Month: January 2015

Do you remember the old North Hills mall? I do, I remember walking through the mall and doing my fair share of shopping there. Those of you that remember that time and those of you who are new to the area can all agree that the transformation of North Hills has been amazing.

According to an announcement in the TBJ today Kane Realty Corp has announced plans for a new high-rise apartment building. Construction can begin as soon as summer 2015.

The proposed 100 Plaza building is a 15-story, mixed-use building that would have approximately 35,000 square feet of street-level retail with 285 apartment units in two tiers at both mid-rise and high-rise levels. The new building would be along the south side of the new Midtown Park/ amphitheater and adjacent to the Hyatt House hotel.

The new 104 Dartmouth apartment that is at the corner of Dartmouth Road and St. Albans Drive is on track to break ground March 2015. The revised plan for 104 Dartmouth shows that it will have 171 apartment units.

Next to the new 104 Dartmouth building, Kane is partnering with Concord Hospitality enterprises to build a new AC Hotel.

(Source: TBJ 1/30/15)

National Real Estate Investor (NREI) sites the Raleigh-Durham area as one of the top five markets for investments in offices properties in 2015.

Today the Triangle Business Journal reported that “ Duke Realty Corp. (NYSE: DRE), the second largest office landlord in the Triangle (Raleigh-based Highwoods Properties (NYSE: HIW) is the largest), has reached a deal to sell all of its office properties in the Triangle, Nashville, St. Louis and South Florida in a transaction valued at $1.12 billion.”

The pending transaction would include 17 office buildings at Perimeter Park in Morrisville and four other office buildings it owns in Raleigh and in Cary.

According to the TBJ the total value of Duke Realty’s Triangle properties is around $500 million which is based on the estimated $160 per square foot that includes additional undeveloped land included in the deal.

The company’s Triangle office portfolio was 93 percent occupied as of the fourth quarter of 2014 with a tenants that include Lenovo and PPD.

The deal does not include any of Duke Realty’s warehouse and industrial properties nor does it include two medical office buildings it owns in affiliation with Wake Med in Raleigh.

The acquiring group is a joint venture partnership between Starwood Capital Group, Vanderbilt Partners and Trinity Capital Advisors. The sale was confirmed by Molly Carroll, director of marketing for Trinity Capital Advisors’ whose sister company is Charlotte-based Trinity Partners.

 

The transaction is expected to close by April 1, 2015.

 

Source: Triangle Business Journal

Google  (NASDAQ: GOOG) has confirmed that Google Fiber is coming to the Triangle, and bringing with it ultra high-speed Internet service. Specifically, a roll-out is planned for Raleigh, Durham, Garner, Cary, Chapel Hill, Carrboro and Morrisville.

Raleigh is Ranked:

• Number 2 for African-American economic success;
• Number 17 best place to find a job;
• Among the 10 “Best Cities” in America for 2014′;
• Number 10 best city for singles;
• Number 12 best city  for young entrepreneurs;
• Number 2 best city for young professionals;
• Number 1 best city  for attracting families;
• Raleigh ranks No. 3 as a place to work in the fields of science, technology, engineering and mathematics.

(Source: Triangle Business Journal)