KBS, Kane Sell Office Building in Raleigh’s North Hills Development for $127M

RALEIGH, N.C. — Newport Beach, Calif.-based KBS Realty Advisors and Raleigh-based Kane Realty Corp. have sold Midtown Plaza, a 12-story office building in Raleigh, for $127 million. The newly built office property is located within North Hills, a mixed-use development that features hotels, apartment units, a movie theater, retail and restaurant space. KBS and Kane completed construction on the building last spring. Healthcare technology company Allscripts occupies nine of the 12 floors. James Cassidy and Jud Ryan of Newmark Knight Frank represented KBS and Kane in the transaction. The name of the buyer was not disclosed.