Development Beat: Real Estate Report

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Thursday, March 31, 2016

We used to run an unpopular monthly feature here titled By The Numbers, where we looked at permit and real estate data and compared it to previous years.

Since it was a hassle to put together and no one was reading it, I was happy to discontinue it. We’re working to replace it with something a little more reader friendly: a listicle.

Raleigh’s Ten Biggest Real Estate Deals: January-March 2016

10. 2600 Glenwood Avenue: $6 million

The site of the former Glenwood Gardens Apartment Complex, torn down in February, this property was previously owned by the local firm Grubb Ventures. It was sold to an LLC out of Florida that appears to trace back to a developer down there by the name of the Stiles Corporation for $6,000,000. A new 258,450 square-foot, 188-unit multifamily development is planned for the site.

9. 8380 Capital Boulevard: $10.65 million

8380 Capital Boulevard

Wake County

8380 Capital Boulevard

This property is home to a 164,506 square-foot warehouse first built in 1980 and currently home to the Eaton Electrical Corporation. The property was previously owned by local firm Chris Woody and Associates and was sold on March 1 for $10.65 million to an LLC that traces back to Stoltz Real Estate out of Bala Cynwyd, Pennsylvania.

8. 6200 Shanda Drive: $14.8 million

The apartments

James Borden / Raleigh Public Record

The Woods of North Ben apartments

The Woods of North Bend apartment complex was first built in 1979. It was previously owned by an LLC that traces back to Woods Gardens Managing Company out of Norfolk, Virginia. On January 19, it was sold for $14.8 million to an LLC that traces back to Hawthorne Residential Partners out of Greensboro, NC.

7. 3401 Gresham Lake Road: $16 million

3401 Gresham Lake Drive

Wake County

3401 Gresham Lake Road

This 218,386 square-foot, one-story conventional warehouse was first built in 1973, with a significant remodel in 1990. Its tenants include DHL Shipping and the Ranpak corporation, among others. It was previously owned by an LLC tracing back to the Meridian Development Group out of Tampa Florida. On January 25, it was sold for $16 million to to an LLC tracing back to the Itasca, Illinois-based Hamilton Partners.

6. 400 Woods of North Bend Drive: $16.2 million

The Woods of North Bend apartments

James Borden / Raleigh Public Record

The Woods of North Bend apartments

This one’s a bit of a cheat: it’s part of the Woods of North Bend apartment complex mentioned in item number 8. As with 6200 Shanda Drive, it was previously owned by an LLC that traces back to Woods Gardens Managing Company out of Norfolk, Virginia. On January 19, it was sold for $16.2 million to an LLC that traces back to Hawthorne Residential Partners out of Greensboro, NC.

5. 10207 Cerny Street: $22.3 million

10207 Cerny Drive

Wake County

10207 Cerny Street

This three-story, 54,584 square-foot medical office building was first constructed in 2007. It was previously owned by an LLC we could only trace back to Raleigh law firm Poyner Spruill. On January 29, it was sold for $22.319 million to an LLC tracing back to Harrison Street Real Estate out of Chicago.

4. 6620 The Lakes Drive: $28.3 million

The Lakes

Wake County

The Lakes apartments

The three-story Lakes apartment complex was first built in 1974. It’s had a number of owners over the years, but the last several have been LLCs tracing back to Heritage Capital Group out of Ridgewood, New Jersey. On January 20, it was “sold” by Heritage Capital for $28.3 million to Heritage Capital.

3. 5301 Malbec Crescent: $58 million

The Marquis at Crabtree

James Borden / Raleigh Public Record

The Marq at Crabtree

The Marq at Crabtree (nee Solis at Crabtree) luxury apartment buildings, located just behind the Crabtree Valley Mall, were first built in 2014. In January 2016, it was sold by a firm that traces back to Pappas Properties, a developer out of Charlotte, to an LLC tracing back to CWS Capital out of Austin, Texas. On March 9, it was sold by CWS to itself for $58 million.

2. 3000 Brookmill Drive: $61 million

The Brookmill Apartments

James Borden / Raleigh Public Record

The Marquis on Edwards Mill is a pretty nice complex

The garden-style, 2-story apartment complex the Marquis on Edwards Mill apartments were built in 1996 and received for its 20th birthday a significant remodel. It was previously owned by BRE Apartment Holdings out of Chicago. It was sold on January 8 to CWS Capital Partners out of Newport Beach, California for $61 million.

1. 308 South Blount Street: $103 million

skyhouse3

James Borden / Raleigh Public Record

The Skyhouse Apartments

The 320-unit luxury Skyhouse Raleigh apartments were built in 2014 by the Novare Group out of Atlanta, which has developed or is developing a total of 15 Skyhouse properties throughout the country, including Skyhouse Denver, Skyhouse Dallas and Skyhouse Orlando. On January 29, it was sold to the Worldwide Groupout of Manhattan for a whopping $103 million, a record for a multifamily development in this region.

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