Raleigh March 2022 – Key Take Aways
• Anna McLamb of Wyrick Robbins is seeing many transactions, including development, construction contracts, and finance construction lending. Eric Vernon reports activity due to rate pressures, strong demand for land in residential assemblages, and the industrial/warehouse sector blowing up.
• Mark McDonnell of AdVenture Development works with Andrew Moriarty of Bohler on 450-acre development outside of Selma, at intersection of I-95 and future I-42 on main road construction. Retail leasing and outparcel activity is strong; will deliver a 135K SF spec building in early May, with LOI with good user. Received NC Rail grant for $750K for railroad prep and have 300 apartment agreement with Alliance, plus residential offers. A 10-vendor Food Hall will open June 1.
• Lee-Moore Capital’s Kevin Scanlon dittoes strong industrial demand and land assemblage activity; LMCC signed a lease for TIP West in Moncure, adjacent to Moncure Megasite. Kevin reports strong activity around land assemblages. Kirk Bradley sees positive pricing in multi-family and is in market with two products in two locations. He is also in marketing process with two industrial buildings.
• Tom White of NC State encouraged members to attend RPN’s Regional Conference May 10-11. He reported Wolfspeed has 250-500 positions to fill and on Amgen’s groundbreaking in Holly Springs.
• Whiting & Turner’s Chris Carlson is seeing many $500M to $1B projects nationally. His firm is working on Greenville’s research park Intersect East and with Wolfspeed. Seeing pressures from a cost and supply standpoint. The Great Resignation is affecting his company.
• Matt Martin of Federal Reserve Bank of Richmond said current scenario is classic supply shock, particularly in energy market. Growth is taking somewhat of a hit, with some impact on pricing.
• Guest Speaker Bart Danielsen of NC State University presented on the impact of School Choice Programs on housing values. He provided an example of how a charter school in Santa Ana, CA revitalized a dormant downtown, reducing minority male crime by 50% and later earning the rank of the 4th safest city in the country. He shared the statistical attractiveness of Franklin Academy in Wake Forest, NC.
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