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Raleigh Firm Pays $26.46 per SF for 80-Year-Old Landmark

ATLANTA-A locally based partnership of Superior Building Co. and Martin-Marietta Aggregates has sold the vacant 24,000-sf former headquarters of the Mexican Consulate in Raleigh, NC to Raleigh Commercial Real Estate and Development for $635,000. The buyer plans a $500,000 renovation.

By Marita Thomas | Updated on September 30, 2002

ATLANTA-Raleigh Commercial Real Estate and Development has paid $635,000, or about $26.46 per sf for the 80-year-old, five-story, 24,000-sf office building in Downtown Raleigh that housed the Mexican Consulate until last summer.

The seller is 414 Associates, a partnership of Raleigh-based Superior Building Co. and Martin-Marietta Aggregates.

The buyers have begun renovation, which, according to published reports, will cost about $500,000. The ground floor and second floor are being redeveloped for restaurant and retail space, and the top three floors will be office suites.

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