December 8, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $10.825 million sale of an approximately 92-acre land site in the rapidly-growing Apex, North Carolina, area.
HFF represented the seller/developer, Raleigh, North Carolina-based Blue Heron Asset Management, LLC (Blue Heron), in the transaction. The Halle Companies (Halle) purchased the site free and clear of existing debt. Concurrent with the transaction, Halle also purchased an adjacent eight-acre parcel, which was separately brokered by an outside firm, to control the entire 100-acre Westford planned unit development (PUD).
The Westford PUD (Westford) was entitled by Blue Heron for up to 900 residential units and 550,000 square feet of commercial development. The site is ideally positioned at Jenks and Wimberly Roads near the U.S. 64 and Highway 540 interchange. Additionally, Westford is situated approximately 10 miles south of the Research Triangle Park and 19 miles west of downtown Raleigh. Other nearby amenities include the 23-mile American Tobacco walking and biking trail, Apex’s historic downtown district and Jordan Lake State Recreation Area.
The HFF investment sales team representing the seller was led by Justin Good and Allan Lynch.
“Since the opening of interstate-grade Highway 540 in 2012, the surrounding Apex area has been transformed into one of the region’s most sought-after suburbs claiming the top spot on Money Magazine’s Best Places to Live 2015 list,” said Good. “The area’s explosive growth made it especially attractive to developers.”
“We saw great potential in Apex when we made our initial investment five years ago,” added Maurice Malfatti, managing partner of Blue Heron. “Working collaboratively with the town, we were able to execute our business plan and add significant value through the entitlement and approval process.”
Article posted HERE
Source: Blau Journal, Global Real Estate News