By Adriana Pop, Associate Editor
Durham, N.C.–In a deal brokered by CBRE|Raleigh, Meridian Operating Associates LP sold the 2530 Meridian Parkway office building in Durham. JPB Raleigh Holdings LLC, based in Pittsford, N.Y. purchased the property for $15.2 million, according to the Triangle Business Journal.
Sitting on the western edge of the Research Triangle Park at the intersection of Highway 55 and I-40, 2530 Meridian provides easy access to major highways leading to all of the Triangle’s submarkets. The class A, 104,260-square-foot building, which is part of the prestigious Meridian Corporate Centre, was 80 percent leased at the time of sale. Major tenants include Regus Business Centre and Womble Carlyle Sandridge & Rice LLP.
This acquisition marks the second investment for JPB Raleigh Holdings in Raleigh-Durham over the past year. In February of 2015, the company purchased the Trust Atlantic Center on Glenwood Avenue in Raleigh, where Kilgore was also involved in the transaction. Last April, the company also paid $4 million for the purchase of the 57,800-square-foot office and lab building at 13000 Weston Parkway in Cary.
“The sale of 2530 Meridian continues to exemplify the strength and desirability of the Triangle market place for capital looking to invest in a growing market. This sale and the interest in this asset is a testament to the superior location of 2530 Meridian in Meridian Corporate Center,” Kilgore, executive vice president of Investment Properties for CBRE|Raleigh, said in prepared remarks. “We are pleased to have JPB Raleigh Holdings, LLC make their third investment in the Triangle in the last 18 months and look forward to continuing a growing relationship.”
CBRE|Raleigh is a joint venture between local principals and CBRE Group. The firm, which serves the Triangle region, completed $1.4 billion of sales and leasing transactions in 2014.
Image courtesy of CBRE|Raleigh