North Carolina’s Investment Prospects

Although the country’s economy as a whole is expected to slow over the next year, cities in secondary markets like North Carolina’s Raleigh and Charlotte are still on the rise. Investors are looking to these smaller cities for their strong economic gains and the potential for upside growth on a variety of commercial real estate investments. Office and multifamily assets are traditionally go-to property types for investors in these regions, but Raleigh in particular is continuing to expand its retail market.

Raleigh’s Meteoric Rise

By the end of 2019, Raleigh’s retail market reported increased rental prices of more than seven percent, making the city the highest rent growth area in the United States. The city’s retail market is driven by several factors, including its strong population growth, high wages, educated workforce and exceptional job market. The capital city boasts some of the highest median household incomes in the region, placing Raleigh just behind Austin, Texas as the second wealthiest city in the South.

Raleigh’s Retail Landscape

The suburban markets in Raleigh are experiencing just as much growth as the city’s downtown center as younger workers flock to areas on the outskirts of the urban core. Several large-scale multi-use developments will serve these areas and bring more than 470,000 feet of retail space to Raleigh in the coming years. One of the newest projects of this kind is an adaptive-reuse project that will transform old steel mills and warehouses into a collection of offices, shops and apartments.

Breaking Ground on Raleigh Iron Works

Situated northeast of downtown Raleigh near the Mordecai and Five Points neighborhoods lies the future site of Raleigh Iron Works. This multi-phase mixed-use project will preserve a portion of the city’s industrial past by repurposing former warehouses and steel mills from the ground up. Adaptive-reuse projects of this nature are gaining in popularity within the Raleigh market because they fit in well with the area’s thriving, innovative culture. The project’s $150 million first phase will contain 500,000 square feet of creative office space, 90,000 square feet of retail space and at least 220 residential units.

Interested in investing in North Carolina commercial real estate? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investmentsContact us today to find out more about our current listings or sign up for our mailing list to stay in-the-know on all that North Carolina has to offer.

Triangle News: October 2019

The constant influx of new and expanding businesses in the Triangle has led to an increase in the number of jobs now available in the area. This, in turn, has spurred the development of Class A office, retail and restaurant space to meet the needs of a rising workforce population, not to mention an influx of new single- and multi-family housing communities.


East Raleigh’s Continued Development: The city of Raleigh recently received a rezoning request that would allow for the development of a multi-story apartment community east of Interstate 440. The plans proposed call for a 204-unit multi-family complex with buildings up to four stories. This development would help add residential development to a part of the city scheduled for continued economic development. If this rezoning request is approved, the apartment community will join a long list of other single- and multi-family developments in the Triangle, all of which are set to meet the large demand for housing as the area’s population continues to soar.

Glenwood Avenue Project Begins Taking Shape: A Raleigh-based developer has begun construction on 3800 Glenwood, a five-story building with a mix of office and restaurant space set to open in 2020 just south of Interstate 440. This 118,000-square-foot building will feature 109,000 square feet of Class A office space and an additional 9,000 square feet of ground-floor restaurant space. Other features of the property include structured parking with a covered walkway for pedestrians, rooftop amenity space, artwork by North Carolina artisans and much more. 3800 Glenwood is part of the larger Glenwood Place master development plan, which spans a total of 40 acres.

Hilton-brand Hotel Coming to PNC Arena: Local sports fans will have a new place to stay overnight near the PNC Arena thanks to a new Hilton Garden Inn planned for a site across from the home of the Carolina Hurricanes and the N.C. State basketball teams. Current plans call for a 135,00-square-foot, seven-story hotel complete with 194 parking spaces, a conference center, a rooftop restaurant and bar, a grand ballroom and multiple meeting rooms. The Hilton Garden Inn Wade Park is just one of many new hotel projects scheduled for the Triangle area, outpacing development in the rest of the country. Although hospitality industry growth is beginning to slow across the nation, local occupancy rates continue to rise with increased demand.

