Morrisville, North Carolina.  RDU Property Investments sold a 580,000 sq. ft. warehouse at 900 Aviation Parkway to Macfarlan Captial Partners of Dallas for a cool $20 million.  That is more than double what they paid for it in 2005.  Not a bad ROI!  

Today is the birthday of this blog.  My first blog was July 21, of 2006.  I hope you have found it interesting and useful.  Some changes in it are planned to make its reach and usefulness much greater.

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

Morrisville, North Carolina.  Lutz Real Estate Investments and Capri Capital Partners purchased 11 flex buildings in Morrisville for $56.3 million.  Flex space vacancy rates have been very high in the Triangle in recent years climbing to 20.3% in 2003.  Now, a stong demand for area office buildings, increasing construction costs and increasing rents have cast a different look on flex space.  The current flex space vacancy rate of 14.4% is the lowest in five years and is causing investors across the nation to take a long hard look at such space the Triangle.  During 2006 investors spent nearly $270 million on warehouse and flex space in the Triangle which is about three times the annual average rate in the last 10 years.   

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

Morrisville, North Carolina.  On Friday I reported that Duke Realty was partnering with Kane Realty in building a 20 story office building in the Six Forks shopping center area.  Another of Duke’s holdings, 300 acres in Perimeter Park in Morrisville has been doing very well and is now about 80 percent developed.  To keep things rolling Duke has purchased 150 acres that adjoins Perimeter Park.  The price for the property was $11.8 million.  They project that it will take about seven years to build out and that the land could accommodate up to nine office buildings or one very large one.

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