Capitol Broadcasting Co. has paid nearly $29 million for property west of the American Tobacco Campus in downtown Durham.
Capitol Broadcasting, owner of the American Tobacco Campus, WRAL and the Durham Bulls, purchased the nearly 11.2 acre site from University Properties of N.C., according to Durham County property records filed Oct. 7.
A 2016 Durham County appraisal valued the property currently occupied by a Ford and Kia car dealership at $9.5 million.
“CBC intends to develop its plans for the site while University Ford and University Kia builds and relocates into its planned new location,” according to a statement released by the company.
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Tony Fisher, president of the dealerships, wrote in an email that the company will lease the property from Capitol Broadcasting for the next 12 to 18 months while its builds new Ford and Kia dealerships at the intersection of U.S. 15-501 and Southwest Durham Drive.
The price tag seems to reflect the increasing value of property in that section of downtown since a wave of development that started with the Durham Bulls Athletic Park opening in 1995.
The redevelopment has included the transformation of the abandoned American Tobacco factories into offices and restaurants, along with construction of the Durham Performing Arts Center, Capitol Broadcasting’s Diamond View office buildings and most recently an Aloft hotel.
In July, Charlotte-based Northwood Ravin and Washington, D.C.-based Akridge announced plans to build a 10-story, 240,000 square-foot office tower on the former Elkins Chrysler dealership property, at South Mangum Street and Jackie Robinson Drive and east of the ballpark and the American Tobacco Campus.
Northwood Ravin paid about $11.7 million in 2015 for the 6-acre site, according to county property records.