Triangle Town Center Area’s Newest Addition: The Pointe at Town Center is one of the many new multi-family developments in the works in and around Raleigh. This 636,000-square-foot apartment community will include a mix of 484 senior living and affordable family apartment options. Plans include a mix of one-, two- and three-bedroom apartments spread across a total of 11 buildings. The undeveloped site sits just south of Triangle Town Center, which features tenants like Barnes & Noble, Macy’s, Dillard’s, H&M and North Carolina’s only Saks Fifth Avenue. This apartment community will help aid the demand for affordable housing options in the Triangle market.

Warehouse District Turned Retail and Dining Hub: Two Raleigh-based real estate firms have joined forces on another mixed-use revitalization project in the city’s Warehouse District. The project—known as the West Cabarrus Warehouses—calls for the renovation of two industrial buildings that will transform the area into a retail and dining hub, complete with the largest outdoor seating and live entertainment courtyard in the downtown area. Developers hope the project will add to and benefit from the constant activity around the Warehouse District.

West Raleigh’s Newest Apartment Community Breaks Ground: Construction has begun on West Raleigh’s newest apartment community, Clairmont at Trinity. A Virginia-based developer has plans to build a 153-unit complex on a 7.8-acre parcel near the Interstate 40 and 440 interchange along Trinity Road. The upscale community will feature a mix of studio, one- and two-bedroom apartments and is scheduled to open in summer 2020. Apartments will boast a wide variety of amenities like garden tubs, private patios and balconies, walk-in closets and complimentary washer/dryer units. The community will also feature outdoor seating areas, a dog park, a resort-style pool, a parking garage, bike storage and much more.


TopGolf Eyes Plans for Expansion in Bull City: A 46.3-acre parcel in Durham is slated to be the future home of a TopGolf-anchored mixed-use development. A South Carolina-based developer plans to build the TopGolf facility—which could cost upwards of $15 million—along with several other complimentary commercial spaces. Current proposals for the mixed-use center show plans for a 40,000-square-foot fitness facility, two hotels, 150,000 square feet of office space, a restaurant, a Sheetz gas station and an iFly Indoor Skydiving facility. (Sheetz and iFly Indoor Skydiving are currently under contract.)

Chapel Hill

New Development Proposed Near Bustling Mixed-Use Hub: A new mixed-use development has been proposed for Chapel Hill, long known as a high barrier-to-entry market. The town’s tax base is primarily residential, making this an ideal opportunity for Chapel Hill to attract more office and commercial development. Initial concept plans for Bella Vista at Meadowmont Village Center feature a 150,000-square-foot building featuring mostly office space, plus room for ground-floor restaurant and retail space. The proposed site is across from the UNC Finley Golf Course and is currently occupied by a parking lot.

Interested in investing in North Carolina commercial real estate? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investmentsContact us today to find out more about our current listings or sign up for our mailing list to stay in-the-know on all that North Carolina has to offer.

Chapel Hill Development News

There is no shortage of development activity in the bustling college town of Chapel Hill, North Carolina. In recent months, there has been a noticeable increase in construction activity along the much-traveled U.S. 15-501 corridor. From the redevelopment of the Glen Lennox area to a whole host of new mixed-use developments, the following projects are just a few examples of the broad wave of growth in the Research Triangle area.

Carraway Village

A Morrisville-based developer plans to turn a 55-acre parcel of vacant land adjacent to Interstate 40 into a luxury mixed-use development. This $100 million project will eventually include up to 837,000 square feet of retail and office space, along with apartments and a hotel. Located less than 10 minutes from the University of North Carolina at Chapel Hill, Carraway Village sits in the heart of Chapel Hill. The first phase of the project is now complete, with Carraway Apartments welcoming its first residents to its luxurious accommodations. Some of the development’s first-class amenities include a 16,000-square-foot Village Green, a 24-hour clubhouse, a saltwater pool, an elevated sky lounge and a fitness center. Additionally, the developers have secured leases from two major retail tenants: Starbucks and Chick-fil-A. The two retailers will help anchor one of the three proposed entrances to Carraway Village off Eubanks Road.

