RALEIGH, N.C. — Town Lane, a newly formed real estate management firm based in New York City, has acquired a 2.7 million-square-foot portfolio of infill, shallow-bay industrial facilities spread across six individual parks in the Raleigh-Durham region. Corebridge Real Estate Investors and Equus Capital Partners sold the portfolio, which includes nearly 40 acres at three of the parks that is available for future development.
The sales price was not disclosed, but multiple media outlets report the portfolio traded for $261 million. Simpson Thacher & Bartlett LLP served as legal counsel to Town Lane, while Goodwin Proctor represented Corebridge and Equus. Eastdil Secured brokered the sale.
Equus will retain a minority stake in the portfolio and its affiliate, BPG Management, will continue to operate the parks. The previous ownership executed more than 2 million square feet of new, expanded and renewed leases at the portfolio over the past four years, according to Corebridge.