By Laura Calugar
HFF brokered the $17.8 million sale of Spring Forest Business Center, a three-building flex and office park totaling 156,036 square feet in Raleigh, N.C. HFF represented the seller, a joint venture between Somerset Properties and Alex Brown Realty Inc. Stoltz Real Estate Fund VI purchased the asset.
Situated on almost 15 acres at 3100, 3150 and 3200 Spring Forest Road, the business park is in the U.S.-1/Capital Boulevard submarket, near major highways, including interstates 540 and 440 as well as Highway 401. Numerous banks and restaurants are within one mile of the property. Additionally, there is convenient access to two bus stops. Completed between 1984 and 2002, Spring Forest Business Center features:
- floor-to-ceiling glass windows
- patio areas
- high finished ceiling heights
- eight dock doors
- four drive-ins
The property can accommodate a wide variety of uses—office, R&D, showroom, call center or warehouse. Currently, the park is roughly 95 percent leased to 10 tenants, including Critical Health Systems Inc., Allstate Insurance Co., Adreima and Liberty Home Care.
Senior Managing Director Chris Norvell, Senior Director Scot Humphrey and Director Patrick Nally were part of HFF’s investment sales team that represented the seller in this transaction.
In another recent deal, Somerset Properties partnered with Greenfield Partners to trade two Class A office buildings in Marlton, N.J.
Image via Google Street View