Four buildings in the Highwoods Office Center that are owned by Craig Davis Properties are scheduled to be auctioned off on Sept. 17.
The buildings, part of the the 150-acre Highwoods Office Park in Raleigh, contain about 256,000 square feet.
Craig Davis Properties and New York-based First Point Partners bought the buildings in February 2007 from Raleigh-based Highwoods Properties for $30.4 million. The Cary developer and First Point borrowed $29 million from Column Financial Inc. as part of the deal, according to Wake County property records.
Craig Davis didn't immediately return a call seeking comment.
The properties were build between 1982 and 1999 and had been owned and managed by Raleigh-based Highwoods until Craig Davis bought them.
They were 80 percent leased at the end of June, according to a Grubb & Ellis Thomas Linderman Graham survey of Triangle properties.
The Highwoods Office Park is located just outside the Beltine between Atlantic Avenue and Capital Boulevard.
Craig Davis Properties has has been a major developer and acquirer of properties in the Triangle over the last two decades. Among the company’s projects is the Greenfield North Business Park in Garner.
A number of the Cary developer’s projects, including the Alliance Center at N.C. State University's Centennial Campus and the Charter Square project in downtown Raleigh, are stalled because of the credit crunch.