TMCnet News
BRIEF: W. Raleigh building sells for $11.2 million(News & Observer, The (Raleigh, NC) (KRT) Via Thomson Dialog NewsEdge) Jul. 9--RALEIGH -- Builders Mutual Insurance paid Duke Realty $11.2 million for a 90,000-square-foot office building at 5580 Centerview Drive in West Raleigh. The home-builder insurance company is to occupy the building, which is east of Interstate 40 and south of I-440, when tenant American Kennel Club moves out next year, Duke says. Duke gained about $4 million in the deal. The office vacancy rate in West Raleigh dropped from 14.3 percent to 11.3 percent in a two-year period, as asking rental rates climbed 10 cents to $20.08 per square foot annually, according to Karnes Research. To see more of The News & Observer, or to subscribe to the newspaper, go to http://www.newsobserver.com. Copyright (c) 2007, The News & Observer, Raleigh, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |