NYC Investor Acquires North Carolina Office Buildings
The properties that total 254,796 square feet were sold by Crescent Lakeside LLC and acquired by New York-based investment firm HLM Realty LLC.
CARY, NC—Brokerage firm HFF reports the Crescent Lakeside I and II office buildings here have changed hands in a deal valued at $69 million.
The properties that total 254,796 square feet were sold by Crescent Lakeside LLC and acquired by New York-based investment firm HLM Realty LLC.
The office buildings are located at 1225 and 1255 Crescent Green Drive within The Crescent, one of the Triangle region’s top mixed-use parks. The properties were developed by Capital Associates in partnership with Boddie-Noell Enterprises, as well as The Crescent business park. The urban-infill location in the Raleigh submarket provides the property with a market leading amenity base of entertainment, retail and lifestyle offerings, including the Koka Booth Amphitheater, several miles of walking/jogging trails and the 30-acre Symphony Lake. Crescent Lakeside I and II are situated at the confluence of the U.S. Route 1 and 64 interchange, two major Wake County transportation arties connecting Raleigh’s urban core and the southwest suburbs of Apex, Holly Springs and Fuquay Varina.
Completed in 2001 and 2009 respectively, the three-story Crescent Lakeside I and the four-story Crescent Lakeside II are 98.9% occupied to a diverse, creditworthy tenant roster anchored by Hill-Rom and Precision Lender.
The HFF investment advisory group consisting of senior director Scot Humphrey, senior managing director Ryan Clutter and directors Chris Lingerfelt and Zack Drozda teamed up with Capital Associates Management’s CEO Frank Baird, to represent the seller. HFF also procured the buyer in the transaction.
“High-quality office assets in the Research Triangle that are well-positioned within infill, suburban locations are really attracting a lot of interest right now,” Humphrey says. “The region’s impressive growth in the surrounding areas to the south and east will only add value to this real estate over time.”
HFF’s Clutter adds, “We received significant interest in Crescent Lakeside from numerous capital sources representing a diverse group of investors. As job and population growth in the Triangle continue to outpace most of the country, we believe investor demand for the region will only intensify as we head into 2019 and beyond.”