Glen Lennox

Back in 2014, the Town of Chapel Hill approved a 20-year development agreement that will breathe new life into the 1950s-era community of Glen Lennox. This development—which features residential and office space—is located on 70 acres of land east of the University of North Carolina at Chapel Hill. This plan will help restore and reinvigorate an historic community by bringing unrivaled residential, retail and office settings in the heart of the bustling town of Chapel Hill. The community’s Master Plan includes amenities like a hotel and a new shopping district, both of which will offer convenience and additional character that are highly suited to the neighborhood. The first phase of the Glen Lennox redevelopment includes a contemporary clubhouse that will become the cornerstone of the community. The clubhouse will include a saltwater pool and a state-of-the-art fitness center. Future phases include additional residential units, Class A office space and a bustling retail center.

Fordham Boulevard Apartments

Construction is well underway on yet another multi-story apartment community in Chapel Hill’s Blue Hill District along busy Fordham Boulevard. A former Days Inn was demolished to make way for the 3.4-acre project. Approximately 272 apartment homes will be available for rent upon the project’s completion. The building will be comprised of two sections split by a motor courtyard and pedestrian pass-through which will connect the site to a future public greenway.

Triangle Wegmans Locations

The New York-based grocery giant Wegmans plans to open multiple locations in the Triangle, including in Raleigh and Chapel Hill. The Raleigh store—the company’s 100th location—is set to open on Sunday, September 29, 2019. The Wegmans location in Chapel Hill will be built on the site of the former 14.7-acre Performance AutoMall between U.S. 15-501 and Old Durham Road. Additional stores will be opened in Cary, Holly Springs and Wake Forest. Why did Wegmans choose the Triangle? Some key factors in the company’s decision-making process were the area’s high rate of population growth as well as the quality of the educational institutions in the Research Triangle area. Wegmans is a store that sells more high-end products, which will do well in a market fueled by higher education.

South Green

Right next door to Chapel Hill sits the thriving town of Carrboro, which has its own new development: South Green. The first tenants recently opened for business and include Carrboro Yoga, Coronato Pizza, Noble Orthodontics and Craftboro Brewing Co., among others. South Green is a 45,000-square-foot retail development located just off Highway 54 and will act as a gateway to the southern entrance of Carrboro. The site is minutes away from the University of North Carolina at Chapel Hill campus and boasts a roundabout at the entrance, along with the largest pervious parking lot in the Triangle with LED lighting. Other site amenities include extensive landscaping, bike racks, a 24-hour ATM and a bike path.

Interested in investing in North Carolina commercial real estate? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings or sign up for our mailing list to stay in-the-know on all that North Carolina has to offer.

Residential Developments on the Rise

The city of Raleigh has the third-highest apartment growth in the United States, and the surrounding area has been a hotbed of investment and development activity in recent months. Greater Raleigh’s strong, steady population and job growth have led to an equally strong demand for new rental properties.


An already booming area of Raleigh, North Carolina will see continued growth if a proposed apartment complex is approved by the city. A Charleston-based developer plans to build a five-story apartment complex across from Crabtree Valley Mall. Named Crabtree North Apartments, the community will feature more than 150 units across 303,000 square feet, along with a 253-space parking deck.

What else is happening in Raleigh? The eastern part of the state capitol might soon be home to a new mixed-use development with a focus on residential units. If the city approves a rezoning request for a 55.99-acre parcel along Raleigh Beach Road, the previously undeveloped area will be split into three separate parcels. Each parcel will feature a mix of residential and non-residential properties. Developers anticipate a mix of around 600 single-family, attached and multi-family residences complemented by 200,000 square feet of retail, restaurant, office and recreational space.


Investors and developers alike are placing bets on the ever-growing city of Cary, North Carolina. In early August 2019, a Virginia-based real estate firm acquired an amenity-abundant residential community in Cary for $119 million. This sale represents the largest single-property apartment transaction in the area to date. The community—known as The Aster—features a plentiful mix of apartments and townhomes, along with numerous luxury amenities including a golf simulator, a pet parlor, an expansive wellness center and more. The community is ideally positioned between the Research Triangle Park area and Raleigh-Durham International Airport.

