Northridge JV Pays $21M For Raleigh Office Campus
A joint venture between Edgewater Ventures and Northridge Capital has purchased Landmark at North Hills, a two-building Class A office campus totaling 166,653 square feet in Raleigh, N.C.
JLL Capital Markets negotiated on behalf of the seller, BGO, that worked on behalf of an institutional investor. The office buildings changed hands for $21.3 million, according to CommercialEdge. The same source shows that Sun Life Financial originated a $14.8 million acquisition loan for the buyer.
Landmark at North Hills includes two five-story office properties at 4601 Six Forks Road, connected via a sky bridge, that include four passenger elevators and 830 vehicle parking spots. Originally completed in 1984, the office property underwent significant renovations in 2014, and now includes recently upgraded amenities and a technology-enabled central courtyard.
Landmark at North Hills is currently 84.3 percent occupied by a diverse tenant base, that includes companies such as South Bank, Prometheus Group, Imangi Studios, ITsavvy and Willson Jones Carter & Baxley P.A, CommercialEdge shows.
A closer look
The two-building office campus is on 7-acre site, in an area that allows easy access to Interstate 440. Part of the North Hills mixed-use district, the property is 5 miles from downtown Raleigh, 14 miles from Raleigh-Durham International Airport and within 26 miles of Durham, N.C.
The JLL Capital Markets Investment Sales and Advisory team that negotiated on behalf of the seller included Senior Managing Director Ryan Clutter, Senior Director Daniel Flynn, Director CJ Liuzzo and Associate Sarah Holloway.
Earlier this year, Clutter and Flynn arranged a $79.4 million portfolio sale in the area: in April, Highwoods Properties sold an eight-building medical office portfolio consisting of 338,000 square feet in Raleigh. Evergreen Medical Properties acquired seven buildings, all part of Rexwoods Office Center campus, while Northwood Ravin picked up a 97,000-square-foot building.
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