HFF closes sale of first parcel within St. Albans at Midtown in Raleigh, North Carolin
CHARLOTTE, NC – July 26, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $3.8 million sale of a 3.39-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina.
HFF marketed the site on behalf of the sellers: Wells Fargo Bank, acting as Trustee for a local family; and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. Coastal Federal Credit Union, which operates its headquarters on the adjacent parcel, purchased the site free and clear of debt. Jake Jones at Avison Young represented Coastal Federal Credit Union.
The St. Albans at Midtown development site is situated less than one half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has more than one million square feet of lifestyle amenities and nearly 1.1 million square feet of office space either completed or underway. With North Hills approaching build-out, the St. Albans at Midtown development site provides an opportunity to extend the North Hills area, often considered Raleigh’s second central business district. The site at 1100 St. Albans has immediate access to Interstate 440 and to Wake Forest Road, which links the property to Duke Raleigh Hospital, executive housing in North Raleigh, and the tech hub of Downtown Raleigh.
The HFF investment sales team representing the seller was led by managing director Justin Good and director Allan Lynch.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a North Carolina licensed real estate broker.