Chambers Street Sells Cary, NC Office Building

CARY, NC—The Regency Creek I office building has been sold by Princeton, NJ-based Chambers Street Properties to Intercontinental Real Estate Corp. of Boston.

Chambers Street Properties reports the sale price for the 122,087-square-foot office building was $16.4 million. The property was owned by Chambers Street and joint venture partner Duke Realty Corp. The reported sale price was based on Chamber Street's 80% pro rata share of the property. Intercontinental Real Estate assumed mortgage loans of approximately $8.6 million in the transaction.

“We continue to enhance the portfolio by reducing our secured debt, joint venture, and multi-tenant, non-core office exposure,” says Martin A. Reid, executive vice president and chief financial officer of Chambers Street. “Additionally, this sale further demonstrates that Chambers Street is executing on its investment strategy of selling non-core office assets to fund future U.S. industrial acquisitions.”

The four-story Class A office building at 12040 Regency Parkway is 100% leased and serves as the North American headquarters of ABB, according to CBRE | Raleigh. Ben Kilgore and Jeff Glenn of CBRE | Raleigh represented Duke Realty in the transaction.

“The sale of Regency Creek is a testament to the strength of Raleigh's overall economy and the strong desire of investment capital to enter here. Investors want to be here,” Kilgore says. “The new owners have a quality asset with a strong credit tenant base in the tightest and most product-constrained submarket in the entire Triangle region.”