Starwood Capital Group JV Buys Business Park for $209M

JLL Capital Markets facilitated the sale of the 17-building property in metro Raleigh-Durham.
Southport Business Park, Building 13

A partnership of Starwood Capital Group and Trinity Capital Advisors has purchased the 17-building Southport Business Park in Morrisville, N.C., from GID. The large-scale, flex-to-life science conversion opportunity traded for $208.6 million, according to public records. JLL Capital Markets represented the seller.

READ ALSO: Repositioning Commercial Buildings Into Life Science Facilities: Q&A

Southport Business Park is located on 114 acres at Aviation Parkway, 3 miles south of Raleigh-Durham International Airport and comprises 911,702 square feet. Additionally, the property includes three lots, zoned for 200,000 square feet of commercial space.

The site is situated in proximity of Interstate 40 and within a 14-mile radius of both Raleigh, N.C. and Durham, N.C. The light industrial/flex business park already holds a significant lab component, facilitating its potential transition into the life sciences industry. The largest science research park in the U.S. —Research Triangle Park in Durham— is 7 miles away.

Senior Director Patrick Nally, Senior Managing Director Ryan Clutter and Associate Valerie Derrick made up the JLL Capital Markets team working on behalf of GID.

Earlier this year, Starwood Capital Group acquired the first two phases of Airport Logistics Park in Nashville, Tenn. The company paid $62.3 million for the nearly 400,000-square-foot industrial complex.