Sunday, July 31, 2016

HFF closes $35 million sale of 2-building industrial portfolio in Durham, NC

Tech Distribution Center, 2012 T.W. Alexander Drive, Durham, NC

CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $35 million sale of a two-building, 100-percent-leased, Class A industrial portfolio totaling 448,385 square feet in Durham, North Carolina. 

HFF marketed the property on behalf of the seller, Stoltz Real Estate Partners.  Principal Real Estate Investors purchased the portfolio.

Chris Norvell
The portfolio comprises Tech Distribution Center and Tri-Center North V.  The 245,000-square-foot Tech Distribution Center is located at 2012 T.W. Alexander Drive and features a two-story glass entrance along with 30’ clear heights, 50’ by 50’ column spacing, 180’ deep truck courts and 24 dock-high doors. 

Completed in 2001, the facility has approximately 28,000 square feet of office area (11.4 percent of the building). 

Located at 3500 Tri-Center Boulevard, the 203,385-square-foot Tri-Center North V is situated on 20 acres within Research Tri-Center, a 130-acre master-planned industrial park. 

Originally constructed as a built-to-suit for IBM, the facility has both a 185’ deep truck court and a 120’-130’ truck court, providing a significant opportunity for on-site trailer storage in addition to almost 20,000 square feet of office space (9.7 percent of the building). 

The HFF investment sales team representing the seller was led by senior managing director Chris Norvell.

”We continue to see strong demand for industrial investment opportunities throughout the Carolinas,” Norvell said.  “The Raleigh-Durham market is particularly strong in that there are significant barriers to entry for development, particularly in the RTP/I-40 corridor submarket where total occupancy is hovering around 100 percent.  It’s an excellent long-term investment.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

No comments: