Midtown Plaza in Raleigh is SOLD for $127,000,000.00!

Midtown Plaza in Raleigh is SOLD for $127,000,000.00!

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?

Midtown Plaza - North Hills

Midtown Plaza – North Hills

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.

If you have a Raleigh commercial real estate need of any kind, a question about Raleigh Commercial real estate or just want to talk about commercial real estate in Raleigh, please contact us.  We serve Raleigh Commercial Real Estate needs.  Our Raleigh commercial real estate brokers, Wake Forest commercial real estate brokers, Cary commercial real estate brokers, Holly Springs commercial real estate brokers, Apex commercial real estate brokers, Durham commercial real estate brokers serve the entire area.  Our partnership with Keller Williams Commercial allows us access to the largest real estate company on the planet.

We look forward to working with you!

From Downtown to Midtown in Raleigh

From Downtown to Midtown in Raleigh

 

With the addition of Troutman Sanders to the top floor of Midtown Plaza in North Hills, the movement from Downtown to Midtown continues. Joining Allscripts and SunTrust Bank, the law firm and its in-house lobbying group will make the move from its current downtown location at Two Hanover Square in January taking just under 17,000 square feet on the top floor.

1-1896218This move seems to continue the migration of businesses from downtown to Midtown as Class A office space expands in Midtown. This move will bring the occupancy level at Midtown Plaza to 94%, according to Kane Realty Corp.

The attraction of Midtown Raleigh has become a force to be reckoned with as cranes fill the sky line and new restaurants, hotels, and office buildings fill the area around North Hills and I-440. North Hills has grown exceptionally well since its humble beginnings and has been on the fast track ever since the original North Hills Mall was redeveloped. This has made the Midtown area prime for office expansion. Current existing office products include the Bank of America Tower at 300,000 RSF, the Captrust Tower at 300,000 RSF and Midtown Plaza at 329,000 RSF. Coming soon is Tower 4 which, at 28 stories and 450,000 RSF, will be the tallest building at Six Forks and the I-440 beltline. Tower 4 will be a mixed use Class A office building anchoring North Hills. Tower 4 will consist of 18 stories of Class A office space over a 9 level parking deck and street level retail.

Driving this growth is the densest live, work, shop, play and stay area in the city offering retail, apartments, office and hotels. In addition, there is never a dull moment as there are constant activities including the Midtown Beach Music Series. And if you are from out of town traveling for work or pleasure, three hotels (Hyatt House, AC, and The Renaissance) provide great options for accommodations close to excellent restaurants, shopping, and entertainment. The Renaissance offers 4 Star amenities with 222 rooms all adjacent to over 130 shops and restaurants within walking distance. The Hyatt House offers a more “at home” feel to your stay and is directly adjacent to the office towers. The new AC Hotel is European inspired with a modern flare.

Midtown has become a destination center for not only shopping and dining but for working as well. Further, given its location, people and businesses are flocking to be a part of Midtown Raleigh. There is no end in sight to the creativity and development diversity at Six Forks Road and I-440.

If you have any commercial real estate needs in the Raleigh/Durham/Wake Forest area, please give us a call to let us know how we can help you! We can be reached via our company website which is: www.kimacommercial.com and/or reach our commercial real estate agent Dan Tilley. From land to leasing to multi-family and commercial development – even design/build – we’d love the opportunity to help you with your commercial real estate needs!

Be sure to keep up with us on Facebook at Facebook.com/KimaCommercial to stay in the loop on what’s going on in the Triangle when it comes to commercial real estate, to see our featured listings and more!

We look forward to hearing from you soon to find out how we can best be of assistance.

 

 

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Keller Williams Preferred Realty, 7751 Brier Creek Parkway, Suite 100, Raleigh, NC

919-336-1700

Peter@KimaCommercial.com

We look forward to working with you!

34 Acres of Expansion Coming for North Hills

Kane Realty Corp. Expands It’s North Hills Footprint

Recently it was reported by the Triangle Business Journal that North Hills developer John Kane confirmed his expansion of the North Raleigh project by securing another 34 acres of land.  Getting close to maximizing it’s potential it appears that the land bordering I-440 is the newest frontier.

North Hills

North Hills

About 60% of the land Kane is purchasing is part of a larger assemblage that the Andrews heirs have been marketing for several months.  While he will not commit to the future use of the land he and indicated that it will truly depend on what Raleigh’s Planning Department will allow.  Ideally he’d like to incorporate residential and office space much like what he already has built and is building.  A hotel is possibility and retail is not out of the questions either.  Due to the land having tributaries and power lines on it part of the land will remain or be incorporated into open space.  Think greenways!

North Hills Expansion

North Hills Expansion

Four Million dollars ($4MM) is the tax value of the 2 tracts purchased and while we will have to wait for the final numbers every indication is that North Hills will be expanding again in it’s never ending quest to be THE Live, Work, Play destination for so many.

Kima Commercial is prepared to assist you with all of you real estate needs.  Please do not hesitate to contact us

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Keller Williams Preferred Realty, 7920 ACC Blvd, Suite 210, Raleigh, NC

919-336-1700

Peter@KimaCommercial.com

We look forward to working with you!