Another major project on the horizon for Cary is the redevelopment of the 87-acre Cary Towne Center property at the heart of the city. The struggling mall will get more than just a facelift. The new owners of the property plan to turn the site into a full-fledged mixed-use destination. Current plans would transform the two-story shopping mall into a luxury mixed-use center with a mix of retail and office space, townhomes, hotels and more.

Brier Creek

The growing demand for senior housing can be felt within the Triangle market. Cambridge Village Optimal Living has taken advantage of the recent boom in the seniors housing sector and just broke ground on its newest project: an $80 million senior living facility in Brier Creek. The Cambridge at Brier Creek is scheduled to open in 2021 and will feature 205 apartments along with health and wellness facilities, medical amenities, a pub, a salon and much more. Residents of The Cambridge will have access to fitness trainers, outdoor activities and social events. The community is conveniently situated across the street from WakeMed’s Brier Creek Emergency Care Unit.

Interested in investing in North Carolina commercial real estate? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings or sign up for our mailing list to stay in-the-know on all that North Carolina has to offer.

The Sky is the Limit for Downtown Raleigh

Downtown Raleigh is changing. Thanks to a surge in demand from both major developers and high-profile technology companies, the downtown Raleigh skyline is expected to soar to new heights over the next decade. A sizable number of projects are currently under development in the city’s center as students, recent graduates and other professionals flock to the downtown area to live, work and play. Billions of dollars are being poured into the state capitol as the need for housing, office space and mixed-use developments continue to rise.

Fast-Growing Metropolitan Area

Over the past few years, Raleigh has become one of the country’s fastest-growing metropolitan centers. Its proximity to the bustling Research Triangle Park—the largest research park in the United States—along with its status as the state capitol has allowed the area to grow by more than two percent annually for more than a decade. Both population and job growth in Raleigh have far outpaced the national average, creating an increased interest in the creation of world-class real estate assets in the heart of the city. Because of rising land costs, many projects will feature multi-story buildings that will further transform the city’s skyline while preserving the historic structures already in place.

Current and Proposed  Mixed-Use Developments

New projects in downtown Raleigh are fueled by three key points: location, walkability and design. An influx of proposed mixed-use developments all work to combine those three elements to create opportunities for innovation and connectivity.

Developing the Downtown Warehouse District: Several property owners in Raleigh’s downtown Warehouse District have filed a rezoning request that would transform a block of aging buildings into a mixed-use space with buildings up to 20 stories tall. Both HQ Raleigh and the Contemporary Art Museum of Raleigh (CAM) will be staying on the block. Potential uses for the remainder of the 1.9-acre parcel will include a mix of residential units, a boutique hotel, upscale housing and street-level retail, along with options for public gathering spaces.

Re-imagining Nash Square: Since 2015, the city of Raleigh has put a priority on remaking Nash Square into a connector between the planned Union Station rail hub and Moore Square. With that goal in mind, a California-based investment firm purchased a 3.3-acre parcel on South McDowell Street—the former home of The News & Observer—for $22 million in order to transform the property into a mixed-use complex. The first phase of the project—called The Nexus—will be a 20-story tower comprised of 15 floors of office space and five floors dedicated to parking. The next phases of the project will include two 20-story buildings and a 13-story hotel.

The Changing Face of Peace Street: Two proposed developments are set to change the appearance of the Peace Street sector, an area that was once the site of a 1960s-era urban renewal project. The Peace and West development will transform this quiet corner of downtown into a bustling community at the edge of the downtown epicenter. One project—helmed by a Raleigh-based developer—will feature a 12-story, mixed-use property with a Publix as its anchor. The second phase of that project would have a 225,000-square-foot office tower. The area is also scheduled to get a new 16-acre city park and a greenway project.

