Argus Realty Investors of San Clemente, Calif., paid New York-based DRA Advisors $278 per square foot for the Wachovia Capitol Center in downtown Raleigh on Jan 31 2007.
This record sale signalled that the record setting commercial real estate activity of 2004, 2005 and 2006 is far from over. The previous record was set in 2004, when Regency Centers paid $120 million for Raleigh's Cameron Village shopping center.
A great bullish signal for our market, but average cap rates here 8% are still higher than the national average of 7.1%. That tells me that capital is still going to flow here for the the near future.
Highlights:
$153.4M
550,979 SF
$278/SF
6.5% cap rate
10% vacancy
61% above average class A office sale in 2006
750 space parking deck
Read Jack Hagel's coverage here:
newsobserver.com Sale of Wachovia tower sets record
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