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| Central Park South and West, Durham, NC |
CHARLOTTE, NC –– HFF
announces the $36.5 million sale of Central Park South and West, a two-building
office campus totaling 223,370 square feet in Durham, North Carolina.
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| Ryan Clutter |
The HFF team marketed the
property on behalf of the seller, James Campbell Company, LLC, and procured the
buyer, Lincoln Advisors, on behalf of a public pension fund client.
Central Park South and
West is situated on 18.3 acres at 5001 and 5003 South Miami Boulevard in the
RTP/I-40 submarket.
This location offers
convenient access to Interstates 40 and 540, the areas two primary
transportation nodes, and is just three miles from Raleigh-Durham International
Airport and across from Research Triangle Park.
Additionally, the immediate area offers an
abundant retail amenity base, including The Shops at Imperial Point and Shiloh
Crossing Retail Center, and two hotels directly across Central Park Drive from
the assets; Hotel Indigo and Homewood Suites.
Central Park South and
West are 76 percent leased to 15 tenants, including Ashfield Healthcare,
Weatherby Healthcare and Fidelity Information Systems. The property features efficient floor plates,
superior glass lines and abundant parking through surface and structured
parking resulting in a parking ratio of 5.3 spaces per thousand square feet, an
attractive advantage in the Raleigh-Durham market.
 |
| Scot Humphrey |
The offering also included two developable
land sites totaling 3.06 acres for additional office development or parking.
The HFF investment sales
team representing the seller included senior managing director Ryan Clutter, senior director Scot Humphrey and director Chris Lingerfelt.
“The sale of the Central
Park assets demonstrates yet again the growing investor appeal of the
Raleigh-Durham market,” commented Clutter.
“This was one of the most competitive offerings our team worked on in
2017 with a considerably deep pool of interested buyers.
“We believe well located assets in the
Carolinas and Raleigh-Durham in particular, will continue to see strong
interest from institutional capital for the foreseeable future with 2018 likely
to see record capital flows into the market.”
“Given the recent surge in
new job announcements and corporate relocations in Raleigh-Durham – mostly from
fast-growing technology companies – Central Park is poised to benefit from what
we expect will be another year of very healthy demand for office space in the
market,” added Humphrey.
Holliday GP Corp.
("HFF") is a North Carolina licensed real estate broker.
For more information on this news release, please
contact:
Kristen Murphy
Director, Public Relations
T: 617-848-1572
| M:
617-543-4873
.
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