Raleigh Union Station Soars to New Heights: In 2018, GoTriangle won a $20 million federal BUILD grant from the U.S. Department of Transportation and hopes to use those funds to construct a unique bus transfer facility. This project—better known as RUS Bus—will incorporate a mixed-use, high-rise building (approximately 40 stories) above the bus terminal that would feature office and retail space, a hotel and residential units (including an affordable housing component). The aim of this project is to enhance bus connectivity and provide opportunities for new economic, job and housing opportunities in the downtown community.

Towering Projects on Glenwood South: Glenwood South has become an entertainment center over the past 10 years, and now a Maryland-based developer is hoping to turn the south end of Glenwood Avenue into a true destination. One Glenwood is already open at the intersection of Glenwood Avenue and Hillsborough Street. This 219,500-square-foot tower features both Class A office and retail space close to Union Station and North Carolina State University. The 10-story, 235,000-square-foot second tower is currently under construction close by. The two towers will eventually be joined by a lush courtyard featuring a varied mix of restaurants and coffee shops that are inviting to both residents and visitors.

Sprawling Stadium Project: A stadium-anchored, mixed-use development is currently under consideration for downtown Raleigh. Known as the Downtown Raleigh Entertainment District, the project features a $180 million, open-air, 20,000-seat stadium in the heart of the only large city in the country without a major league sports field. The stadium would act as the anchor for the 55-acre project that includes an additional $1.9 billion in surrounding office and retail space, as well as restaurants, hotels and luxury apartments. The stadium would be home to Raleigh’s professional men’s soccer team, as well as the North Carolina Courage, the city’s professional women’s soccer team. Over the next 15 years, this entertainment epicenter could generate upwards of $3.8 billion in economic impact for Wake County.

Focus on the Future

The downtown Raleigh landscape has changed significantly over the years, and that trend is expected to continue. Firms are drawn to Raleigh because of its highly educated workforce and the city’s excellent quality of life. Add to that the metropolitan area’s diversified economic base, low business cost and relatively affordable housing market, and it’s no wonder that companies like Pendo, IBM and Amazon have chosen to invest in the future of Raleigh.

Interested in commercial real estate investment in North Carolina? Ground + Space is a leading commercial real estate brokerage firm that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings!

North Carolina: A Growing Technology Hub

Charlotte is now the top city in the country for technology professionals to live and work, according to the Computing Technology Industry Association’s 2018 Tech Town Index. Major Fortune 500 companies—including Lowe’s and Honeywell—are relocating to or expanding in the Charlotte area thanks to the city’s highly-trained, highly-educated workforce. The city’s South End neighborhood is attracting a lot of investor attention because of its easy access to the Lynx Blue Line and the Charlotte Rail Trail, along with plentiful parking and a wide variety of housing options.

Lowe’s Expansion in Charlotte

In late June 2019, Mooresville-based Lowe’s (NYSE: LOW) announced that it has selected Charlotte as the future home of its new global technology center. Founded in 1946, the North Carolina-based home improvement company has long been a key partner in the success and rapid growth of the Charlotte area economy. The company plans to invest approximately $153 million in the technology center, which will be in Charlotte’s South End neighborhood.

Set to open in late 2021, the Lowe’s technology hub will be housed in a 23-story, 357,000-square-foot office tower in the bustling neighborhood immediately south of uptown Charlotte. Associates at the facility will help create advanced technology solutions that will help Lowe’s become a best-in-class, omni-channel retailer. The available positions—which include everything from infrastructure engineers to data scientists—will ultimately employ up to 2,000 associates and will help grow the state’s economy by $6.3 billion over a 12-year term.

By locating its newest facility in the heart of the state’s largest metropolitan area, Lowe’s will be perfectly positioned to attract top-tier technology talent from the growing technology industry in the Charlotte-Mecklenburg region. “Lowe’s decision to establish its global technology center in the Charlotte region and grow its regional footprint further proves that we’re a burgeoning tech talent and innovation hub,” said Janet LaBar, CEO of the Charlotte Regional Business Alliance.

