Lone Star-Managed Fund Acquires 11 Distressed Office Properties in Raleigh and Morrisville
- Aug 09, 2013
by Adriana Pop, Associate Editor
An investment fund managed by Lone Star Funds of Texas has acquired 11 office buildings in Raleigh and Morrisville for a total of $45 million, the Triangle Business Journal reports. U.S. Bank acquired the properties for $49 million at a foreclosure auction in January.
Three of the buildings are located at the Spring Forest Business Center in northeast Raleigh. Built in the late 1980s, the structures offer a combined 154,581 square feet of flexible office space and were 86 percent leased at the time of sale.
The remaining eight buildings are located at the Eastridge at Perimeter Park corporate center in Morrisville. Built in the mid-1980s, the properties total about 478,356 square feet and were 61 percent leased upon closing.
In regional news, Publix Super Markets Inc. has announced plans to open the chain’s first store in the Triangle region. According to the Triangle Business Journal, the 49,000-square-foot supermarket will anchor the $60 million Bradford apartment and retail development currently under construction at the northeast corner of High House Road and Davis Drive in Cary. The new location is expected to welcome its first customers by the end of 2014.
The Florida grocer has also announced it would enter the Asheville market with the opening of a new store next year. The 49,000-square-foot supermarket will be located at the southeast corner of Hendersonville and Overlook Roads.
The company’s first three North Carolina supermarkets are slated to open in the Charlotte area startingin early 2014. One of the establishments is currently under construction in Ballantyne, while the other two will be located at the intersection of South Boulevard and Iverson Way and at the intersection of Matthews Mint Hill Road and Lawyers Road, respectively.
Photo credits: www.lutzinvestments.com