The seller was Buffalo-based Realmark Commercial LLC. Gary Lyons, of Sperry Van Ness Commercial Real Estate Advisors' Raleigh-Durham office, represented SVN. Jonathan Jayson, of Sperry Van Ness, represented the seller.
The property consists of three single-story buildings. The properties are a 120,000-sf building at 4900 Prospectus Dr., a 50,371-sf building at 4915 Prospectus Dr. and a 48,206-sf building at 2300 Englert Dr. The property, which is currently 36% occupied, is close to Research Triangle Park.
SVN Equities president Burton Young says the acquisition meets the company's investment strategy for the Raleigh-Durham area. "Corporate Park West is a strong investment for our company because it ideally matches the profile we have been pursuing in this market, including transaction size, product type, location and market dynamics," Young says. "This is a highly functional, competitive product in an outstanding location. Our immediate actions will focus on lease-up activities, which we're optimistic about given the triangle's tightening rental market."
SVN Equities is planning to make major capital improvements to 4900 Prospectus, in addition to upgrading the common areas for all the buildings.
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