RALEIGH, NC-An investment fund managed by Lone Star Funds of Dallas has paid $45 million for a total of 11 commercial office buildings in Raleigh and Morrisville that were sold in January via foreclosure.
The fund acquired the properties from U.S. Bank, which purchased them at auction for $49 million in January, according to the Triangle Business Journal.
The Lone Star-managed fund acquired three buildings totaling nearly 155,000 square feet at the Spring Forest Business Center in Raleigh. At the time of sale, the complex was 86% occupied. The fund also now owns eight buildings at the Eastridge at Perimeter Park in Morrisville totaling a combined 478,356 square feet. The Eastridge buildings were 61% occupied at the time of sale. See story in the Triangle Business Journal.