COLLIERS PINKARD BROKERS THREE LAND ACQUISITIONS

MORRISVILLE AND RALEIGH, N.C. — Jim Allaire of Raleigh-based Colliers Pinkard has brokered three land acquisitions for future hotel and multifamily developments, totaling more than $9 million, in Morrisville and Raleigh. Indianapolis-based Lodgeworks acquired 6 acres at Perimeter Park in Morrisville from Duke Realty for $1.9 million. Lodgeworks will develop a 140-suite Hotel Sierra on the property. Allaire represented the buyer, and Duke Realty was represented by Barry Bowling of CB Richard Ellis’s Raleigh office.
Raleigh-based Steven Enterprises has sold two properties in Raleigh to Grand Prairie, Texas-based Fairfield Residential and Atlanta-based HJH Associates. Fairfield purchased 25 acres at Corporate Center Drive in West Raleigh for $5.7 million. The site will be developed as a Class A apartment community. HJH Associates acquired 4 acres in Raleigh Corporate Center for $1.5 million, where it will develop a Hyatt Place hotel. Allaire was the sole broker in both transactions.