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Prudential acquires two Raleigh office buildings and land near PNC Arena

Prudential Real Estate Investors has completed its acquisition of two prominent office buildings and 20 acres of land near the PNC Arena in Raleigh.

The purchase price was $45.75 million, according to Wake County property records. The closing ends a bankruptcy case that dragged on for more than a year.

The former owner of the buildings, Lichtin Corp., entered bankruptcy in February 2012 in an attempt to renegotiate the debt on the property.

Prudential makes $45.75 million bid for two Raleigh office buildings

Prudential Real Estate Investors has made a bid of $45.75 million for two prominent office buildings and 20 acres of land near the PNC Arena in Raleigh.

Prudential has made a stalking horse bid for the property, which means that any rival bidders will have to submit a cash bid of at least $46.4 million.

The property has been in bankruptcy for more than a year. The owner of the buildings, Lichtin Corp., entered bankruptcy in February 2012 in an attempt to renegotiate the debt on the property.

But Lichtin lost control of the property in May when Lichtin/Wade LLC, the Lichtin entity that owns the two buildings, had its bankruptcy case converted from Chapter 11 to Chapter 7, meaning its assets will be liquidated.

Judge converts Offices at Wade's bankrutpcy case to Chapter 7

Lichtin Corp., which entered bankruptcy in an attempt to renegotiate the debt on two prominent office buildings it owns near the PNC Arena, has lost control of the properties.

Lichtin/Wade LLC, the Lichtin entity that owns the two buildings, has had its bankruptcy case converted from Chapter 11 to Chapter 7, meaning its assets will be liquidated.

A bankruptcy judge approved the conversion last week after an equity investor Lichtin had lined up backed out of the deal, according to court filings.

Lichtin/Wade owns two 100,000-square-foot buildings, known as the Offices at Wade, which were built in 2008. It also owns adjacent land where three more buildings could be built.

Owner of office buildings near RBC Center files for bankruptcy

An entity that owns two office buildings and land near the RBC Center in West Raleigh has filed for Chapter 11 Bankruptcy.

Lichtin/Wade LLC, which is owned by Raleigh-based Lichtin Corp., owes BB&T Bank nearly $39 million, according to its bankruptcy filing. It also owes Wake County $290,870 in property taxes.

Lichtin owns two 100,000-square foot buildings, known as the Offices at Wade, that were built in 2008. It also owns adjacent land where three more buildings could be built.

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