Raleigh-Durham
Investor Buys Multifamily Property from PREI for $165,436 Per Unit
The Alexan Garrett Farms, a 298-unit rental community located off of U.S. 15-501 in south Durham has recently changed owners. According to the Triangle Business Journal, real estate investment firm Bentall Kennedy of Boston has acquired the property from Prudential Real Estate Investors of Chicago. The community sold for $49.3 million, or $165,436 per unit.
21c Museum Hotels to Convert SunTrust Building to Hotel for $48M
21c Museum Hotels of Louisville, Kentucky is reconverting the former SunTrust Building in downtown Durham into a hotel, restaurant and art museum.
Kane Realty Plans $82M Office High-Rise in North Hills
Kane Realty is planning to develop an 18-story office tower at North Hills in Raleigh. According to the NewsObserver, the company expects to break ground on the $82 million project by December.
Ohio Investor Acquires Holly Springs Shopping Center for $11M
Aurora-based Optimus One LLC has recently purchased the SouthPark Village shopping center in Holly Springs. According to the Triangle Business Journal, SouthPark Village Investments I of Atlanta, which is led by Philip E. Stephens, sold the property for $11 million.
New York-Based Co. Buys Hope Valley Square in Durham for $7.7M
An affiliate of DNA Partners of Cold Spring Harbor, N.Y. has acquired the 40,524-square-foot Hope Valley Square retail center in Durham.
Erwin Square Plaza in Downtown Durham Changes Hands
In a $37.5 million deal, Federal Capital Partners of Maryland has acquired the 10-story Erwin Square Plaza office building in downtown Durham from National Asset Services, Inc. of Los Angeles. Ben Kilgore at CBRE represented the seller in the transaction.
Concord Eastridge Plans 150-Key Hyatt Place Property on Raleigh’s Centennial Campus
Concord Eastridge Inc. is planning to develop a Hyatt Place hotel and conference center on North Carolina State University’s Centennial Campus in Raleigh. According to the Triangle Business Journal, construction on the project is expected to begin early next year and be complete by mid-2015.
Development Group Plans Major Apartment Project East of Downtown Raleigh
The Florian Companies, along with Hyde Street Holdings and Banner Apartments are planning to develop a 224-unit, four-story apartment building near Moore Square in downtown Raleigh.
According to the NewsObserver, the project will be located on a vacant 2-acre lot currently owned by Gordon Smith III. The development group intends to close on the purchase of the site by the end of the summer.
Federal Capital to Break Ground on Third Phase of Downtown Durham Project
Construction on the third phase of West Village in downtown Durham is expected to start in June, Federal Capital Partners announced.
Local Developer Proposes New Plan for Mixed-Use Stanhope Center in Raleigh
Local developer Melton “Val” Valentine has submitted a new plan for the three-building mixed-use project along Hillsborough Street near N.C. State University in Raleigh.
According to the Triangle Business Journal, Valentine is proposing two five-story retail and residential buildings, as well as a 70-foot-tall parking deck. The new development will spread across a 12-acre site known as Stanhope Center, bringing a total of 154 apartments and more than 55,700 square feet of retail space. The Site Group LLC of Raleigh is designing the project, the newspaper reports.