University Biomed Center Trades to 1031 Buyer

RALEIGH, NC—CBC Flex Lab LLC recently sold the Biomedical Partnership Center, a 44,835-square-foot, recently constructed office flex/lab building here, to Flex III Subsidiary LLC, a Tennessee 1031 buyer. JLL Capital Markets and Capital Associates announced that it has closed the $17.675 million sale. The firm represented the seller, CBC Flex Lab LLC, and procured the buyer,

The Biomedical Partnership Center is located at 1001 William Moore Dr. on the Centennial Biomedical Campus of North Carolina State University, which is home to the College of Veterinary Medicine, one of the top ranked veterinary schools in the nation. The on-campus location can allow tenants’ use of University facilities and amenities, and opportunities for collaboration. Located on 2.6-acres at the corner of Blue Ridge Road and Hillsborough Street, the property has convenient access to Interstates 40 and 440, Highway 54 and RDU International Airport.

Additionally, the property is located across the street from the Terry Companion Animal Center and adjacent to the CVM Research Building. The Biomedical Partnership Center features two stories of Class A office flex/lab space that is 95% leased to multiple tenants.

Zack Drozda, JLL Capital Markets director, tells GlobeSt.com that most of the demand for lab space in North Carolina is centered in the Raleigh-Durham area due to the STEM economy and a built-in workforce created by the surrounding universities.

“Interest was good,” Drozda says. “We took a more calculated, strategic approach with investors and did not go far and wide due to some sensitivities with the seller.”

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ryan Clutter, Managing Director Scot Humphrey, Senior Director Christopher Lingerfelt and Director Zack Drozda. The Capital Associates team representing the seller was led by Tom Huff, Principal and Senior V.P.