HFF Facilitates $16M Sale of NC Site

Managing Directors Justin Good and Jeff Glenn together with Senior Director Allan Lynch represented Wells Fargo Bank in the sale of a roughly 19-acre site in Raleigh, N.C., to DeWitt Carolinas Inc.

Aerial view of the St. Albans site in Raleigh, N.C.
Aerial view of the St. Albans site in Raleigh, N.C.

HFF closed a $16.3 million sale of an approximately 19-acre parcel within the larger 51-acre St. Albans at Midtown development site near North Hills in Raleigh, N.C. HFF Managing Directors Justin Good and Jeff Glenn along with Senior Director Allan Lynch marketed the site on behalf of the seller—Wells Fargo Bank, acting as trustee for a local family, and Henry Sink and Richard Williams, acting as co-trustees for another local family.

DeWitt Carolinas Inc. purchased the lot, which is adjacent to the company’s separately owned, 161,000-square-foot One Renaissance Center office building and accompanying land site. 

Favorable position

Located at 900 St. Albans Drive, the development site is located less than half a mile from Interstate 440 and, in addition to North Hills, it is close to executive housing in North Raleigh, the tech hub of downtown Raleigh and the Duke Raleigh Hospital. The development site is close to the terminus of North Hills, a growing area of Midtown Raleigh that has nearly 1.1 million square feet of office space, more than 1,800 multifamily units either completed or underway and more than one million square feet of retail space.

The new owner successfully rezoned the site in May 2017 to allow for development height between seven and 20 stories. This is the third site closed from the St. Albans at Midtown offering.

Image courtesy of HFF