A little more than 2 acres in the Glenwood South district of downtown Raleigh has sold for $10 million, the latest measure of how the west side is exploding with commercial development.
The buyers, an affiliate of Kane Realty Corp. and Williams Realty & Building Co., are planning a mixed-use development on North Harrington Street. It is planned to be the second phase of a project at Peace and Harrington streets that will include downtown’s first grocery store, a Publix, and 417 highrise multifamily homes.
Kane Realty Corp. and Williams Realty & Building paid $4.6 million to acquire the 1.24-acre site for the initial phase in May 2016.
Monday’s announcement of the sale was made by Holliday Fenoglio Fowler, which marketed the property for a limited liability company and secured acquisition financing. The transaction was filed with the county on Thursday.
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The 2.17-acre parcel at Peace and West streets will be developed into street-level retail and an unspecified amount of office space. The project is still in the design phase. The sale comprised three parcels – 413, 437 and 441 N. Harrington St. – that are now the site of three office buildings, including the former home of the N.C. State Board of Elections.
Harrington Street Partners LLC is the seller and was represented by managing partner Greg Sandreuter.