The five-story building, built in 1986, is at 5400 Glenwood Ave within close proximity to Interstate 440. The asset is 91% occupied and the tenant roster includes Centex Homes; Camp Dresser & McKee; Angus Goudelock & Courie; MedThink Communications; and the NC Turnpike Authority.
CB Richard Ellis, along with NAI Carolantic Realty, represented the seller. CBRE's Ben Kilgore, senior vice president, and James Poole, associate, joined with James Barnes of NAI Carolantic Realty in marketing the property.
"The Raleigh office market continues to improve and attract national capital to the area. Brookwood's first acquisition here is a clear signal that institutional level capital views the Triangle marketplace as recovered and investment-ready," Kilgore says.
CBRE's MarketView for the Raleigh-Durham office market for the first quarter of 2006--the latest available--puts vacancy rates at 14.9% with lease rates averaging $18.39 per sf. The first quarter registered a slight increase in vacancy, which was expected, because several large leases expired. However, brokers expect the market to see a decrease in vacancy and an uptick in rents, the report states.
Carolina Corporate Center joins a portfolio of 44 properties, with approximately 6.8 million sf of office, retail, and research and development space as well as 143 hotel rooms, 138 condo units and 572 apartments. Brookwood is based in Massachusetts.
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