Crown Realty Sells Durham Life Sciences Portfolio
- Mar 05, 2020
Crown Realty & Development has sold Bradford Center and Berrington Center, two office and R&D buildings totaling 224,779 square feet in Durham, N.C. Alidade Capital paid $40.9 million for the fully leased assets in an off-market transaction. JLL represented the seller and procured the buyer in the deal. Yardi Matrix data shows the portfolio last traded in 2016 for $46 million.
Developed in 1999 on a 30-acre site at 5827 and 5927 S. Miami Blvd., the one-story buildings are part of Durham’s Imperial Center, a 450-acre business park encompassing office, retail, industrial and flex space, as well as restaurants, hotels and medical centers. The 121,833-square-foot Bradford Center and 102,896-square-foot Berrington Center feature laboratories and office areas.
The portfolio is 10 miles south of city center near the Triangle Expressway, with Raleigh-Durham International Airport roughly 4 miles east. The buildings are also east of the southern side of Research Triangle Park.
Crown COO Kreg Groat, Vice President Ann Vera and Senior Asset Manager Nikkie Marion led the negotiations on behalf of the seller, with the assistance of JLL’s Ryan Clutter, Scot Humphrey, Chris Norvell and Valerie Derrick. Clutter, Humphrey and Norvell were also instrumental in the $405 million sale of a 1.3 million-square-foot life science portfolio located in and near Research Triangle Park.