It has happened. Kane Realty Corp. along with Newport Beach, CA located private equity firm sold the Midtown Plaza office building found in Raleigh’s North Hills market for $127.MM. Houston, TX based investment firm, Lionstone Investments takes ownership of the nearly 330,000 square foot space. How does that break down? How does $385 per square foot sound?
Allscripts is the current tenant along with SunTrust Bank which uses the entire 10th floor. The 12 story building is a sought oafter space by many. The building is a class A office tower and sits on just under a two and a half acre tract right next to the I440, also known locally as the Beltline.
Due to the retention rates and the desire of live, work, play environments along with the location make this a strong investment in the eyes of the purchaser. More than 100 acres of mixed use development is housed in North Hills…also sometimes referred to as Midtown. There is a 286 unit Park Central apartment complex (owned by Kane) along with a 409 unit Park & Market apartment community as well. Lest we forget the 576,691 square feet in North Hills Shopping Center.
The area continue to be redeveloped and attract outside investors.
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