JV Acquires Office, R&D Asset in Downtown Durham
- Jul 26, 2018
A joint venture of Wheelock Street Capital, SLI Capital and Trinity Capital Advisors has purchased Venable Center, a three-building office and R&D property in Durham, N.C. Federal Capital Partners sold the asset.
Venable Center is located at 303 S. Roxboro St., near the intersection with Pettigrew Street in downtown Durham. The historic asset was converted to its current use in 2007 and comprises 87,416 square feet, out of which 16,000 square feet is laboratory space. Venable Center is just minutes away from the very center of Durham, with the surrounding area featuring a plethora of shopping and dining destinations. Mass transit stations can be found within walking distance and the property offers immediate access to Durham Freeway.
Federal Capital Partners acquired Venable Center in 2016 for $18 million. The company implemented an extensive site and building improvement program. Tenancy was stabilized and the building is currently fully occupied, according to Yardi Matrix. FCP also repositioned the property, to enable future development potential.
FCP recently completed the $226 million sale of One Dulles Tower in Herndon, Va. The 403,600-square-foot trophy tower is fully occupied by Amazon Web Services.
Photo courtesy of Federal Capital Partners