Search
 

Flex Portfolio Sells in $56M Transaction

RALEIGH, NC-A joint venture enters the Raleigh-Durham market with the acquisition of a 631,582-sf office flex portfolio.

By Melissa Kress | Updated on April 05, 2007

RALEIGH, NC-Two Midwest firms have joined together to purchase a 631,582-sf office flex portfolio for $56.25 million, giving both an entrance into the metropolitan market. Lutz Real Estate Investments, acting on behalf of Raleigh Flex Investor I LLC and Raleigh Flex Investor II LLC, and Capri Capital Partners of Chicago acquired the two-property portfolio from FirstCal Industrial 2 Acquisitions LLC–itself a joint venture of First Industrial Realty Trust and CalSTRS.

The 631,582 sf spans 11 single-story office flex buildings within two business parks: Perimeter Park, now known as EastRidge at Perimeter Park, and Spring Forest Business Center. Adam Lutz, principal of the Farmington Hills, MI-based Lutz Real Estate Investments, tells GlobeSt.com the deal carried an approximate 7.5% cap rate.

East Ridge at Perimeter Park contains 477,495 sf in eight buildings and the tenant roster lists 18 companies, mostly tech firms and laboratory users. Located in the RTP/I-40 submarket, the park is two miles from RDU International Airport and near Duke University, University of North Carolina and North Carolina State University.

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.