Charlotte, NC-developer Peter Pappas with Pappas Properties acquired 16 acres directly behind Crabtree Village Mall in Raleigh. Wells Fargo sold the land for $4 million.
The site has frontage on Homewood Banks Drive, Crabtree Village Avenue and Blue Ridge Road. The buyer is planning a mixed-use development including apartments in the first phase.
The complex will include 292 luxury units, 250,000 square feet of office space
and a hotel. There was financing with Yadkin Valley Bank for $4.66 million.
Pappas Properties develops, manages, and markets mixed-use and residential projects mainly in the Charlotte area.
Justin Good with Cassidy Turley represented the seller.
Please see CoStar COMPS #2643979 for more information on the purchase.