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Hampton Hotel Opens 11th, 136-Room, Property in Raleigh

Hampton Hotel Opens 11th, 136-Room, Property in Raleigh

by Adriana Pop, Associate Editor Global hospitality brand Hampton Hotels announced the opening of the Hampton Inn & Suites Raleigh/Crabtree Valley. Located at 3920 Arrow Drive, on the site of the former Crabtree Inn building, the 136-room hotel is the 11th Hampton property in Raleigh. Amenities include a business center,…

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New York Opportunity Fund Closes on $5.2M Acquisition of Long-Vacant Downtown Building

New York Opportunity Fund Closes on $5.2M Acquisition of Long-Vacant Downtown Building

In a $5.2 million deal, real estate investor Howard Lavitt and his partners at LRC Opportunity Fund of New York have acquired the long vacant, 11-story office building in downtown Raleigh. The Triangle Business Journal reports that the transaction closed on Dec. 21. Ben Kilgore with CBRE in Raleigh represented…

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Glenwood Hospitality Debuts $15M New Hampton Inn and Suites Hotel in Raleigh

Glenwood Hospitality Debuts $15M New Hampton Inn and Suites Hotel in Raleigh

The new Hampton Inn & Suites Raleigh Downtown is officially open. Located in the Glenwood South District at 600 Glenwood Avenue, the boutique-style property offers 126 guestrooms. According to the Triangle Business Journal, it is the first hotel to open in the city’s downtown area since the Raleigh Marriott…

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Bayer to Construct $2.65M North American Bee Care Center

Bayer to Construct $2.65M North American Bee Care Center

Bayer CropScience has announced plans for the development of a North American Bee Care Center at the company’s headquarters in Research Triangle Park. The estimated cost of the project is $2.65 million, the Herald Sun reports. Construction on the 6,600-square-foot LEED Gold-certified facility is expected to begin in February. Upon…

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City of Raleigh Approves Dorothea Dix Lease Agreement to Create Urban Park

City of Raleigh Approves Dorothea Dix Lease Agreement to Create Urban Park

The Raleigh City Council's lease of the Dorothea Dix Hospital campus will enable the city to move forward with its plan to reconvert the 325-acre property into an urban park. The city council has agreed to lease the Dorothea Dix Hospital campus from the State of North Carolina for up…

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New York Opportunity Fund to Spend $17M on Acquisition, Rehab of Vacant Downtown Building

New York Opportunity Fund to Spend $17M on Acquisition, Rehab of Vacant Downtown Building

LRC Opportunity Fund of New York plans to purchase and renovate the vacant 10-story office building at 227 Fayetteville in Raleigh. According to the NewsObserver, the company expects to close on the sale by the end of the year. “Our plans are to do a total renovation,” Edward Kulik, a…

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Pergo Distribution Center in Garner Sells for $8M

Pergo Distribution Center in Garner Sells for $8M

Exeter Property Group has acquired the Pergo distribution center in the Greenfield business park in Garner for $8 million. According to the Triangle Business Journal, the property was sold by four family trust groups working through First American Exchange Co., an intermediary for 1031 tax-deferred real estate exchanges. CBRE Raleigh’s…

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Hines to Begin Work on 7,000-Acre Research Triangle Park Master Planned Community

Hines to Begin Work on 7,000-Acre Research Triangle Park Master Planned Community

The Research Triangle Foundation has formally unveiled its new master plan for the future growth of the 7,000-acre Research Triangle Park (RTP). It is the first update to the master plan since the park was created in 1959. The foundation has also announced it has selected the Houston real estate…

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Two Apartment Projects Totaling 500 Units to Break Ground in Residential Community

Two Apartment Projects Totaling 500 Units to Break Ground in Residential Community

In the coming months, two projects are expected to break ground at the Heritage residential community in Wake Forest. According to the NewsObserver, the new developments will bring more than 500 units to Heritage. Atlanta-based TWO Capital Partners will develop Capital Creek, a 315-unit apartment complex. The project will be…

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Walmart Takes Steps to Open Another Express Store In North Carolina

Walmart Takes Steps to Open Another Express Store In North Carolina

Wal-Mart plans to open a Walmart Express store in Rolesville. The NewsObserver reports that the retailer is using North Carolina as a primary test market for its smaller store concept. Wal-Mart is now in the process of acquiring a parcel of land at the corner of Rogers Road and Grand…

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BB&T Takes Over Lease of 390,000-Sq.-Ft. Building Formerly Occupied by American Express

BB&T Takes Over Lease of 390,000-Sq.-Ft. Building Formerly Occupied by American Express

BB&T Corp. of Winston-Salem has signed a seven-year agreement to lease the former American Express call center building in Greensboro. The company plans to add 1,700 jobs to the region over the next five years. Located west of Piedmont Triad International Airport, the 390,000-square-foot structure will eventually house up to…

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PRG Real Estate Acquires 216-unit Apartment Community in Durham

PRG Real Estate Acquires 216-unit Apartment Community in Durham

PRG Real Estate has announced the acquisition of Bainbridge in the Park Apartments, a 216-unit garden-style apartment community located on a 25-acre wooded setting in Durham. The community was built in 1985 and is situated within 2.5 miles from the world-renowned Research Triangle Park. Amenities include a 24/7 newly renovated…

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