9/20/2007

Intercontinental acquires Class A office property in Raleigh for $33M

by

4700 Falls of Neuse Rd.

Boston-based Intercontinental Real Estate Corporation has acquired a 173,831 square foot office property in Raleigh, N.C., from Bakersfield, Calif.-based Castle and Cooke for $33 million.

Will Yowell and Justin Parsonnet of CB Richard Ellis' Atlanta and Raleigh offices brokered the transaction.

The Class A office building is located at 4700 Neuse Rd., and was 87 percent occupied at the time of sale by 20 tenants.

Intercontinental Real Estate Corporation is a real estate investment, development and management firm.

Castle and Cooke is a privately held real estate development company.

Address: 4700 Falls of Neuse Rd., Raleigh, N.C.

Size: 173,831 square feet

Built: 2000

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Filed Under: Office

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