HFF Completes Warehouse Sale in Raleigh
- Mar 28, 2016
By Adriana Pop, Associate Editor
HFF marketed the facility on behalf of the seller, Chris Woody & Associates. Stoltz Real Estate Partners, a real estate investment firm based in Bala Cywynd, Penn., paid nearly $10.7 million to purchase the asset free and clear of existing debt.
Eaton Corp., one of the largest industrial manufacturers of power management producers in the world, holds a triple net lease for Eaton Distribution Center, which serves as an office, distribution and repairs center for the company. The facility contains 163,971 square feet of warehouse space with a 24-foot minimum clear height, 120 to 170 feet deep concrete truck courts, 23 dock-high doors and one drive-in door. Additionally, the property encompasses 21,029 square feet of office space.
Eaton Distribution Center is situated on 23.4 acres at 8380 Capital Blvd. in the North Raleigh submarket proximate to the U.S. Highway 1/Capital Boulevard interchange, one of Raleigh’s primary transportation arteries. The center, which was built in 1980 as a distribution facility for the Kerr Drug retail chain, also offers immediate access to Interstate 540, providing routes to Interstates 85, 40 and 440; Raleigh-Durham International Airport and the Research Triangle Park.
Chris Norvell, Justin Good and Scot Humphrey led the HFF investment sales team representing the seller.
The transaction marks Stoltz’s third major warehouse acquisition in the Triangle in the last 24 months, according to the Triangle Business Journal. In 2014, the company bought the 250,000-square-foot Tech Distribution Center building and the Research Tri-Center North V building in Durham near Research Triangle Park. All these acquisitions exceed $39 million.
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