RALEIGH, NC-The JP Morgan Fleming-managed Strategic Property Fund has sold the 250,200-sf Centerview Office Park here and 22 acres of adjacent developable land to Duke Realty Corp., the public REIT based in Indianapolis. JP Morgan Fleming VP Peter Nicoletti says Centerview was a solid performer in its portfolio, “but we exceeded our target holding period and wanted to redeploy the proceeds into other investment opportunities.”

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.