Durham Office Campus Commands $37M
- Jan 08, 2018
James Campbell Co. has disposed of Central Park South and West office campus in Durham, N.C. The buyer, Lincoln Advisors, paid no less than $36.5 million for the two buildings and the additional three acres of developable land. HFF represented the seller and procured the buyer on behalf of a public pension fund client.
Central Park West is a 98,888-square-foot asset located at 5001 S. Miami Blvd. According to Yardi Matrix, it was built in 1985 and renovated in 2016, which resulted in a refurbished lobby and upgraded common areas. The 123,540-square-foot Central Park South sits at 5003 S. Miami Blvd. and shares a large multi-level parking with the other building. Both structures feature efficient floor plates and are 76 percent occupied by 15 tenants, including Ashfield Healthcare, Weatherby Healthcare and Fidelity Information Systems.
The campus sits on 18.1 acres near the Research Triangle Park, one of the largest research parks in the world, and offers easy access to major roads such as interstates 40 and 540. Additionally, it is three miles from the Raleigh-Durham International Airport. The area offers several retail and hotel options, including The Shops at Imperial Point, Shiloh Crossing Retail Center, Hotel Indigo and Homewood Suites.
HFF Senior Managing Director Ryan Clutter, Senior Director Scot Humphrey and Director Chris Lingerfelt worked on behalf of the seller. HFF brokered a similar transaction, of two Class A office buildings in Durham, back in March 2017.
“The sale of the Central Park assets demonstrates yet again the growing investor appeal of the Raleigh-Durham market,” Clutter said in a prepared statement. “This was one of the most competitive offerings our team worked on in 2017 with a considerably deep pool of interested buyers. We believe well-located assets in the Carolinas and Raleigh-Durham, in particular, will continue to see strong interest from institutional capital for the foreseeable future with 2018 likely to see record capital flows into the market.”
Image courtesy of Yardi Matrix