Five adjacent parcels in Raleigh’s Warehouse District sold for $ 20.9M to NYC firm

RALEIGH – Five parcels of property in Raleigh’s warehouse district have been sold to a New York City-based real estate investment firm, Tidal Real Estate Partners, in a deal worth nearly $ 21 million.

According to a statement from CBRE | Raleigh, who represented the sellers of the property, Raleigh Warehouse District Holdings, LLC, and Center Line Properties, LLC, the sale price of $ 20,900,000 represents one of the highest recent sales on a price per acre basis.

The five parcels are adjacent to CAM Raleigh, according to a spokesperson for CBRE | Raleigh. The addresses of each parcel are:

  • 310 South Harrington Street
  • 319 South West Street
  • 324 South Harrington Street
  • 406 West Davie Street
  • 333 South West Street

Raleigh Founded, formerly HQ Raleigh, is based at 310 South Harrington. 319 South West Street is listed as vacant land, according to LoopNet, which uses data from public records.

The statement from CBRE | Raleigh noted that the site is zoned for mixed-use properties of up to 40 stories in height. A spokesperson for Tidal Real Estate Partners confirmed the acquisition of the property to WRAL TechWire but provided no further comment regarding the parcels.

The deal closed earlier this month, according to a spokesperson for CBRE | Raleigh.

All parcels are close to the district’s popular amenities. The statement from CBRE | Raleigh noted that the site is an “unparalleled development opportunity to tap into surrounding amenities.”

Report: Triangle’s commercial real estate market remains resilient

Land in demand

An earlier report from CBRE | Raleigh described the Triangle’s commercial real estate sectors as “resilient,” with low vacancy and high demand. And the Downtown Raleigh Alliance released a report indicating that workers may be returning to downtown offices earlier this year.

Investors and developers are considering the Triangle as a potential location to invest capital while reducing risk compared to other “gateway markets,” Brian Leary, COO of Highwoods Properties, told WRAL TechWire earlier this year.

That includes vacant and developable land, which is in high demand in the Triangle, as reported by WRAL TechWire as a part of a special reporting project, the Future of Work.

WRAL TechWire has also reported on the increasing volume and value of commercial property in Wake County, as tracked by the Wake County Register of Deeds.

Future of Work special report: Across the Triangle, an ‘insatiable demand’ for land

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