Gemini Rosemont Expands Portfolio with NC Office

The company acquired SouthCourt, a six-story, Class A office building in Durham.

by Laura Calugar

The SouthCourt office building in Durham, N.C.
The SouthCourt office building in Durham, N.C.

Durham, N.C.Gemini Rosemont LLC, a commercial real estate investment company with holdings of approximately 13 million square feet of commercial office space, has purchased the six-story SouthCourt office building in Durham, N.C., from Torchlight Investors. The price was not disclosed. Scot Humphrey, HFF director, and Ryan Clutter, senior managing director, brokered the transaction.

Situated at 3211 Shannon Road, the Class A office building adds 131,976 square feet of rentable space to Gemini Rosemont’s portfolio. Located on 6 acres along Highway 15-501, one of the most heavily traveled corridors between Durham and Chapel Hill, SouthCourt is less than 4 miles from downtown Durham. The Research Triangle Park and downtown Raleigh, N.C., are also easily accessible. On-site amenities include ground-floor retail, a fitness center and salon, coupled with Fresh Market, Starbucks, Super Target and Mi Peru within walking distance. According to Yardi Matrix data, the 1998-built asset last sold for $12 million in 2014.

“SouthCourt is considered to be the premier office building in South Durham. It exceeds the investment criteria we have established for our acquisition program,” said Don Henry, COO & CIO for Gemini Rosemont, in prepared remarks.

This is the second acquisition this year by Gemini Rosemont. The company added the 19-story, 177,489-square-foot 610 West Ash St., office tower in San Diego’s downtown Little Italy district to its portfolio in April. Gemini Rosemont now owns 107 buildings in 18 states across the U.S.

Image courtesy of Gemini Rosemont