Raleigh's Kane Realty continues to make big deals in 2025
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The Park Central Apartment complex. Photo: Courtesy of KBS
Kane Realty, the Raleigh-based developer behind North Hills and many projects in downtown, has sold several of its biggest properties this year for hundreds of millions of dollars.
Why it matters: The moves come as Kane prepares for its next round of transformative projects after remaking large swaths of Raleigh over the past decade, from North Hills to downtown neighborhoods like Smoky Hollow and the West End.
Driving the news: Kane announced last week that it had sold the Park Central building in North Hills, which it co-developed with KBS, to Fairfield Residential for $132.5 million.
- Park Central is one of the largest apartment buildings in North Hills with nearly 300 units and retail tenants like Jubala, Orangetheory, Midtown Yoga, and Happy and Hale.
Zoom in: Kane has not yet responded to a request for comment. The deal is just the latest high-dollar sale it has closed this year. Others include:
- In March, Kane sold the 100%-leased Advance Auto Parts office tower to Highwoods Properties for $138 million.
- That same month, it also sold the Peace Street apartment building, home to the downtown Raleigh Publix grocery store, to Cortland for $152 million.
The big picture: Those $100-million-plus sales all come as Kane prepares plans for its next round of expansion.
- In May, it began construction on the Strand, a 20-story mixed-use tower in North Hills.
- This summer, it refiled a contentious rezoning request to allow for up to 37 stories of height along Six Forks Road and make way for even more major construction.
- And all the while, the developer continues to try to attract financing and tenant interest to begin construction on perhaps its most ambitious project: Downtown South, which would bring high-rise offices, apartments and potentially a sports stadium on Saunders Street south of downtown Raleigh.