Updated Jan 19, 2026
King Street Properties Acquires 104 Acre Development Site In Durham From Alexandria Real Estate Equities For $29.5M
3029 East Cornwallis Road
$29,500,000
Building Size
—
Asset Type
Development Site
Closing
Jan 14, 2026
About this deal
AI
The property asset involved in the transaction is a development site located at 3029 East Cornwallis Road in Durham, NC. The site spans 104 acres and has been sold for $29,500,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $29,500,000
- Buyer: King Street Properties
- Seller: Alexandria Real Estate Equities Inc
- Sale Date: 01/14/2026
- Market: Durham, NC
Alexandria Real Estate Equities Inc sold its undeveloped RTP site, which reflects a strategic shift to focus on larger, customized biotech projects amid a local oversupply of life sciences space.
Players
Durham Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93