Property Reserve Inc., a Salt Lake City-based institutional investor, paid Quattro Mid-Atlantic Resources II $11.6 million or $39.43 per sf for the fully-leased, three-tenant building at 5104 Chin Page Road. Durham is 150 miles northeast of Downtown Charlotte.
Average asking rates in the area are around $4.15 per sf to $4.25 per sf.
"Chin Page Road is located on the eastern edge of the Triangle Park where many service companies want to be located," Ben Kilgore tells GlobeSt.com. Kilgore and Jeff Glenn with CB Richard Ellis Inc. brokered the sale.
Quattro Mid-Atlantic Resources II was formed for the development of the property by Panattoni Development Co. of Sacramento, CA.
The building is leased to Allegiance Corp. of McGraw Park, IL, a medical supplies distributor; Illinois-based Anixter, a wire and cable distributor; and Menlo Logistics, a logistics contractor to IBM.
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