Terms of the purchase were not released. The seller was General Electric Pension Fund Trust advised by GE Asset Management. The seller was represented by Paul Collins, William Collins, Drew Flood and Jud Ryan, of Cassidy & Pinkard Colliers.
The portfolio consists of five buildings constructed between 1999 and 2003, and located 14 miles from the Raleigh-Durham airport within North Carolina's Research Triangle area between the cities of Raleigh, Durham and Chapel Hill. The portfolio is 99% leased with tenants including Ericsson, GlaxoSmithKline, Erimos Pharmaceuticals, the State of North Carolina, Red Hat, ABB Inc. and the US Department of Agriculture.
Mayfield Gentry Realty Advisors chief investment officer W. Emery Matthews tells GlobeSt.com that the property was attractive for acquisition due to its Raleigh location and its proximity to North Carolina State University. "This asset has a close relationship with North Carolina State University," Matthews says. "There are a lot of companies that want to attract students from, and do business with the university so it provides strong demand."
Matthews adds that MayfieldGentry will operate the property, which it plans to hold long term. This is MayfieldGentry's fourth acquisition in North Carolina over the last year. The company also owns Glenwood Plaza, a 131,572-sf office building in Raleigh; 200 S. Tryon, a 17-story office tower in Downtown Charlotte and 201 & 237 South Tyron in Charlotte, which consists of 238,000 sf of office space and 698 parking spaces. The firm paid $38 million for 200 S. Tryon in April, as GlobeSt.com previously reported.
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