HFF announces $32 million sale of Palisades I and II in West Raleigh, NC

Palisades I  and II office properties,
5400 and 5410 Trinity Road, West Raleigh, NC

Scott Humphrey

CHARLOTTE, NC –– HFF announces the $32.3 million sale of Palisades I and II, two Class A office assets totaling 161,480 square feet in the West Raleigh submarket of Raleigh, North Carolina.

The HFF team represented the seller, CapRidge Partners, LLC, and procured the buyer, Keystone Corporation.

Palisades I and II are located at 5400 and 5410 Trinity Road proximate to Downtown Raleigh, Research Triangle Park and RDU International Airport, the regions three major economic drivers. 

Additionally, the property is positioned within close proximity to NC State University, Glenwood South, Cameron Village and North Hills. 

Ryan Clutter

The assets have exceptional regional connectivity via Interstates 40 and 440 and are adjacent to NC State’s Carter-Finley Stadium and PNC Arena, two of the largest entertainment venues in the region. 

Completed in 2001 and 2005, Palisades I and II are four-story assets with a shared three-story parking deck and a leading amenity package featuring a café, vending area, lounge, conference center and fitness center with lockers and showers. 

At 96.2-percent-leased overall, the properties main tenants are: Kuehne + Nagel and NC State Student Aid Association. 

The HFF investment advisory team representing the seller consisted of senior director Scot Humphrey, senior managing director Ryan Clutter and directors Chris Lingerfelt and Zack Drozda.

Chris Lingerfelt

“We continue to be surprised by the level of interest from the investment community for high quality, well-located offerings in Raleigh-Durham such as Palisades, which offers an attractive near-term mark-to-market opportunity and a unique onsite amenity package,” Humphrey said.

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

 
CapRidge Partners is a fully integrated investment management and operating company focused on value-add office properties in nine select U.S. markets, including Raleigh. 

Their strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects.  Since 2012, CapRidge has purchased 34 office buildings.

Zack Drozda

Keystone Corporation is a Raleigh, North Carolina-based real estate development firm founded in 1979.  

Keystone utilizes the extensive acquisition, development, leasing and management experience of its principals and team to invest in a vast range of commercial and residential properties across the United States and internationally.  J

Patrick Gavaghan serves as CEO and president of Keystone.  With over 38 years of experience, Keystone has developed projects in seven states and five countries. 

J. Patrick Gavaghan

Keystone Corporation has built over 6 million square feet of office space, 7,000 single family lots, 1,500 Class A apartments, 296 townhomes, and 72 condominiums. 

CONTACTS:

RYAN CLUTTER

NC Lic. #172952

HFF Senior Managing Director

(704) 526-2800

rclutter@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

 keystonecorporation.com