Charlotte firm to buy much of NC Research Campus in Kannapolis

KANNAPOLIS, N.C. — David Murdock’s Castle & Cooke has struck a deal to sell the land surrounding the N.C. Research Campus and downtown in Kannapolis.

The city of Kannapolis announced on Sept. 27 that Castle & Cooke’s Kannapolis land holdings will be sold to Charlotte-based Insite Properties. The transaction includes 236 acres in Kannapolis, including much of the main N.C. Research Campus land adjacent to downtown. Insite plans to facilitate an investment of at least $500 million at the properties.

Insite’s preliminary plans for the land include 800,000 square feet of office, medical and research space, 47,000 square feet of commercial/retail space, 1,200 residential units, and the buildout and lease-up of the existing space at the campus’ Core Laboratory Building. Castle & Cooke will retain ownership of the two university buildings and one of the Rowan Cabarrus Community College buildings on the campus until 2028 and 2030, respectively. After that, those buildings will become state-owned.

The existing campus buildings and tenants will continue to operate as is.

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