CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $6.85 million sale of a 20.2-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina. This is the second site closed from the St. Albans at Midtown offering.
HFF marketed the site on behalf of the sellers: Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. An affiliate of Kane Realty Corporation (Kane Realty) purchased the site.
The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has nearly 1.1 million square feet of office space, over 1,800 multifamily units either completed or underway, and more than one million square feet of retail. The site at 600 St. Albans has visibility from Interstate 440 and, in addition to North Hills, is proximate to executive housing in North Raleigh, the tech hub of Downtown Raleigh and Duke Raleigh Hospital. Kane Realty, the developer of the mixed-use North Hills development, is planning an extension to North Hills along St. Albans Drive with this 20.2-acre tract and an adjacent, separately owned 13.4-acre parcel.
The HFF investment sales team representing the seller was led by managing director Justin Good and director Allan Lynch.
“With this extension of North Hills, Kane Realty will continue to foster high-quality, urban development and an unmatched energy at Raleigh’s Midtown, often considered Raleigh’s second central business district," Good said. "Slated for medium-density development, the next phase of North Hills will offer a highly-amenitized lifestyle that integrates with the surrounding neighborhood."
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.