the Airport Distribution Center off of Chimney Rock Road in Greensboro, North Carolina on March 14, 2014 for $19.2 million to PRF III / SPI-ADC LLC. This park is made up of five buildings totaling 764,500 square feet. The first building is located at 202 Chimney Rock Road and totals 220,000 square feet. The second building is located at 204 Chimney Rock Road and totals 28,000 square feet. The third building is located at 206 Chimney Rock Road and totals 200,000 square feet. The remaining two buildings are located at 311 Chimney Rock Road and are 187,500 and 129,000 square feet respectively.

CIP Real Estate purchased the property from Highwoods Properties in 2010 for $12.3 million. Following a renovation, successful leasing efforts have reduced the vacancy levels at the property. Current tenants include Bunzl Distribution, FedEx Office, Lewis Storage, Mediterranean Snack Food Co, and Polo.