A portfolio of 11 flex buildings in Morrisville and North Raleigh has been foreclosed upon and taken back by the lender for $49 million, according to Wake County property records.

The 631,582-square-foot portfolio, which includes eight buildings on Perimeter Park Drive in Morrisville and three buildings on Spring Forest Road in Raleigh, was sold at auction on Jan. 2 in Raleigh.

Farmington Hills, Mich.-based Lutz Real Estate Investments and Capri Capital Partners had acquired the buildings in 2007 for $56.3 million.

The firms borrowed $53.7 million from UBS Real Estate Investments in 2007, according to property records. That loan was bundled with other commercial real estate loans and sold to Wall Street investors as a commercial mortgage-backed security.

U.S. Bank acquired the properties, acting as trustee for the note holders.

Moissanite gemstone maker Charles & Colvard has extended its lease in Morrisville's Perimeter Park for an additional five and a half years.

The company leases 16,500 square feet in EastRidge, a business park with 477,000 square feet of office and flex space.

The lease extension was outlined in a filing with the Securities and Exchange Commission.

Charles & Colvard got a reduced rental rate and a 50 percent rent abatement for the first 12 months of the extension.

The rental rate will increase 3 percent annually, and the company will have an option to terminate the lease in 2014.

Charles & Colvard's lease was originally set to expire in July.

It remains a great time for stable companies to have their lease come up, as landlords are being very aggressive in trying to keep those that they already have.

"We did leverage the market a little bit," said Timothy Krist, the company's chief financial officer.