Lowe’s currently employs nearly 11,000 associates in the Charlotte area and more than 28,000 associates across the state of North Carolina. The success of Lowe’s “exemplifies North Carolina’s strengths as a business location and demonstrates how our state provides everything a company might need, no matter the state of growth or level of skill sought,” said Anthony M. Copeland, North Carolina’s Commerce Secretary. Building on their commitment to the Charlotte region, Lowe’s plans to work closely with city, county and state economic development leaders, as well as local tech schools, universities and other organizations to help foster and add to the developing pipeline of talent that is already a major driving force in the state’s economic growth.

Interested in commercial real estate investment in North Carolina? Ground + Space is a leading commercial real estate brokerage firm that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings!

2019 Retail Development Trends

The most recent development trend to sweep through the Southeast commercial real estate market is focused on elevating the traditional brick-and-mortar consumer experience. Many mixed-use developers are scaling back on the presence of traditional retailers and moving toward creating epicenters for community engagement.

The Changing Face of Retail

What’s causing this change in strategy? The simple answer: e-commerce. In a landscape dominated by Amazon and other online retailers, consumers can now order a nearly unlimited variety of items—from home essentials and beauty products to clothing, electronics and even groceries—with the click of a button. Developers are now hoping to draw consumers away from their computers and into shopping centers by offering them something that can’t be purchased online: an experience.

According to a recent study, most adults would rather spend money on experiences as opposed to purchasing items from a typical brick-and-mortar retailer. With that in mind, developers are beginning to transition to mixed-use projects that aren’t driven by the traditional big-box anchor tenant. Several innovative mixed-use developments are underway in the Southeast, and they all have a few things in common: easy accessibility; demand from non-traditional and specialty retailers; and a varied mix of retail, restaurant and residential space.

The Future is Food

In a society focused on Instagram-worthy snapshots, it’s no wonder that food and beverage concepts are now being positioned as anchor tenants within innovative, upscale mixed-use developments in the Southeast. Consumers are driven to visit trendy, boutique restaurants with unique interior and exterior designs in the hopes of capturing the perfect styled photo for use on social media. If that same restaurant is placed prominently within a larger mixed-use development, chances are consumers will spend time exploring the surrounding area to see what other picture-perfect spots are available.

Food and beverage concepts, restaurants and specialty stores are proven to drive repeat foot traffic and tend to lengthen the shopping experience for consumers within mixed-use developments. Traditional retailers benefit significantly from proximity to food and beverage concepts for that reason. Additionally, food and beverage sales are now outpacing traditional retail sales. From an investor perspective, food and beverage retailers tend to be preferred assets among retail landlords because those tenants tend to pay higher rental rates.

Experiential Retail in the Southeast

In North Carolina, the Raleigh-Durham area has plans to develop a major project that will bring exciting new entertainment, retail, residential and restaurant assets to residents and visitors alike. This mixed-use development, called Fenton, will be located approximately nine miles west of downtown Raleigh in the city of Cary, North Carolina. This area has gained attention in recent years from both businesses and developers thanks to its affordable cost of living, highly educated workforce and temperate weather. Fenton will sit near the famed Research Triangle Park, which boasts more than 250 businesses and 50,000 employees. Fenton is also around the corner from Wake Med Soccer Park and major retail centers like Cary Village Square Shopping Center and Cary Towne Center.

Once completed, Fenton will be a sprawling, 92-acre mixed-use development that will attract visitors and residents of all ages. This walkable district will bring together a cosmopolitan mix of unique shopping, dining and entertainment experiences that are all connected to a community of businesses and residences. Scheduled to begin construction in Summer 2019, Fenton will eventually include: a Wegmans Food Market; 440,000 square feet of specialty and experiential retail; a 36,000-square-foot movie theater; over one million square feet of office space; two boutique hotels; and over 800 luxury multi-family apartment units.

Interested in commercial real estate investment? Ground + Space is a leading commercial real estate brokerage firm that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings!