FCP sold of an office and apartment property in Raleigh for $72.3 million. Kane Realty acquired both The Pointe at Midtown, a 365-unit multifamily community and the 115,413-square-foot Grove Towers (photo) office asset in Raleigh, N.C. The Triangle Business Journal reports FCP paid $37.1 million for it five years ago.
Kane plans to raze both the office and apartment community and replace it with a mixed-use development. The City of Raleigh approved a rezoning that allows the construction of 37-story towers.
Kan is permitted up to 2,521 multifamily units, 1.7 million square feet of office and medical space and 263,465 square feet of retail space.
Kane’s newly acquired site is roughly 5 miles north of downtown Raleigh and about 2 miles from the North Hills redevelopment.
The company owns upward of 4,200 multifamily units in metro Raleigh across all stages of development.
The post Kane Tearing Down Raleigh Offices, Apartments to Builld Mixed-Use Project appeared first on Connect CRE.
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