X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RALEIGH, NC-Sofi IV RTP, an LLC formed by Starwood Capital Group LLC of Greenwich, CT has sold the 744,499-sf, nine-building Park Center office complex in Raleigh, NC’s Research Triangle Park to Park Center FA of Delaware for $65 million or $87.30 per sf.The sale includes seven retail outparcels, a single-story retail building and five acres of developable land.

“With strong demand by institutions for premium buildings of this type into today’s yield-hungry environment, we thought it was the perfect time to sell this property and lock in significant gains for our investors,” Starwood vice president Robert Geimer says in the statement.

Craig Davis Properties of Raleigh won the management and leasing contract and will lead the redevelopment of the retail building and the land, incorporating retail and multi-family components, according to a prepared statement from the Raleigh office of CB Richard Ellis Inc. which represented Starwood.

Geimer didn’t disclose how long Starwood had owned the property or at what price it was previously purchased. Among the property’s tenants are IBM, Research Triangle Institute, Verizon, BASF and PharmalinkFHI.

Park Center FA LLC was formed by undisclosed institutional investors specifically to acquire the office park.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.