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$153M-Plus Buy Opens Triangle Door for Argus

RALEIGH, NC-The acquisition includes the 30-story Wachovia Corporate Center and Alexander Square, a parking garage and retail property.

By Melissa Kress | Updated on February 01, 2007

RALEIGH, NC-After looking in the Triangle Area for some time, Argus Realty Investors has made its first purchase, adding the Wachovia Capitol Center to its portfolio. The $153.4-million transaction includes Alexander Square, a parking garage property with retail and 750 parking spaces.

The total purchase comes in just under 560,000 sf and the transaction carries an approximate 6.5% cap rate. The seller was a client of DRA Advisors. CBRE brokers Will Yowell of the Atlanta office and Ben Kilgore of the Raleigh office repped the seller.

“This is our first buy in the Triangle Area,” Paul Gaines, chief investment officer, tells GlobeSt.com. “We have been looking in the market for some time. This was an opportunity to buy a class A tower Downtown.”

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