DURHAM, N.C.-Philadelphia-based Grosvenor Investment Management US Inc. has acquired the 10-building Research Tri-Center portfolio of industrial properties totaling 1.5 million sf. The price was $105.5 million.

The seller was Chicago-based Transwestern Investment Co., which was represented by New York City-based DTZ Rockwood and Colliers Pinkard. The property is situated adjacent to Research Triangle Park, which has more than 150 organizations and over 38,000 employees.

The portfolio consists of eight industrial distribution buildings, a flex/R&D building, an office building and 8.2 acres of undeveloped land. It is 86% leased with 45% of the space leased to GlaxoSmithKline, Bowe Bell & Howell, FedEx Ground, UPS Supply Chain and Verizon.

Grosvenor Investment Management managing director of acquisitions Gary Lyon tells GlobeSt.com that the portfolio was acquired by a fund that invests in office, retail and industrial properties. The company has been seeking to acquire properties in tech-oriented industrial markets, such as San Diego, Boston and Raleigh/Durham. "Rather than trying to acquire a single industrial property, we were looking to acquire a business park," Lyon says. "The portfolio was about the right size for us."

The company plans to lease up the vacant space and may make improvements to some of the properties but does not have immediate plans to develop the vacant space in the portfolio. "Our objective is to look for opportunities to invest capital to reposition some of the assets as R&D or showroom properties," he says.