"Raleigh-Durham is a very vibrant and growing market even in these difficult times," Crown partner and principal owner Robert Flaxman tells GlobeSt.com. "This portfolio is in the crossroads of that market, which has high barriers to entry."
Crown EVP of southeast acquisitions Ken Groat represented the buyer in the transaction. The transaction was brokered by an investment sales team at Cassidy & Pinkard Colliers.
The portfolio has three office buildings, including the 116,300-sf Danbury Hall at 5411 Page Rd., the 76,492-sf Chelsea Place at 1007 Slater Rd. and the 45,018-sf Oxford Place at 1005 Slater Rd. The four flex/office buildings in the portfolio include the 61,067-sf Exchange Place at 4301 Emperor Blvd.; and the 43,092-sf Royal Center I, 32,514-sf Royal Center II and the 50,978-sf Royal Center III at 4222 Emperor Blvd. The portfolio's six industrial buildings include the 150,332-sf Bedford Place at 4226 Surles Court, the 111,909-sf Commerce Center at 4300 Emperor Blvd., the 150,000-sf Edinburgh Place at 4234 Surles Court, the 449,716-sf Essex Center at 4121 Surles Court, the 169,520-sf Regent Place at 1000 Parliament Court and the 123,604-sf Windsor Place at 4227 Surles Court.
The portfolio was 96% occupied at the time of the sale. The acquisition also includes 24 acres of land entitled for future development. Flaxman says the company plans to hold the assets long term and also has plans to develop the land, although specific development details have not yet been determined.
"We feel very bullish on the Southeast market fundamentals and look forward to acquiring more real estate in the region moving forward," says Crown chief investment officer Scott San Filippo, in a prepared statement. "We expect to pursue similar investments in North Carolina, South Carolina, Tennessee, Georgia and Florida."
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