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| Venture Center, 4117 Emperor Boulevard, Durham, NC |
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| Greg LaBine |
CHARLOTTE, NC, July 6,
2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged $21.878 million in financing for Venture
Center, a vacant, 138,337-square-foot, single-story lab building in Durham,
North Carolina.
HFF worked on behalf of
the borrower, an affiliate of Longfellow Real Estate Partners, to secure the
three-year, floating-rate loan through Citizens Bank. Loan proceeds will be used to fund capital
improvements for the lab conversion.
Venture Center is situated
on 14.26 acres at 4117 Emperor Boulevard
in the Research Triangle area of North Carolina. This location positions the property less
than two miles from Research Triangle Park and less than five miles from the
Raleigh-Durham International Airport in the Research Triangle Park/Interstate
40 corridor submarket of Raleigh-Durham.
GlaxoSmithKline, the longtime tenant at the
property, sold and vacated the building late last year. The new owner will implement a complete
rebuild of the lab space that will include adding a new loading dock,
additional parking spaces, repainting the building and fully landscaping the
courtyard.
“Longfellow's science and
technology ecosystem consists of the highest quality buildings in the best
locations. We see outstanding value and opportunity in the Research Triangle
area’s concentration of talented individuals, exceptional universities,
entrepreneurial spirit and thriving quality of life,” said Adam Sichol, managing partner, Longfellow Real Estate Partners.
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| Cory Fowler |
The HFF debt placement
team representing the borrower was led by managing director Greg LaBine and associate director Cory Fowler.
“The Research Triangle is
one of the fastest growing hotspots for technology and life sciences. As such, Longfellow has identified robust
demand in the market for professionally owned and operated life science real
estate,” said Fowler.
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 | www.hfflp.com
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