APG Capital Sells Government Office Building in Raleigh for $9.5M

by John Nelson

RALEIGH, N.C. — APG Capital has sold a 28,321-square-foot civic office building located at 2625 Appliance Court in Raleigh. An unnamed investor based in Florida purchased the property from APG Capital for $9.5 million. An affiliate of APG Capital originally acquired the building in 2014 for $1.9 million and has since invested more than $2 million in renovations.

Situated near I-440 at Capital Boulevard, the single-story, single-tenant building has been occupied by the U.S. Government Services Administration (GSA) since 2012. The GSA utilizes the building as one of two military entrance processing stations (MEPS) in North Carolina. The buyer is one of the largest landlords of GSA-leased space in the nation, according to APG Capital.

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