DURHAM, N.C. — Research Tri-Center, a 10-building business park located in Durham, has been sold in a $76.95 million transaction. The buyer was an affiliate of Northwood Investors, and the seller was an institutional fund managed by Grosvenor Investment Management.
Research Tri-Center is situated near the intersection of Alston Avenue and Cornwallis Road, adjacent to Research Triangle Park. The park contains a total of 1.53 million square feet of space, with the majority being devoted to industrial uses. Occupancy was 88 percent at the time of closing. The tenant roster includes GlaxoSmithKline, UPS, FedEx Ground, Verizon and Parata Systems.
Rob Cochran, David Finger and Tom Powers of Cassidy Turley's Investment Services Group represented the seller in the transaction. Assistance was provided by Cassidy Turley's Chris Norvell and Jim Allaire, both of whom will remain responsible for leasing the property.
“Research Tri-Center is an important transaction,” says Finger, who is a senior vice president and maanging principal at Cassy Turley. “The offer generated strong national interest from the investment community. We had a significant number of tours and offers. The sale illustrates the pent-up demand for high-quality, core assets, and also that Raleigh-Durham is a desirable market held in very high regard by investors.”
— Coleman Wood