Raleigh-Durham
Carey Watermark Investors Acquires 400-Key Marriott in Downtown Raleigh for $83M
In an $83 million deal, Carey Watermark Investors Incorporated (CWI) has purchased the 400-room Marriott City Center hotel in downtown Raleigh. The New York-based real estate firm has also announced it would spend another $6 million to upgrade the 17-story property and cover other acquisition–related costs. The investment was financed with $51.5 million of debt.
Lone Star-Managed Fund Acquires 11 Distressed Office Properties in Raleigh and Morrisville
An investment fund managed by Lone Star Funds of Texas has acquired 11 office buildings in Raleigh and Morrisville for a total of $45 million, the Triangle Business Journal reports. U.S. Bank acquired the properties for $49 million at a foreclosure auction in January.
PREI Joins Dominion Realty to Develop $54M Charter Square Office Tower in Downtown Raleigh
Prudential Real Estate Investors (PREI) has entered a $54 million joint venture with Dominion Realty Partners to develop the first phase of the Charter Square speculative office project in Raleigh.
Crescent Communities Offers Larger Apartments in $40M Multi-Family Development
Crescent Communities of Charlotte has announced plans to develop Crescent Main Street, a $40 million multi-family complex in Durham’s Ninth Street district.
Terwilliger Pappas Restarts Crabtree Village Mixed-use Development
Developers have begun construction on the first phase of the long-stalled Crabtree Village master plan in Raleigh.
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.