A company with strong development ties in the Triangle has announced the purchase of Pittsboro Place. Pittsboro Place is a 204.368-acre site located at the intersection of Industrial Park Drive and U.S. Hwy. 64 Business.
A company with strong development ties in the Triangle has announced the purchase of Pittsboro Place.
Pittsboro Place is a 204.368-acre site located at the intersection of Industrial Park Drive and U.S. Hwy. 64 Business.
The property was purchased by Halle Companies, a Maryland-based company that specializes in the development, construction, and property management of both residential and commercial real estate. Halle Companies purchased the property for $4,400,000 from OSAS Properties LLC.
Currently, the property is zoned as a Mixed Use Planned Development (MUPD) and Manufacturing District - Heavy Industrial(M-2). Zoning allows for commercial, office, institutional, hotel, residential and recreational uses under the MUPD district. A variety of industrial uses, excluding noise, gas, and vibration producing industries are allowed under the M-2 district zoning.
Future land use in the neighborhood calls for a mixed use neighborhood and industrial uses.
The property has access to municipal water, and will have access to municipal sewer through Chatham Park’s Phase II future development.
Officials with the Town of Pittsboro and CBRE|Raleigh were contacted about the future plans for the development, but did not respond before the print deadline.
In addition to Pittsboro Place, Halle Companies also purchased the 515-acre site Olde Towne in Raleigh.
“Both of these transactions were unique and challenging, which was befitting for us,” said Eric Rifkin, assistant vice president with Halle Companies in a released statement. “The capacity to cogitate calculated risks in short periods of time has been our modus operandi, and that virtue is exemplified in these acquisitions.
“We are a small, tight-knit group who have worked tirelessly to ensure these acquisitions were finalized, and we could not be more pleased with the results,” Rifkin said. “We look forward to continuing our existing projects, and adding these to our pipeline of development. We are thankful to CBRE for their involvement and guidance.”
“As returns in the primary markets tighten, we are seeing more out-of-market capital searching for opportunity in secondary, fast-growing markets such as the Triangle,” CBRE|Raleigh’s Carlton Midyette III said in a released statement.
Midyette, Barry Bowling and Chester F. Allen represented the seller in the Pittsboro Place transaction and Halle Companies in the Olde Towne transaction.
“Halle Companies’ recent raw land investments in the Triangle is a sign of just that,” Midyette said. “These land investors are finding the prospect for better returns and more opportunities than in many now-overcrowded primary cities.”
Halle Companies has developed several large-scale projects in the Triangle, including Ellis Crossing in Durham, McCullers Walk in Garner, Raleigh Beach in Raleigh, and The Villages of Apex and Westford in Apex.