Publications

Real Estate - FEBRUARY 26, 2018

KBS and Kane Realty sell office development in Raleigh for $127m

by Andrea Zander

KBS Realty Advisors and Kane Realty Corp. have sold Midtown Plaza, a LEED Silver 329,613-square-foot, class A office development located in Raleigh, N.C. The property was sold for $127 million.

“KBS has always viewed the Raleigh market favorably given its dynamic live-work-play environment,” said Marc DeLuca, KBS regional president. “It is exciting to see continued economic growth and interest from people and companies who consider making the city their home, and to witness how our projects have made this market a better place to live, work and play. Midtown Plaza, which is in the heart of the North Hills area, continues to see high client retention, which can be attributed to the quality and location of the property, and speaks to the strength of the investment for its new owners.”

Midtown Plaza features 12 levels of office space with a café on the first floor, a contemporary lobby, high visibility from the I-440 Beltline, and adjacent structured parking incorporating public art and an outdoor fitness area. North Hills is a flourishing, mixed-use development providing luxury hotels and apartments as well as a multitude of well-known retail and restaurant options.

 

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