North Carolina - Hispanic Population Increased 7.8 Percent In 2007.  More specifically an additional 46,266 called North Carolina Home during the year.  The state’s total of 640,000 make Hispanics the state’s second largest minority group.

CARY - DETROIT PARTNERSHIP BUYS CROSSROADS PROPERTIES       Four Buildings And 20 Acres Comprise The Package.  The purchaser, MayfieldGentry Realty Advisors, paid $56.8 million in behalf of a retirement fund for Detroit fire and police employees.  The buildings, Crossroads I-IV, have a total of nearly 400,000 square feet.  This price is equal to about $145 per square foot.  The buildings are 95 percent occupied.  Another $2.2 million was paid for six tracts that are zoned for shops, hotels or offices. 

The difficulty potential buyers of properties are having in lining up financing for purchases they would like to make is dramatically shown by the fact that only $27.6 million in offices were sold in the Triangle during the first quarter of 2008.  During the first quarter last year $456 million were purchased.

John Fish (919) 696-3474   Email: Marvmax@mindspring.com   Website: www.JohnFish.com

Raleigh, North Carolina.  Boston Company Buys Raleigh Data Storage Firm.  ABRY Partners, a Boston private equity firm purchased Raleigh’s Hosted Solutions for $140 million.  Hosted Solutions is a data storage company with data centers in Raleigh, Cary, Charlotte and Boston.  It has 80 employees.  ABRY indicates it will keep the company’s headquarters in Raleigh and add workers in the two Triangle centers. 

CARY - Cary Raising Impact Fees.  Surprise, Surprise, impact fees are going up in Cary.  On July 1, the city is raising water and sewer impact fees.  Developers will have to pay 21.1% more for a 2,500 square foot home or $5,261.  On the commercial side a 150,000 sqare foot office building will have an increased cost of 20.6% or $22,230 making the total price $130,200.  Just what we need at this time in our economy.  Of course, those costs will be passed along to the consumers.

John Fish (919) 696-3474   Email: Marvmax@mindspring.com   Website: www.JohnFish.com 

Cary, North Carolina.  Luihn Four Pays $1.38 million For Office Building.  The 10,614 square foot building is located at 2950 Gateway Centre Blvd.  The price paid was 9 percent below what CLG Properties purchased the building for in 2006.  Considering the stringth of the Triangle commercial market not very many commerical buildings have been sold at a loss during the last few years.  However, the loss in the case was to be expected since the sellers had purchased it so recently. 

I haven’t posted in the last couple of days since I have been quite busy.  Considering the slow down in the single family homes market and the state of credit markets I feel fortunate to have things going on. 

John Fish (919) 696-3474   Email: Marvmax@mindspring.com   Website: www.JohnFish.com

Wake Forest, NC.  Caveness Farms Apartments Sold For $24.8 Million.  That price is about $86,000 for each of the 288 units.  Caveness Farms Apartments is located off of Caveness Farms Avenue near U.S. 1.  It is currently 90% occupied and monthly rents have increased about 13% during the last two years.  It is worth noting that investors have paid $798 million for Triangle apartments during 2007.  That’s more than double the annual average during the past 10 years.

CARY, NC.  MOWBRAY-DAY SELLS FLEX BUILDING.  Flex Building Brings $2.1 Million.  The purchaser, Iron Creek of Greensboro, North Carolina paid about 82% more than Mobray-Day paid for it in 1999.  The 19,500 square foot building is located at 3500 Gateway Center Blvd.  THe I-40 corridor flex space vacancy rate, at the end of September, was about 11.4%, a decided improvment over the 24.3% rate of just two years ago.

TAX AVOIDANCE.   Tax Avoidance consists of legal accounting methods anyone with an ounce of sense uses in order to pay no more tax than the law requires.  There is also another Tax Avoidance going on in the current White House “Run For The Roses” primaries.  It is the candidate avoidance of not talking about taxes and the methods they propose using to pay for the many programs they are in favor of to spend the money of people who earn for people who don’t!  Of course the liberal press does not ask them any probing questions about it so why should they?  George Orwell you may not have had the date correct but - - - - - - - .  I could do a long and very painful post about local, state, federal and other tax increases imposed on us the past year alone but why make you cry so early in this new year?

John Fish (919) 696-3474   Email: Marvmax@mindspring.com   Website: www.JohnFish.com

Cary, North Carolina - BDR Realty paid $1.5 million for a 20,000 square foot warehouse in Cary at 901 Sheldon Drive.  That’s nearly twice the price that the seller, Presspart, paid for it in 1992.

Durham, North Carolina - A 138,000 square foot warehouse at 323 Distribution Drive was purchased by Keystone Park Associates of Raleigh for $5.7 million.  

Raleigh, North Carolina - Custom Glass & Doors will occupy the 11,520 square foot building it just purchased at 6909 Glenwood Avenue.  The purchase price was $1.3 million.