KBS Realty Advisors, of Newport Beach, California, and Kane Realty Corp of Raleigh, NC announced today the sale of Midtown Plaza, a LEED Silver 329,613-square-foot, Class A office development located in Raleigh, NC. The property was sold at $127 million, exceeding the company’s expectations.
“KBS has always viewed the Raleigh market favorably given its dynamic live-work-play environment,” said KBS Regional President, Marc DeLuca. “It is exciting to see continued economic growth and interest from people and companies who consider making the city their home, and to witness how our projects have made this market a better place to live, work and play. Midtown Plaza, which is in the heart of the North Hills area, continues to see high client retention, which can be attributed to the quality and location of the property, and speaks to the strength of the investment for its new owners.”
Midtown Plaza features 12 levels of office space with a café on the first floor, a contemporary lobby, high visibility from the I-440 Beltline, and adjacent structured parking incorporating public art and an outdoor fitness area. North Hills is a flourishing, mixed-use development providing luxury hotels and apartments as well as a multitude of well-known retail and restaurant options.
“We are especially proud of the impact that this project has had on North Hills. We delivered a sustainable, class A development to the market, that further contributed to the making of North Hills,” said John Kane, CEO of Kane Realty. “Our relationship with KBS and collective commitment to the project was instrumental in our ability to swiftly execute on this development property and its success.”
James Cassidy and Jud Ryan of Newmark Knight Frank represented KBS in the transaction.
About KBS KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992. KBS Realty Advisors and its affiliated companies have completed transactional activity of over $36 billion via 16 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs. For information, visit www.kbs.com.
About Kane Realty Corporation
Kane Realty Corporation (KRC) is a full service real estate development and management company focused on office, retail, multi-family and mixed-use properties of the highest quality. Based in Raleigh, NC since 1978, KRC is dedicated to the goal of creating irresistible places where people will naturally want to gather. Through meticulous attention to detail in every aspect of the property from design and construction management to leasing and property management, Kane’s mission is to build places that improve the quality of life of their businesses, their employees, residents and visitors. For more information, please visit KaneRealtyCorp.com.
About North Hills
Live, work, shop, dine, and play at North Hills. This innovative, multi-faceted district offers many options to live and stay a while— with four-star hotel rooms, Park Central Apartments, The Dartmouth Apartments, Park and Market Apartments, Midtown Green Apartments, and The Alexan. Parks and many gathering spaces offer plenty of fresh air, while conveniences such as dry cleaning, banks, and a pharmacy are just a leisurely stroll away. Quality-of-life amenities are also at your fingertips, such as renewing spas, salons, Entertainment venues, such as a 14-screen cinema, Kings Bowl, World of Beerand the new Midtown Park, are right next door. Premier dining establishments, high-end boutiques, department stores, and cafés are all a few steps in any direction. For more information, please visit VisitNorthHills.com.
