JV sells mixed-use development for $236m

FCP® and Kane Realty Corp. has sold The Dillon to an institutional client advised by MetLife Investment Management for $236 million.

The Dillon is the first mixed-use development of its kind in downtown Raleigh; its 18 stories encompass 221,300 square feet of LEED Gold–certified class A office space, 52,600 square feet of activated retail, two six-story apartment buildings totaling 271 units and a 994-space parking deck. Portions of the 100-year old Dillon Supply warehouse building were preserved and incorporated into its new life to create a differentiated product that successfully attracted a diverse tenant base. The award-winning property occupies an entire 2.5-acre city block and is the flagship Transit Oriented Development within Raleigh’s Warehouse District. The Dillon’s office space, featuring panoramic views of downtown Raleigh and the surrounding cityscape, achieved 100 percent leasing within nine months of completion.

Kane Realty served as the dev