Raleigh-Durham
Market Snapshot: Positive Outlook for Raleigh-Durham
The Raleigh-Durham area is showing some positive signs this year, across a number of property sectors.
IRT Acquires Memphis, Raleigh Apartment Communities
In two separate deals, Independence Realty Trust Inc. has acquired The Walnut Hill Apartments in Memphis and Lenoxplace at Garner Station Apartments in Raleigh.
Construction to Begin on New GlenLake Office Building in West Raleigh
Highwoods Properties has announced it would soon break ground on its fourth building at the GlenLake Office Park near Crabtree Valley Mall in west Raleigh. The locally based real estate investment trust expects to invest $35.8 million in the development of the approximately 166,000-square-foot project, which is already 25 percent leased.
LexisNexis Chooses 120,000-Sq.-Ft. in Centennial Campus for Expansion
Legal research firm LexisNexis has announced it would relocate its software division from Cary to Raleigh to accommodate the company’s growth. According to the Triangle Business Journal, LexisNexis will occupy the 120,000-square-foot office building on Centennial Campus that technology firm Red Hat had vacated earlier this year when it relocated to downtown Raleigh.
Crecent Signs up 6 Tenants for Property’s 17,900 SF Retail Component
Six new tenants have recently committed to occupy the entire 17,900-square-foot street level retail component at Crescent Cameron Village, a mixed-use 282-unit residential community currently under construction in Raleigh’s historic Cameron Village.
Highwoods to Develop MetLife’s Global Technology and Operations Hub in Cary
Raleigh-based Highwoods Properties has unveiled its plans to develop a $110 million office park for MetLife on Weston Parkway in Cary.
Capitol Broadcasting Acquires Old Bull and Noell Buildings at American Tobacco
Two historic apartment and retail buildings at the American Tobacco Campus in Durham have recently been purchased by the original developers of the 16-acre site. According to the Triangle Business Journal, an affiliate of Capitol Broadcasting Company known as ATC North Residential LLC has acquired the Old Bull and Noell buildings at 300 and 312 Blackwell Street for a combined $9.5 million.
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.