A Florida investor will soon take ownership of the Soleil Center property in Raleigh's Crabtree Valley.
RL Regi Financial, LLC bid $4.2 million for the 5-acre site at a May 11 foreclosure auction.
Other buyers had until May 23 to submit a rival bid that had to be at least 5 percent higher. No rival bidders emerged.
RL Regi Financial is based in Miami, according to corporate records on file with the N.C. Secretary of State's office.
The entity has the same address as Rialto Capital Management, a real estate company that specializes in investing in distressed assets.
Rialto, a subsidiary of the homebuilder Lennar, didn't return calls seeking comment.
The company was formed in 2007 by Jeffrey Krasnoff and other long-time Lennar executives.
Rialto makes distressed investments and manages portfolios of properties.
The company raised $300 million late last year to purchase bank-owned properties and other non-performing assets.
Rialto's bid was $2 million less than the amount the developer, the Soleil Group of Cary, owed Regions Bank.
The Soleil Group planned to build a 43-story tower on the site that would have included a hotel, spa and condominiums.
The developer spent $20 million pouring a foundation that would support a 43-story building before the project stalled.