Rothschild Banking on Durham Revival

The American Tobacco Complex is an award winning real estate redevelopment next door to the new Durham Bulls stadium. Andy Rothschild is hoping for a similar turn around next door to the old Bulls stadium.

He has contracted to purchase six acres currently occupied by the Elkins Chrysler-Mitsubishi Dealership. Terms are not yet disclosed.

Here's Jack Hagel's coverage of the deal.
newsobserver.com Developer buying six acres near DBAP

Cornerstone Buys Raleigh Marriott Crabtree Valley

Host Hotels & Resorts Sells 375-Room Hotel for $48 Million

This place has one of the best breakfast buffets around. A great place for an early morning meeting. I hope that doesn't change!!

Cornerstone Real Estate Advisers has acquired the 375-room Raleigh Marriott Crabtree Valley hotel from Host Hotels & Resorts Inc. for $48 million, or about $128,000 per key.

The six-story hotel is at 4500 Marriott Drive in Raleigh, NC, and totals about 221,200 square feet. It was constructed in 1981 and features two restaurants, a pool and fitness center, and 10,350 square feet of meeting space.

Both parties handled the deal in-house.

For more information, please see CoStar COMP #1312253.

1031 Disaster - QI files for bankruptcy

Is it time to regulate the 1031 Qualified Intermediaries? Based on this article it may be.

UPDATED: A 1031 Cautionary Tale: Where Did the $130 Million Go? - CoStar Group: