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Triangle's Largest Industrial Complex Sells

DURHAM, NC-On behalf of its latest fund, Chicago-based Transwestern Investment Company acquires Research Tri-Center North & South, a nine-building, 1.7 million-sf development here that is 44% leased.

By Brian K. Miller | Updated on February 15, 2005

DURHAM, NC-Research Tri-Center, the Triangle’s largest industrial park, has a new owner. Through its latest fund, Chicago-based Transwestern Investment Company acquired the nine-building, 1.7 million-sf development from NationsBanc Mortgage Capital Corp. The sale price was not disclosed by the parties involved and not otherwise immediately available.The park is 44% leased. NationsBanc Mortgage Capital took the park back from Virginia-based brothers Art and Steve Sandler last year after they reportedly defaulted on more than $80 million in loans. NationsBanc hired Isaac Pesin of Lennar Partners of Miami Beach to oversee the sale of the property. Pesin hired Jim Allaire and Chris Norvell of the Colliers Pinkard in Raleigh to market the property. Allaire and Norvell also will handle day-to-day leasing for the new owner, and Trammell Crow Company will continue to be responsible for property management. Neither Allaire nor Norvell were available Tuesday for comment. Pesin and Transwestern’s SVP of acquisitions Ross Cowan also were unavailable Tuesday to discuss the transaction. In a prepared statement, Cowan says the strong demographics and improving job growth in the Raleigh-Durham region is what has Transwestern attracted to the region. Tri-Center is Transwestern’s third acquisition in the region in the past 12 months. Previously, it acquired the 9000 and 11000 Regency office buildings in Cary, NC, for $42 million, and the Alexan Farms apartment complex in Durham for $25.4 million. Transwestern’s current holdings include 72 office properties totaling in excess of 17 million sf, 20 industrial/”flex” properties totaling 3.2 million sf, 16 multifamily complexes totaling 6,200 units, five retail properties and 19 mezzanine loan investments. Its latest investment vehicle is Aslan Realty Partners II LP, a $680 million fully-discretionary equity fund.

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