Raleigh-Durham Commercial Real Estate Wrap-Up – October 2020

Development scores $199 million construction loan. Turnbridge Equities buys office property for $37 million. Catch up with our October selection of Raleigh-Durham must-reads.
Raleigh. Image by Mark Thomas via Pixabay.com

Raleigh-Durham’s commercial real estate sectors showed some significant activity in October. Even as office demand remains low and landlords offer concessions, one major suburban project landed a major development loan. The metro’s industrial activity also picked up, in line with national trends. Read our October list of Raleigh-Durham must-knows: 

1. FINANCING – Office development scores $199 million construction loan.

Bank OZK’s loan to Columbia Development encompasses 275,940 square feet across four buildings in Cary, according to Yardi Matrix. In addition to office space, the project also includes some 46,000 square feet of retail space. Located at 3110 Fenton Main St., the 92-acre site is within 8 miles of downtown Raleigh. Completion of the first structures is slated for 2021.

2. DEAL – Turnbridge Equities acquires 180 KSF property for $37.2 million.

Tower at Mutual Plaza is a 15-story office building located on 3 acres at 411 W. Chapel Hill S. Knighthead Funding provided the buyer with $21 million in acquisition financing. In 2015, seller Greenfire Development began an $11 million renovation at the high-rise, renovating the lobby and other common areas. Downtown Durham is within walking distance of the building.

3. LEASING – Online retailer signs 144 KSF lease at industrial facility.

CandleScience is set to occupy the space at Regional Commerce Center, located at 1247 Person St. Foundry Commercial assisted the tenant and the landlord, Scannell Properties. The facility features 17 dock doors, high-bay LED lighting fixtures, a mechanically-attached, insulated roof and approximately 120 parking spaces. The property is within 2 miles of downtown Durham and 11 miles of Raleigh-Durham International Airport. The tenant is expected to occupy the space starting in 2021.

4. DEAL – Nationwide Realty Investors sells office building for $22 million.

The 159,041-square-foot property is located at 4401 Creedmoor Road, on roughly 17 acres. State Employees’ Credit Union acquired the asset. According to Yardi Matrix data, Nationwide Realty had purchased the building in 1987 from Davidson & Jones. Built in 1975, the property was completely renovated in 2017. The surrounding area has several retail options, including Crabtree Valley Mall. Downtown Raleigh is 6 miles away.