JLL announces $10.85M sale and acquisition financing of mixed-use Chapel Hill asset
The property combines student housing with a unique collection of local retail
CHARLOTTE, N.C., July 17, 2019 – JLL announces that it has closed the $10.85 million sale of and arranged acquisition financing for Courtyard of Chapel Hill, a fully leased mixed-use property with 17,389 square feet of retail and 54 student housing beds in the heart of Chapel Hill, North Carolina.
JLL marketed the property on behalf of the seller, Dilweg Companies. Vista Property Group purchased the asset. Working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Morgan Stanley Bank, N.A.
The five-building property is situated on 1.06 acres at 431 West Franklin Street less than half a mile from the University of North Carolina Chapel Hill (UNC), which has an enrollment of approximately 30,000 students and 12,00 faculty and staff members. Courtyard of Chapel Hill’s Franklin Street address places it along Chapel Hill’s most vibrant retail corridor and main thoroughfare for the UNC student body. The retail space is home to nine tenants, including Kipos, Vimala’s Curryblossom Café, Franklin Street Yoga and Cat Tales Cat Café. Originally constructed in 1982 and renovated in 2013, Courtyard of Chapel Hill also has 27 residential and 14 commercial parking spaces.
The JLL Capital Markets team representing the seller was led by director Thomas Kolarczyk and managing director Jeff Glenn.
The JLL Capital Markets team representing the new owner included senior director Cory Fowler.
“This is an exceptionally well cared for asset in the heart of Chapel Hill,” Kolarczyk said. “This property has a rich history along Franklin Street, and we are proud to have worked on such a unique transaction.”
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina. Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail, warehouse/flex, multifamily and self-storage properties. Dilweg’s investors have sponsored over $1 billion in assets and more than 9.6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 402-9100 or go to www.dilweg.com.
About Vista Property Group
Vista Property Group, led by Saul Sutton and Hymie Mishan, is a family-owned private real estate investment firm with a rapidly growing portfolio of urban retail, mixed-use and multifamily investments. Vista Property Group’s core holdings are located in New York City, Chicago and London, with an added focus on expanding into other exciting urban markets. Visit https://vistaprop.com for more information.