Durham, North Carolina.  Grosvenor Investment Management paid $105.5 million for 1.5 million square feet of space of Research Triangle Center buildings.  That equates to about $70 per square foot and is about double what the seller, Transwestern Investment of Chicago paid for it two years ago.  The space Grosvenor purchased  is 82% leased.  After the dot com bubble burst a few years ago, the Triangle became one of the nation’s worst areas for empty warehousing.  Now, it is a red hot area and premium prices are being paid for space.  In just over a year the Triangle has seen a 17% vacancy rate decline to just above 10%. 

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

Raleigh, North Carolina.  WakeMed Health & Hospitals will spend $100 million to provide greater health care services.  On their main campus they will build a four story, 60 bed cardiac inpatient tower. It will cost about $34 million.  A new parking deck will be built to replace an existing parking deck that is being demolished to provide space for this tower.  Also, a new central cooling plant will be built. In addition, they will increase the size of their ReHab Hospital by 16 beds which will bring that facilities total to 84.  During 2005, WakeMed performed 1,032 open heart surgeries which was more than the number done by Rex Hospital, UNC Hospitals and Durham Regional Hospital combined.  The expansion is designed to help meet the needs of the Triangle areas every expanding population of elderly residents.

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

Triangle Area - North Carolina.   Government census figures just released rank Cary the 8th fastest growing city in the U.S. and Raleigh the 15th.  Between July of 2005 and July of 2006, 5500 people moved to Cary which increased that cities population to 112,414.  That represents a 5% increase.  Raleigh saw 13,500 new arrivals which is a 3.9% increase and makes its total 356,321.  During that same period 4,329 people moved to Durham which makes that cities population 209,009.  In “Blue Heaven” (Chapel Hill) only 255 were allowed into “the club.”  That makes their total 49,919.  

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

Raleigh, North Carolina.  It appears that the 12 acre tract behind Crabtree Valley Mall will be home to a showpiece mixed-use project called Crabtree Creek.  It has been a long time in coming together.  Weingarten Realty Investors has come up with a $300 million plan that will include more than 400 luxury apartments, 250,000 square feet of retail and entertainment space and some 150,000 square feet of office space.  Weingarten has lined up Atlanta-based Trammel Crow to put in the apartments, Marison Marquette of Washington, D.C. to handle the entertainment space and Lichtin Corp. of Raleigh to build the office space. There are to be eight multi-level buildings, two and three-level parking decks and two restaurant outparcels.  A strip shopping center used to sit on the site that is some 32 feet above the street level of Crabtree Valley Avenue which fronts the property.  Weingarten will have some 500,000 cubic yards of dirt removed to bring the site down to street level.  Construction is to start in about a year and should take from 18 to 24 months to be completed.

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

Raleigh, North Carolina -  As hard as it is to believe, the annual Parade of homes is only three months away.  At this point the builders who will have homes in the Parade are doing their annual “go crazy” dance trying to get their homes ready.  The larger the home the more wild the dance.  This year’s big collection of “who can afford this?” homes will be in Hasentree.  Hasentree, when finished, will have 600 homes that range in price from $800,000 to $5,000,000.   It is a gated community that features a Tom Fazio-designed golf course, a 12,000 square-foot Family Activities Center, a clubhouse with spa, a $2.5 million pro-shop, a seven-mile trail system and (as they say in real estate listings) ”other features too numerous to mention.”  At this point I don’t know how many Hasentree homes will be on the Parade. I think it is safe to say eight to ten.  Two homes in the $4 million plus range will be featured and are certain to draw the mamouth crowds that each year’s most expensive home(s) draw.  Keep watch here for more information.  If you are looking for a fine home or would like to buy or build in Hasentree or any of this area’s other fine subdivisions contact me and I will arrange a tour for you.

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.

Raleigh, North Carolina.  The stampede for property along the I-540 beltline continues.  The Blue Ridge Cos. of Highpoint and Development-Management Inc. of Charlotte combined to pay $7 million for 51 acres off Buffaloe Road just outside the Outer Loop.  Their plans call for them to build apartments and shops on this acreage.  Blue Ridge Cos. also paid $1.3 million for 17 acres in Knightdale which are also close to I-540.  It plans to build apartments on this land.

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

Raleigh, North Carolina - NC State University is planning a $500 million dollar, 20 year program that will quadruple the size of its veterinary school. The plan calls for more than 20 new research buildings where a combination of private and N.C. State scientists can develop drugs and treatments for animals and humans.  The college of veterinary medicine will shortlybreak ground on a 47,5000 square foot ”flex” building and, depending on the timing of funding, hopefully start a $38 million animal hospital by spring of 2008.  When completed the new Biomedical Centennial Campus will cover about 1.5 million square feet. 

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

Morrisville, North Carolina.  Durham’s Liggett Vector Brands will move their Durham operation to Morrisville’s Perimeter Park in October.  They will be leasing 20,000 square feet at 3800 Paramount Parkway.  In Durham there is little left of the tobacco empire that once employed thousands of people. The former cigarette factories now house offices, restaurants and homes. All of which brings to mind the saying, “The only thing that is constant is change.”

John Fish (919) 696-3475   Email: marvmax@mindspring.com   Website: www.JohnFish.com

Morrisville, North Carolina.  Duke Realty, an Indianapolis REIT, plans to add a medical building, hotel and 30,000 square feet of space for restaurants, cafes a copy shop and other facilities to Perimeter Park.  They would be situated near the Interstate 540 ramp (when it opens) and at the park’s N.C. 54 entrance.  Since 2005 Duke has built Lenovo’s U.S. headquarters and two spec office buildings in the park. They plan to build two more spec office buildings the first of which will start construction this fall.  All but 3% of their offices and warehouses are leased making it one of the most successful business parks in the area.  In order to foster their success Duke purchased 150 more acres adjacent to Perimeter. 

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