Virginia Beach Investor Acquires West Raleigh Office Building for $8.3M
Continental Capital Management of Virginia Beach, Va. has recently purchased a three-story, 61,412-square-foot office building in West Raleigh. According to the Triangle Business Journal, shopping mall operator CBL & Associates Properties sold the asset for $8.3 million.
At the time of sale, the building at 1500 Sunday Drive within Trinity Corporate Park was 97 percent leased. Its tenants include the Hughes, Pittman & Gupton accounting firm, First Point Management Resources and RCI. The property was developed in 2000 and has a tax value of $9.2 million.
Scott Adams, Ben Kilgore and Brian Carr of CBRE-Raleigh brokered the transaction on behalf of the seller. The firm will also manage the building and handle leasing services, the newspaper reports.
West Raleigh is one of the best performing office submarkets in the region. According to a recent report released by CBRE, the area’s office vacancy rate during last year’s fourth quarter was 11.7 percent, one of the lowest in the Triangle.
In multifamily development news, White Oak Properties of Raleigh is planning to restart a long-stalled residential project at N.C. State University’s Centennial Campus on Capability Drive. The NewsObserver reports that the developer’s proposal for the first phase of construction includes up to 111 townhouses and condominiums that would add to the 33 already-completed homes.
If approved by both the city and the university, the project could break ground during this year’s third quarter. The initial phase of the new community will cover about half of the 15-acre site located on the banks of Lake Raleigh.
In 2001, a partnership between Craig M. Davis and Comstock Homes planned to build 358 townhouses and condominiums at the site. The project eventually fell through and about a year ago, the university selected White Oak to restart development. The company’s owner, Roland Gammon, told the newspaper that this time, construction will be segmented in smaller phases.
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