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| 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.
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| 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 | www.hfflp.com
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