Raleigh-Area Office Assets Change Hands
- Nov 27, 2019
Cushman & Wakefield has secured the sale of two office properties in the Raleigh, N.C. area. David Finger and Sara Owen represented the seller in both transactions: American Residential Investment Management in the sale of Capital Club, a 47,979-square-foot historic office building in Raleigh, and Castalia Group LLC in the sale of Castalia at Meadowmont, a 47,970-square-foot property in Chapel Hill, N.C.
The transaction comes after the company represented ZTelco in the acquisition of a $2 million office building in San Diego.
Located at 16 W. Martin St., in the heart of downtown Raleigh, Capital Club was built in 1930 for an elite men’s literary and social organization founded in 1885. The 12-story building has been anchored by HQ Raleigh and Capital Club 16 Restaurant & Bar for the past 10 years and includes roughly 5,000 square feet of retail space. Hem + Spire LLC was the buyer in the deal. According to Yardi Matrix data, the asset last traded in 2016 when American Residential Investment Management purchased it for $7.4 million.
Acquired by GEM Land Co., Castalia at Meadowmont sits on 4.2 acres at 301 W. Barbee Chapel Road. Built in 2009, the three-story building features a mix of office space on the first two floors and five residential condos on the third floor. The property provides convenient access to various retail, dining and shopping venues, as well as to the Raleigh Durham Airport, located about 8 miles away.
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