Mark De Riemer of Chicago-based Jones Lang LaSalle's New York office handled the disposition. He declined to reveal the sale price, but local brokers familiar with the property tell GlobeSt.com the negotiated price was between $24 million and $25 million.
The Centerview Office Park is located at the intersection of I-40 and I-440 in the West Wake submarket of Raleigh. It consists of two four-story buildings and one three-story building with a combined occupancy of 90%, De Riemer tells GlobeSt.com. The developable land is zoned for general commercial use and could hold an addition 250,000 sf of office space, he adds.
One of the four-story buildings, the Bladen Building, is fully occupied with the headquarters of American Kennel Club. The other four-story structure is called the Yancey Building. The three-story Forsyth Building is the newest, built in 1999. The most recognized of the 24 tenants in those two buildings are NCR Corporation, SAP and National Life Insurance.
JLL's Deb Proskurniak, who also worked on the deal and has managed and leased the property over the past two years, says the property's convenient location relative to the downtown/state capitol area, the airport, Research Triangle Park and major amenities are "factors in the property's ability to attract and retain solid tenants."
"The interest in this offering was very strong in spite of the fact that it combined a core-plus office component with a significant, speculative land development component," adds De Riemer. "A good portion of the interested bidders were locally based or had operations in the Triangle region, testimony to the project's appeal to area tenants and to its potential to support future development."
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