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KBS, Kane Realty JV Sells Midtown Plaza in North Hills for $127M

Lionstone Picks Up Class A Office Bldg. in Midtown Raleigh
March 6, 2018
Newport Beach, CA-based private equity real estate company KBS, in partnership with Raleigh, NC-based developer Kane Realty Corp., sold the Midtown Plaza office building located in Raleigh’s North Hills. Lionstone Investments, a Houston-based investment firm, acquired the 329,613-square-foot complex for $127 million, or about $385 per square foot.

The joint-venture partnership, which also developed the 18-story Bank of America Tower in North Hills East, began construction in the fourth quarter of 2015 to develop the Class A office tower located on a 2.4-acre site at 305 Church At North Hills St., adjacent to the I-440 beltline.

Construction on Midtown Plaza was completed last March and now houses Allscripts, a healthcare tech company headquartered in Chicago, and SunTrust Bank, which occupies the entire 10th floor of the 12-story property.

“KBS has always viewed the Raleigh market favorably given its dynamic live-work-play environment,” noted Marc DeLuca, regional president at KBS. “Midtown Plaza ... 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.”

North Hills contains more than 100 acres of mixed-use development in Midtown Raleigh, featuring Kane Realty’s 286-unit Park Central apartments, the 409-unit Park & Market apartment community, and the 576,691-square-foot North Hills Shopping Center.

Grant Marley, Jud Ryan and James Cassidy of NKF brokered the transaction on behalf of the seller.

Please see CoStar COMPS #4147965 for more information on this transaction.
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