Albany Road Real Estate Partners has sold a 174,014-square-foot office building in Raleigh, N.C. The buyer was New York-based Alvarez & Marsal Property Investments. The asset last traded in 2015 for $23.6 million, Yardi Matrix data shows.
CBRE|Raleigh Executive Vice President Ben Kilgore, Financial Analyst Chandler Hawkins and Senior Marketing Specialist Leslie Holmes represented the seller in the transaction.
Located at 2610 Wycliff Road, the five-story building features common-area amenities such as on-site café, conference facilities and a recently renovated fitness center. Per Yardi Matrix, the 1970-built asset underwent extensive renovations in 1996, 2007 and 2013. The tenant roster includes General Dynamics, Dewberry Engineering and HPE.
“The sale of 2610 Wycliff Road attracted a wide range of regional, U.S. and foreign capital sources, signifying the continued attraction that investment capital has to the Triangle and Raleigh in particular,” Kilgore said in a prepared statement.
The property is close to both dining options and residential properties, the Lake Boone Trail and Interstate 440, while downtown Raleigh is less than 7 miles away. Last month, another CBRE team that included Kilgore brokered the $23.2 million disposition of a 265,000-square-foot portfolio in Greensboro, N.C.
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