Out-of-State Investor Group Buys Crabtree Valley Office Building for $7M
- Feb 26, 2015
by Adriana Pop, Associate Editor
The TrustAtlantic Bank office property at the corner of Glenwood Avenue and Creedmoor Road in Raleigh has a new owner.
According to the Triangle Business Journal, JPB Holdings LLC, a partnership led by former furniture industry executive John Buchheit of Rochester, N.Y. recently purchased the five-story, approximately 32,300-square-foot, building for $7.3 million. The transaction also included the property’s 2.4-acre site, which had been under a long-term lease for the past 50 years. The sellers were two trust funds that had been set up for the descendants of the late Luna Mangum Beam and Elva A. Kost, and were represented by Ben Kilgore and Jeff Glenn of CBRE-Raleigh. JPB Holdings was represented by Jimmy Barnes and Whit Brown of NAI Carolantic Realty of Raleigh.
The property was completely occupied at the time of sale. Its other tenants include Maginnis Law, Workday Inc. and Executive Suites of North Carolina.
Formerly known as the Time & Temperature Building for its digital signage display, the 40-year-old building across from Crabtree Valley Mall underwent a complete renovation in 2010 and is currently LEED Silver certified. The bank, which relocated its headquarters into the building in 2010, recently extended its lease through 2020, making the asset even more attractive.
“The new buyer has been looking for property in this market for the last eight months to a year, and this is his first acquisition – what will hopefully be several more,” Barnes told the newspaper.
NAI Carolantic Realty will continue to handle marketing and leasing activities, while Tri Properties of Durham will remain in charge of the asset’s management duties.
Photo credits: 310ai.com