Flex Portfolio Sells in $56M Transaction

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.