LRC Opportunity Fund

  • New York Opportunity Fund Closes on $5.2M Acquisition of Long-Vacant Downtown Building

    In a $5.2 million deal, real estate investor Howard Lavitt and his partners at LRC Opportunity Fund of New York have acquired the long vacant, 11-story office building in downtown Raleigh. The Triangle Business Journal reports that the transaction closed on Dec. 21. Ben Kilgore with CBRE in Raleigh represented the sellers, New York businessmen Morton Rosenfeld and Milton Schwartz. Located at 227 Fayetteville Street, the 100,000-square-foot property has been empty since its former tenant, Wachovia Bank, moved out in 2003. Wachovia developed the building in 1964, after signing a 50-year ground lease with the owners of the lot. The contract expired in January 2011 and the ownership of the structure was transferred to the land owners’ heirs. Plans now call for the interior renovation of the building, which should be complete by the fourth quarter of 2013. Project manager Steve Weitnauer with Solutions PDM is in charge with the demolition and reconstruction, while Davidson and Jones C

    Raleigh Durham 11 January 2013 20:11

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