Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $16.25 million sale of an 18.82-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina. Located at 900 St. Albans Drive, this is the third site closed from the St. Albans at Midtown offering.
HFF marketed the site on behalf of the seller, Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. DeWitt Carolinas Inc. (DeWitt) purchased the site, which is adjacent to DeWitt’s separately owned, 161,000-square-foot One Renaissance Center office building and accompanying land 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, more than 1,800 multifamily units either completed or underway, and more than one million square feet of retail. The site at 900 St. Albans is located less than a half mile 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. The new owner successfully rezoned the site in May 2017 to allow for development height between seven and 20 stories.
The HFF investment sales team representing the seller was led by managing director Justin Good and senior director Allan Lynch.
About HFF
Holliday Fenoglio Fowler, L.P., 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.comor follow HFF on Twitter @HFF.
