HFF Closes 92-Acre Land Sale in NC

The Halle Cos. paid $11 million for the site in Apex, a suburb of Raleigh, which it plans to transform into a mixed-use development.
Halle Companies' new 100-acre site in Apex, Raleigh

Halle Cos.’ new 100-acre site in Apex, Raleigh

Raleigh, N.C.—HFF recently announced that it has closed an $10.8 million sale of a roughly 92-acre land site in Apex, Wake County. HFF represented the seller and developer, Blue Heron Asset Management LLC. The Halle Cos. acquired the site free and clear of existing debt. Simultaneously, Halle also purchased an eight-acre parcel, which was separately brokered by an outside firm, to control the entire 100-acre Westford planned unit development (PUD).

The site is positioned at Jenks and Wimberly roads, near the U.S. 64 and Highway 540 interchange. The land is situated approximately 10 miles south of the Research Triangle Park and 19 miles west of downtown Raleigh. Other nearby amenities include the 23-mile American Tobacco walking and biking trail, Apex’s historic downtown district and Jordan Lake State recreation area.

“Since the opening of interstate-grade Highway 540 in 2012, the surrounding Apex area has been transformed into one of the region’s most sought-after suburbs, claiming the top spot on Money Magazine’s Best Places to Live 2015 list. The area’s explosive growth made it especially attractive to developers,” said Justin Good of HFF’s investment sales team, in prepared remarks.

The Westford PUD was entitled by Blue Heron for up to 900 residential units and 550,000 square feet of commercial development.

Halle Cos. is no stranger to the Apex area. The company also developed The Villages at Apex, a 202-acre mixed-use community with luxury apartments and townhomes, Class A offices, retail shops and the Thales Academy private school.

Image courtesy of HFF