HFF announces the $7.2 million sale of Covington at Imperial Center, an 8.03-acre land site within Durham, North Carolina’s Imperial Center.

The HFF team marketed the parcel on behalf of the seller, Crown Realty & Development. Woodfield Development purchased the site free and clear of existing financing.

Covington at Imperial Center is located at 5321 Page Road, which positions it between Raleigh and Durham’s central business districts and within minutes of Research Triangle Park. The site is also within walking distance to the surrounding lifestyle amenities and employers in Imperial Center, which is home to more than four million square feet of mixed-use space situated on 456 acres. Covington at Imperial Center is zoned for up to 300 multi-housing units, up to 8,700 square feet of office and up to 10,000 square feet of retail.

The HFF investment advisory team representing the seller consisted of managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and directors Caylor Mark and Sarah Godwin.

Crown Realty & Development’s Chief Operating Officer Kreg Groat represented the seller in the transaction and stated, “This was a treasured asset given the enormous development opportunity, and we are excited and confident that Woodfield will develop a fantastic product, which will positively impact the entire Imperial Center.”

Holliday GP Corp., a North Carolina licensed real estate broker.

About Crown Realty & Development

Crown Realty & Development was established in 1994 by Robert Flaxman and Jamie Sohacheski to apply intelligent real estate strategies with determined and reliable execution. Headquartered in Costa Mesa, California, and with offices in Beverly Hills and Paradise Valley, Arizona, the firm’s current portfolio of office, retail, multifamily and industrial projects, with a portfolio value approaching $1 billion. Crown’s team members in the disposition included Ann Vera, Vice President of Transactions, and Nikkie Marion, Senior Property Manager.

About Woodfield Development

Woodfield Development is a premier developer and operator of Class A multifamily communities in the Mid-Atlantic and southeastern United States. The partners in Woodfield share a depth of experience in development, asset management and real estate capital markets. Since the formation of the company in 2005, Woodfield has completed 35 communities, has eight communities under construction and 13 projects at various stages of entitlement and design. From the first development and each one thereafter, Woodfield Development’s singular goal has been to deliver well-conceived, thoughtfully designed, market-supported projects that hit the mark and then some. With a track record that stands alone, Woodfield Development sets out to assemble the best team of designers, consultants, architects, contractors and capital sources – every project, every time.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.