Founders Properties Buys Raleigh Office Portfolio for $23M
- May 22, 2019
Stoltz Real Estate Partners has sold the three-building Spring Forest Business Center in Raleigh, N.C., for $22.5 million to Founders Properties, according to Yardi Matrix. The Woodmen of the World Life Insurance Society provided $14.5 million in acquisition financing to the buyer, set to mature in 2029.
The property last changed hands in late 2017, when Stoltz acquired the asset for nearly $18 million from a joint venture between Somerset Properties and Alex. Brown Realty.
Located at 3100, 3150 and 3200 Spring Forest Road in the Falls of Neuse submarket, the campus is positioned roughly 7 miles northeast of downtown Raleigh. The property is within 2 miles of Interstate 540 and a stone’s throw from the 1.6 million-square-foot Triangle Town Center shopping mall.
The asset was last renovated in 2017, according to Yardi Matrix. The three one-story buildings are leased to a mix of tenants, including American Anesthesiology, Prometric, nThrive and Liberty HomeCare & Hospice. Nearly 600 parking spaces are located on-site, with a public transportation route half a mile away.
In March, another, larger office park changed hands for $23.2 million in nearby Greensboro, N.C. The four-building campus contains just shy of 265,000 square feet.